New to the Forums, Requesting Some Advice

[RN1]

Greeting all. I am new to this site, but I have browsed through various threads. Still pretty new to this business, life/annuities licensed for about 8 months in Florida. Just to get it out there, yes I'm with Primerica. So far I have not had too much trouble with the company, just a couple annoyances with home office, that's all. I've tried the recruiting game and it sucks. I don't want to recruit, I want to learn how to produce! I'm a district leader at 50% first year commission for term, but I've met all the other criteria for division (60%) if I can get $5000 premium in a month. I'm currently working on on jumping through FINRA's hoops for my Series 6 and later my 65, as I'm more interested in the advisor/securities side vs straight insurance. As I've seen from some other threads, this is low commission but the securities pays out 35 - 40%, with easy access to Morningstar for the $25 POL fee...so why not.

Here's the tough part: I still work full-time, Monday - Friday till about 5pm. Sometimes on Saturday too. I have averaged roughly 1 policy/month for the past 6 months. I try, but doing things the "Primerica way" doesn't always pay. I would like to learn the traditional methods of prospecting and setting appointments with leads or even door to door like the Edward Jones guys do. I'm willing to do these things after I get home from work, but I want to make sure I do things logically instead of spinning my wheels getting nowhere. I'm willing to sit at kitchen tables or the office at night or weekends after I'm done with work. But all this talk of "leads" (best place to get them?) and such leaves me clueless as what to say to these people when I call them and how to work this angle, as I have not been taught how to work in this type of (cold) market. Primerica actually thinks the warm market client fairies are going to come out sprinkle magic dust and bless us all with 10 referrals a piece per client of people also happy to talk to us. And that has definitely not been true for me and many others, lol.

I figure if I could set about 2 - 3 appointments a week for insurance it would make me better at my craft overall for helping clients, and allow me to eventually transition away from my full-time job and working more for myself. So here I am, new to this forum, saying hello and requesting advice about building a client base.

Please - no PRI vs whomever flame comments. I am an open-minded person, and I do like a lot of things about this company as well as other companies, and I am quite aware that Primerica is by no means perfect. I'm more interested in securities long-term anyways.

 

[xrac]

Greeting all. I am new to this site, but I have browsed through various threads. Still pretty new to this business, life/annuities licensed for about 8 months in Florida. Just to get it out there, yes I'm with Primerica. So far I have not had too much trouble with the company, just a couple annoyances with home office, that's all. I've tried the recruiting game and it sucks. I don't want to recruit, I want to learn how to produce! I'm a district leader at 50% first year commission for term, but I've met all the other criteria for division (60%) if I can get $5000 premium in a month. I'm currently working on on jumping through FINRA's hoops for my Series 6 and later my 65, as I'm more interested in the advisor/securities side vs straight insurance. As I've seen from some other threads, this is low commission but the securities pays out 35 - 40%, with easy access to Morningstar for the $25 POL fee...so why not. Here's the tough part: I still work full-time, Monday - Friday till about 5pm. Sometimes on Saturday too. I have averaged roughly 1 policy/month for the past 6 months. I try, but doing things the "Primerica way" doesn't always pay. I would like to learn the traditional methods of prospecting and setting appointments with leads or even door to door like the Edward Jones guys do. I'm willing to do these things after I get home from work, but I want to make sure I do things logically instead of spinning my wheels getting nowhere. I'm willing to sit at kitchen tables or the office at night or weekends after I'm done with work. But all this talk of "leads" (best place to get them?) and such leaves me clueless as what to say to these people when I call them and how to work this angle, as I have not been taught how to work in this type of (cold) market. Primerica actually thinks the warm market client fairies are going to come out sprinkle magic dust and bless us all with 10 referrals a piece per client of people also happy to talk to us. And that has definitely not been true for me and many others, lol. I figure if I could set about 2 -3 appointments a week for insurance it would make me better at my craft overall for helping clients, and allow me to eventually transition away from my full-time job and working more for myself. So here I am, new to this forum, saying hello and requesting advice about building a client base. Please - no PRI vs whomever flame comments. I am an open-minded person, and I do like a lot of things about this company as well as other companies, and I am quite aware that Primerica is by no means perfect. I'm more interested in securities long-term anyways.

Welcome. Have you ever consider you might be a perfect fit with EDJ?

 

[RN1]

Welcome. Have you ever consider you might be a perfect fit with EDJ?

I have thought about Edward Jones, but PRI pays a district/division leader the same % in securities commissions right out-of-the-box. Plus PRI has managed accounts with level fees for those with a 65, which offers around a 6 fold increase in residual compensation compared to trails on a traditional front-load fund, which people hate paying anyway despite the advantage of next to nothing in 12b-1 fees on a front-load. Plus, managed accounts allow for compensation based on account value, not just from selling an investment. Also, PRI has no quotas and a chance to "transition" form part-time to full-time.

Edward Jones' advantage is that they do some life insurance but of course mainly securities. Heavy, excellent training for the new guy. Small salary helps too. But I've heard of some brutal prospecting requirements and quotas. Plus, I can't guarantee they would even consider me. And my credit is not exactly stellar either.

Either way, it's good to have options I suppose.

 

[xrac]

I have thought about Edward Jones, but PRI pays a district/division leader the same % in securities commissions right out-of-the-box. Plus PRI has managed accounts with level fees for those with a 65, which offers around a 6 fold increase in residual compensation compared to trails on a traditional front-load fund, which people hate paying anyway despite the advantage of next to nothing in 12b-1 fees on a front-load. Plus, managed accounts allow for compensation based on account value, not just from selling an investment. Also, PRI has no quotas and a chance to "transition" form part-time to full-time. Edward Jones' advantage is that they do some life insurance but of course mainly securities. Heavy, excellent training for the new guy. Small salary helps too. But I've heard of some brutal prospecting requirements and quotas. Plus, I can't guarantee they would even consider me. And my credit is not exactly stellar either. Either way, it's good to have options I suppose.

You impress me as having too much on the ball to be where you are at long term.

 

[RN1]

You impress me as having too much on the ball to be where you are at long term.

Thank you. I want to at least try to know what I'm getting into before doing something. I don't want to be like the agent who doesn't know what a terminal illness benefit means despite being licensed to sell a particular life product, lol. My biggest thing is the lack of training working with cold prospects when it comes to trying to ask for a chance to sit down with them and earn their business, not recruit them into a business opportunity for which they may or usually may not be suited for. If you gave me some names/numbers to call or some doors to knock on I wouldn't know what to say because I have not been trained for this method of marketing. I am not a natural salesperson, so I have a lot of learning still to do. It is a problem with being a analytical person at heart. :P

Plus, with my work hours, I know this adds to the challenge. Is it ok to knock on someone's door at 6pm? This is why I'm posting on these forums..to get some feedback from some production experts or those that have been in my shoes before, as I'm sure some on this forum were with Primerica at some point in their careers.

 

[DHK]

My biggest thing is the lack of training working with cold prospects when it comes to trying to ask for a chance to sit down with them and earn their business, not recruit them into a business opportunity for which they may or usually may not be suited for. If you gave me some names/numbers to call or some doors to knock on I wouldn't know what to say because I have not been trained for this method of marketing. I am not a natural salesperson, so I have a lot of learning still to do. It is a problem with being a analytical person at heart. :P

If you can learn to "turn off the analytical mind" and get to work... you'll do alright. Trust me, I'm quite similar.

Plus, with my work hours, I know this adds to the challenge. Is it ok to knock on someone's door at 6pm? This is why I'm posting on these forums..to get some feedback from some production experts or those that have been in my shoes before, as I'm sure some on this forum were with Primerica at some point in their careers.

Check on solicitation laws in your city/county. That will tell you if you can knock on a door at 6pm. In my city, 6pm is the cut-off time. However, I also doubt that it would be a problem as long as it's daylight.

Do a search for the "survey door to door" thread. See about adapting that to your situation. In addition, learning how to do a good fact-find... I recommend learning from the folks at the Insurance Pro Shop.

If you really want to get into the securities side of financial services, you'll eventually want to discover Edward Jones... because they have a brutal training and prospecting program. They're not the "best" B/D... but they've got THE BEST training program for a new guy entering into the securities business.

 

[Norwayguy]

One of the main reasons to purchase life insurance is to cover a mortgage. You can do personal research in your county register of deeds to get a list of people with new mortgages and then go knock on their door.

 

[RN1]

One of the main reasons to purchase life insurance is to cover a mortgage. You can do personal research in your county register of deeds to get a list of people with new mortgages and then go knock on their door.

Wow, what a great idea to start! Thanks!