Has anyone on this board had someone try to sell you on an MLM oppportunity while you were wrapping up a sale? I hit it off with this couple and am in the process of writing a individual health policy with this lady, who I uncovered has a Mega policy, as well as the MA plan her husband took. I took their CD and decided the product was a good concept but too pricey for your average Joe. I think I'll try the product but don't want any part of the business. They were really pushing and I prefer to do future business and get referrals. Any suggestions?
Don't bother with them, get them as clients, if referrals come naturally, so be it. I can't remember the product a gentleman I worked with was 'pushing' but all I can tell you is every conversation ended up with a talk about his crap, and it got pretty darn old after a while, and I finally just gave up and ended the relationship.
Funny but I had this happen recently. There was a woman who bought an IFP plan and then wanted me to be her "customer" for some kind of phone network marketing company called ACN or something like that. I told her I was not interested, that I had a long-term contract with my phone company... and she was OK with it. (Ended up writing her mom an MA plan when she moved here from LA.)
Recently I wrote a small group and on the day of the enrollment, in the waiting area among the magazines were several copies of a catalog for Jafra which is a high-end cosmetic company. It seems the benefits administrator whom I'd been dealing with for months during the pre-sale was a Jafra rep. She never said a word about it. I took a catalog and had my wife order some goops and creams (yeah, like I had to FORCE her! Right!) and I bought some cologne. Total came to about $80. The bene-admin was REALLY happy about that... and it cost me pocket change compared to what I will make on the group.
Usually I give clients a gift certificate to a local Italian restaurant or a book store but this was more "personal." (Always use local businesses for gift certificates and not chains like Starbucks, because you will get THEM as customers sooner or later as well!)
No sure how this is relevant to the thread... but what the $#@!.
The other day somebody was telling me that an old A.L Williams guy was trying to start an mlm of sorts but with AIG. He wants me to attend a meeting on Tuesday. I am not a fan of mlm.
Pre paid legal pops up every week around here in my town in some form.
The other day, somebody was trying to recruit me to some mlm electric services provider. Like the phone service but electric.
When you tell them you sell insurance, they get exited because they are so used to recruiting newbies with no idea, they think somebody who knows sales will know what a fantastic opportunity they have there at the old mlm.
I would tell them MLM is a scam but the similarities between MLM and the Insurance business are unbelievable.
Recruiting, Commissions, everyone eating off of everyone below them...
You have to tell them you are not interested and be firm, if you talk about it and don't firmly walk away you are setting yourself up for an uncomfortable follow up.
I have many clients trying to sell me Oil and Gas wells... Some I blew off, could have made some good money - but my crystal ball wasn't working that day. There were several wells that hit nothing but air and were capped - ouch...
Bottom line if it was such a "sure thing" the bank would loan them the money.
Remember I am in Texas...
The main difference between a MLM and the insurance biz is the goal of new agents isn't to hire new agents - it's to write business. However, Primerica is indeed a MLM for life.
------------------------------------ Health Insurance Agents: Training, Support, Discounts, E&O for $440 www.ihiaa.com
There is nothing I love more than seeing the look on a prospect's face when I show them exactly how much their overpaying for a Primerica term policy with lots of junk riders....
I stopped going to my community's small business meetings due to the MLMers. My community has a small biz group that meets once a month. I went twice and about 12 to 18 others show up.
Almost half are MLMers from Pampered Chef to Tupperware to a girl doing Pole Dancing parties (yes, they get a bunch for girls together and she brings a pole to the home.)
The MLMers dominate the meetings, are not interested in a single thing anyone else has to say and it's a barrage of solicitations to give them names and numbers so they can set up demo parties.
The opposite is my chamber of commerce which heavily frowns on MLMers joining, although they do allow it. But what they don't allow is the direct solicitation of other members at events unless it's a designated event. Because the MLMers can't hawk their wares at every event they don't show up.
I would tell them MLM is a scam but the similarities between MLM and the Insurance business are unbelievable.
Recruiting, Commissions, everyone eating off of everyone below them...
You have to tell them you are not interested and be firm, if you talk about it and don't firmly walk away you are setting yourself up for an uncomfortable follow up.
I have many clients trying to sell me Oil and Gas wells... Some I blew off, could have made some good money - but my crystal ball wasn't working that day. There were several wells that hit nothing but air and were capped - ouch...
Bottom line if it was such a "sure thing" the bank would loan them the money.
Remember I am in Texas...
Thanks for the advice. That was my inclination to say no and be honest how I felt. I've been with World Financial Group, NAA and been to a Primerica meeting. I was really sick of the constant push to recruit and the flaunting of wealth to entice people. The last thing I want to do is push a product (vitamins in gel form ect.) in that arena.
How was the pole dancing thing an mlm? Were they selling the poles, or lingerie? I think I'm all for the pole dancing parties, but I bet I'm not invited, since I'm a male. ha ha
Funny but I had this happen recently. There was a woman who bought an IFP plan and then wanted me to be her "customer" for some kind of phone network marketing company called ACN or something like that. I told her I was not interested, that I had a long-term contract with my phone company... and she was OK with it. (Ended up writing her mom an MA plan when she moved here from LA.)
Recently I wrote a small group and on the day of the enrollment, in the waiting area among the magazines were several copies of a catalog for Jafra which is a high-end cosmetic company. It seems the benefits administrator whom I'd been dealing with for months during the pre-sale was a Jafra rep. She never said a word about it. I took a catalog and had my wife order some goops and creams (yeah, like I had to FORCE her! Right!) and I bought some cologne. Total came to about $80. The bene-admin was REALLY happy about that... and it cost me pocket change compared to what I will make on the group.
Usually I give clients a gift certificate to a local Italian restaurant or a book store but this was more "personal." (Always use local businesses for gift certificates and not chains like Starbucks, because you will get THEM as customers sooner or later as well!)
No sure how this is relevant to the thread... but what the $#@!.
Very relevant, indeed. Insurance is still a business. The goodwill factor that you will generate will far outweigh having done nothing. And every time you call or walk in to visit this client you will be recognized as more than "oh, the insurance guy is on the phone."
You said it best, "what the $#@!" Of course, this is just my "$#@!" opinion.
How was the pole dancing thing an mlm? Were they selling the poles, or lingerie? I think I'm all for the pole dancing parties, but I bet I'm not invited, since I'm a male. ha ha
A few years ago I was contacted by this guy about MLM opportunity who was going to put on a seminar in my area. He wanted to know if there any restraunts that had a meeting room that served food, he would pick up the tap. I made some calls and found a local pizza place ,so I went ahead
And made the reservation for him. About 12 people showed up including a coupe big shot with company who were suppost to have made millions with the company. The seminar was nothing more than a few blow hards talking about all the big money they make. When the bill came for food, drinks and meeting room. Two of them bolted for the door and the other one told the restraunt owner he forgot his wallet. I went ahead and paid the bill as was told that I would be paid back. I havn't heard from them since.
I have it happen to me, especially PPL, I just tell them my compliance dept and E&O won't allow me to participate, sure wish I could. They understand and it is end of discussion.
I have it happen to me, especially PPL, I just tell them my compliance dept and E&O won't allow me to participate, sure wish I could. They understand and it is end of discussion.
Great response! The conflict of interest gambit. I like that. Thank you.
In my first year I was selling life insurance to a couple at a local coffee shop. An MLM marketer had the guts to inturepet us and say he overheard our "financial" conversation and wanted to introduce himself. To get rid of him, we exchanged business cards and he left.
Sure enough, I get a phone call the next morning. He called me to pitch his "business opportunity" and I asked him about his life insurance. I agreed to meet him, although I told him up front it probably wouldn't be a fit. We met at the same coffee shop and I walked out with an application and he understood why I wasn't a fit for his program. He still has the policy inforce, however, he's done with the MLM game.
In my first year I was selling life insurance to a couple at a local coffee shop. An MLM marketer had the guts to inturepet us and say he overheard our "financial" conversation and wanted to introduce himself. To get rid of him, we exchanged business cards and he left.
Sure enough, I get a phone call the next morning. He called me to pitch his "business opportunity" and I asked him about his life insurance. I agreed to meet him, although I told him up front it probably wouldn't be a fit. We met at the same coffee shop and I walked out with an application and he understood why I wasn't a fit for his program. He still has the policy inforce, however, he's done with the MLM game.
It just goes to show that you never know where your next sale may come from. Great job.
I met this older guy at a local business meeting a couple of year ago. He told me that he really wanted to refinance and I quoted him a great rate on a $1.5M refi which would have brought in 25k in commission. He seemed real happy and i went to write up his app. When i get to his house, he has his CPA there (i thought to grill me on the loan).
They spend 3 hours trying to get me to sell some mlm vitamin company called isagenix or something. It turns out that he had no interest in refinancing, he just was trying to find his next recruit.
MLM in your face?
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