What Do You Think of this GA Pitch?

[DHK]

2. Offer full training, marketing support (Didn't discuss leads, comm split yet), designation classes (CLU etc) and proctoring.

The term "training" in our business... is quite nebulous. What you need from day 1, is a solid marketing plan to help you fill up your pipeline with qualified people to help.

Designations are nice... but ONLY if you're producing. If you don't have anyone to see, and don't have the skills to talk to people... you're going to fail... regardless of the location of the firm being next to, on top of, or even inside Walmart.

At some point during the interviewing process, they may ask you to do a "project 200" of everyone you know that's somewhat local to you. Just because you know someone doesn't necessarily make them an ideal client for you.

Instead of being an opportunist (finding people and adapting to their needs)... try being a profile specialist - people who fit a certain mold, and specialize in their needs, and get referred to them over and over again. It may get boring... but the pay isn't!


Ask about office expenses. This is not a 'job' where your agency may pay for everything. You'll probably get a 'grace period' of about 3-6 months before the agency starts to bill you for office space, telephone, internet, copies, technology fees, etc.


So yeah, I'm the 'realist'. I'm going to find that weakness and make it huge... because of everything else in your post... NOTHING else matters except having a great marketing plan. Everything else, your agency can provide for you.

http://www.insurance-forums.net/for...nsurance/guidance-new-life-agents-t29999.html

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So, the vesting schedule is set by Guardian and not NPC (the GA)?

And if so, does that mean the contract I'd sign with with Guardian and not NPC?

I'm so new I still have the price tag on my forehead!

Guardian life is the life insurance company... who actually has their own broker/dealer - Park Avenue Securities. Home | Park Avenue Securities

National Planning Corporation is a broker/dealer that works primarily with independent registered reps. https://www.natplan.com/private/Welcome.nph


You'll need a life insurance license to get started offering Guardian and other insurance company products. You'll probably be expected to obtain your Series 7 & 66 to offer investment services through NPC.

 

[SuperWoman]

You are indeed correct, DHK. MP told me each agent (Financial adviser) would have a training and marketing plan devised for them individually, for every person comes from a different background. While I am adept at relationship building and communication, and have relationships with chambers, networking associations, another newb may not.

I've studied the forums here long enough to have taken copious notes from so many of you wise and generous souls. I know to:

1. Take one bite at a time: pick a product and become expert at it.
2. Find my niche: Probably through my education contacts.
3. Don't allow commissions to be assigned! And other issues like AOR, release policy, etc)
4. Get a mentor (I have some help there)

and a ton more.

A former education colleague is now a mentee/new partner of a NYL agent in TX. When he was laid off he was recruited by AFLAC and went down that black hole of balogna before switching over to selling to retiring school employees through another agency (Don't know the type?). He did OK till an old boss introduced him to the NYL agent who wanted to semi-retire and have my pal take the bulk of his work. He gave him quite a sweetheart deal especially for only having less than 2 yrs experience. It's an office of 2 agents, 2 support staff for marketing and administration. He is now expanding in getting his series 6 (failed it 2x thus far) and other appointments. He lives in South TX, just a few miles off the Mexican border, lower income areas, hot as hades but business is booming.

Re: Project 200. I've read quit a bit about it, that it's "old school" and particularly favored by the "run n gun" agencies that just want the newbies biz before they flake out. I don't think I want to do that. I WILL work my family and connections, of course, but prefer to work with an agency of higher repute.

 

[DHK]

You're taking notes... that's good.

You are indeed correct, DHK. MP told me each agent (Financial adviser) would have a training and marketing plan devised for them individually, for every person comes from a different background. While I am adept at relationship building and communication, and have relationships with chambers, networking associations, another newb may not.

I had one of those done before too. (Ask them how much it is going to cost you to do.)

I think it broke everything down to various industries that I should target based on my past and my personal preferences.

But unless they can teach you how to get into those industries, and be seen as an expert in those industries, and how to communicate well with those industries, and set appointments consistently in those industries... it's nearly worthless in the beginning.

And if you're NOT an 'expert' in those industries... what's going to happen? You're going to have to do "joint work"... and that means a 50% split (in most cases). Now you have a DEPENDENT relationship on another "senior agent" in your office... and it'll take you much longer to get profitable, and be up and running as an agent/advisor on your own.

If you don't have a plan to be functional and profitable on your own as quickly as possible... you are going to head down a path that you didn't intend.

Let's give your firm the benefit of the doubt: That may be an "ideal" marketing plan.

You need a SURVIVAL marketing plan first. If you don't have a plan on how to make good sales and fill your pipeline with consistent sales within 90 days (and that's pushing it)... it won't matter what's on that fancy report.

Here's a clue about marketing: It's not about you and what you want.

In the beginning, it's about the market you have ACCESS to.

There are two general markets: Residential and Business.

The residential market can generally be broken down into two sub-markets: families and retirees.

There are two general ways to reach them that are low-cost: phone & in-person.


Yes, I'm rather negative on all this. The reason was because I took the same "siren song" from a MassMutual career agency. MassMutual and Guardian agencies practically run the same way. In fact, in addition to that report (which I think cost me somewhere between $75-$150), I was told about "Blue Chip Prospects". This was a list generation service along with sending out mailers, etc. What I never asked... was how much that was going to cost me as an agent. I mistakenly thought that everything was provided. I was wrong.

I was told a lot of the same stuff. Since I'm seeing the same pattern, I'm giving you my suggestions.

I truly hope I'm wrong.

But it's much better for you to interview and go in with eyes-wide-open, expecting the worst... and then being pleasantly surprised when things are even better than you expect.

Here's another "negative" viewpoint website. I noticed that "National Planning Corporation - Guardian Life" is listed (but most companies are). I'm not telling you NOT to. I'm just telling you that you need to ask more questions and not trust everything that they say they do.

An Employment Scam in the Financial Services Industry > HOME

Ask them about agent costs.

Ask them about prospecting help - especially in the beginning.

Ask them about new agent retention. If they skirt this one by saying "it's entrepreneurial, and not every agent is prepared for this"... just remember - every agent knows that this is a NON-SALARIED position. Either they didn't work hard enough, or they didn't know how to be smart with their work.

In short, you need to interview them MORE than they interview you. The risks are on you... so ask a lot of questions.

What do they get if you fail? You made some sales, they keep the commission overrides, let you use a cubicle for a while, and they're set. If you don't make it... you may have a lot more trouble for yourself down the line. The person with the bigger risk to incur needs to ask the harder questions.

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BTW, don't be afraid of asking those questions. The smarter the questions you ask... the more they will want you.

 

[SuperWoman]

Well DHK, you have put the fear of Ali-Baba in me and I now need a wee wee pad to wear to the interview

I do appreciate the devil advocacy, I am not exact Madam Trusting as well. He told me their 5 year agent retention was 90%. I have yet to speak to my friend who referred me, tomorrow hopefully.

I intend to ask every single question and then some. Keep the advice coming. Especially if you know the name of a good wee-wee pad distributor.

 

[pcbinsurance]

"Especially if you know the name of a good wee-wee pad distributor."
*****************
I would give you the name of one but it Depends on how you use them.

 

[SuperWoman]

"
I would give you the name of one but it Depends on how you use them.

If you gave me the name it would give me a great deal of serenity.

 

[scagnt83]

And if you're NOT an 'expert' in those industries... what's going to happen? You're going to have to do "joint work"... and that means a 50% split (in most cases). Now you have a DEPENDENT relationship on another "senior agent" in your office... and it'll take you much longer to get profitable, and be up and running as an agent/advisor on your own.

I would have to disagree with this part. For a green agent joint work can be invaluable if they can find the right partner to do it with. In my opinion it is hands down the fastest way to gain knowledge on more advanced cases.

But that does not mean the new agent should run 100% of their business through the mentor. If she is out there prospecting like she should be (making calls until you set at least 2 meetings for sometime in the future), then she will run across more complex cases that she will need help on.
Then she has 3 options: 1. wing it 2. ask for guidance from an experienced agent but dont bring them in to work the case 3. bring in the experienced agent to work the case and see them in action.
1 has a good chance of failing, 2 has a better chance of success, 3 has a much better chance at success if the mentor is a good agent. And like the old saying goes, 50% of something is better than 100% of nothing.

My suggestion is to take a few Advisors in the office out to lunch (separately) and pick their brains about the markets they work and their approach to the industry. Find one that is active in the markets you want to work, then when a more advanced case comes along ask them if they will help you out and work the case with you for a 50% split. It keeps it informal and at your discretion.


But I am all for a strong marketing plan and a strong business plan.

 

[GeminiGroup]

"He told me their 5 year agent retention was 90%."

Am I mis-understanding what he's saying here, is he REALLY saying 90%
of the agents they hire are still not only still in THIS BUSINESS but are still w/ him 60 months later.........

That's very impressive, Princeton University only gets 88% of their kids thru 4 years

 

[SuperWoman]

Yes, he did give that retention figure. As I wrote in my initial post in this thread, he told me they take one on a few new agents per year and by referral only. It's a 70 yr old, 3 gen firm. Have 3 offices in South Fla, one in each major county. Total of 58 agents. So they're not a "career shop" as I understand that term.

Given that info, does that sound like a 90% retention is likely?

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I've finally had my chat with my friend who has referred me to this Guardian GA. A little background about him:

In 2011, at age 60 when his once thriving art dealership business closed due to bad economy, he was recruited to Bankers by the managing partner (MP) I am to meet with next Monday. Big career change at 60 was quite risky, commission only, with a small draw of $500 weekly. On the day he accepted, his wife was laid off of her salaried job. So no other income which is same with me (I'm divorced). He bit the bullet and leaped with faith and a good sales manager.
He says it's the best decision of his life. But, he didn't blow smoke up my rumpus, said the first 2 years are the toughest and have no illusions otherwise.

He left Bankers after a year, went to Principal for 6 months, then to Guardian G.A., where he's been 1 1.2 yrs. He basically followed the MP as he says the guy has been a golden leader/teacher to him.

He gave me these details:

1st year: 80%/ 2nd year 70%/ 3rd year 60%

Residuals: First 18%/ second 17%/ third 16% etc down to 8% cap. As long as business stays on books, 8% is the lowest.

Draw: $500 week

No leads, but will help me devise a marketing plan and to find out who my own personal market is. He said the sales/marketing support is phenomenal.

I asked a ton of other questions based on info I've learned in this forum and they coincided with what I've learned here. (Forgot to ask the major questions about AOR, etc).


He taught me about warms leads being the best, referrals are king, get out and talk and touch people (Well, you know what I mean)rather than by leads out the gate.

So, what do you folks think?

 

[DHK]

No leads, but will help me devise a marketing plan and to find out who my own personal market is. He said the sales/marketing support is phenomenal.

I asked a ton of other questions based on info I've learned in this forum and they coincided with what I've learned here. (Forgot to ask the major questions about AOR, etc).


He taught me about warms leads being the best, referrals are king, get out and talk and touch people (Well, you know what I mean)rather than by leads out the gate.

So, what do you folks think?

I think you are looking into this company and their support/staff with your eyes wide open.

The hierarchy of lead generation is perfect - yes, 'warm leads' are the best, professional introductions are even better... but being able & willing to get out and talk/touch people... is where you can fill your time, and fill your pipeline as needed. In the beginning, you should plan on this being a big part of supplementing your marketing efforts to keep the pipeline full.

Don't forget to ask about costs that come out of your pocket. Many Guardian agencies support "Living Balance Sheet" (proprietary to Guardian) as a planning methodology. This has a cost of $300/month to the agent (last I heard). That's on top of any other costs. Just find out.

So far, because you're asking good questions, and are preparing for a bad experience, you are being pleasantly surprised. Keep asking them questions... but it looks like that they can answer your tough questions and they have helped people who didn't have anything... to be successful.