What is the Best Way to Get Started?

[Rearden]

I don't know about Securus, but one sure doesn't have to invest that kind of money to get going with EFES. Less than $500 will get an agent going with EFES.

More specifically, to be successful selling final expense with a subsidized lead program, one needs more than a one time, 20-lead return. Especially if one has no selling experience.

Sure, you can get started pretty much with $500, but you'll need to invest hundreds weekly into mail for several weeks before getting the regular flow necessary to succeed over the long term.

I wouldn't advise getting into a lead program unless you're dead serious and willing to take the loss if you can't cut it.

 

[jdeasy]

More specifically, to be successful selling final expense with a subsidized lead program, one needs more than a one time, 20-lead return. Especially if one has no selling experience.

Sure, you can get started pretty much with $500, but you'll need to invest hundreds weekly into mail for several weeks before getting the regular flow necessary to succeed over the long term.

I wouldn't advise getting into a lead program unless you're dead serious and willing to take the loss if you can't cut it.

That's not the case with EFES. Since you do not pay for your leads until 10 days after you get them you are not fronting aany money. If one were doing their own mailers they would have to invest quite a bit up front. Or, as I understand with Securus, you pay them in advance for your lead order.

 

[Rearden]

That's right about Securus. And that's a great advantage with EFES, to pay after you've had time to work those leads. However, in my opinion, there's a cost to the agent to have that option.

But my point is -- in order to really succeed in this business -- one needs more than 20 leads to work to discover whether or not they will be successful in this business. If one worked 20 leads a week, I figure 100 leads or 5 weeks to work on door-knocking, telephoning, and sales skills would be sufficient to get a true feel on how successful one could be.

I'd just hate to see someone convinced that dropping 500 bucks is enough of an investment if they can't really put in what's required.

 

[jdeasy]

That's right about Securus. And that's a great advantage with EFES, to pay after you've had time to work those leads. However, in my opinion, there's a cost to the agent to have that option.

But my point is -- in order to really succeed in this business -- one needs more than 20 leads to work to discover whether or not they will be successful in this business. If one worked 20 leads a week, I figure 100 leads or 5 weeks to work on door-knocking, telephoning, and sales skills would be sufficient to get a true feel on how successful one could be.

I'd just hate to see someone convinced that dropping 500 bucks is enough of an investment if they can't really put in what's required.

I started with less than at EFES and it's worked out for me. Travis started with less than that at EFES and it's worked for him.

A new agent should not just be given 20 leads a week to get going. Less is better. Of course that depends on the skill level one starts with.

As for the "cost of that option" with EFES, I don't know what you are talking about. First, it's not an option, that's how EFES does business. I will be charged today for leads I got on Sat, Jan 28.

I would also disagree about the 5 weeks. it takes a long time to really "get" this business of FE. I've seen may flah-in-the-pan types come thru EFES. Many will come in and set the world on fire working their current clients and warm market and then, bam! They're gone. The ones that make it are the ones that come in and have a some success and then hit the wall and chargeback city and power through that and come out better on the other side. Those are the agents you will see on the EFES alltime top producer list. They have been there 3, 4 or 5 years and always steady. Not having $25,000 months every month, but never having $8000 months either. Clicking along doing $10,000 to $15000 every month on 15 to 20 leads a week and living the life. That's what EFES is all about.

 

[TDFnCali]

I started with less than at EFES and it's worked out for me. Travis started with less than that at EFES and it's worked for him.

....The ones that make it are the ones that come in and have a some success and then hit the wall and chargeback city and power through that and come Clicking along doing $10,000 to $15000 every month on 15 to 20 leads a week and living the life. That's what EFES is all about.

Sign me up for that, fighting thru the down side & putting in 10-15k AP a month....YES PLEASE!!

 

[NovaGal]

@Reardon, and others...

for me, I do have sales experience. I have cold called in person & on the phone... set appointments... managed difficult clients, etc.

Not afraid of hard work, and am persistent to the bitter end, so failure is not an option for me. If I commit, there is no turning back.

The assignment of commissions scares the heck out of me, and I am guessing that most agencies, including Equita/EFES want you to assign commissions to them for a period of time, correct?

 

[TDFnCali]

@Reardon, and others...

for me, I do have sales experience. I have cold called in person & on the phone... set appointments... managed difficult clients, etc.

Not afraid of hard work, and am persistent to the bitter end, so failure is not an option for me. If I commit, there is no turning back.

The assignment of commissions scares the heck out of me, and I am guessing that most agencies, including Equita/EFES want you to assign commissions to them for a period of time, correct?

No, they do not in general.....I know my Agency doesn't & they are part of EFES!! They do provide a lot of training & are honest!!

 

[jdeasy]

@Reardon, and others...

for me, I do have sales experience. I have cold called in person & on the phone... set appointments... managed difficult clients, etc.

Not afraid of hard work, and am persistent to the bitter end, so failure is not an option for me. If I commit, there is no turning back.

The assignment of commissions scares the heck out of me, and I am guessing that most agencies, including Equita/EFES want you to assign commissions to them for a period of time, correct?

You do not assign your commissions with EFES. You are paid by the carriers.

Frank is giving great advice. Do NOT assign commissions under any circumstance. No matter how good a deal it sounds, don't do it.

I paid my assign commission tuition the hard way.
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Sign me up for that, fighting thru the down side & putting in 10-15k AP a month....YES PLEASE!!

You have to sign yourself up for that and do the work. EFES will not work harder for your business than you will. If you will put in the work and get the training they will help you get where you want to be.

 

[billyg]

The assignment of commissions scares the heck out of me, and I am guessing that most agencies, including Equita/EFES want you to assign commissions to them for a period of time, correct?

NEVER, NEVER, NEVER assign commission. Against my better judgement, I did it for one med supp carrier/FMO, and it's been a disaster.

Having said that, Neither EFES or Securus require you to assign commissions. They are really FMOs, not traditional agencies. With both companies, you are still independent, so you can contract with carriers outside of the FMO's offering. However, in both cases, you need to make sure to place business generated from their leads with their carriers.

EFES will advance the lead cost and give you 10 days to pay for them after delivery. Securus makes you pay up front and then it will be about 3 weeks for the 1st delivery. So you will have more money invested up front with Securus. Securus is a flat rate (about $21/lead), where EFES is a sliding scale depending on your production. Securus dos not base their cost or commitment to deliver leads on your production, where EFES does. So with EFES, we've heard agents complain that they did not get the volume of leads requested after they had a few bad weeks. With Securus, this doesn't seem to be a problem.

They both have good training and a lot of training resources available to their contracted agents. They both have working managers that are top producers in their own right.

I would strongly recommend going with one of them, either EFES or Securus for a motivated green agent. To try to figure it all out on your own as a complete independent is tough. Too many potential mines in the road. Its much better to have the support of a strong team behind you.

Best wishes to you in NOVA.

 

[NovaGal]

thanks, Billyg.

Great information resource here on insurance forum.

SO GLAD I took a step back to read up before charging ahead and assigning my commissions to a company.

You can look at it like, hey if you are a hard charger and know you are going to work it, why would you be afraid of assigning commissions? Also, with that one company, I would have to sign a one year non compete... (difficult to enforce - you can't prevent someone from earning a living)... but seriously I just don't need that BS or drama, if I find after a year or two I want to make a change, or if I move to a different state and all the moving parts change. Dealing with a non compete would be a huge pain.

Back to a question I posted earlier --

Who all uses laptops on the road? I would prefer to use a GPS for directions and use my desktop at my home office, rather than toting one around.