Get Referrals from Lawyers That Offers Wills

Markingriffin · 09-09-2009, 10:08 AM

Get Referrals from Lawyers that offers wills

I run into a lot of clients that don’t have wills and I have a network of lawyers that I use to help them with. The lawyers always end up giving me something when someone uses their services for things like wills or whatever they need.

I was talking to one of the ladies that runs this big group of lawyers and she told me that a lot of their clients need life insurance also and she would start pushing me if I would give her some business cards and do a few things to help their clients.

I’m going to try and reach out to some more lawyers and see if they need my services for their clients or if I can make a way to reward them for sending clients to me

NDagent · 09-09-2009, 11:36 PM

One thing I have noticed about lawyers, CPAs and other professionals our clients need is that they almost always have people they already refer. I have met with 3 CPAs and lawyers and can never get anywhere. Anyone have any ideas?

JustinUpright · 09-09-2009, 11:39 PM

Great idea Mark was thinking of networking with some lawyers myself.

insuranceexec · 09-09-2009, 11:50 PM

How about working a deal with an attorney to market his trusts and wills.

This keeps you the agent in control of the situation and you do not have to worry about some unknown attorney referring business out to one of your competitors.

Charm · 09-10-2009, 12:10 PM

Excellent idea!

NDagent · 10-14-2009, 08:08 AM

Thats a great idea, but it seems like they already have three or four agents already doing this. So how do you find lawyers, CPAs ect, that dont have this in place? Not trying to ruin the idea, its a great idea, just have not had success with it.

High5 · 10-14-2009, 08:32 AM

I found some junior attorneys just starting out when my brother in law graduated from Berkeley Law. They didnt have any clients when I met them, but I always kept in contact and telling them about my business because I knew one day they would need my services. They eventually had some high net worth clients, and guess who always manages a couple of solid cases every year. It's just like anything. you have to build it up.

HealthGuy · 10-14-2009, 08:48 AM

Good luck with attorneys. Most of them are arrogant. They know more about everything than everybody, including life insurance. Most of them already have a Northwestern Mutual rep they refer business to because NWML is the only life insurance company for their high net worth clients. NWML is the ONLY life insurance company, right?

DHK · 10-14-2009, 08:56 AM

Make the attorney/CPA a client. Then you may get referrals.

Here's a hint though: They're not having meetings or chat room threads about how to network with us. Don't spend too much time on this.

txagt39 · 10-14-2009, 08:51 PM

Good luck with that idea, most lawyers are not interested in doing referrals either way. You may have better luck than me but the ones in my area are so busy already they could care less about referrals. I wish it would work it seems like it would and it would if you found the right lawyer.

DNK- · 10-14-2009, 09:23 PM

Originally Posted by NDagent

One thing I have noticed about lawyers, CPAs and other professionals our clients need is that they almost always have people they already refer. I have met with 3 CPAs and lawyers and can never get anywhere. Anyone have any ideas?

You will probably have to start sending some of your clients to these attorneys before they will even consider referring people to you. I think if you stay consistent and stay in contact with them they will start to come around.

OR you can find new attorneys who do not yet have a relationship with another insurance agent like someone else suggested here.

The second option might be better in the long run since you can establish a relationship and help the new attorney build his business. It will probably result in more referrals over time.

christos2858 · 10-15-2009, 06:27 PM

Were doing this new thing at my company. Were starting financial alliances with CPA's and attorneys. They would refer business to us and get a cut of the commissions. What do you guys think of that idea.

briko3 · 10-15-2009, 07:43 PM

Everyone tries to do that. Problem is it's easier said than done.

arnguy · 10-15-2009, 08:09 PM

Originally Posted by christos2858

Were doing this new thing at my company. Were starting financial alliances with CPA's and attorneys. They would refer business to us and get a cut of the commissions. What do you guys think of that idea.

Don't they have to be licensed to get a cut of the commissions? I guess if you give them a "referral fee" it is OK.

DHK · 10-15-2009, 09:09 PM

MassMutual has a strategy where you form an LLC with the attorneys/CPAs and yourselves. Commissions are split within the LLC. (I don't remember the details and it's only available to career agents, so I don't have access to the details anymore.)

But the idea was that the attorneys/CPAs don't have to be licensed, don't have to worry about compliance and they don't have to spend time to learn about all this stuff. Yet, they can be paid for referring within the members of the LLC.

JustinUpright · 10-16-2009, 01:16 AM

Everyone in this thread has the wrong idea about what networking is. From the post here seems like you want yours up front. You don't go into networking to see what you can get. If everyone is trying to get there isn't any giving. Go into it trying to help others with their problems and you will build relationships that will in turn bring you business.

Everything we do in this business is a numbers game. How many lawyers did you try to work with before you decided it doesn't work? 1,5,50 maybe 100? I am betting on the lower end. If I could find one lawyer that wanted to work together in one hundred I would be looking for about 1000 lawyers to talk to.

I like the way, when someone has a good idea that has worked for them, the naysayers post all the negativity they can muster. If you see something that you would try then go out and really try it.

I step down from my soap box now.

VolAgent · 10-16-2009, 03:17 AM

Everyone ought to re-read Mark's original post. It started off talking about how HE referred people to lawyers for their wills.

Why not talk to a few lawyers and see who would be willing to take referrals FROM you. Now, if you keep sending people and he doesn't send you any referrals, then yes it doesn't work with THAT lawyer. Go find another one.

If insurance agents are a dime a dozen, lawyers are a penny a bushel.

txagt39 · 10-16-2009, 07:29 PM

I don't think anyone's comments were intended to be negative. It's just that agents that have been in the business a while have had these thoughts that at first seem like a brainstorm. That's part of the benefit of having input from seasoned agents, it can save newbies a lot of time, energy, and frustration. Not that everything that's ever been tried and failed shouldn't be tried again. I say Bravo to anyone willing to try something, give it a shot but don't be amazed if the results are less than stellar. There are few venues that haven't been tried before. Just like leads. I see folks pay for leads and they work for some and not for others - who knows why. I sure don't.

Cornelius · 10-20-2009, 03:31 AM

Another option for agents is to offer Pre-Paid Legal. Before all the neg. post start here is my reasoning. With a PPL membership members get a Free Will, Living Will and Durable Power Of Attorney which is provided by their Provider Law Firm for their individual state with Free Annual Updates.

So when you do your annual review with your clients you can remind them to contact their Provider Attorney to update their documents if need be. Also the plans pay renewals/residuals. The book of business can be transferred to your spouse at your death so the business can go on and provide a income for your spouse or whomever or sold. Associates have the right to sell their book of business if they so choose after being an asssociate for 12 months. (I'm 99.9% sure that the time limit, but I can check)

Pre-Paid offers plans for the individual, Small Bususiness, Group Benefit Plan, and CDLP (For Truck Drivers) The plans can be offered on a nationwide basis. With no licensing requirements nationwide for the Identity theft plans.

PPL is listed on the Forbes 200 Best Small businesses # 66 for 2009.

The 200 Best Small Companies - Forbes.com

One of Top 100 companies:
Pre-Paid Legal Services, Inc. - PPD Among Top 100 U.S. Companies in DeMarche Associates Sixth Annual Best Company Survey

There are no recruiting requirements and people can advance to the higher commission levels from pure production if they so choose.. Some States do require a license, but most states don't.

As for their Identity Theft product, it does cover minors for one low fee of an extra $1.00 per month added to the regular monthly fee. If someone feel this is an ad I really didn't know how to write this and give out the information without it looking like an ad.. You can provide your clients with the Will, Living Will and Durable Power Of Attorney and build a book of business for the future. As an added advantage is they pay commissions daily by direct deposit (No underwriting required) usually 24-48 hours after the business is processed in the home office. If anyone needs more info. feel free to contact me.

www.prepaidlegal.com/hub/ckey

TRSecurity · 10-20-2009, 05:19 AM

I'm not offering an opinion on the Pre-paid legal idea - I just want to point out that the company has had some negative press lately.

The SEC is investigating them for several reasons (announced a couple of weeks ago). So, people might be turned off by them until the investigation concludes.

As for referrals - I got licensed in insurance products to service my existing stock-broker client base. Maybe connecting with your local stock-broker would be easier than a lawyer?

I also ask my accountant (long-time friend) for referrals and he always says something like "don't hold your breath." He has a small client base though.