Northwestern Mutual - Is This Possible?

[DHK]

I'm looking for more answers like, how I should acquire the list for cold calling? For instance, I thought I might call up agencies that have list of people who have major events such as adoption agencies. How would that work out? Are there any other suggestions other than yellowpage?

You need to build your own lists.

You need to build up your knowledge.

You need to understand that an adoption agency won't "endorse" anyone because they can be held liable... and so they won't give you their list.

Since you're signing up with Northwestern Mutual... (and since they think they're so good) let them show you how to build your business.

If it were me, and I was determined to cold-call for sales, I'd be cold-calling businesses and setting up joint work appointments with a business insurance specialist. You can call them up about business insurance funding for buy/sell agreements, etc.

In addition to cold-calling, I'd get really good at a "walk & talk" - canvassing. Introduce yourself to business owners and their employees.

 

[VolAgent]

Since you're signing up with Northwestern Mutual... (and since they think they're so good) let them show you how to build your business.

Why in the world help this guy? He is joining NWM and he believes their WL is overpriced? He is doomed before he even started. They have to be some of the biggest kool-aid drinkers in the industry. I can't wait to hear him bash WL on a joint work appointment, he'll be out of there in under a week.

 

[vnixnj]

You sound like the type of person that will give our industry a bad name. You seem to be just worried about people "signing" and not what's best for them and you don't seem to care that you're that way. I'll go ahead and tell you that it's not the job for you...I've seen enough new agents to know. Make sure you're mind is the in right place to HELP clients, not just try to make money off of them. I know I wouldn't want anyone in my family to talk to you the way you've portrayed yourself.

BTW, I wouldn't use "investment' and "insurance" in the same sentence.

It's not that I won't be helping clients. It just means that I'll be focused more on affordability than any other criteria. Just because I said I'd rather sell more ARTs than WLs makes me the guy who'd sell anything for greed? I would have thought it would be the exactly the other way around. Needs analysis have to be done before closing so nothing to worry about that there. You're probably right in the sense that the job isn't for me but nowhere in my post does it indicate it will ever be but the last thing I'm driven by in this industry is greed. Fortunately for some of us, money's the last thing we need.
- - - - - - - - - - - - - - - - - -

Why in the world help this guy? He is joining NWM and he believes their WL is overpriced? He is doomed before he even started. They have to be some of the biggest kool-aid drinkers in the industry. I can't wait to hear him bash WL on a joint work appointment, he'll be out of there in under a week.

I don't think their WL is overpriced but I still think WL is more than what some clients might be willing to pay compared with the term policies in NWM. I was simply making a point that I really don't care what I sell whether it be more expensive WL or cheaper term.
- - - - - - - - - - - - - - - - - -

I hope the worst this salesman does is sell a bunch of lapses. He is smart to not want to grind on his family and friends. Either he cares enough about them to not have them do business with him. Or they know better.

lol I think it's both reasons are valid there.

 

[briko3]

This is what you said:

" I just can't risk them not signing because their premiums are at least twice as expensive as they could be."

and:

"my only goal is to achieve this number and that's pretty much it."

I was basing my comments off of the general feel of what you've been saying, but I'll give you the benefit of the doubt on how it came off to me. Sometimes things come off differently online than in person.

 

[VolAgent]

I don't think their WL is overpriced but I still think WL is more than what some clients might be willing to pay compared with the term policies in NWM. I was simply making a point that I really don't care what I sell whether it be more expensive WL or cheaper term.

You still don't get it. WL isn't bought on price. No one ever buys WL because they "want" to pay that premium. You have to help someone see the value of WL and what it can do for them. If you just throw down a WL illustration and premium without fully explaining why they should buy it, no one will buy it. I don't care if you are talking to a bum or a millionaire.

 

[BNTRS]

Oh lord where to begin...

I fully intend to know my products inside and out before the selling begins...

Ohhh.. Yeah I fully intend to convince clients that ARTs would be better than whole life. Although my company gives out 6.25% dividends now and have been the top dividends paid in the 25 year average (given the current market volatility, I assume that's one of the better investments), I just can't risk them not signing because their premiums are at least twice as expensive as they could be.

Here's your first lesson in whole life insurance (so you have that products down cold thing going on). The dividend rate and the actual rate of return are NOT the same thing. In fact, the dividend rate and the amount of dividends paid aren't the same either. That 6.25% means nothing from an "investment" point of view. That's almost like asking how many miles I can go with a 10 gallon gas tank. You aren't using nearly enough information to assess whether that number makes it a good deal.

I just can't risk them not signing because their premiums are at least twice as expensive as they could be.

Twice? You're going to have to step it up a bit, actually a lot.

Product knowledge isn't your key to success. Understanding what these products are and do is a priority, but success comes in being able to take their complexity and make them more comfortable concepts for your clients. That's where you win in this industry.

Think about this goal you have. 40 paid for insurance policies in 3 months. NML will pitch this to you as a client building exercise. Tell you that the more clients you acquire in your first year, the larger base you'll have to work off later. But let's be realistic about how this all works. Who is really going to benefit from your paying for 40 applications in 3 months? You get an award, maybe stay in the industry and keep doing this, maybe not. But every time one of your 40 sends their check to NML who really won here?

You say you want to do the right thing, and you seem terribly concerned about price. NML isn't your company. NML is going to have some of the highest insurance prices out there and it isn't going to matter term, whole life, etc. it's all going to come at a hefty price compared to the competition.

 

[capnjim01]

Before you sell 40 policies you have to have 40 appointments assuming a 100% closing ratio. You'd also need 40 prospects so you either cold call a lot or buy a bunch of leads. You also said I believe paid for so you have to account for exams, Aps, and other hold ups so you might have to write 60 policies to get 40 issued in 3 months. If you write husband and wife then that cuts down the number of appointments you might need but I not sure if you can close 100% of everyone you pitch, at least being a new agent. I don't know you but maybe you can.

 

[Bitnis]

I have an option for you.

If money is the least of your worries then $2k -$3k in leads should be nothing to invest into a new business. Buy 120 life insurance leads over the next two months. This should get you close to your 40 cases by the end of three months.

You'll probably need to do joint work though. No offense but you sound a little long winded. You will need someone to help you explain your product so that people can understand it. They do not care how much you know (which probably isn't much at this point) until they know how much you care.

Friends, family, business owners, and cold calls will not do it. People who do it that way at your company have a 97% failure rate. Then again, buying leads might not do it either. At least this way you can spend time selling rather then prospecting.

You will probably have to do this without your manager knowing. He will not look at doing this in a positive light. They want you listening to them and working your project 200 list until you eventually leave like most people will do.

 

[Mr_Ed]

I have an option for you.

If money is the least of your worries then $2k -$3k in leads should be nothing to invest into a new business. Buy 120 life insurance leads over the next two months. This should get you close to your 40 cases by the end of three months.

You'll probably need to do joint work though. No offense but you sound a little long winded. You will need someone to help you explain your product so that people can understand it. They do not care how much you know (which probably isn't much at this point) until they know how much you care.

Friends, family, business owners, and cold calls will not do it. People who do it that way at your company have a 97% failure rate. Then again, buying leads might not do it either. At least this way you can spend time selling rather then prospecting.

You will probably have to do this without your manager knowing. He will not look at doing this in a positive light. They want you listening to them and working your project 200 list until you eventually leave like most people will do.

that's the best advice yet.

 

[HarryRenard]

Vnixnj - Have you found a bank the will deposit awards instead of checks?

The quicker you learn its not about awards and its only about helping people you will fail miserably in this business, that is what everyone is telling you.

The only chance you have of selling 40 policies in 3 mos is to forget everything you've been taught and start over I PROMISE you that.