1st Week in Sales & the 403(b) Teacher Market...

rossum911 · 08-09-2009, 08:26 PM

Hello All,
First off let me say how helpful this forum has been for me thus far and I thank everyone for their replys in advance.

I just recently became licensed for L&H here in Southern CA and started working for a small producer selling LSW products last week. Our office is unique, as we predominately market to teachers by providing life and annuity supplements to their STRS pension plans.

Thus far I have had "minimal" luck with cold calling, considering the best response I have received is a "give me a call back at this time next week."

I realize I am probably just really "green" and need to learn the ropes a little bit, sadly, learning the ropes doesn't look like it will pay the bills.

Does anyone have any good sales books or beginner "financial planning for dummies" type material that they could recommend? Any advise in general would be greatly appreciated.

xrac · 08-09-2009, 09:37 PM

Originally Posted by rossum911

Hello All,
First off let me say how helpful this forum has been for me thus far and I thank everyone for their replys in advance.

I just recently became licensed for L&H here in Southern CA and started working for a small producer selling LSW products last week. Our office is unique, as we predominately market to teachers by providing life and annuity supplements to their STRS pension plans.

Thus far I have had "minimal" luck with cold calling, considering the best response I have received is a "give me a call back at this time next week."

I realize I am probably just really "green" and need to learn the ropes a little bit, sadly, learning the ropes doesn't look like it will pay the bills.

Does anyone have any good sales books or beginner "financial planning for dummies" type material that they could recommend? Any advise in general would be greatly appreciated.

Welcome. Here is a thread for you:

Books That Every Agents Should Read ?

djs · 08-09-2009, 09:59 PM

Sadly, the financial planning gig is very tough right now. Experienced people are still doing okay, though few as well as they had.

A lot of people are laughing when being called for financial service help, especially in California. You are dealing with teachers, so they are mostly still employed, probably making the same salary. Their spouse on the other hand has probably had a pay reduction, hours cut back, etc....

So, what a telemarketer has told me in cold calling for financial services is that prospects are basically laughing at the thought. Behind on the mortgage, pending foreclosure, having trouble keeping the lights on, but hey, they will be right down with the money to invest.....(not!)

That is somewhat the reality in todays market. At some point, you have a few clients, they like what you do for them, they refer you to their friends, they like you, they refer you, etc. Financial services is far more about referrals than anything else.

Dan

rossum911 · 08-09-2009, 11:49 PM

Thanks for the replies and book link.
I am beginning to really worry that a steady income is going to be difficult in the beginning, and seeing that I am on 100% comission I am starting to freak out a bit. I guess it just means that I am going to have to find a really good part-time job (I am not sure if this is even possible) and read some of those books. If any body knows and good leads in the SoCal teacher market please let me know.

jmhopkins40 · 08-10-2009, 12:05 AM

Originally Posted by rossum911

Thanks for the replies and book link.
I am beginning to really worry that a steady income is going to be difficult in the beginning, and seeing that I am on 100% comission I am starting to freak out a bit. I guess it just means that I am going to have to find a really good part-time job (I am not sure if this is even possible) and read some of those books. If any body knows and good leads in the SoCal teacher market please let me know.

Sounds like you are in a tuff spot, but seem committed. Def. a quick read is The Little Red Book or Sales/Answers, read as much Gitmo and Maxwell in your spare time. Suggest in these times you consider expanding into 3-4 products and carriers, working independant and contracting with a group that provides both advances and as earned.

There are several options to start with, a business plan and roadmap for where you want to be in 5-10-20 years. Much to much for this site. PM me and I would be glad to pass these along.

rossum911 · 08-10-2009, 12:10 AM

The only problem is I am a bit locked into my current situation as a relative helped me get the job... wah wah wah wahhhh
Oh well, time to kick it into overdrive.

amandagirl · 08-10-2009, 01:27 AM

Originally Posted by rossum911

Hello All,
First off let me say how helpful this forum has been for me thus far and I thank everyone for their replys in advance.

I just recently became licensed for L&H here in Southern CA and started working for a small producer selling LSW products last week. Our office is unique, as we predominately market to teachers by providing life and annuity supplements to their STRS pension plans.

Thus far I have had "minimal" luck with cold calling, considering the best response I have received is a "give me a call back at this time next week."

I realize I am probably just really "green" and need to learn the ropes a little bit, sadly, learning the ropes doesn't look like it will pay the bills.

Does anyone have any good sales books or beginner "financial planning for dummies" type material that they could recommend? Any advise in general would be greatly appreciated.

I am also new to this field but have been successful in sales for over 10 years. I would be interested in anything you learn.

I have had a few interviews in the past 3 weeks. One agency offered me a 20% health contract and an 80% life insurance contract, advances and leads.

Does this sound like a fair offer and what is the average closing rate for health and life????

Norwayguy · 08-10-2009, 08:54 AM

The summer is a hard time to start in the 403(b) teachers market. They are away from the schools and it is had to even know who to try and contact. If your schools let you stuff the teachers mailboxs then things will get better once schools starts...I've been in the 403(b) market for 8 years and I would hate to be starting out right now...I guess the only good thing you have going for you is your coming into the market with the new regs already in place and don't have to explain to your clients why they can't do now what they did last year or the year before.