Worst Advice you ever got in Insurance Industry?

[David Morrison]

Maybe you need a new mentor?

I think I'll keep her around, but thanks for the concern. I'll wait until someone can tell me exactly why that is bad advice. I'm just curious. It doesn't make a lot of sense to me. That's all.

 

[Al3x Lee]

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.

Have you tried identifying as a woman? Maybe that's your problem. You haven't tapped into your inner womanhood

 

[jdeasy]

I think I'll keep her around, but thanks for the concern. I'll wait until someone can tell me exactly why that is bad advice. I'm just curious. It doesn't make a lot of sense to me. That's all.

You mean tell you again?

When you have all your contracts with one place you get more attention when you have a problem. You will get the highest contracts they have. You will have more lead options.

And the old saying, he who chases 2 rabbits catches neither.

It doesn't seem all that hard to figure out. What doesn't make sense to me is why another would think having more than one IMO is a good idea. Unless it's different products. Like one IMO for your life business and another for your Medicare business.

 

[DHK]

I am a member of one producer group and another IMO. The producer group only works with 3 life insurance companies. The IMO is where I put my annuity business through. I'm loyal to both organizations and those people. And while the IMO does offer life products, they're happy with the business I bring them. There is no conflicts there. I wish there was more synergy, but that's okay.

But if you've got a great support system and selling system with one IMO (or whatever) it makes sense as @jdeasy said to pool your production with that organization. You get more attention, higher contracts, and any other perks they offer.

It just makes business sense.

 

[DHK]

my mentor always told me to have a couple in the back pocket.

The reason behind this is the same reason why people think they need multiple advisors and to diversify between them all: for when they mess up.

But if you've pooled your production with one IMO, and they KNOW it, how driven do you think they'll be to help correct whatever got messed up? Far more than if you were doing average to no production with them.

Pool your production just as much as an advisor would want all their client's accounts. That makes them more important and far more of a reason to treat them right.

It's not "Don't put all your eggs in one basket."

It's "Put all your eggs in one basket and watch that basket."

Now, I do have a back-up IMO for annuities. Not for if my main IMO messes up, but just to have another place to 'shop rates'. And I told them that and they're okay with that. I've never used them and I may never. I guess he's okay in being a side-piece? But at least I was up front about it.

 

[Deborah Armstrong]

Have you tried identifying as a woman? Maybe that's your problem. You haven't tapped into your inner womanhood

Lol

 

[Deborah Armstrong]

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 can see that it would work for FE. I haven't done FE, but it makes sense. Most of them are older, but I find with life annuities and health, it doesn't work well.

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

 

[jdeasy]

Ok, how much production do you do without leads?

 

[theinsuranceman]

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.

In the final expense arena this is exactly how successful face to face agents do it. Otherwise, who is the agent going to be talking to?

 

[Deborah Armstrong]

Ok, how much production do you do without leads?

We are talking about buying leads. I don't buy leads. I have made 15 appointments a week without buying leads. Mostly what I do now is train new brokers how to do the same.