Worst Advice you ever got in Insurance Industry?

[Deborah Armstrong]

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?

I get it FE is a different bird so buying leads or door to door makes sense. I do not do FE so it doesn't apply to me. I find social media including their groups, face to face networking, and ads are more fruitful. People are choosing to interact with you.

 

[jdeasy]

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.

That may be what you are talking about but I'm asking how much production do you personally do?

A lot of people don't buy leads and don't produce. Nothing special about that. You brag about not buying leads. You imply advising to buy leads is bad advice. So what's the other side?

A lot of agents have appointments and don't produce either. This thread is about bad advice. Bad advice comes from people that do the work, just talk about the work.

 

[David Morrison]

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.

Exactly, you have 2 IMO's, to shop rates. What's the difference? I have one in the back pocket, who may offer higher comp on a certain product? I don't have 2, in case "one messes up".. That thought never crossed my mind. Both of mine also know about each other, not that it matters. I'm making them money, and that's all they care about, and I feel I get treated by both just fine. Maybe I'm oblivious, but I'm not convinced.

 

[DHK]

Exactly, you have 2 IMO's, to shop rates.

One might have a carrier that my primary relationship doesn't have. I'm not shopping commission rates on the same products. I'd probably only ever shop SPIA distribution payout rates. That's it. Rather low commission business anyway.

All JD and I are saying is that you become more of a big deal when you pool your production with one primary group as opposed to spreading it all around.

 

[David Morrison]

One might have a carrier that my primary relationship doesn't have. I'm not shopping commission rates on the same products. I'd probably only ever shop SPIA distribution payout rates. That's it. Rather low commission business anyway.

All JD and I are saying is that you become more of a big deal when you pool your production with one primary group as opposed to spreading it all around.

I get it. I just haven’t noticed any unfair treatment. And in my case, one IMO is affiliated with some carriers the one isn’t. It’s a win win. Not only more options for me, but more options for the clients. More products that may be more suitable, which is what it comes down to. I’m not just jumping on a higher comp for me, I’m all about ethical practices. I look for the most suitable options for my client.

I really enjoy your posts. You’re full of knowledge and I’ve learned a lot from you. But I’m going to agree to disagree on this one.

 

[Deborah Armstrong]

That may be what you are talking about but I'm asking how much production do you personally do?

A lot of people don't buy leads and don't produce. Nothing special about that. You brag about not buying leads. You imply advising to buy leads is bad advice. So what's the other side?

A lot of agents have appointments and don't produce either. This thread is about bad advice. Bad advice comes from people that do the work, just talk about the work.

We do not have a typical brick and mortar brokerage firm. We decided to do something a little unique in the industry. It is a family business. I am a licensed broker, but I do not produce for myself. I have no interest in producing for myself, setting appointments for myself or meeting with clients. I focus on social media marketing and ads. I produce for my team and give any leads I get through my marketing to my team. Basically, I am their marketer and they do not have to do their own marketing. They can focus on meeting with their clients. Our team is made up of independent brokers. I do not keep track of what they produce.

 

[DonP]

We do not have a typical brick and mortar brokerage firm. We decided to do something a little unique in the industry. It is a family business. I am a licensed broker, but I do not produce for myself. I have no interest in producing for myself, setting appointments for myself or meeting with clients. I focus on social media marketing and ads. I produce for my team and give any leads I get through my marketing to my team. Basically, I am their marketer and they do not have to do their own marketing. They can focus on meeting with their clients. Our team is made up of independent brokers. I do not keep track of what they produce.

On a post you said “ I set 15 appts weekly with no leads “ . Now you said you have no interest in calling , setting appts or seeing clients . The truth is your sitting in a room in your house possibly producing leads and trying to make a living overriding agents hustling in the field . As they’re sweating in 100 degree heat you sitting in your room drinking a coke living off their blood , sweat and tears.

 

[Jccwell]

I get it. I just haven’t noticed any unfair treatment. And in my case, one IMO is affiliated with some carriers the one isn’t. It’s a win win. Not only more options for me, but more options for the clients. More products that may be more suitable, which is what it comes down to. I’m not just jumping on a higher comp for me, I’m all about ethical practices. I look for the most suitable options for my client.

I really enjoy your posts. You’re full of knowledge and I’ve learned a lot from you. But I’m going to agree to disagree on this one.

No one is saying you're being treated unfairly. They're simply advising that having your business with one IMO will afford you more perks and attention, which is handy when you have an issue that needs addressed.

 

[Jccwell]

We do not have a typical brick and mortar brokerage firm. We decided to do something a little unique in the industry. It is a family business. I am a licensed broker, but I do not produce for myself. I have no interest in producing for myself, setting appointments for myself or meeting with clients. I focus on social media marketing and ads. I produce for my team and give any leads I get through my marketing to my team. Basically, I am their marketer and they do not have to do their own marketing. They can focus on meeting with their clients. Our team is made up of independent brokers. I do not keep track of what they produce.

It's a little misleading, because you're not doing any of the sales task but you're commenting on bad advice. You're out of your depth, basically.

 

[Deborah Armstrong]

It's a little misleading, because you're not doing any of the sales task but you're commenting on bad advice. You're out of your depth, basically.

I started this business in 2014 with all that advice that didn't work. I was trained and given bad advice. The very advice we are talking about. They told me to do things they didn't do. I have been in outside sales for over 25 years. Most of those I worked for, were horrible sales people. Didn't know how to find clients, make appointments or close sales. I worked for a few agencies, until I landed at Global View Capital Advisors that hired insurance brokers/Financial advisors. Their system was entirely different. You worked in what they called a "hub". You worked as a team. One would be the Financial Advisor/insurance agent and the other a marketing advisor. Both had to be licensed. I decided I wanted to be the marketing advisor, because of my horrible training.