What First Interview Questions To Ask?

StrictlyIndependent · 10-26-2009, 11:59 PM

Hey,

What questions should a new agent in the business ask during the first interview to make a solid decision? I'm really green so please explain the industry lingo you might use.

I will not take any financing/salary, just a regular sliding payout based on production.

I like the idea of being able to deliver any companies product to my clients. My niche will be estate planning with business owners and wealthy families with 10mm+ estates.

Thank you

DNK- · 10-28-2009, 03:03 PM

Originally Posted by StrictlyIndependent

Hey,

What questions should a new agent in the business ask during the first interview to make a solid decision? I'm really green so please explain the industry lingo you might use.

I will not take any financing/salary, just a regular sliding payout based on production.

I like the idea of being able to deliver any companies product to my clients. My niche will be estate planning with business owners and wealthy families with 10mm+ estates.

Thank you

Sounds like you will have a very though time ahead of you. If you don't know what to ask in the first interview.....how do you expect to do estate planning for wealthy families 10MM++???

I am not saying you can't get there in time but I think you need a reality check!

eza4short · 10-28-2009, 03:17 PM

I would hold off on that. When you talk to rich people they want to know everything. Dont be concern with what question to ask just be sure you know what answer to give because most likely they will be the ones asking all the questions

VolAgent · 10-28-2009, 03:34 PM

Originally Posted by eza4short

I would hold off on that. When you talk to rich people they want to know everything. Dont be concern with what question to ask just be sure you know what answer to give because most likely they will be the ones asking all the questions

You guys completely missed it, he's asking what questions to ask the agency/manager.

I think the first question is, how are you going to get in front of business owners and families that are worth 10MM+.

DNK- · 10-28-2009, 07:04 PM

Originally Posted by VolAgent

You guys completely missed it, he's asking what questions to ask the agency/manager.

ohhhh..........

Originally Posted by VolAgent

I think the first question is, how are you going to get in front of business owners and families that are worth 10MM+.

Yeah that would be my question too....and how do you expect to be successful in a market like that right out of the gate?

For the record, I want to only do life premiums over $100K and only work with people who have a minimum of $50MM in the bank!

Franz Kafka · 10-28-2009, 09:49 PM

Originally Posted by StrictlyIndependent

"I will not take any financing/salary, just a regular sliding payout based on production. My niche will be estate planning with business owners and wealthy families with 10mm+ estates."

You just made a GA somewhere wet himself. LOL

Financing in insurance is free money. Why wouldn't you take it if it was offered?

StrictlyIndependent · 10-29-2009, 01:59 AM

When I wrote " I won't take a salary" I meant financing/subsidy from the company that only pays the salary if I place proprietary products or write X amount of policies every quarter. I'd like a very small salary directly from the mentor for bringing X amount of estate planning prospects in each week.

I have experience dealing with high net-worth business owners from my previous career. I've been setting on average 4-5 estate appointments a week, working 2-3 hours a day (part-timer) with companies in the 5mm - 20mm range. We have been meeting prospects but I can't afford to wait 6 months + for business.

The agents at my current firm are unwilling to pay me out of pocket and want me to go through the agent contract to recieve the subsidy. So Im shopping around my talent to see if any firms bite. What questions should I be asking?

Thanks guys.

Franz Kafka · 10-29-2009, 03:44 AM

It sounds like you may be from a wirehouse. Well in short an insurance agency doesn't work like a wirehouse. Financing is usually only offered to new agents by career agencies for selling their products. If you want to be a broker you go to a brokerage general agency. Agents or general agents don't pay you a salary for bringing them prospects. They can pay you a referral fee or split the commission if you're licensed. They don't pay you a salary and wait for you to hit the required asset under management like at wirehouses. You could promise huge estate planning cases to a general agent but he's going to wonder why you need the money right away if you're so well-connected.

StrictlyIndependent · 10-29-2009, 07:37 PM

Originally Posted by Franz Kafka

It sounds like you may be from a wirehouse. Well in short an insurance agency doesn't work like a wirehouse. Financing is usually only offered to new agents by career agencies for selling their products. If you want to be a broker you go to a brokerage general agency. Agents or general agents don't pay you a salary for bringing them prospects. They can pay you a referral fee or split the commission if you're licensed. They don't pay you a salary and wait for you to hit the required asset under management like at wirehouses. You could promise huge estate planning cases to a general agent but he's going to wonder why you need the money right away if you're so well-connected.

I'm not well-connected. I'm just a cold calling machine. Met with a business owner who is worth 34 million dollars today. Met one worth 4.5mm yesterday. Don't see how an appointment isn't worth $50 to someone. I can't afford to go 6 + months without pay.