Worst Advice you ever got in Insurance Industry?

[DWPCL]

What is the worst advice you have ever got in the insurance industry?

Oh man this brings back some good memories....

"Within two years you'll have a 100% referral based practice and you wont need to market anymore."

"If they wont go through the entire financial planning process drop them. No transactional sales"

"work with people within five years of your own age." (I was 25 when I started)

 

[Markthebroker]

Oh man this brings back some good memories....

"Within two years you'll have a 100% referral based practice and you wont need to market anymore."

"If they wont go through the entire financial planning process drop them. No transactional sales"

"work with people within five years of your own age." (I was 25 when I started)

Geez. It sounds like you came across some real sleazeballs.

 

[Deborah Armstrong]

That's the key. Any advice from someone that hasn't, can't or won't do what they are advising is bad advice.

New agents don't know to question it though.

I asked a recruiter a couple years ago if anyone ever questioned his made up production numbers. His reply was a simple "never"!

I wonder how many trainers are telling their people to buy leads, get referrals, and door knock and yet they never built their business this way.

 

[jdeasy]

I wonder how many trainers are telling their people to buy leads, get referrals, and door knock and yet they never built their business this way.

I don't know about that. I'm the FE arena and every successful FE IMO I know about did build their business buying leads and thus they do tell recruits to buy leads. As would I if I were an upline.

I would be shocked if you can find a successful FE producer that doesn't buy leads. With money or time.

 

[Al3x Lee]

Geez. It sounds like you came across some real sleazeballs.

Lol you ever been to a BNI (Business Networking International) meeting? Those people are hilarious. They basically dispense this same advice. When I told them cold calling is still a very successful avenue to get new business, they said I must be doing it wrong because 100% referral business is the best way to do business. They essentially said if you ever cold call after your first year, you've failed. In reality, referral business is hit and miss, some of it is great, and some of it is something you'd never look at normally, but since it was a referral, you're obligated to waste time and suffer through it to keep your existing client happy.

 

[Markthebroker]

Lol you ever been to a BNI (Business Networking International) meeting? Those people are hilarious. They basically dispense this same advice. When I told them cold calling is still a very successful avenue to get new business, they said I must be doing it wrong because 100% referral business is the best way to do business. They essentially said if you ever cold call after your first year, you've failed. In reality, referral business is hit and miss, some of it is great, and some of it is something you'd never look at normally, but since it was a referral, you're obligated to waste time and suffer through it to keep your existing client happy.

I had a stretch of time where every event I was going to, I was coming back with a solid lead that usually turned into a sale. Aside from that, I mostly found networking events and BNI's to be a waste of time. One big circle jerk. Some people do well with them. Women usually seem to get more out of them for whatever reason.

 

[DAM Jr]

One piece of really bad advice I see quite a bit still is, don't put all of your contracts at one IMO

Just curious, what's the reasoning behind this?

 

[jdeasy]

Just curious, what's the reasoning behind this?

I'm not sure why that advice is given. But I think it's bad advice. As long as the IMO releases, that is. But an agent shouldn't go with any IMO that doesn't release anyway.

If you are going to go with an IMO then go all in. If not all in then go elsewhere and go all in with them.

 

[DAM Jr]

I'm not sure why that advice is given. But I think it's bad advice. As long as the IMO releases, that is. But an agent shouldn't go with any IMO that doesn't release anyway.

If you are going to go with an IMO then go all in. If not all in then go elsewhere and go all in with them.

I'm leveraging two of them, and I've never really thought about it. I utilize trainings from both, and one may offer higher comp on a product I'm offering. I don't disagree with what you're saying, my mentor always told me to have a couple in the back pocket.

 

[jdeasy]

I'm leveraging two of them, and I've never really thought about it. I utilize trainings from both, and one may offer higher comp on a product I'm offering. I don't disagree with what you're saying, my mentor always told me to have a couple in the back pocket.

Maybe you need a new mentor?