Focusing on selling term life then converting those clients to investment management

[fed up]

knocking on doors is a NO NO right now. Be careful out there

 

[Rookie504]

I’m waiting until my state lifts the stay at home order for sure but going forward that’s what I think I will do.

 

[Allen Trent]

Thanks for the advice. I’ve been trying to build relationships with P&C agents, Medicare agents, and tax professionals. I’ve had a little success but that is more of a long term strategy and I’m trying to make something happen relatively quicker while those play out and grow.

yeah, that will take awhile for you to get merely referrals from them as they may already have established connections or referral partners in their leads groups or chamber of commerce, etc

I am actually suggesting you might want to take a step back & actually become a solicitor/sub agent for the agent/agency helping the produce to their comp contracts. basically, you getting what you need to connect to people, but sell products they need sold to their customers & they allow you over time to do the investment side they don't do.

I just think you have an uphill battle trying to go investment only without a huge natural market or following. the successful investment only people I know either started when they were super young & single/no kids-wife, or they were 40-50 & leaving a successful regular career in something else & had a couple years of stockpiled money to get going or wife with good job, or they were leaving a similar business like insurance, real estate, mortgages & could call upon those existing clients.

there is little to no money to be made in investments helping young couples save a few thousand dollars per year. The expense ratios & fees of investments have come down so much, that investment people can only make a living off large rollovers & lump sums & those don't tend to be from people under 50 for the most part

 

[pfg1]

Based on your personal & financial situation, you might want to try to connect with a large PC agent. They will have hundreds, if not thousands of existing clients you could call upon for life insurance. You writing the life insurance under their contract may help them on their comp grids they might be willing to pay you the commission. They then may have no issue with you talking investments to those clients as most PC operations don't handle investments. From your family & natural market they may also pay you when you bring in those people for PC leads.

Finding people to get quotes on home & auto or calling existing long term clients for life/investments will be a lot less painful than door knocking for sizeable investment rollovers.

Every door has home & auto insurance, very few doors have sizeable accessible money to invest. Most doors, the only money to invest is stuck in existing employer 401k plans not eligible to be moved. Needle in a haystack & best suited for someone with no financial responsibilities or a pile of current cash to get you through the wild goose chase years to lead with investments to young people. If you do door knock, find the condos & neighborhoods where people over 60 live

I think this is a great idea, however most every PC agent in my area also sells Life. I haven't come across any that don't... I don't know if is a state thing or just my area. Seems like the PC companies all push being full service now... PC, Life, Investments, Banking, etc...

 

[Allen Trent]

I think this is a great idea, however most every PC agent in my area also sells Life. I haven't come across any that don't... I don't know if is a state thing or just my area. Seems like the PC companies all push being full service now... PC, Life, Investments, Banking, etc...

agree, that is why I am suggesting that he actually consider becoming part of that PC agency. many of the best ones have sub agents or specialist to work their books. Because of the extra money they make on their PC commissions & renewals tied to life sales, they many times look to add someone.

Also, I believe many of the agents/agencies no longer work securities or banking as those carriers were losing so much money on expenses to try to manage those operations & be compliant with unfamiliar regulations for product lines the reps had little to no interest in.

This would be something where they might add him as a producing solicitor or life sub agent. the issue usually isn't with the PC agent, it is making sure your investment BD-Sponsor allow it & you disclose the added relationship on your FINRA/SEC documents

 

[Rookie504]

My firm would not sign off on me working with another firm unfortunately.

 

[fed up]

My firm would not sign off on me working with another firm unfortunately.

I think the suggestion is to stop working for the company you are with and not getting anywhere and then go to work for a company which can supply with a list of current customers who might like speaking with you. Cold calling for life policies is hard enough but cold calling for financial services will make you real hungry

 

[Rookie504]

Oh I see. Well I’m not looking to leave my current firm. They have a reasonable payout and offer a lot of back office support. I know the first few years will be ramen noodle budget but once I get my feet under me I would want to be where I’m at.

 

[somarco]

Why Don't You - Yes But | From Games People Play by Eric Berne

 

[tikibarrister]

Oh I see. Well I’m not looking to leave my current firm. They have a reasonable payout and offer a lot of back office support. I know the first few years will be ramen noodle budget but once I get my feet under me I would want to be where I’m at.

Are you actually looking for advice or just validation?