Business Growth

[KandKsmommy]

Hi Guys
I am starting year 4 as a broker and redoing my goals. My original goal was to get to 100k in commission in 5 years, well I have surpassed that at the end of last year. Between 22-23 I saw a 69% increase in my commissions and I want to continue my momentum.

I know I'm going to get for this but I have not been tracking my new client numbers. I know, I know I should have been doing this from the start but life has been crazy and I have been focusing on the $$$ rather than client count.

I am anticipating a very decent renewal income and now I really want to focus on new growth. How many new clients do you guys aim for every year? And how do you manage new growth and your current book at AEP?

My Medicare book has shifted to more of a 50/50 between Med Supp and MAPD. I also do Marketplace although now I am looking to hand off my clients that are under 50 to our new employee (she's a lot like me and I feel my clients will get the same level of service). I really want to focus on the senior market going forward.

I have never bought leads and my growth has been organic via word of mouth. I feel like locally my name is well known and now I want to expand my footprint.

I have always wanted to grow beyond my area and recently a few of my snowbirds have permanently relocated to FL and have been telling all their friends about me but I haven't taken the leap towards getting licensed beyond my home state. I also have family and friends requesting I get licensed in NH, MA, CT, and NC.

I know I will have sufficient numbers to cover the cost of getting licensed and contracted but I am trying to figure out how to work it. I love doing face to face but obviously bouncing from state to state during AEP isn't going to happen.

My thought is I could pop down to the areas of my clients, friends and family during OEP just to meet their friends and neighbors so I have that connection with them, then handle AEP over the phone. Going during OEP will also allow me to help those who aren't satisfied with their plans and aren't LIS.

What are you guys thoughts, and who's going to Vegas for the Medicarians this year. I am although I feel a bit out of my league.

 

[GoPokes]

I wouldn't overthink doing the phone sale. I also like the face to face meeting, but there is no denying how much more time efficient phone sales is. If they are referred to you, then the trust and rapport is already off to a good start. So you dont have to overcome that... as you likely already know from your current situation, with referred prospects.

Some agents will work very hard to take care of all existing clients before the end of OCT during AEP, so they have the rest of the time to devote to. new business.

Tracking new clients is probably easier than you realize. Download your book of business from the carrier into a CSV file, and sort by effective date, assuming you dont have any other CRM. Dont "should" on yourself, you are doing well. This is not a race, but goals are helpful. Remember, comparison is the thief of joy....

Getting a non resident license is simple. You may not need to add those states, until you have a prospect ready to go. You'll just get on NIPR, and apply for the non resident license. Sometimes it's approved the same day, and sometimes it takes a day or so. It is a quick turnaround. When you have a referral in a new state, have a phone call with them. They likely want you to help them solve their problem, the quicker and simpler, the better.

 

[somarco]

I left the F2F market 30 years ago and never looked back. Also, I never felt the need to expand beyond my home state of Georgia. And . . . Medigap only, no MAPD for me.

This path isn't for everyone but it suits me. Referrals come naturally without asking.

My business also grew organically . . . took me 4 years to hit $100k in renewal income. I have no desire nor need to grow exponentially. To do so would require me to hire extra help which is extra headache,

We are debt free and have a low overhead. Life is good.

 

[KandKsmommy]

My business also grew organically . . . took me 4 years to hit $100k in renewal income. I have no desire nor need to grow exponentially. To do so would require me to hire extra help which is extra headache,

We are debt free and have a low overhead. Life is good.

I hopefully have a long career ahead of me so growth to me is two fold. I get to provide a better financial situation for my family and I get to train others in the business.

Also debt free would be amazing.

I have grand plans. I spent the first 35 years of my life below the poverty line so to finally be able to get a home, buy a newer car, go on vacation is an amazing feeling. To be able to look at my commissions and see the proof of how hard I work is the best feeling in the world. I look at my year end numbers and think wow this is so much better than the $0.50 an hour raise I was used to.

 

[Chazm]

I shoot for 150 new to medicare/T65’s a year. I got 164 last year and I’m slowing down marketing this year. I feel like 150 is a good number.

If you are looking to flip MAPD clients, you’ll need a lot more per year.

 

[KandKsmommy]

Tracking new clients is probably easier than you realize. Download your book of business from the carrier into a CSV file, and sort by effective date, assuming you dont have any other CRM.

Thank you for that idea. We have another crm that is tied with our VoIP but it really doesn't work as promised. Eventually I want to get something more tailored to insurance

Dont "should" on yourself, you are doing well. This is not a race, but goals are helpful. Remember, comparison is the thief of joy....

Thank you I am always second guessing myself. I still feel green when it comes to the business side of things. Right now I work for an agency with 50/50 commission splits but eventually I plan to take over. We have an agreement that when my boss decides to retire or sell I retain 100% commission and control of my book of business. I may consider buying her health book as well.
My boss is a multi line agent with her primary income coming from P & C. She was doing ACA and Anthem Supps. before bringing me on and now we are full service.

Getting a non resident license is simple. You may not need to add those states, until you have a prospect ready to go. You'll just get on NIPR, and apply for the non resident license. Sometimes it's approved the same day, and sometimes it takes a day or so. It is a quick turnaround. When you have a referral in a new state, have a phone call with them. They likely want you to help them solve their problem, the quicker and simpler, the better.

Thank you. I feel like I am ready to add FL this year but I want to wait on the others. Maybe add a state a year.

 

[DonP]

Believe what you will . Havocs coming to plans on 2025. Agents will be spending a lot of time aep moving plans or they’ll be poached . I feel the upheaval coming . Copays rising , benefits slashed etc . When your book gets big you got to spend massive time of retention activities.

 

[KandKsmommy]

My clients who can afford Med Supp or who I could get grants for are almost all in Med Supp so I don't expect to have many switching sides but moving from plan to plan is always possible. I want to grow and I know retention is king so I am trying to stay on my client's minds for all the right reasons. I have reached the point where my book is hard to manage solo and I definitely think a dedicated assistant will be need in the fall.

 

[Packerland]

I'm not sure what you're asking since Med supplement clients are very easy to manage very little or if any service work involved other than a yearly PDP review.

Also review the rates every couple years to make sure they still are the most competitive plan.

 

[somarco]

. I have reached the point where my book is hard to manage solo and I definitely think a dedicated assistant will be need in the fall.

You probably need to start your search now.

AEP is a busy time and many agents approach burnout early on. The breaking point seems to be 1000 clients, sometimes a bit lower, before you really need to get help.

Some agents have their spouse get a license so they can assist during the busy times. At one time that was something I considered but then I realized that most of the service related questions would be passed on to me anyway so "bringing her into the business" was killed off.

Some have in house help, FT or PT while others have a remote worker like I do. My "lady" handles the graphic work for my videos and maintains my newsletter mailing list.

She is actually overpaid for the time she spends on my stuff but I am OK with that because my requests are filled on demand and not postponed.

Hiring help is good until you have to manage personnel and sometimes end up doing your work plus theirs.

Recruiting and training agents sounds good until you actually do that. Many soon realize that was a bad idea and revert back to flying solo.

That's what I did several years ago and I gladly gave up the extra revenue in exchange for sanity.