Question on FMM and LUTC

[wolfe42]

Hi Dave,

Thanks for the clarification! Let me ask you this...By having these certifications, does it make you look more credible with potential clients, or is it just for our benefit from an educational stand point.

I am sure that many potential clients don't even know what those certifications are or about.

Sincerely,

D.Wolfe

 

[DHK]

They may give you a SLIGHT advantage for your image. It's nice to put "ChFC" after my name on my materials.

The real advantage is that you have the education (at the very least EXPOSED to the education) to help your clients best to maximize their situation and minimize mistakes.

If you wanted to make the ChFC (or any designation) an integrated part of your image and marketing, you simply add it into your professional biography or personal brochure. The idea is to make the prospective client feel more comfortable with you because of who you are AND for your dedication to higher professional standards. You can't use it effectively to say "I have a ChFC and your other guy doesn't." That's kinda dumb and childish. (I used to think that way years ago.)

Remember: all the designations and advanced classes in the world can't help you if you cannot communicate simple concepts that your clients can easily understand.

Also, I wouldn't recommend getting any more than two to put after your name. If you get any more than that, just keep adding to your list in your bio and personal brochure. Otherwise, you could inadvertently intimidate people with all your qualifications. John Savage said, "Get all the education you can and then keep it to yourself, because nobody cares."

----------

It *may* be a bigger deal with professional alliances and centers of influence. They do want to feel better that you have gone above and beyond the minimum standard... but they'll also refer to those who communicate in simple ways.

 

[wolfe42]

Hi Dave,

That makes sense. I can see what you mean on both sides of the fence here. I will look at this in more depth and I really appreciate your time tonight to answer my questions.

Looking forward to talking with you soon!

Have a great evening Dave!

Sincerely,

D.Wolfe

 

[agentinsouth]

They may give you a SLIGHT advantage for your image. It's nice to put "ChFC" after my name on my materials. The real advantage is that you have the education (at the very least EXPOSED to the education) to help your clients best to maximize their situation and minimize mistakes. If you wanted to make the ChFC (or any designation) an integrated part of your image and marketing, you simply add it into your professional biography or personal brochure. The idea is to make the prospective client feel more comfortable with you because of who you are AND for your dedication to higher professional standards. You can't use it effectively to say "I have a ChFC and your other guy doesn't." That's kinda dumb and childish. (I used to think that way years ago.) Remember: all the designations and advanced classes in the world can't help you if you cannot communicate simple concepts that your clients can easily understand. Also, I wouldn't recommend getting any more than two to put after your name. If you get any more than that, just keep adding to your list in your bio and personal brochure. Otherwise, you could inadvertently intimidate people with all your qualifications. John Savage said, "Get all the education you can and then keep it to yourself, because nobody cares." ---------- It *may* be a bigger deal with professional alliances and centers of influence. They do want to feel better that you have gone above and beyond the minimum standard... but they'll also refer to those who communicate in simple ways.

Does the CFP replace the 65? Or would I still have to get a 65 in order to become an RIA?

 

[DHK]

In the majority of states, CFP, ChFC, PFS, CFA, and CIC (Chartered Investment Consultant or Counselor) can all be used as an exempt designation for the Series 65.

However, if you look at the cost, these credentials can easily cost $5,000 and a couple of years of time to obtain. The Series 65 can be obtained for a few hundred dollars and maybe 6 weeks of study.

 

[agentinsouth]

In the majority of states, CFP, ChFC, PFS, CFA, and CIC (Chartered Investment Consultant) can all be used as an exempt designation for the Series 65. However, if you look at the cost, these credentials can easily cost $5,000 and a couple of years of time to obtain. The Series 65 can be obtained for a few hundred dollars and maybe 6 weeks of study.

Got it- thanks.

I called one of the RIA you mentioned in an earlier post, however, they did not return my call.
I am still looking for someone before going "all in." Thanks for your help!

 

[DHK]

I'm pretty sure they're both on the East Coast... so they may have been distracted with the storms recently.

 

[Tahoe Ray]

Hi Dave,

Thanks for the clarification! Let me ask you this...By having these certifications, does it make you look more credible with potential clients, or is it just for our benefit from an educational stand point.

I am sure that many potential clients don't even know what those certifications are or about.

Sincerely,

D.Wolfe

Certifications will net you a total of zero new business from a marketing perspective BUT they will help you immensely in how you approach a potential case.

Be a student of your business and you'll seem like a professor to everyone else.

 

[agentinsouth]

There's two parts to this business: Marketing & Sales... and professional development. The IPS is VERY GOOD at giving you the tools for marketing and sales... as well as some decent technical training made simple. However, IPS is not a substitute for taking good professional development courses, such as CFP, ChFC, or CLU. All new insurance producers need a solid track to run on and then be able to develop their technical knowledge to enhance the way they serve their clients. I am NOT KIDDING when I tell you that they offer the best training for the new agent... at ANY price. The fact that they are very competitively priced AND with money-back guarantees just makes it "icing on the cake". But hey, what do I know? I spent $2,500 on the LEAP system back in 2008 + $600 each for 3 live training sessions to learn how to use it... and I got far more valuable training from the Insurance Pro Shop in their members only site for FAR less money out of pocket. The problem of indecision you have is you don't have anything else to compare it to. You just need to start with the members only site and watch the online videos. To be completely frank with you: if you're stressing over $35/month and the 1st month being refundable... then you're too afraid to take a chance or a risk... and that will be completely detrimental to your ongoing development. Maybe you should spend a few thousand dollars on something else and feel the pain of spending lots of money and not getting the same value you could've gotten from IPS. In the learning curve of this business... you WILL "burn money" and "waste money"... but you'll learn all along the way. If you're afraid to make mistakes... you're going to fail and quit. I guarantee it. I only recommend and endorse things that work and are of high quality... and the IPS training is the training you'd wish you'd get the first week you started in the business. Yes, it's simple, but simple is best. Other things I recommend are the RetirementView software from Torrid Technologies... and the Virtual Assistant. I have an anonymous testimonial on their site, but I do endorse it for what it is - a fantastic reference tool. They have some selling tools too, but I don't think it's as effective as what you'll find with IPS. ---------- It seems that the more experience one has, and the more money one has previously spent... the more they seem to appreciate what the Insurance Pro Shop has and does. https://www.youtube.com/watch?v=5p30UhdUsOA

I talked w/ Insurance Pro Shop today and they pointed me to the mortgage protection program, I know that is the one you purchased. Do you think it is worth the price?

 

[DHK]

I bought mine a few years ago and paid more for it back then. I'm sure they've made some improvements and updates since then. Also, at the time, we had monthly group webinars rather than 3 months of individual one-on-one coaching.

The tool kit is just that - it gives you a great deal of tools. The most important ones, other than the large amounts of reading... are the Excel Templates and the Power Point presentations. Also, the audio prospecting training is pretty good too.

IMO, if you really want to unlock the power of it, you'll need the Advanced Fact-Finding DVDs - either purchase them separately, or subscribe to their members only site. Without it, you have HALF of a system. I felt that the kit, by itself, was good, but I really didn't know how to do a fact-find.

Yet, if you do the members only site and view the videos, you'll know what to do, but not have the tools to make it as efficient and effective as possible.

I'd do both - the MITK and the members site or Advanced Fact-Finding DVD set. You will feel incomplete to have one without the other.

While that can look like I'm trying to "upgrade" you or "cross-sell" you, I'm truly telling you of my experience. You can't learn how to do a fact-find by reading a manual. You need to see it and hear it. Plus, the "5-minute presentations" that Lew teaches are GREAT to do during your fact-finding. The tool kit doesn't talk about those AT ALL. That's why I highly recommend doing both. In fact, while there is a Power Point on a "5 minute lesson on life insurance" included in the tool kit... it's far more effective to do it by hand that Lew will teach you via video.