- 5,935
Why New Agents Fail?
- Thread starter entrep1776
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What was old you? What's new improved you?
- 6,142
His old you was yesterday. He'll have a new plan tomorrow, the next day, on and on.
My best advice is to not listen to a single thing myinsurebiz says. He's literally started 50 business's and they've all failed.
- 11,275
Most agents rely almost exclusively on what recruiters promise them (unfortunately they are "pie in the sky" many times).
An Employment Scam in the Financial Services Industry > HOME
Also, many agents assume that 'name recognition' is the 'be all and end all' in order to open doors for product sales. I think only New York Life and State Farm (captive P&C agents) have the advantage there. The vast majority of the public don't know most of the other names. I'm not always certain that calls from "Jim Smith, New York Life" are welcomed - only because you don't know if they've had any previous experience with NYL agents (for example).
If you cannot articulate your value clearly, you won't be able to find interested people who would want and can afford the financial solutions you are offering.
Bob Ritter’s Blog #86: The #1 Reason Advisors Are NOT Getting Paid What They’re Worth
And yet, we count on the company (captive or IMO) to help teach us this stuff, because we are new and dependent upon them... when they have abdicated that responsibility to us - the agent.
An Employment Scam in the Financial Services Industry > HOME
Also, many agents assume that 'name recognition' is the 'be all and end all' in order to open doors for product sales. I think only New York Life and State Farm (captive P&C agents) have the advantage there. The vast majority of the public don't know most of the other names. I'm not always certain that calls from "Jim Smith, New York Life" are welcomed - only because you don't know if they've had any previous experience with NYL agents (for example).
If you cannot articulate your value clearly, you won't be able to find interested people who would want and can afford the financial solutions you are offering.
Bob Ritter’s Blog #86: The #1 Reason Advisors Are NOT Getting Paid What They’re Worth
And yet, we count on the company (captive or IMO) to help teach us this stuff, because we are new and dependent upon them... when they have abdicated that responsibility to us - the agent.
- 5,935
He can listen to the "new" me . . .
Actually Ben - you helped me send the old me to the past . . .
http://www.insurance-forums.net/forum/final-expense-forum/my-final-system-change-2017-a-t86328.html
- 18,987
As Ben said, it takes a certain something to do this. And a person either has that or they don't. Without it and a strong work ethic some will make it for a while without that something but it will catch up and they are gone.
Number 1 reason agents fail is no leads. Best agent in the world will not make it with no one to sell to. The worst agent will make sales if he has someone to sell to.
That's the lifeblood of the business.
Lots of ways to get leads, self generate them, buy them, etc.
You will get a lot of advice here at the forum about just working your book. Great idea, if only a new agent had a book.
This is where the right IMO for whatever line of business you chose comes into play. The right IMO is going to train you on not only the things you need to know about the products but also how to best leads.
Another person I see fail out of the business is the person that comes in with sales experience selling tangible products and they refuse to unlearn what they know about selling tangible products.
Number 1 reason agents fail is no leads. Best agent in the world will not make it with no one to sell to. The worst agent will make sales if he has someone to sell to.
That's the lifeblood of the business.
Lots of ways to get leads, self generate them, buy them, etc.
You will get a lot of advice here at the forum about just working your book. Great idea, if only a new agent had a book.
This is where the right IMO for whatever line of business you chose comes into play. The right IMO is going to train you on not only the things you need to know about the products but also how to best leads.
Another person I see fail out of the business is the person that comes in with sales experience selling tangible products and they refuse to unlearn what they know about selling tangible products.
Agents fail from a variety of reasons. Sales is a tough job, and not everyone is cut out for the day to day grind it takes to make it. It's also it's own language and requires a lot of product knowledge, and that is something that takes years to build. I also think a lack of sources is a reason agents fail: they rely too heavily on one source (leads, etc) instead of diversifying and prospecting more people and businesses that can send you leads. I also see many new agents not have a plan on how they are going to sell x amount of policies: they come in Monday morning without a schedule and just wing it.
Once you acquire the knowledge of how insurance works and how to sell people on products and offer advice, it just becomes a numbers game. Get x amount of leads at x average closing percentage and you'll make x sells. Multiply those sells by your commission rate and you can do the math backwards to see what quote activity you need to achieve whatever goal you have set. I see most agents don't have enough sources to generate the high quote activity to achieve solid be results, so lack of sourcing/centers of influence be a killer in this business.
Once you acquire the knowledge of how insurance works and how to sell people on products and offer advice, it just becomes a numbers game. Get x amount of leads at x average closing percentage and you'll make x sells. Multiply those sells by your commission rate and you can do the math backwards to see what quote activity you need to achieve whatever goal you have set. I see most agents don't have enough sources to generate the high quote activity to achieve solid be results, so lack of sourcing/centers of influence be a killer in this business.
- 1,432
I agree with the above except that I believe that you can develop the personality and character traits you need to succeed.
I'm a much more disciplined person and goal-focused than I have ever been and I can create rapport with clients much easier than I could just a year or two ago.
Some of that came with the gray hair and the mortgage, but a lot came from prayer, meditation, changing my self talk, surrounding myself with positive people ("virtually" surround - most are on podcasts and audible books)...
At some point I realized that my mindset was not compatible with my goals, so I started working on changing the stuff that matters.
This is what scares me. I've done sales all my life but they have been either "walk in's" when I was at the bank or phone sales.
While I feel confident that I can learn the products inside and out...I'm not sure if I can cold call and door knock. It's not my area of expertise.
Advice there is always welcome.
While I feel confident that I can learn the products inside and out...I'm not sure if I can cold call and door knock. It's not my area of expertise.
Advice there is always welcome.
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