WFG or Primerica? What better options are there?

[webestrian]

Let me help you: back when I sold mutual funds, I sold for TWO companies - American Funds and Franklin Templeton. That was it. How else can you specialize and give quality advice until you pick something to learn and master it?

And of the American Funds, I primarily sold two: CAIBX and CWGIX; those are the A-share versions of those funds.

You start with one, then you compare various funds with other companies to determine THEIR strengths and how they could fit a client's portfolio growth or not.

Just because you have 100 different mutual funds... does NOT mean that you have to SELL them all. You're an ADVISOR... NOT a "product peddler". If you're going to take responsibility and make recommendations... you need to specialize and simplify. Sift, sort, and select. Then do the same thing with other mutual funds and insurance products. Have a baseline, then begin doing other comparisons. You won't be successful selling for 200 companies. It just won't happen.

There are some companies that are true specialists in what they do. Know when you'd want to consider them and keep them "on the back burner".

Simplify the job for yourself.

1. Know the ideal client profile you need for yourself.
2. Know what their needs are
3. Know how you can help solve those needs with selected products.

This may be helpful for you:


And this is my presentation on investment management I created over 3 years ago:

Thanks. While i am watching the videos you posted, I would like to add the reason why I consider having a big product list.
You have the option to choose the best among the available options and whatever suits the client. Some people are only looking for the cheapest option available in the market, some are more concerned about the best kind of coverage being offered, some have medical conditions where they are not welcome by every company etc so it gives more options.
For being a true advisor you have to advise as per the clients need. Just saying if a client is only looking for the cheapest option available for certain thing, and you dont even have that in your portfolio, you wont be able to help that person.
Hope I am making sense. I understand I am new to this thing, but I am just sharing the way i think about helping others. We have to consider their needs and financial situation and help them out accordingly.

 

[DHK]

Let me help you: You are building a BUSINESS. A business of helping people to make informed decisions about their insurance and investment options. You need to put SCALE-ABILITY somewhere, otherwise you're trying to "reinvent the wheel" each and every time. You can't do that and be productive.

I want you to imagine you have 500 investment clients. Are you going to create custom recommendations on investments each and every time between 25 different companies? (Unless you want to hire some full-time CFAs or Chartered Financial Analysts - I wouldn't recommend that.)
- Or will you put together about 5-6 model portfolios based on a given risk/return expectation and simplify the process for yourself and your clients?
- Or are you just going to hire various 3rd party asset managers and let THEM do it... and you just "manage the managers"?

Every "true advisor" builds in scaleability into their practice, and they know when and where to look for the exceptions. There will be some policy rider, or policy feature, that happens to fit a particular situation. So you know about it and keep it on the back burner for when you need it.

But that takes time. You can't start out with all that. You start with, depending on your licensing, ONE insurance company and ONE investment or mutual fund company... and add over time. Find one of each that makes the most sense for most people and keep learning over time.

I know you're new, but I'd recommend thinking in terms of a business that has set processes and procedures... and knows how to "vary the recipe accordingly" than trying to become a "master of 200 companies".

You know what they say: "Jack of all trades, master of none" and it certainly applies to our business.

 

[DHK]

Contrary to most opinions in starting out: product knowledge does NOT give you confidence in giving advice.

Having training in how to prospect, uncover needs, present concepts, and propose solutions mean far more. You can literally HIRE OUT the product selection process through various insurance marketing organizations and/or your broker/dealer if dealing with securities.

So don't worry so much about specific company and product knowledge. That'll happen over time. (Yes, you do need the basics. That's what concepts are for.) But trying to understand all that... I wouldn't even bother. This creates diffusion like nothing else.

Here's a newsletter about Advisor Distraction and Diffusion:
Precision Growth Newsletter

 

[toolbelt]

You start at 25% ,

And what is 25% of 0 sales, or even 2 sales? Have you seen any audited statements indication the average number of policies sold/retained per rep annually?

 

[Cornelius]

You guys are getting way to deep into all of this. The bottom lines are no matter where you go to do big things your going to have to become a recruiter. Look at all the top earners and count how many are personal producers only.

Here's something to also consider. When I looked at WFG awhile back I was told they were in the process of making a change that agents can only work with WFG and no other MLM companies. I don't know if they did it or not.

At PFS your captive. You can only offer the products they allow you to offer. Of course unless that has changed. To go to the higher level of RVP there may be a full-time commitment and understand replacement.

Here's what I suggest. Read both contracts. I mean read them. Ask if outside business is authorized. If so contract with that company and on the outside also pick up LegalShield..

Not everyone you recruit will want to be licensed or will pass the required test. That's were you can send them to your LegalShield business..

Just don't get caught up in all the hype your going to hear. Pay attention to the business side but also be a business about your people.

No matter what you may hear or read if your money motivated a person who buys into recruiting and make some very impressive income.

Go to a business briefing of both financial services companies and LegalShield and then just make a business decision.

If you want to know where a LS briefing is in your area let me know and I will research it.

Just as a side note there are many people who are against the MLM structure within financial services but think so what? Do your own personal due diligence and as mentioned above make a business decision which you feel is best for you and yours.

Not all things are for all people... You can always move on if you feel a company or organization isn't for you..

Good luck..

Just my opinion if I was in Canada and those were my choices I would go with WFG as of this posting.

 

[DHK]

The bottom lines are no matter where you go to do big things your going to have to become a recruiter. Look at all the top earners and count how many are personal producers only.

Annual 7-figure earners I know of:
Ben Feldman - had a large staff, but he did all the selling.
Marvin Feldman, but he left his agency to his niece.
John Savage - just him and two assistants
Mehdi Fakharzadeh - only personal production, not sure about his staffing
Van Mueller - has two assistants
Rich Wesselt - Staff up to 9, but he and a junior advisor

I never studied Sid Friedman, but I remembered some article that claimed he did $20-$30 million a year? Well, this article says $4 million:
https://www.bizjournals.com/philadelphia/stories/2003/09/15/smallb1.html

Plenty of others who did all their own selling - Joe Girard selling cars and Erica Feidner selling pianos.
8 Top Salespeople in History (& What We Can Learn from Them)

 

[toolbelt]

Look at all the top earners and count how many are personal producers only.

Actually when you look at all the top MLM earners, you can also Google their seminar and conference hosting schedule or which training dvds are available from the website.

 

[toolbelt]

Go to a business briefing of both financial services companies and LegalShield and then just make a business decision.

In other words, get in front of their trained recruiting assassins and get inundated with hype and half-truths.

 

[webestrian]

And what is 25% of 0 sales, or even 2 sales? Have you seen any audited statements indication the average number of policies sold/retained per rep annually?

But even 85% of 0 sales is 0.

 

[webestrian]

You guys are getting way to deep into all of this. The bottom lines are no matter where you go to do big things your going to have to become a recruiter. Look at all the top earners and count how many are personal producers only.

Here's something to also consider. When I looked at WFG awhile back I was told they were in the process of making a change that agents can only work with WFG and no other MLM companies. I don't know if they did it or not.

At PFS your captive. You can only offer the products they allow you to offer. Of course unless that has changed. To go to the higher level of RVP there may be a full-time commitment and understand replacement.

Here's what I suggest. Read both contracts. I mean read them. Ask if outside business is authorized. If so contract with that company and on the outside also pick up LegalShield..

Not everyone you recruit will want to be licensed or will pass the required test. That's were you can send them to your LegalShield business..

Just don't get caught up in all the hype your going to hear. Pay attention to the business side but also be a business about your people.

No matter what you may hear or read if your money motivated a person who buys into recruiting and make some very impressive income.

Go to a business briefing of both financial services companies and LegalShield and then just make a business decision.

If you want to know where a LS briefing is in your area let me know and I will research it.

Just as a side note there are many people who are against the MLM structure within financial services but think so what? Do your own personal due diligence and as mentioned above make a business decision which you feel is best for you and yours.

Not all things are for all people... You can always move on if you feel a company or organization isn't for you..

Good luck..

Just my opinion if I was in Canada and those were my choices I would go with WFG as of this posting.

Thanks for your response.
Yes I have met the guy from WFG and been to their business briefing too.
Broadly speaking they have access to all kind of products one needs, the only challenge is lower commission at the start and the bad repute they carry with.
I wish they did something for protecting their brand and they should have a branding team etc.