Did you ever notice that McDonalds, not the US government, is the employer of last resort? They graciously hire people who are retarded, have physical disabilities and if not impaired, have communication limitations (such as listening to your order). Yet, the fries are always great!
That’s because McDonalds has translated the fry making process into a simple set of instructions that anyone can master. What’s this got to do with selling life insurance?
Because if you trained your agents like McDonalds trained its workers, you’d make a lot more money and would stop complaining about life insurance agents’ lack of ability or motivation. Because most life insurance agent training is not that good, agencies take the position that it’s easier to just keep recruiting agents than to make the existing agents more productive. Wrong. Every study on the issue shows that it’s far more profitable to keep and enhance the value of a current “customer” than recruit a new one.
I proved this to myself when many years ago I managed an office for a large investment firm. I taught the stockbrokers how to market and the office revenues jumped 44% in six months. But how I instructed them was very different than the training I see across our industry.
Training I see is typically a collection of macro directions such as:
Give seminars and invite affluent people
Use the newspaper to advertise or send out invitations
Present issues of interest to your audience
I call these “macro instructions” because there is an assumption that the agent can take these broad and vague directions and translate them into a plan of precise action. That will never happen. Here’s how to train agents to give seminars (or do any other type of marketing):
1. Call ABC list company at 800-xxx-xxxx. Tell them you want a list of people age 60 and over, income of $50,000 plus who own homes. To select your zip codes go to www.census.gov….
2. Send out this flyer to the list. Call this company at 800-xxx-xxxx and they can do the mailing for you. All you want to do is open the invitation using MS Word and drop in your name, the seminar location and date. If you have any problems using Word, call Microsoft at xxx-xxx-xxxx
3. Enclosed is a video and audiotape of the presentation and the word for word script. Review each of these 3 times and you will know the presentation
4. Have your seminar in the 4th week of the month. Mail your invitations 12 days before the presentation and so on.
Life Insurance Agents are literal. You must provide them exact instructions with every step spelled out. Most training fails to provide this detail because most trainers do not think like engineers, but they need to. Engineers know that a missing piece in the plan can bring a building down and similarly, vague instructions lead to agent inaction or poor results.
If McDonalds can train the employees they do to make great fries, you can train your life agents to sell more policies.
Sunday, October 22, 2006
Thursday, October 19, 2006
Are Your Clients Too Wealthy for LTCI?
In conversations and presentations to clients the word “average” probably slides off your tongue without you giving it much thought. You use the DJIA, the historical average rate of return for stocks, and other financial data averages to give authority and credibility to your opinions and explanations. Sometimes, however, using “average” may create a false impression and kill your opportunity for a sale.
For instance how do you handle the long-term care issue with your moderately wealthy, older clients? Perhaps your meeting goes like this average planner’s:
Average planner: This is something most people don’t like to talk about, but have you two given any thought to what would happen if either of you needed long-term care?
Wife: Well, yes. My mother was in a nursing home and it cost…
Husband: Hey. If you’re trying to sell us one of those insurance policies, forget it. We can afford to pay for anything like that ourselves.
Average planner: Yeah, I guess you’re right. The average cost is $50,000 to $60,000 per year. So based on your net worth and investment income it wouldn’t be a big deal to come up with that.
Our average planner was right. Nursing home services do average $56,000 per year. While you may be relatively confident with this number did our average planner make the mistake of assuming that this was best for the clients? I am not suggesting that this number should be ignored. But by using it strictly as a benchmark you may be able to discover that some of your wealthier clients have expectations that can only be met with LTCI.
First of all, what type of care will $56,000 a year buy? Generally, it’ll be in an institutional surrounding, with a semi-private room and one bath that may also be shared with patients from an adjacent room. And as far as the amount of care that might be expected goes, the government put together a study showing that the average nursing care facility resident gets .9 hours of RN nursing care daily.
Would your affluent clients want a higher level of service? Maybe a private room, private bath, special meals, and 24 hours per day of nursing assistance would be more to their liking. But the extras come with a price. A private room can average an additional $25 per day. LPNs average $37 per hour and Home Health Aids $18 per hour . Therefore, if you upgrade the room and increase the nursing services by 10 hours each for the LPN and HHA to make up for what the nursing home normally doesn’t supply, you could bump the $56,000 average up to $265,875 per year.
You can massage the numbers all you want. But nevertheless, when you consider that the average stay is 2½ years, the totals can get impressive to those clients in the $1million to $5 million net worth range. And if you’re talking to a married couple, you can open their eyes to the potential problem of using the “average.”
Now let’s see how a creative advisor might use the averages to bring this dilemma to the clients’ attention and possibly make a sale. We’ll start off after the husband’s interruption.
Creative advisor: I can understand why you may feel that way. The average cost is $50,000 to $60,000 per year. So based on your net worth and investment income it wouldn’t be a big deal to come up with that. But are you average?
Husband: What do you mean?
Creative advisor: You two seem to like the better things in life.
Husband: Hey, I’ve earned every dollar we’ve got and deserve the best.
Creative advisor: Exactly. So wouldn’t you also like to have the very best health care in the most comfortable surroundings?
Wife: Of course. I remember the place my mother went. I wish we could’ve helped her move to something better back then, but…
Husband: Okay. What are you leading up to?
Creative advisor: What I’m saying is that if you would want the high-end care it’s going to cost more than the “average.”
Husband: Like how much more?
Creative advisor: Maybe an extra $200,000. It could be higher yet if you want to stay in your home.
Husband: Well, I’d sure rather be at home. But you’re telling me that if I needed care for three years, it could cost $750,000? That’s almost a quarter of our net worth!
Creative advisor: And more if you needed care for a longer time, or if both of you needed it.
Wife: That sure would change our plans on how much we could leave for our grandchildren and charities. What do you suggest?
From here, the creative advisor would discuss how this couple’s excess investment income could pay the premiums on LTCI policies that would possibly allow them to receive above-average care without depleting their estate.
Before your wealthy clients make the hasty decision (or you do it for them) that they can afford to self-insure against long-term care costs, discuss how LTCI may help bridge the gap between the “average” and their need for the best. You’ll give them peace of mind and maybe come away with a nice sale.
For instance how do you handle the long-term care issue with your moderately wealthy, older clients? Perhaps your meeting goes like this average planner’s:
Average planner: This is something most people don’t like to talk about, but have you two given any thought to what would happen if either of you needed long-term care?
Wife: Well, yes. My mother was in a nursing home and it cost…
Husband: Hey. If you’re trying to sell us one of those insurance policies, forget it. We can afford to pay for anything like that ourselves.
Average planner: Yeah, I guess you’re right. The average cost is $50,000 to $60,000 per year. So based on your net worth and investment income it wouldn’t be a big deal to come up with that.
Our average planner was right. Nursing home services do average $56,000 per year. While you may be relatively confident with this number did our average planner make the mistake of assuming that this was best for the clients? I am not suggesting that this number should be ignored. But by using it strictly as a benchmark you may be able to discover that some of your wealthier clients have expectations that can only be met with LTCI.
First of all, what type of care will $56,000 a year buy? Generally, it’ll be in an institutional surrounding, with a semi-private room and one bath that may also be shared with patients from an adjacent room. And as far as the amount of care that might be expected goes, the government put together a study showing that the average nursing care facility resident gets .9 hours of RN nursing care daily.
Would your affluent clients want a higher level of service? Maybe a private room, private bath, special meals, and 24 hours per day of nursing assistance would be more to their liking. But the extras come with a price. A private room can average an additional $25 per day. LPNs average $37 per hour and Home Health Aids $18 per hour . Therefore, if you upgrade the room and increase the nursing services by 10 hours each for the LPN and HHA to make up for what the nursing home normally doesn’t supply, you could bump the $56,000 average up to $265,875 per year.
You can massage the numbers all you want. But nevertheless, when you consider that the average stay is 2½ years, the totals can get impressive to those clients in the $1million to $5 million net worth range. And if you’re talking to a married couple, you can open their eyes to the potential problem of using the “average.”
Now let’s see how a creative advisor might use the averages to bring this dilemma to the clients’ attention and possibly make a sale. We’ll start off after the husband’s interruption.
Creative advisor: I can understand why you may feel that way. The average cost is $50,000 to $60,000 per year. So based on your net worth and investment income it wouldn’t be a big deal to come up with that. But are you average?
Husband: What do you mean?
Creative advisor: You two seem to like the better things in life.
Husband: Hey, I’ve earned every dollar we’ve got and deserve the best.
Creative advisor: Exactly. So wouldn’t you also like to have the very best health care in the most comfortable surroundings?
Wife: Of course. I remember the place my mother went. I wish we could’ve helped her move to something better back then, but…
Husband: Okay. What are you leading up to?
Creative advisor: What I’m saying is that if you would want the high-end care it’s going to cost more than the “average.”
Husband: Like how much more?
Creative advisor: Maybe an extra $200,000. It could be higher yet if you want to stay in your home.
Husband: Well, I’d sure rather be at home. But you’re telling me that if I needed care for three years, it could cost $750,000? That’s almost a quarter of our net worth!
Creative advisor: And more if you needed care for a longer time, or if both of you needed it.
Wife: That sure would change our plans on how much we could leave for our grandchildren and charities. What do you suggest?
From here, the creative advisor would discuss how this couple’s excess investment income could pay the premiums on LTCI policies that would possibly allow them to receive above-average care without depleting their estate.
Before your wealthy clients make the hasty decision (or you do it for them) that they can afford to self-insure against long-term care costs, discuss how LTCI may help bridge the gap between the “average” and their need for the best. You’ll give them peace of mind and maybe come away with a nice sale.
Wednesday, October 04, 2006
Long Term Care Insurance conversation for the Wealthy
In conversations and presentations to clients the word “average” probably slides off your tongue without you giving it much thought. You use the DJIA, the historical average rate of return for stocks, and other financial data averages to give authority and credibility to your opinions and explanations. Sometimes, however, using “average” may create a false impression and kill your opportunity for a sale.
For instance how do you handle the long-term care issue with your moderately wealthy, older clients? Perhaps your meeting goes like this average planner’s:
Average planner: This is something most people don’t like to talk about, but have you two given any thought to what would happen if either of you needed long-term care?
Wife: Well, yes. My mother was in a nursing home and it cost…
Husband: Hey. If you’re trying to sell us one of those insurance policies, forget it. We can afford to pay for anything like that ourselves.
Average planner: Yeah, I guess you’re right. The average cost is $50,000 to $60,000 per year. So based on your net worth and investment income it wouldn’t be a big deal to come up with that.
Our average planner was right. Nursing home services do average $56,000 per year. While you may be relatively confident with this number did our average planner make the mistake of assuming that this was best for the clients? I am not suggesting that this number should be ignored. But by using it strictly as a benchmark you may be able to discover that some of your wealthier clients have expectations that can only be met with LTCI.
First of all, what type of care will $56,000 a year buy? Generally, it’ll be in an institutional surrounding, with a semi-private room and one bath that may also be shared with patients from an adjacent room. And as far as the amount of care that might be expected goes, the government put together the following study :
Number of Nursing Staff Hours Per Resident Per Day
Number of Residents RN Hours per Resident per Day* LPN/LVN Hours per Resident per Day* CNA Hours per Resident per Day* Total Number of Nursing Staff Hours per Resident per Day*
Average in the United States 82.3 0.9 0.8 2.3 4
*Hours per resident per day is the average daily work (in hours) given by the entire group of nurses or nursing assistants divided by total number of residents. The amount of care given to each resident varies.
Would your affluent clients want a higher level of service? Maybe a private room, private bath, special meals, and 24 hours per day of nursing assistance would be more to their liking. But the extras come with a price. A private room can average an additional $25 per day. LPNs average $37 per hour and Home Health Aids $18 per hour . Therefore, if you upgrade the room and increase the nursing services by 10 hours each for the LPN and HHA to make up for what the nursing home normally doesn’t supply, you could bump the $56,000 average up to $265,875 per year.
You can massage the numbers all you want. But nevertheless, when you consider that the average stay is 2½ years, the totals can get impressive to those clients in the $1million to $5 million net worth range. And if you’re talking to a married couple, you can open their eyes to the potential problem of using the “average.”
Now let’s see how a creative advisor might use the averages to bring this dilemma to the clients’ attention and possibly make a sale. We’ll start off after the husband’s interruption.
Creative advisor: I can understand why you may feel that way. The average cost is $50,000 to $60,000 per year. So based on your net worth and investment income it wouldn’t be a big deal to come up with that. But are you average?
Husband: What do you mean?
Creative advisor: You two seem to like the better things in life.
Husband: Hey, I’ve earned every dollar we’ve got and deserve the best.
Creative advisor: Exactly. So wouldn’t you also like to have the very best health care in the most comfortable surroundings?
Wife: Of course. I remember the place my mother went. I wish we could’ve helped her move to something better back then, but…
Husband: Okay. What are you leading up to?
Creative advisor: What I’m saying is that if you would want the high-end care it’s going to cost more than the “average.”
Husband: Like how much more?
Creative advisor: Maybe an extra $200,000. It could be higher yet if you want to stay in your home.
Husband: Well, I’d sure rather be at home. But you’re telling me that if I needed care for three years, it could cost $750,000? That’s almost a quarter of our net worth!
Creative advisor: And more if you needed care for a longer time, or if both of you needed it.
Wife: That sure would change our plans on how much we could leave for our grandchildren and charities. What do you suggest?
From here, the creative advisor would discuss how this couple’s excess investment income could pay the premiums on LTCI policies that would possibly allow them to receive above-average care without depleting their estate.
Before your wealthy clients make the hasty decision (or you do it for them) that they can afford to self-insure against long-term care costs, discuss how LTCI may help bridge the gap between the “average” and their need for the best. You’ll give them peace of mind and maybe come away with a nice sale.
For instance how do you handle the long-term care issue with your moderately wealthy, older clients? Perhaps your meeting goes like this average planner’s:
Average planner: This is something most people don’t like to talk about, but have you two given any thought to what would happen if either of you needed long-term care?
Wife: Well, yes. My mother was in a nursing home and it cost…
Husband: Hey. If you’re trying to sell us one of those insurance policies, forget it. We can afford to pay for anything like that ourselves.
Average planner: Yeah, I guess you’re right. The average cost is $50,000 to $60,000 per year. So based on your net worth and investment income it wouldn’t be a big deal to come up with that.
Our average planner was right. Nursing home services do average $56,000 per year. While you may be relatively confident with this number did our average planner make the mistake of assuming that this was best for the clients? I am not suggesting that this number should be ignored. But by using it strictly as a benchmark you may be able to discover that some of your wealthier clients have expectations that can only be met with LTCI.
First of all, what type of care will $56,000 a year buy? Generally, it’ll be in an institutional surrounding, with a semi-private room and one bath that may also be shared with patients from an adjacent room. And as far as the amount of care that might be expected goes, the government put together the following study :
Number of Nursing Staff Hours Per Resident Per Day
Number of Residents RN Hours per Resident per Day* LPN/LVN Hours per Resident per Day* CNA Hours per Resident per Day* Total Number of Nursing Staff Hours per Resident per Day*
Average in the United States 82.3 0.9 0.8 2.3 4
*Hours per resident per day is the average daily work (in hours) given by the entire group of nurses or nursing assistants divided by total number of residents. The amount of care given to each resident varies.
Would your affluent clients want a higher level of service? Maybe a private room, private bath, special meals, and 24 hours per day of nursing assistance would be more to their liking. But the extras come with a price. A private room can average an additional $25 per day. LPNs average $37 per hour and Home Health Aids $18 per hour . Therefore, if you upgrade the room and increase the nursing services by 10 hours each for the LPN and HHA to make up for what the nursing home normally doesn’t supply, you could bump the $56,000 average up to $265,875 per year.
You can massage the numbers all you want. But nevertheless, when you consider that the average stay is 2½ years, the totals can get impressive to those clients in the $1million to $5 million net worth range. And if you’re talking to a married couple, you can open their eyes to the potential problem of using the “average.”
Now let’s see how a creative advisor might use the averages to bring this dilemma to the clients’ attention and possibly make a sale. We’ll start off after the husband’s interruption.
Creative advisor: I can understand why you may feel that way. The average cost is $50,000 to $60,000 per year. So based on your net worth and investment income it wouldn’t be a big deal to come up with that. But are you average?
Husband: What do you mean?
Creative advisor: You two seem to like the better things in life.
Husband: Hey, I’ve earned every dollar we’ve got and deserve the best.
Creative advisor: Exactly. So wouldn’t you also like to have the very best health care in the most comfortable surroundings?
Wife: Of course. I remember the place my mother went. I wish we could’ve helped her move to something better back then, but…
Husband: Okay. What are you leading up to?
Creative advisor: What I’m saying is that if you would want the high-end care it’s going to cost more than the “average.”
Husband: Like how much more?
Creative advisor: Maybe an extra $200,000. It could be higher yet if you want to stay in your home.
Husband: Well, I’d sure rather be at home. But you’re telling me that if I needed care for three years, it could cost $750,000? That’s almost a quarter of our net worth!
Creative advisor: And more if you needed care for a longer time, or if both of you needed it.
Wife: That sure would change our plans on how much we could leave for our grandchildren and charities. What do you suggest?
From here, the creative advisor would discuss how this couple’s excess investment income could pay the premiums on LTCI policies that would possibly allow them to receive above-average care without depleting their estate.
Before your wealthy clients make the hasty decision (or you do it for them) that they can afford to self-insure against long-term care costs, discuss how LTCI may help bridge the gap between the “average” and their need for the best. You’ll give them peace of mind and maybe come away with a nice sale.
Reinvigorate Your Life Insurance Business and Make More Money
Are you finding the business of selling policies and selling annuities day after day a little flat and maybe boring? Does the telephone receiver feel like it weighs 100 pounds? Does the thought of talking to yet another person who doesn't understand anything make you nauseous? Do you have some days that might be best described as "drudgery?"
Well it's time to liven up your career, have more fun and make a lot more money!
Use Humor in Your Presentations and Close More Sales
I once heard a speaker named Art Mortell tell a story about the life insurance salesman cold calling a prospect about life insurance:
Salesman: Mr. Jones? This is Art Mortell. I'm calling to sell you life insurance.
Prospect: I have all the life insurance I need.
Salesman: How much do you have?
Prospect: $10,000.
Salesman: I guess you're not planning on being dead very long.
If something funny comes to mind when you are talking to prospects, say it! I have observed that many of us are far too serious about what we do. Lighten up. If it helps, at the end of this article, I'll tell you where to get a book of financial jokes that will give you plenty of stories and jokes to lubricate your funny brain.
I knew a life agent who always ended his presentation with procrastinators ("let me think about it") as follows:
"Don't let me frighten you into a hasty decision. Sleep on it tonight. If you wake in the morning, give me a call then and let me know."
At least he left the appointment with a chuckle.
Speak In Public
If you have not spoken to groups, start doing so. It's even better if you do not like speaking in public. It will get your heart pumping and your palms sweaty and you'll feel alive for a change. First practice in places where it does not matter. For example, you can attend Toastmasters meetings in your town. Toastmasters is an international organization based in San Diego that helps people hone their speaking skills. Just look in the local phonebook or check their web site for a club near you http://www.toastmasters.org.
Then, call up the Kiwanis, Rotary, Optimists, Elks and other civic or fraternal organizations. They typically meet monthly and are always looking for speakers. This is a low risk group because it doesn't cost you anything to speak to them! If you decide to start speaking seriously to find new clients (I built an entire successful business around seminars), then I'll tell you below how to launch a seminar system in your community to pack the room every time.
Here's a great speaking tip--always start of with some self-effacing humor. Since I was a CPA early in my career, I tell this story:
"I need to tell you what happened and why I do not practice as a CPA any more. I came home from work one evening and found that the sink in the kitchen was all stopped up. Not being particularly mechanical, I called the plumber who arrived promptly. He fixed the problem and was packing up his tools, ready to leave. I asked him how much I owed him. Now this was in 1979 and he tells me I owe him $100. “$100?” I exclaimed, "You were only here 20 minutes. I'm a CPA and I don't even charge $100 an hour."
The plumber replied, "Neither did I when I was a CPA!"
Expand Your Product and Service Mix
Just don't look for the next annuity with a better commission, look to see what other products and services you can supply the same customers. If you prospect in the senior market for annuities and survivorship policies, then get educated about long term care and start offering it. You'll learn something new and you'll make more money. If you prospect businesses and have been offering disability and key man insurance, then get educated about deferred compensation. Look at your target market and ask yourself what other products or services are they buying from others that you can supply.
Let's face it. The most time consuming part of this business is finding qualified prospects. Once you do, never walk away leaving money on the table. Make sure you can supply every profitable financial service your prospect may want. That's why more and more agents are getting into money management (learn more below).
Attend A Seminar or Workshop
Every time I attend a professional workshop, I come home with a million great ideas. I usually only implement 2 or 3, but even that makes a big difference in my business. One of the biggest benefits of these meetings is meeting other professionals. You can get more great insights and motivation from talking to your peers than anywhere else. When I say "your peers," I am not talking about the other agents in your office who moan and complain. I'm talking about those people who live in a different city, have a different point of view and have growing businesses with a positive outlook. Get yourself around these folks.
Similar to attending a workshop is getting a credential after your name. It will give you more credibility and you'll learn something and get more motivated. You don't need to spend years getting a ChFC or CLU. You can get some quick credentials like the Certified Senior Advisor (www.society-csa.com) or Certified Estate Planner (www.mcep.com).
And if you think you don't have enough money to go to a workshop or seminar, you are forever caught in a catch 22. You say you don't have enough money so you can't go to the workshop, therefore you don't get any new ideas and you don't get motivated and the vicious cycle continues. This leads me to my last recommendation…
Spend Money You Don't Have
There's nothing like spending money in your business that you don't have to get you motivated. I leased more office space than I needed 18 months ago. I worked like crazy to grow my business. I've added people and now I'm out of space! The fear of the expense is a tremendous motivator. You can use this idea to challenge yourself and rekindle your excitement.
Go to that workshop for $1000 or buy that new computer to improve your prospect tracking or get that seminar system for $1500. Then make it work. Then make sure you use your investment to get a multiple return. Know that the charge will appear on your credit card bill in 30 days. Challenge yourself to earn back your investment before the credit card bill arrives. If you think you've been spending too much consider this: putting money in your business is investing, not spending. Investing has a financial return. Investing by using your credit card is very different than spending with your credit card. Never hesitate to invest. There's nothing like lighting a fire under your rear to give yourself a little motivation.
Well it's time to liven up your career, have more fun and make a lot more money!
Use Humor in Your Presentations and Close More Sales
I once heard a speaker named Art Mortell tell a story about the life insurance salesman cold calling a prospect about life insurance:
Salesman: Mr. Jones? This is Art Mortell. I'm calling to sell you life insurance.
Prospect: I have all the life insurance I need.
Salesman: How much do you have?
Prospect: $10,000.
Salesman: I guess you're not planning on being dead very long.
If something funny comes to mind when you are talking to prospects, say it! I have observed that many of us are far too serious about what we do. Lighten up. If it helps, at the end of this article, I'll tell you where to get a book of financial jokes that will give you plenty of stories and jokes to lubricate your funny brain.
I knew a life agent who always ended his presentation with procrastinators ("let me think about it") as follows:
"Don't let me frighten you into a hasty decision. Sleep on it tonight. If you wake in the morning, give me a call then and let me know."
At least he left the appointment with a chuckle.
Speak In Public
If you have not spoken to groups, start doing so. It's even better if you do not like speaking in public. It will get your heart pumping and your palms sweaty and you'll feel alive for a change. First practice in places where it does not matter. For example, you can attend Toastmasters meetings in your town. Toastmasters is an international organization based in San Diego that helps people hone their speaking skills. Just look in the local phonebook or check their web site for a club near you http://www.toastmasters.org.
Then, call up the Kiwanis, Rotary, Optimists, Elks and other civic or fraternal organizations. They typically meet monthly and are always looking for speakers. This is a low risk group because it doesn't cost you anything to speak to them! If you decide to start speaking seriously to find new clients (I built an entire successful business around seminars), then I'll tell you below how to launch a seminar system in your community to pack the room every time.
Here's a great speaking tip--always start of with some self-effacing humor. Since I was a CPA early in my career, I tell this story:
"I need to tell you what happened and why I do not practice as a CPA any more. I came home from work one evening and found that the sink in the kitchen was all stopped up. Not being particularly mechanical, I called the plumber who arrived promptly. He fixed the problem and was packing up his tools, ready to leave. I asked him how much I owed him. Now this was in 1979 and he tells me I owe him $100. “$100?” I exclaimed, "You were only here 20 minutes. I'm a CPA and I don't even charge $100 an hour."
The plumber replied, "Neither did I when I was a CPA!"
Expand Your Product and Service Mix
Just don't look for the next annuity with a better commission, look to see what other products and services you can supply the same customers. If you prospect in the senior market for annuities and survivorship policies, then get educated about long term care and start offering it. You'll learn something new and you'll make more money. If you prospect businesses and have been offering disability and key man insurance, then get educated about deferred compensation. Look at your target market and ask yourself what other products or services are they buying from others that you can supply.
Let's face it. The most time consuming part of this business is finding qualified prospects. Once you do, never walk away leaving money on the table. Make sure you can supply every profitable financial service your prospect may want. That's why more and more agents are getting into money management (learn more below).
Attend A Seminar or Workshop
Every time I attend a professional workshop, I come home with a million great ideas. I usually only implement 2 or 3, but even that makes a big difference in my business. One of the biggest benefits of these meetings is meeting other professionals. You can get more great insights and motivation from talking to your peers than anywhere else. When I say "your peers," I am not talking about the other agents in your office who moan and complain. I'm talking about those people who live in a different city, have a different point of view and have growing businesses with a positive outlook. Get yourself around these folks.
Similar to attending a workshop is getting a credential after your name. It will give you more credibility and you'll learn something and get more motivated. You don't need to spend years getting a ChFC or CLU. You can get some quick credentials like the Certified Senior Advisor (www.society-csa.com) or Certified Estate Planner (www.mcep.com).
And if you think you don't have enough money to go to a workshop or seminar, you are forever caught in a catch 22. You say you don't have enough money so you can't go to the workshop, therefore you don't get any new ideas and you don't get motivated and the vicious cycle continues. This leads me to my last recommendation…
Spend Money You Don't Have
There's nothing like spending money in your business that you don't have to get you motivated. I leased more office space than I needed 18 months ago. I worked like crazy to grow my business. I've added people and now I'm out of space! The fear of the expense is a tremendous motivator. You can use this idea to challenge yourself and rekindle your excitement.
Go to that workshop for $1000 or buy that new computer to improve your prospect tracking or get that seminar system for $1500. Then make it work. Then make sure you use your investment to get a multiple return. Know that the charge will appear on your credit card bill in 30 days. Challenge yourself to earn back your investment before the credit card bill arrives. If you think you've been spending too much consider this: putting money in your business is investing, not spending. Investing has a financial return. Investing by using your credit card is very different than spending with your credit card. Never hesitate to invest. There's nothing like lighting a fire under your rear to give yourself a little motivation.
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