Guidance for New Life Agents

[DHK]

Just found this particular website doing a different kind of search. This guy takes a 'no holds barred' view of some of these positions out there.

I won't say that it's all a scam. I do agree that it is unfortunate that the agent has to ask more questions about agency fees, costs, and have a better plan than the "project 200"... but there it is.

An Employment Scam in the Financial Services Industry > HOME

At least as an independent agent, once you have some training, you can have nearly total control of your outgoing costs, as well as a greater cash flow increase on what you do sell.

If you're in a place where you're not getting what you need from management - sales, training, support,etc. - then how long do you want to work there and earn HALF of what an entry-level independent agent can earn?

Always remember the career agency recruiting mantra:
Hire 'em in masses,
Teach 'em in classes,
Sell all their family and friends...
And fire their ***es. (Or rather wait for them to quit.)

Rinse and repeat.

 

[DHK]

Prospecting for more "comprehensive" is quite elusive. Since joining the life insurance side of financial services, I seemed to have forgotten.

I came across this article in Bank Investment Consultant magazine. It was published back in 2007. Back at the time, I had copied it and used it to train my bankers & tellers.

However, in my effort to learn from others, and to be a sponge, I chose to try to begin my career "brand new" at the time with the training from the firm.

Mark Rosenthal recently posted HIS "cold calling script":

“Hi, I’m Mark Rosenthal with United Home Life and I’m just calling to see if you have any questions about final expense?"

Which got me thinking about how I could apply such a simple question to doing a full-fact-find and a more comprehensive and service-oriented approach.

I was reminded of the article because it's a conversation a banker can have while they're waiting for their computer to warm up, etc. (Ever been in a bank with a fast computer? They don't exist so that they'll give bankers a chance to actually TALK with their customers.)

The purpose of trying to do a comprehensive job for a client... is for the client to have peace of mind for the decisions they've made, and the new decisions they need to make.

If peace of mind is the benefit, we need to find out how they feel about things now, and what they see as the obstacles. The two questions asked in the article are perfect:

1. On a scale of 1 to 10, where 10 is absolute perfection, and a 1 is a train-wreck, where would you rate your situation?

2. If you had a realistic magic wand, and could change anything about your situation, what would you change or improve?

Let's recap: You determined that they have some kind of pain... and then they told you where the pain was. Now, you can determine if you're the right kind of person who can help them... or refer them to other professionals.

You'll get one of three possible outcomes with this:
1. Floodgates - they'll just tell you everything, because they finally have someone who wants to listen... and maybe you can help.

2. Trances - these people may not think of anything specifically. They may not be the spouse that handles the finances... so you can simply suggest some areas where you help many other families or retirees.

3. The smart-aleck - these people would say "You're the advisor.. what should I be doing?"

Read the attached article for more information... and perhaps you can open more 'comprehensive cases'... with less rejection because you're starting out a new relationship by LISTENING to THEIR PROBLEMS... instead of just saying that you have a solution to a problem that they didn't yet say they had.

 

[jetsetter dream]

I came across this article in Bank Investment Consultant magazine. It was published back in 2007. Back at the time, I had copied it and used it to train my bankers.

Read the attached article for more information... and perhaps you can open more 'comprehensive cases'... with less rejection because you're starting out a new relationship by LISTENING to THEIR PROBLEMS... instead of just saying that you have a solution to a problem that they didn't yet say they had.

Anyone have link or access to this article?

DHK, thank you for this post! It has been great information and encouragement in my young career.

PS. If this article is attached, I apologize. I'm using my tablet.

 

[DHK]

It is a PDF attachment. Gotta get on your computer for that one.

And in order to find it on Bank Investment Consultant magazine's website, you'd have to register for it.

http://www.bankinvestmentconsultant.com/

 

[DHK]

Great article here:

Photo Gallery: Seven Phrases Advisors Should Never Use | WealthManagement.com

My favorite tip:

1. “I’m a financial advisor with ABC firm (wirehouse, bank, regional, etc.).”

I know, financial advisor is an admirable profession, and the department of labor ranks it in the top 10 professions through 2020. But by uttering that phrase you run the risk of pigeonholing yourself as a salesperson.

Instead, say something like “I manage the finances for a few families in town.” It’s not about your title or your firm, it’s about you.

The rest of the tips may be around fee-based wealth management... but they are adaptable to the insurance market... even P&C.

 

[NE3N]

Always remember the career agency recruiting mantra:
Hire 'em in masses,
Teach 'em in classes,
Sell all their family and friends...
And fire their ***es. (Or rather wait for them to quit.)

Rinse and repeat.

This is so true, I work for an agency as an assistant full time and an agent part time and I see this cycle year in and year out

 

[Mudcat06]

Great post! Thank you...... We're launching an agency in the next few months and being a newbie myself, I found this thread very useful.

 

[WinoBlues]

Great post! Thank you...... We're launching an agency in the next few months and being a newbie myself, I found this thread very useful.

How long have you been writing business?

Welcome to the forum.

 

[Mudcat06]

Thank you .... it's been enlightening reading the different forums. I have officially written ZERO policies .... but am waiting for my state license to come back, and while I won't spend too much time selling policies myself, I am tasked with building the agency for the company I currently work for. We have 300 employees who currently focus on other products/services, but have about 20-25 licensed insurance agents and plan on launching our agency in November.

 

[DHK]

think the mods should make this a sticky thread..

Somebody granted your wish.