What is the number one mistake advisors are making today?
By Lew Nason
Insurance Pro Shop
The biggest mistake advisors are making today is believing that their IMO, insurance company, organization, manager, recruiter or broker/ dealer is going to provide them with the tools, tips, training and coaching they need to be successful in this business.
It’s time to face up to the realities of this business. There is no question that the hot, new life insurance and annuity products and sales ideas that are being hyped out there, along with the old-fashioned insurance marketing and sales techniques that have been taught during the past 40 years or more by our companies, recruiters and even industry gurus, have resulted in a deplorable 90 percent failure rate for new agents, and a very disappointing average income of only $40,000 to $60,000 (after expenses) for most experienced agents, advisors and planners.
The second reality is that most insurance companies, IMOs, agencies and brokerage firms do have the products, software, product training and sales ideas you need to make quick insurance sales once you're in front of a qualified life insurance or annuity prospect. However, what they don’t have are proven, transferable systems to help you find and attract a steady stream of the right, high-quality prospects, who want and can afford what you are offering right now.
Instead, they want you to give them a list of 100 or more of your closest friends, relatives and acquaintances. And, when you're done meeting with them and the few referrals you may get, then it's dialing for dollars time. Or, you’re forced into purchasing high-cost, low-quality leads and using expensive, inconsistent direct mail campaigns.
The third reality is that it's easier and cheaper for your companies, IMOs, agencies and brokerage firms to tell you to play the numbers game, instead of helping you to improve your sales skills. They know that if you are contacting enough people, you will always make some sales, no matter how bad you are at closing sales. To put it another way, even if you are the worst salesperson in the world, they know you will close a few sales if you talk to enough people
The final reality is that no matter what they may promise you, the vast majority of insurance companies, IMOs, agencies, managers and brokerage firms are not going to spend a lot of their time or money training and coaching you on marketing your services and improving your sales skills. Why should they when they have thousands of people lining up to sell their products? It's much easier and cheaper for them to play the numbers game and, if you don't make it, they get to keep all of your commissions and renewals.
So, if you really want to succeed today, then it's up to you to get the life insurance and annuity marketing and sales systems, tools, and training, with the personal coaching you need. There is a huge difference between the trainers who are really just recruiters and will promise you anything and everything to get your business versus the people who are actually dedicating their lives to helping you to succeed in this business.