Before discovering this career, I taught school, owned a small business, was a commercial pilot and flight instructor, and served as a youth minister.
About five years ago, I came up with an idea that blends all of those aspects of my background to help build my team at AXA by working with community leaders and our local elementary school.
At the time, I was a district manager for AXA in Roanoke and lived with my family in Fincastle, Virginia, a “bedroom community” of about 15,000 outside of Roanoke.
As a teacher, I had witnessed school enrichment programs, so that was the basis for my idea, but I wanted to do something on a much grander scale.
At first, I developed a program that brought community leaders into the school to share their professional expertise with the children.
This got old soon—the children were bored hearing about what business people do for a living.
So instead, I decided to have community leaders share their hobbies with the children.
I wanted the kids to see that being successful in business will give them the income and flexibility to also have fun in their adult lives.
I talked nine other community leaders into sharing their hobbies with children. Each of us conducted a six-week program featuring our respective hobbies.
I told them, “We don’t want a PowerPoint presentation here. Blow it out! Spend some money, and make it an exciting experience for the children.”
For my six-week program, I chose flying. I’ve been a pilot for 18 years. As a professional pilot, I flew private charters for years and still enjoy being a flight instructor. My team at AXA arranged the following events for our six-week program at the school, calling on many of my fellow flight enthusiasts and students to help. Each event was held at the school, and everyone in town was invited to participate:
First Week We arranged to have a huge hot-air balloon launch from the school grounds.
The children helped set up the balloon, watched it launch, and helped dismantle it once it landed at the school. We had a question-and-answer session at the end.
Second Week We had a hang-glider conduct a demonstration. The kids were very excited about this.
Third Week We had skydivers jump from an airplane. They did what is called “high-performance jumps” and gained a lot of speed during their 1000- to 2000-foot jumps, causing them to slide 70 or 80 feet on the ground before coming to a stop. It was one of the most exciting things I’ve ever seen, and the kids were in awe. I had asked the local doctor, who has children in school, to be on hand in case medical care was needed.
Fourth Week A pilot from U.S. Air came in to show a video about air-to-air refueling. He handed out wings to all of the children and answered questions hat they and the other participants asked. A lot of people from the community who were interested in this subject attended.
Fifth Week We had the hospital’s helicopter land on the school grounds. About 70 children gathered around, asking the pilot questions.
For safety purposes, we set up orange traffic cones a good distance away from the landing area and made sure the children stayed behind them.
We had air-to-ground radios, and I talked with the pilot, guiding him down for his landing.
He “requested” permission from the children to land, so they screamed and waved their arms to let him know they wanted him to land.
Sixth Week For our last demo, we organized an air show. We had six pilots fly their aircraft, including a World War II plane owned by a friend of mine.
They flew in formation and performed stunts above the school for about half an hour.
Most pilots love attention, so when I told them about this event, their responses were similar: “I’d love to fly for the kids!” A lot of people in the community attended this event.
From the moment the hot-air balloon took off from the school that first week, the town was buzzing with talk about what we were doing at the school.
People were saying, “What are those AXA folks going to do next?!” Before long, people were asking us, “What do you guys do, anyway?”
We were building relationships in the community without really trying. Eventually, we heard people saying,
“I want to do business with those AXA guys.”
You may be thinking, this is great for marketing and even prospecting, but what does it have to do with team building?
I included my entire staff in this project, from planning the details to staging the events, and every agent in my district had a responsibility.
For example, one agent was in charge of making sure that we had Little Debbie cupcakes and drinks available for the children.
Another agent was in charge of getting permits, and another coordinated logistics with various officials. Others were in charge of promoting the events.
We called the local newspaper and asked if they would cover the sixth event, which they did.
I worked closely with the school principal to make sure that we did everything the way he asked.
I wanted to make sure that we were sensitive to the possible perception that we were using the school for promotional purposes.
We kept the focus on education and entertainment.
We established the mission as a team, and my agents began to see that if we could pull this off, we would become more visible in the community,
our reputation would grow, and we would begin to build relationships with potential clients and agents.
When we were planning this program, I heard a lot of “We can’t do that” and “This won’t work.” What sounded like an impossible task at first?
—creating air shows at an elementary school—turned out to be a huge success, and every single one of our agents had a part in it.
After that, whenever I would come to the table with more of my big ideas, my agents no longer said,
“That’ll never happen.” Now they say, “It’s just a matter of taking care of each detail and delegating—we can do this.”
Erryn M. Barkett
Executive Vice President, Southern Division
AXA Equitable
Richaard Wong RFP, ChLP, FChFP Best Practices, Training & Development
20/F, AIA Building, 1 Stubbs Road Hong Kong Tel: +852 2832 6762 Fax: + 852 2572 1792 Richaard-kl.wong@aig.com
Check out previous articles at: http://regleaders.blogspot.com
Thursday, December 11, 2008
The Wisdom of the Mentor
The Wisdom of a Mentor
After starting in this business as a junior in college, I spent seven years in mid-market sales, selling life insurance exclusively in the family marketplace. In 1986, at the age of 28, I started a scratch agency. At the time, that was really my only option. No one would hire me because I was interviewing to be a general agent, not an agent! Again and again I was told, “You can’t be a general agent. You have no experience running an agency, no systems, nothing! And you’re only twenty-eight years old!”
I was confident in my own abilities and knew that failing wasn’t an option. When I’m recruiting someone today, I firmly believe that if they have a track record of success, there’s a good chance that the success will continue. Thankfully, that was true in my case, too. I will say, though, that I don’t think I’d attempt a scratch agency at age 28 today, given the complexities of our business!
We were one of the first agencies in metropolitan Richmond to market ourselves as a comprehensive planning firm. That made a huge difference in our success as an agency, but that alone wasn’t enough. What helped us take our success to the next level was when I found a mentor for myself. One of my strengths has always been surrounding me with people who have done this job longer and better than I have.
So I set out to find the best mentor in the business. I had heard a lot about Dick McCloskey, who is the CEO of the Tax & Financial Group in Newport Beach, California. Before mentoring was talked about in this industry, before it was embraced and widely practiced, Dick had 22-year-old college graduates in the business making six-figure incomes. The key to his success was a mentoring culture.
I consider Dick to be the grandfather of mentoring, and I give him credit for the development of the mentoring system in this country. Dick also is an expert in selling to the business market.
I called Dick and asked him if he would mentor me in the area of agent training and development. He traveled from California to see me, and we began working together. He helped me establish both a mentoring culture and a focus on the business market. Within only three years, my agency made it into the top 10 of Securian, and it has been there ever since.
Mentoring has allowed us to take advantage of being a comprehensive planning firm. Sharing and pooling our talent has created a tremendously helpful, productive culture. Many of the advisors coming into this firm are young, right out of college. To be successful, they have to lean on someone else. Being a mentoring firm means that our young and experienced people alike go out of their way to help each other. We don’t have those “prima donnas” who shut their doors and think new people are a distraction. Instead, they know that new people are a part of a successful future.
The mentoring culture also has allowed us to team people up according to their strengths. Some people are great technicians; others are excellent relationship managers.
As I mentioned, Dick also helped me focus on and specialize in the business market. As a comprehensive planning firm, it’s the business owner who benefits the most from the multiple products and expertise that our agency has. We can offer anything from person financial planning to employee benefits.
We operate similar to how large CPA or law firms operate. One person can’t be an expert or specialist in all areas. Our culture through mentoring has evolved so that when a planner approaches a client, he or she does the entire fact-finding but brings in product and planning specialists when needed. As an agent matures and gain experience, he’ll begin to specialize in a particular area. This ensures that our clients get the absolute best advice and treatment.
In building anything¾a practice, agency, or any entity¾I think that, for you to be successful, you’ve got to find yourself one or two mentors. Whenever you get time with them, ask a lot of questions and listen. The wisdom in this business is so much more valuable than the knowledge. Wisdom is something you get from a mentor¾a more experienced person who can help you benefit from their own experience.
Ask anyone who has had a mentor, and they will tell you that it’s the best thing that ever happened to them. And when you provide that type of deeply personal development to your agents, your retention rate will increase.
Michael R. White, CLU ChFC
GAMA International President, 2003-04
President & CEO
Virginia Asset Management, LLC
Securian Financial Network
Richmond, VA
Richaard Wong Best Practices, Training & Development AIA
20/F, AIA Building, 1 Stubbs Road Hong Kong Tel: +852 2832 6762 Fax: + 852 2572 1792 Richaard-kl.wong@aig.com
Check out previous articles at: http://regleaders.blogspot.com
After starting in this business as a junior in college, I spent seven years in mid-market sales, selling life insurance exclusively in the family marketplace. In 1986, at the age of 28, I started a scratch agency. At the time, that was really my only option. No one would hire me because I was interviewing to be a general agent, not an agent! Again and again I was told, “You can’t be a general agent. You have no experience running an agency, no systems, nothing! And you’re only twenty-eight years old!”
I was confident in my own abilities and knew that failing wasn’t an option. When I’m recruiting someone today, I firmly believe that if they have a track record of success, there’s a good chance that the success will continue. Thankfully, that was true in my case, too. I will say, though, that I don’t think I’d attempt a scratch agency at age 28 today, given the complexities of our business!
We were one of the first agencies in metropolitan Richmond to market ourselves as a comprehensive planning firm. That made a huge difference in our success as an agency, but that alone wasn’t enough. What helped us take our success to the next level was when I found a mentor for myself. One of my strengths has always been surrounding me with people who have done this job longer and better than I have.
So I set out to find the best mentor in the business. I had heard a lot about Dick McCloskey, who is the CEO of the Tax & Financial Group in Newport Beach, California. Before mentoring was talked about in this industry, before it was embraced and widely practiced, Dick had 22-year-old college graduates in the business making six-figure incomes. The key to his success was a mentoring culture.
I consider Dick to be the grandfather of mentoring, and I give him credit for the development of the mentoring system in this country. Dick also is an expert in selling to the business market.
I called Dick and asked him if he would mentor me in the area of agent training and development. He traveled from California to see me, and we began working together. He helped me establish both a mentoring culture and a focus on the business market. Within only three years, my agency made it into the top 10 of Securian, and it has been there ever since.
Mentoring has allowed us to take advantage of being a comprehensive planning firm. Sharing and pooling our talent has created a tremendously helpful, productive culture. Many of the advisors coming into this firm are young, right out of college. To be successful, they have to lean on someone else. Being a mentoring firm means that our young and experienced people alike go out of their way to help each other. We don’t have those “prima donnas” who shut their doors and think new people are a distraction. Instead, they know that new people are a part of a successful future.
The mentoring culture also has allowed us to team people up according to their strengths. Some people are great technicians; others are excellent relationship managers.
As I mentioned, Dick also helped me focus on and specialize in the business market. As a comprehensive planning firm, it’s the business owner who benefits the most from the multiple products and expertise that our agency has. We can offer anything from person financial planning to employee benefits.
We operate similar to how large CPA or law firms operate. One person can’t be an expert or specialist in all areas. Our culture through mentoring has evolved so that when a planner approaches a client, he or she does the entire fact-finding but brings in product and planning specialists when needed. As an agent matures and gain experience, he’ll begin to specialize in a particular area. This ensures that our clients get the absolute best advice and treatment.
In building anything¾a practice, agency, or any entity¾I think that, for you to be successful, you’ve got to find yourself one or two mentors. Whenever you get time with them, ask a lot of questions and listen. The wisdom in this business is so much more valuable than the knowledge. Wisdom is something you get from a mentor¾a more experienced person who can help you benefit from their own experience.
Ask anyone who has had a mentor, and they will tell you that it’s the best thing that ever happened to them. And when you provide that type of deeply personal development to your agents, your retention rate will increase.
Michael R. White, CLU ChFC
GAMA International President, 2003-04
President & CEO
Virginia Asset Management, LLC
Securian Financial Network
Richmond, VA
Richaard Wong Best Practices, Training & Development AIA
20/F, AIA Building, 1 Stubbs Road Hong Kong Tel: +852 2832 6762 Fax: + 852 2572 1792 Richaard-kl.wong@aig.com
Check out previous articles at: http://regleaders.blogspot.com
Sunday, November 16, 2008
It's not Cold Calling -Nov08
It’s Not Cold-Calling if You Have Mutual Interests
When I agreed to take over the Heart of America agency, I had never been to Kansas City before, and I didn’t know a soul there. But I figured I’d be okay because I was to have about 30 agents working for me.
When I moved my family to Kansas City, though, I found out that 27 of those 30 agents went with the former manager to his new company! So I had to manage the new office and go back into personal production for four or five years, in an area where I knew no one.
I had to get my name into the community somehow, and fast. So I called my alma mater, the University of Iowa, and requested a list of graduates who lived in the Kansas City area. There were more than 2,500 names on the list. I’d call them up, introduce myself and ask for an appointment. It wasn’t cold-calling at all because we already had something significant in common.
I also joined a local Catholic church and bought a small ad that appeared on the back of the church bulletin. I included my photo in the ad. Then I’d go around to the homes of my fellow church members and introduce myself. I’d point to the ad on the back of the bulletin and say, “That’s my ad.” So again, these weren’t cold calls¾I had something in common with the people I was visiting, and before long, people knew who I was in the community.
Too many agents expect to receive a list of 500 or 1,000 names and phone numbers of leads when they become agents. Why? Anyone can generate their own clientele, as a member or former member of a fraternity, sorority, sports team, church, or other organization.
Conkling Buckley Jr., CLU ChFC FLMI
Senior VP, Resource Development, GAMA International Leadership Team
GAMA International President, 2000 - 2001
Kansas City, MO
================================================================================================
Sincere Appreciation,
Richaard Wong
Best Practice, Training and Development
AIA Co
20/F AIA building, 1 Stubbs Road
Hong Kong
Tel (852) 2832 6762
Fax (852) 2572 1792
“Things which matters most must never be at the mercy of things which matters least” - Goethe -
Check out previous articles at: http://regleaders.blogspot.com
When I agreed to take over the Heart of America agency, I had never been to Kansas City before, and I didn’t know a soul there. But I figured I’d be okay because I was to have about 30 agents working for me.
When I moved my family to Kansas City, though, I found out that 27 of those 30 agents went with the former manager to his new company! So I had to manage the new office and go back into personal production for four or five years, in an area where I knew no one.
I had to get my name into the community somehow, and fast. So I called my alma mater, the University of Iowa, and requested a list of graduates who lived in the Kansas City area. There were more than 2,500 names on the list. I’d call them up, introduce myself and ask for an appointment. It wasn’t cold-calling at all because we already had something significant in common.
I also joined a local Catholic church and bought a small ad that appeared on the back of the church bulletin. I included my photo in the ad. Then I’d go around to the homes of my fellow church members and introduce myself. I’d point to the ad on the back of the bulletin and say, “That’s my ad.” So again, these weren’t cold calls¾I had something in common with the people I was visiting, and before long, people knew who I was in the community.
Too many agents expect to receive a list of 500 or 1,000 names and phone numbers of leads when they become agents. Why? Anyone can generate their own clientele, as a member or former member of a fraternity, sorority, sports team, church, or other organization.
Conkling Buckley Jr., CLU ChFC FLMI
Senior VP, Resource Development, GAMA International Leadership Team
GAMA International President, 2000 - 2001
Kansas City, MO
================================================================================================
Sincere Appreciation,
Richaard Wong
Best Practice, Training and Development
AIA Co
20/F AIA building, 1 Stubbs Road
Hong Kong
Tel (852) 2832 6762
Fax (852) 2572 1792
“Things which matters most must never be at the mercy of things which matters least” - Goethe -
Check out previous articles at: http://regleaders.blogspot.com
Sunday, November 2, 2008
Ask for Referrals with Confidence and Patience-031108
Ask for Referrals with Confidence and Patience
We want referrals because we want to meet people the way they want to meet us. The Do-Not-Call regulations that came out in 2003 have spoken loud and clear. People are saying, “Don’t call me at home unless I’m expecting your call.” Period; And, while leads have their place, that’s still not really how people want to meet you. Cold calls are mildly effective, at best.
Look at the top producers in our industry. Most of them are working referrals in some way or another. The key is to make you highly referable. Some people are so darn good at what they do; forming relationships with people, continually working their book of business and serving their clients¾that they get a lot of referrals, often without asking. Your ability to get referrals easily is a barometer of the value you bring to a relationship.
Here are three strategies for being proactive for referrals – assuming you are referable in the eyes of your clients and prospects:
1. Learn to ask for referrals confidently. There’s a lot of guilt here. Most agents know they work really hard to bring in and keep a client, and they know they could get valuable referrals, but they won’t do it. I’ve had many Top of the Table people tell me that asking for referrals is their worst area. Indeed, it’s a huge opportunity that shouldn’t be missed.
2. Network strategically. Build relationships with CPAs, network at the local Chamber of Commerce, become known among affluent clients. A well-nurtured Center of Influence can be worth significantly more than any one of your best clients. Formalize your Center of Influence relationships so that nothing is assumed and everyone gets what they expect.
3. Narrow your focus. This is called target or niche marketing. You bring more value to a smaller population because you get to know their issues better. People know other people like themselves. When you narrow your focus, it’s easier to identify your market and to create a reputation for yourself. It’s difficult for financial professionals to create a real reputation when they have no well-defined marketing strategy.
One advisor I worked with resisted asking for referrals, but he recognized how much business he could gain from referrals. So he attended my annual Unlimited Referrals® Boot Camp for Financial Professionals, learned that asking for referrals is a legitimate and logical progression in a relationship with a client, and began asking his top clients for referrals using our system.
First, the advisor practiced with a few of his lower-level clients so that he could refine his referral-requesting process. Then, when he was ready, he approached one of his top five clients and asked for referrals. While it was clear that the client didn’t feel threatened, his response was, “I know a few people. Can I please get back to you on this?” The producer, knowing his client’s guarded nature, backed off. And that strategy paid off.
About two weeks later, the client came back to this advisor and gave him a referral to one of his friends, who ended up becoming a multimillion-dollar client.
And that’s not all! The original client found out that the advisor had helped his friend with a high-level investment decision and ended up giving the advisor even more money to work
With ¾a very complimentary vote of confidence!
The advisor told me, “From all of this, I’ve learned that even if you don’t get referrals right away, your client hasn’t lost any respect for you, and they may come back to you with
referrals later. So be patient!”
Had this advisor not asked for referrals, the seed would not have been planted with this client. By not pushing the client into something he just wasn’t ready to do, it paid off big time.
This is a classic (and common) example of how the giving of a referral actually validated the first client’s use of this advisor’s s
Bill Cates
President, Referral Coach International
Silver Spring, MD
www.ReferralCoach.com
Possible Sidebar:
Why do even top producers have such a hard time asking for referrals? “It’s a confidence issue,” Cates says. “It’s all about mistaken assumptions.” A lot of agents say they feel like asking for a referral makes them look unsuccessful, like they’re asking their client to do their job. It makes them feel like they’re begging. That’s not the case, but the perception is real to them, and it keeps them from asking. We need to teach them that that kind of thinking is incorrect so that they can ask for referrals with confidence.”
Sincere Appreciation,
Richaard Wong
Best Practice, Training and Development
AIA Co
20/F AIA building, 1 Stubbs Road
Hong Kong
Tel (852) 2832 6762
Fax (852) 2572 1792
“Things which matters most must never be at the mercy of things which matters least” - Goethe -
Check out previous articles at: http://regleaders.blogspot.com
We want referrals because we want to meet people the way they want to meet us. The Do-Not-Call regulations that came out in 2003 have spoken loud and clear. People are saying, “Don’t call me at home unless I’m expecting your call.” Period; And, while leads have their place, that’s still not really how people want to meet you. Cold calls are mildly effective, at best.
Look at the top producers in our industry. Most of them are working referrals in some way or another. The key is to make you highly referable. Some people are so darn good at what they do; forming relationships with people, continually working their book of business and serving their clients¾that they get a lot of referrals, often without asking. Your ability to get referrals easily is a barometer of the value you bring to a relationship.
Here are three strategies for being proactive for referrals – assuming you are referable in the eyes of your clients and prospects:
1. Learn to ask for referrals confidently. There’s a lot of guilt here. Most agents know they work really hard to bring in and keep a client, and they know they could get valuable referrals, but they won’t do it. I’ve had many Top of the Table people tell me that asking for referrals is their worst area. Indeed, it’s a huge opportunity that shouldn’t be missed.
2. Network strategically. Build relationships with CPAs, network at the local Chamber of Commerce, become known among affluent clients. A well-nurtured Center of Influence can be worth significantly more than any one of your best clients. Formalize your Center of Influence relationships so that nothing is assumed and everyone gets what they expect.
3. Narrow your focus. This is called target or niche marketing. You bring more value to a smaller population because you get to know their issues better. People know other people like themselves. When you narrow your focus, it’s easier to identify your market and to create a reputation for yourself. It’s difficult for financial professionals to create a real reputation when they have no well-defined marketing strategy.
One advisor I worked with resisted asking for referrals, but he recognized how much business he could gain from referrals. So he attended my annual Unlimited Referrals® Boot Camp for Financial Professionals, learned that asking for referrals is a legitimate and logical progression in a relationship with a client, and began asking his top clients for referrals using our system.
First, the advisor practiced with a few of his lower-level clients so that he could refine his referral-requesting process. Then, when he was ready, he approached one of his top five clients and asked for referrals. While it was clear that the client didn’t feel threatened, his response was, “I know a few people. Can I please get back to you on this?” The producer, knowing his client’s guarded nature, backed off. And that strategy paid off.
About two weeks later, the client came back to this advisor and gave him a referral to one of his friends, who ended up becoming a multimillion-dollar client.
And that’s not all! The original client found out that the advisor had helped his friend with a high-level investment decision and ended up giving the advisor even more money to work
With ¾a very complimentary vote of confidence!
The advisor told me, “From all of this, I’ve learned that even if you don’t get referrals right away, your client hasn’t lost any respect for you, and they may come back to you with
referrals later. So be patient!”
Had this advisor not asked for referrals, the seed would not have been planted with this client. By not pushing the client into something he just wasn’t ready to do, it paid off big time.
This is a classic (and common) example of how the giving of a referral actually validated the first client’s use of this advisor’s s
Bill Cates
President, Referral Coach International
Silver Spring, MD
www.ReferralCoach.com
Possible Sidebar:
Why do even top producers have such a hard time asking for referrals? “It’s a confidence issue,” Cates says. “It’s all about mistaken assumptions.” A lot of agents say they feel like asking for a referral makes them look unsuccessful, like they’re asking their client to do their job. It makes them feel like they’re begging. That’s not the case, but the perception is real to them, and it keeps them from asking. We need to teach them that that kind of thinking is incorrect so that they can ask for referrals with confidence.”
Sincere Appreciation,
Richaard Wong
Best Practice, Training and Development
AIA Co
20/F AIA building, 1 Stubbs Road
Hong Kong
Tel (852) 2832 6762
Fax (852) 2572 1792
“Things which matters most must never be at the mercy of things which matters least” - Goethe -
Check out previous articles at: http://regleaders.blogspot.com
Sunday, October 19, 2008
Running the bases
Running the Bases
About a year ago, we realized that our training topics were too broad and didn’t take into consideration our agents’ varying levels of expertise.
Some of our training was too basic for the veterans, and some of the material that our highly sophisticated agents appreciated was way over the new people’s heads.
So I scheduled one of our occasional think tanks to come up with a solution. One Friday morning, I drove with two of our managers who are heavily involved
in training, plus another partner, to my cabin, which is about an hour’s drive away from the office. We spent the entire day thinking and talking about one topic: how to develop our firm.
A number of ideas came out of that meeting.
One of the results of our think tank was a strategy that has helped us target our training to our agents’ varying levels of experience and expertise.
Here’s how it works¾picture a baseball diamond with the three bases and home plate:
Level 1 is first base. It involves twice-a-month training for new people (those with us less than a year). We have a 12-topic curriculum that gets repeated
because new people need to see it several times. It’s called “12 Things All New Agents Need to Know.” These meetings include lots of role-playing and repetition.
Level 2 represents second base. It’s for people in their second year, and we meet once a month.
Attendance is mandatory at Level 1 and 2 meetings because those agents are still on company financing.
Level 3, or third base, is for those agents who have been with us for more than two years but who have not reached the top 20 percent in terms of production.
This group meets every other month. For Level 3 meetings, we have speakers come in from the home office to make presentations.
Level 4 is home base! These agents represent the top 20 percent in our organization, and they meet quarterly. They have to earn their way into Level 4.
For these meetings, we hire professional speakers.
Attendance at Level 3 and 4 meetings is voluntary. But I keep track of attendance because it’s a worthwhile effort,
and I want to monitor how many people are taking advantage of this training opportunity. I’ve made our marketing department accountable for getting 35 percent of our firm (about 50 people)
into each Level 3 meeting. I’ve found that setting this specific attendance goal encourages the marketing staff to do a better job of promoting the program and selecting speakers.
We have two methods for getting feedback from these meetings¾one is a paper evaluation, and the second is a phone call from an administrator.
We ask each participant to tell us what was the best part of the level they participated in, what didn’t go so well, etc.
One of the comments we’ve received, for example, is that some of the new people wanted to do more role-playing.
So we incorporated more of it into our training.
I collect those forms and, as I do monthly reviews with our education department, we look at those statistics.
We have the highest production of new agents in the company, and we are convinced that our high retention is the direct result of very selective recruiting and much targeted training.
We’ve also seen great retention among our veterans because they are receiving excellent learning experiences right where they need them.
These think tanks, which can involve any group of managers, have been extremely productive.
Rather than having a two-hour meeting and talking about nine different issues, these focused, all-day meetings allow us to really dig deeply into a topic.
It also gives us a chance to, as the saying goes, “spend time on the business, not in the business.”
It’s an informal environment, so we wear jeans. The camaraderie is great, too. We usually have rolls and juice in the morning, work for a few hours,
then go into town and have lunch in a cafe. Then we work for a few more hours and drive back.
We’ll walk through Dan Sullivan’s strategy circles, and that helps us come away with very specific next steps.
If you’re considering doing this, keep in mind that think tanks like this can end up being so informal that you don’t come away with anything useful,
such as who does what, what can we expect, and when it is due. So take good notes and build follow-up into your calendar.
To make sure that we capture and act on the high points of our discussions, I’ll assign projects to people and let them know that
I’ll check back with them in 30 days to discuss their progress.
This is our way of asking our customer¾the agent¾what we could do better.
Here’s another, shorter, retention idea. We recognize each agent’s birthday. We mail each agent two movie tickets in a birthday card.
We also send their children birthday cards and, if they’re under age 12, a crisp $1 bill. It’s a small thing, but recognizing families helps build loyalty,
retention and a positive culture. We’ve gotten cards back from the kids written in crayon saying, “Thank you for the money.”
We want our firm to reach into the family to recognize their overall contribution to the firm’s success
Tim P. Schmidt, LUTCF FIC
Managing Partner
Thrivent Financial for Lutherans
Golden Valley, MN
Wednesday, October 15, 2008
Invest in Marketing Assistant
Invest in a Marketing Assistant
Dear Leaders,Check out previous articles at: http://regleaders.blogspot.comInvest in a Marketing AssistantAfter new advisors have been with us for six months, we encourage them to get out their checkbooks and invest in a marketing assistant. Most of them already have administrative assistants. We are trying to drive the message home to them, through Securian, that they are business entrepreneurs who need to invest in their practice.Two or three advisors can share the expense of hiring the assistant in the beginning. After a year, though, each advisor should have his or her own full-time marketing assistant.Often, a good salesperson is not a good businessperson. So we have to build that skill set. We train and educate our advisors on how to make use of marketing assistant’s expertise. Most of them don’t know where to begin. Many times, they try to treat their new marketing assistants like administrative people. That doesn’t work. We also help our advisors recruit their marketing assistants. We consider it a joint venture—even though the advisor is paying that person’s salary, we invest a lot in making sure that the relationship helps the advisor increase production.We have found that this helps a new advisor’s practice go to next level. It has also made a big difference in our retention of new advisors because they’re acting like businesspeople, investing in the infrastructure of their business. If you’re thinking about doing this, I would advise that you plan on the first marketing assistant not working out, and maybe the second, too. The one who works out will be about your third hire. It’s important to have a strong positive chemistry between the advisor and the assistant.I used this strategy when I worked with Prudential. Of our 25 top-ranking advisors, 23 of them had both an administrative and a marketing assistant. We saw a great improvement in their retention and in moving their practice to next level. The main responsibility for a marketing assistant is to increase the number of quality, face-to-face appointments between the advisor and qualified prospects, in the advisor’s conference room or office. The assistant also helps get cases ready, prepares presentations and illustrations, anything that he or she can do to make selling easier for the advisor.I can remember the day when I finally convinced one of my advisors at Prudential, Terry, to invest in his practice by hiring a marketing assistant. Now he leads Prudential as the No. 1 advisor, and he has six or seven people working for him. He had always had an administrative assistant and was reluctant to hire another assistant. When I finally encouraged him to do so, the first two people he hired didn’t work out. The third one was the charm.As a result, Terry’s commissions and fees have increased from $150,000 to more than $600,000. He had been averaging 11 or 12 appointments a week, many of them out of the office. Now he averages 22 appointments a week and 90 percent of them are in the office.Thomas P. Burns, CLU ChFCSenior Vice PresidentSecurian Financial Network/Minnesota LifeSt. Paul, MN===========================================================================================================Leadership StylesWhen asked what do you want to see most in an MBA graduate today.The answer was “Someone who is articulate, persuasive, and can read a balance sheet- in that order”The soft skills – being articulate, persuasive and effective – are what most people need coaching.In another example in Coopers and Lybrand’s corporate brochure they describe their core values as integrity, teamwork, mutual respect and personal responsibility, the style side of business, the softer side. The technical side of the world’s largest accounting /consulting firm isn’t emphasized. Granted, it’s assumed.And the same is true for you. Once you reach management and executive levels, your substance is assumed. What your boss wants to see is if you fit in, reflect the corporate culture’s image (as well as their’s) and if you understand the “code”. Substance and style, they permeate all walks of life!Pepsi-Cola rate its top middle and senior management people on thought leadership, people leadership, organizational impact, and professional maturity. By the time an individual get to that level in the organization, their managers rightfully assume competence. What they are looking for is the style. If you don’t have it, you are out, regardless of how brilliant you areMortimer B Zuckerman and Thomas R Evans in Fast Company, rates leaders on nine elements1. Charisma – instills faith, respect, and trust. Has a special gift of seeing what others need to consider. Convey a strong sense of mission2. Individual considerations. A coach, advises, and teaches people who need it. Actively listens and gives indications of listening. Gives newcomers a lot of help.3 Intellectual stimulation. Gets other to use reasoning and evidence, rather than unsupported opinion. Enables others to think about old problems in new ways. communicates in a way that forces others to rethink ideas that they had never questioned before4 Courage. Willing to stand up for ideas, even if they are unpopular. Does not give in to pressure or others opinions in order to avoid confrontations. Will do what’s right for the company and foe employees, even if it causes personal hardship5 Dependability. Follows through and keeps commitments. Takes responsibility for actions and accepts responsibility for mistakes. Works well independently of the boss.6 Flexibility. Functions effectively in changing environments. When a lot of issues hit at once, handles more than one problem at a time. Changes course when the situation warrants it.7 Integrity. Does what is morally and ethically right. Does not abuse management privileges. Is a consistent role model.8 Judgment. Reaches sound and objective evaluations of alternatives courses of action through logic, analysis and comparisons. Puts facts together rationally and realistically. Uses past experiences and information to bring perspective to present decisions9 Respect for others. Honors and does not belittle the opinions or work of other people, regardless of their status or positionsNote how these leadership skills apply not only to ability but to style as well.Coaches get juice through fair and honest treatment of people, gaining trust, learning from mistakes, understanding tactics, plus observation and patience in dealing with various situations. That’s juice- the intangible, the soft, the style side. The person who thinks this can’t be learned will probably remain in a subordinate or ineffective position.You can even take style into another level: Prana. Prana is a Sanskrit word.It means “breath” or “life force”. Your business qualifications combined with your prana makes for your all –important juice
Dear Leaders,Check out previous articles at: http://regleaders.blogspot.comInvest in a Marketing AssistantAfter new advisors have been with us for six months, we encourage them to get out their checkbooks and invest in a marketing assistant. Most of them already have administrative assistants. We are trying to drive the message home to them, through Securian, that they are business entrepreneurs who need to invest in their practice.Two or three advisors can share the expense of hiring the assistant in the beginning. After a year, though, each advisor should have his or her own full-time marketing assistant.Often, a good salesperson is not a good businessperson. So we have to build that skill set. We train and educate our advisors on how to make use of marketing assistant’s expertise. Most of them don’t know where to begin. Many times, they try to treat their new marketing assistants like administrative people. That doesn’t work. We also help our advisors recruit their marketing assistants. We consider it a joint venture—even though the advisor is paying that person’s salary, we invest a lot in making sure that the relationship helps the advisor increase production.We have found that this helps a new advisor’s practice go to next level. It has also made a big difference in our retention of new advisors because they’re acting like businesspeople, investing in the infrastructure of their business. If you’re thinking about doing this, I would advise that you plan on the first marketing assistant not working out, and maybe the second, too. The one who works out will be about your third hire. It’s important to have a strong positive chemistry between the advisor and the assistant.I used this strategy when I worked with Prudential. Of our 25 top-ranking advisors, 23 of them had both an administrative and a marketing assistant. We saw a great improvement in their retention and in moving their practice to next level. The main responsibility for a marketing assistant is to increase the number of quality, face-to-face appointments between the advisor and qualified prospects, in the advisor’s conference room or office. The assistant also helps get cases ready, prepares presentations and illustrations, anything that he or she can do to make selling easier for the advisor.I can remember the day when I finally convinced one of my advisors at Prudential, Terry, to invest in his practice by hiring a marketing assistant. Now he leads Prudential as the No. 1 advisor, and he has six or seven people working for him. He had always had an administrative assistant and was reluctant to hire another assistant. When I finally encouraged him to do so, the first two people he hired didn’t work out. The third one was the charm.As a result, Terry’s commissions and fees have increased from $150,000 to more than $600,000. He had been averaging 11 or 12 appointments a week, many of them out of the office. Now he averages 22 appointments a week and 90 percent of them are in the office.Thomas P. Burns, CLU ChFCSenior Vice PresidentSecurian Financial Network/Minnesota LifeSt. Paul, MN===========================================================================================================Leadership StylesWhen asked what do you want to see most in an MBA graduate today.The answer was “Someone who is articulate, persuasive, and can read a balance sheet- in that order”The soft skills – being articulate, persuasive and effective – are what most people need coaching.In another example in Coopers and Lybrand’s corporate brochure they describe their core values as integrity, teamwork, mutual respect and personal responsibility, the style side of business, the softer side. The technical side of the world’s largest accounting /consulting firm isn’t emphasized. Granted, it’s assumed.And the same is true for you. Once you reach management and executive levels, your substance is assumed. What your boss wants to see is if you fit in, reflect the corporate culture’s image (as well as their’s) and if you understand the “code”. Substance and style, they permeate all walks of life!Pepsi-Cola rate its top middle and senior management people on thought leadership, people leadership, organizational impact, and professional maturity. By the time an individual get to that level in the organization, their managers rightfully assume competence. What they are looking for is the style. If you don’t have it, you are out, regardless of how brilliant you areMortimer B Zuckerman and Thomas R Evans in Fast Company, rates leaders on nine elements1. Charisma – instills faith, respect, and trust. Has a special gift of seeing what others need to consider. Convey a strong sense of mission2. Individual considerations. A coach, advises, and teaches people who need it. Actively listens and gives indications of listening. Gives newcomers a lot of help.3 Intellectual stimulation. Gets other to use reasoning and evidence, rather than unsupported opinion. Enables others to think about old problems in new ways. communicates in a way that forces others to rethink ideas that they had never questioned before4 Courage. Willing to stand up for ideas, even if they are unpopular. Does not give in to pressure or others opinions in order to avoid confrontations. Will do what’s right for the company and foe employees, even if it causes personal hardship5 Dependability. Follows through and keeps commitments. Takes responsibility for actions and accepts responsibility for mistakes. Works well independently of the boss.6 Flexibility. Functions effectively in changing environments. When a lot of issues hit at once, handles more than one problem at a time. Changes course when the situation warrants it.7 Integrity. Does what is morally and ethically right. Does not abuse management privileges. Is a consistent role model.8 Judgment. Reaches sound and objective evaluations of alternatives courses of action through logic, analysis and comparisons. Puts facts together rationally and realistically. Uses past experiences and information to bring perspective to present decisions9 Respect for others. Honors and does not belittle the opinions or work of other people, regardless of their status or positionsNote how these leadership skills apply not only to ability but to style as well.Coaches get juice through fair and honest treatment of people, gaining trust, learning from mistakes, understanding tactics, plus observation and patience in dealing with various situations. That’s juice- the intangible, the soft, the style side. The person who thinks this can’t be learned will probably remain in a subordinate or ineffective position.You can even take style into another level: Prana. Prana is a Sanskrit word.It means “breath” or “life force”. Your business qualifications combined with your prana makes for your all –important juice
Tuesday, October 7, 2008
A culture of High Expectation
A Culture of High Expectations
To me, leadership is about the culture you create. My culture is one of high expectations from an activity standpoint. I’ve always believed in high activity and high standards. As a new financial rep, early on, I was high-life, high-activity person. That’s what I believe in. I got that from Al Granum
In 2001, I took over an organization that was not high-activity-oriented and didn’t focus on high-lives production. I spent the first year on the soapbox talking about activity with every new recruit and prospect I had. The people here were in their own groove and resisted it. The first year was awful.
I found out the hard way that you should never relax your standards.
As a new managing partner, when your name is suddenly on the door, even if you’re successful, fear and self-doubt can set in and make you do things you wouldn’t normally do.
I had spent nine years recruiting and developing people in the Hoopis Agency, a phenomenal organization. I was extremely selective about the people I hired and had tremendous success. Tremendous!
But the minute I walked out of there, knowing that now it was all on me, self-doubt set in.
My logic got out of whack because, guess what? Panic is too strong a word, maybe, but I wasn’t nearly as selective as I should have been. I needed to get recruits in here, the momentum of some new blood. I needed to show the organization that I could get new people on board. When that’s the mindset, you’re willing to accept less of candidates. So the 20 I recruited in my first year weren’t even close to the mark.
Within six months, 18 of my 20 hires were gone. It was a huge financial commitment and wasted effort. A 10 percent retention rate isn’t going to cut it. If my retention is 20 percent, I won’t make a profit for seven years. If it’s at the industry average, which is 11 percent, I will never make a profit. I had cash flow in that first year, but I wasn’t profitable.
During my second year, my emotional controls relaxed a little and my logical controls took over, so I began to be more selective again. But it meant that I had to increase the number of people I interviewed.
I learned my lesson. I’m back to setting expectations and enforcing them, and that is part of our culture. Our mandate in my firm today is that we do 50 first interviews every month. We will have 600 first interviews this year. From those 600, we will recruit 18. The GAMA Foundation study [Agency Recruiting & Selection Practices] says that 20 interviews to 1 hire is what the most productive agencies do, and the less productive agencies do 10 to 1. I’m using 30 to 1, so it does take me longer.
My recruits have to adhere to a strict standard of productivity, too. They have to sell 20 lives or $20,000 of premium in their first six months, or we shake hands. I had a young man who came to me and had 17 lives and $18,976 of premium. He said, “I’ve got $22,000 of premium that I’m waiting to put in.” I terminated him. We had an agreement. We had talked about this all along. I know that the retention rate for someone who makes less than 20 sales in their first six months is not acceptable, so I held to that standard. My retention rate has dramatically improved.
I would advise any new managing partner to be patient. When you’re building your organization, either hire additional recruiting units or wait for the right people¾but do not compromise your standard.
Brian H. Early, CLU ChFC
Managing Partner
Northwestern Mutual Financial Network
Wayne, PA
GAMA International Board of Directors
To me, leadership is about the culture you create. My culture is one of high expectations from an activity standpoint. I’ve always believed in high activity and high standards. As a new financial rep, early on, I was high-life, high-activity person. That’s what I believe in. I got that from Al Granum
In 2001, I took over an organization that was not high-activity-oriented and didn’t focus on high-lives production. I spent the first year on the soapbox talking about activity with every new recruit and prospect I had. The people here were in their own groove and resisted it. The first year was awful.
I found out the hard way that you should never relax your standards.
As a new managing partner, when your name is suddenly on the door, even if you’re successful, fear and self-doubt can set in and make you do things you wouldn’t normally do.
I had spent nine years recruiting and developing people in the Hoopis Agency, a phenomenal organization. I was extremely selective about the people I hired and had tremendous success. Tremendous!
But the minute I walked out of there, knowing that now it was all on me, self-doubt set in.
My logic got out of whack because, guess what? Panic is too strong a word, maybe, but I wasn’t nearly as selective as I should have been. I needed to get recruits in here, the momentum of some new blood. I needed to show the organization that I could get new people on board. When that’s the mindset, you’re willing to accept less of candidates. So the 20 I recruited in my first year weren’t even close to the mark.
Within six months, 18 of my 20 hires were gone. It was a huge financial commitment and wasted effort. A 10 percent retention rate isn’t going to cut it. If my retention is 20 percent, I won’t make a profit for seven years. If it’s at the industry average, which is 11 percent, I will never make a profit. I had cash flow in that first year, but I wasn’t profitable.
During my second year, my emotional controls relaxed a little and my logical controls took over, so I began to be more selective again. But it meant that I had to increase the number of people I interviewed.
I learned my lesson. I’m back to setting expectations and enforcing them, and that is part of our culture. Our mandate in my firm today is that we do 50 first interviews every month. We will have 600 first interviews this year. From those 600, we will recruit 18. The GAMA Foundation study [Agency Recruiting & Selection Practices] says that 20 interviews to 1 hire is what the most productive agencies do, and the less productive agencies do 10 to 1. I’m using 30 to 1, so it does take me longer.
My recruits have to adhere to a strict standard of productivity, too. They have to sell 20 lives or $20,000 of premium in their first six months, or we shake hands. I had a young man who came to me and had 17 lives and $18,976 of premium. He said, “I’ve got $22,000 of premium that I’m waiting to put in.” I terminated him. We had an agreement. We had talked about this all along. I know that the retention rate for someone who makes less than 20 sales in their first six months is not acceptable, so I held to that standard. My retention rate has dramatically improved.
I would advise any new managing partner to be patient. When you’re building your organization, either hire additional recruiting units or wait for the right people¾but do not compromise your standard.
Brian H. Early, CLU ChFC
Managing Partner
Northwestern Mutual Financial Network
Wayne, PA
GAMA International Board of Directors
Running with new associates -Sept
Dear Leaders,
Enjoy this week article and do check out previous articles posted in the blog http://regleaders.blogspot.com
Running with New Associates
One of the primary jobs of a sales manager is to run joint work with a new associate. I have always looked at that as an opportunity not only to help potential clients with their financial planning, but as a way to spread the recruiting word. I explain to my clients that one of the other hats that I wear is helping AXA build a strong organization by always looking for good people to join our team! I suggest that if the client has friends, immediate family members, or relatives who are looking for a career change or have recently graduated from college, they should forward their names to me so that I can show them what the opportunity is all about. I have since taught my managers to incorporate this practice into their routine appointments; both on their own and as part of their joint work. Think about how many potential people your managers network with as they run with their new associates! The results over the years have been excellent. Each year we add four or five new associates to our branch as a result of client referrals! I have hired a CPA, a few recent college grads, and a couple of small-business owners as a result. Plus, it helps us keep our clients satisfied in terms of planning and also in creating career opportunities for people they care about! It's a win-win for all parties involved!
Louis J. Nuchereno
Executive Vice President
AXA Advisors, LLC
Williamsville, NY
The power of silence
"Growth takes place in a person by working at a deep inner level in a sustained atmosphere of silence."
-- Dr. Ira Progoff
How can we hear our wise voice of intuition if we are always thinking, talking and distracted by outer events?
If we take time daily to experience physical stillness and to direct our attention inside,
we can begin to find the peace, love, will and wisdom that exist as our essence.
"Only when one is connected to one's own core is one connected to others...
And, for me, the core, the inner spring, can best be refound through solitude."
-- Anne Morrow Lindbergh
"In the sweet territory of silence we touch the mystery. It’s the place of reflection and contemplation,
and it’s the place where we can connect with the deep knowing, to the deep wisdom way."
-- Angeles Arrien
Enjoy this week article and do check out previous articles posted in the blog http://regleaders.blogspot.com
Running with New Associates
One of the primary jobs of a sales manager is to run joint work with a new associate. I have always looked at that as an opportunity not only to help potential clients with their financial planning, but as a way to spread the recruiting word. I explain to my clients that one of the other hats that I wear is helping AXA build a strong organization by always looking for good people to join our team! I suggest that if the client has friends, immediate family members, or relatives who are looking for a career change or have recently graduated from college, they should forward their names to me so that I can show them what the opportunity is all about. I have since taught my managers to incorporate this practice into their routine appointments; both on their own and as part of their joint work. Think about how many potential people your managers network with as they run with their new associates! The results over the years have been excellent. Each year we add four or five new associates to our branch as a result of client referrals! I have hired a CPA, a few recent college grads, and a couple of small-business owners as a result. Plus, it helps us keep our clients satisfied in terms of planning and also in creating career opportunities for people they care about! It's a win-win for all parties involved!
Louis J. Nuchereno
Executive Vice President
AXA Advisors, LLC
Williamsville, NY
The power of silence
"Growth takes place in a person by working at a deep inner level in a sustained atmosphere of silence."
-- Dr. Ira Progoff
How can we hear our wise voice of intuition if we are always thinking, talking and distracted by outer events?
If we take time daily to experience physical stillness and to direct our attention inside,
we can begin to find the peace, love, will and wisdom that exist as our essence.
"Only when one is connected to one's own core is one connected to others...
And, for me, the core, the inner spring, can best be refound through solitude."
-- Anne Morrow Lindbergh
"In the sweet territory of silence we touch the mystery. It’s the place of reflection and contemplation,
and it’s the place where we can connect with the deep knowing, to the deep wisdom way."
-- Angeles Arrien
Thursday, September 4, 2008
Develop a Board of Advisors
How to Develop a Board of Advisors to Support Your Growth
By Harry P. Hoopis, CLU ChFC
Managing Partner
GAMA International Hall of Fame Inductee
GAMA International Executive Board
GAMA International Foundation Chair
We all have a few clients or friends who are key to our practice because they refer good prospects to us. An idea that has proven useful to many associates in our office has been to nurture these special relationships by creating a Board of Advisors. Placing key community leaders in an active role in your organization provides you with a great opportunity to prospect with them and get referrals from them.
One of our associates just held a client-appreciation event. Afterwards, one of the members of his Board of Advisors gave him a favorable introduction to the president of his company. Our associate has developed an effective working relationship with that executive and is doing a considerable amount of business with the company.
Formalizing the Board of Advisors is critical to the success of the concept. Make sure the advisors on your board understand that their purpose is to help you build your business by helping you recognize marketing opportunities you might not have developed on your own and by introducing to you highly successful individuals within their realm of influence. Not only will your Board of Advisors provide you with a broad spectrum of marketing expertise; this esteemed group also represents a rich source of high-quality prospects and referrals.
Review your business plans with these key community leaders. Get their advice and test your marketing skills and ideas on them. Ask them to be critical and to suggest ways that you can improve your marketing plan and activities.
Start with a conversation with key leaders in your community, each in a different profession and invite them to sit on your advisory board. We have found that most community leaders appreciate the fact that we value their opinions enough to ask them to serve on our board. In addition to the prestige aspect of serving in this role, your board members will benefit from getting to know, and forming business relationships with, the other key community leaders who are also on the board.
Have a kickoff dinner meeting at an upscale restaurant. Have an agenda, state your purpose and objectives, and allow the participants to get to know each other. Clarify your expectations.
Follow up with your Board of Advisors individually, at least quarterly, to inform them about your progress. Most likely, they will be important contacts for you even after they have rotated off of your Board of Advisors
By Harry P. Hoopis, CLU ChFC
Managing Partner
GAMA International Hall of Fame Inductee
GAMA International Executive Board
GAMA International Foundation Chair
We all have a few clients or friends who are key to our practice because they refer good prospects to us. An idea that has proven useful to many associates in our office has been to nurture these special relationships by creating a Board of Advisors. Placing key community leaders in an active role in your organization provides you with a great opportunity to prospect with them and get referrals from them.
One of our associates just held a client-appreciation event. Afterwards, one of the members of his Board of Advisors gave him a favorable introduction to the president of his company. Our associate has developed an effective working relationship with that executive and is doing a considerable amount of business with the company.
Formalizing the Board of Advisors is critical to the success of the concept. Make sure the advisors on your board understand that their purpose is to help you build your business by helping you recognize marketing opportunities you might not have developed on your own and by introducing to you highly successful individuals within their realm of influence. Not only will your Board of Advisors provide you with a broad spectrum of marketing expertise; this esteemed group also represents a rich source of high-quality prospects and referrals.
Review your business plans with these key community leaders. Get their advice and test your marketing skills and ideas on them. Ask them to be critical and to suggest ways that you can improve your marketing plan and activities.
Start with a conversation with key leaders in your community, each in a different profession and invite them to sit on your advisory board. We have found that most community leaders appreciate the fact that we value their opinions enough to ask them to serve on our board. In addition to the prestige aspect of serving in this role, your board members will benefit from getting to know, and forming business relationships with, the other key community leaders who are also on the board.
Have a kickoff dinner meeting at an upscale restaurant. Have an agenda, state your purpose and objectives, and allow the participants to get to know each other. Clarify your expectations.
Follow up with your Board of Advisors individually, at least quarterly, to inform them about your progress. Most likely, they will be important contacts for you even after they have rotated off of your Board of Advisors
Persevere to Prosper
Persevere to Prosper By Michael G. Nelson, CLF CLTC CMFC LUTCF
Managing Director
Prudential Financial
St. Louis Park, MN
Every New Year, people resolve to save money, reduce their debt, or lose weight. And in our business, we can wipe the previous year’s business off the books and start the New Year clean and fresh and develop new habits and new ideas. Agents can change their phoning habits and resolve to get more referrals.
Most people in our business, whether you’re a field leader or a rep, don’t give those ideas enough time to succeed—usually not even 30 days. They don’t stay with it long enough. Therefore, their goal is washed out before they ever see results. So the question that you have to ask is, why do most people or businesses take several weeks to plan and determine their respective goals, strategies, and plans for the upcoming year but continually fail in accomplishing those things? Based on my experience, it’s because most people lack the self-discipline to implement. They don’t persevere long enough to see the outcome of these action plans.
For people to succeed, their goals have to be accompanied by desire, focus, belief, passion, knowledge, and confidence. If they don’t attack with a strategy that has all of those components, they won’t stay with it long enough to be successful. They just give up—not purposely, maybe, but they go by the wayside, and things continue as they always have. If you believe in something and know it’s the right path for someone, you need to stay focused and help them stay focused. As leaders, we need to instill confidence in people and help them follow through with the commitments they have made for themselves.
Maybe I got it early in my life in athletics. When I get something in my mind, whether I’m competing in state championships in golf or succeeding in this business, I won’t stop until I accomplish it. I just don’t quit. I continue to visualize those results, that dream or goal, and I believe I will accomplish it. I continue to work and work and work to accomplish it. As a manager, I encourage my reps to do the same.
I became a producing rep at age 22 and did that for three years, then went into management. I enjoy helping other people be successful more than I enjoy seeing myself be successful. I think that’s a necessary quality of a good leader. I try to allow people the chance to fail. What I mean by that is that people in this business need to be able to do it on their own, long-term. Our job as leaders is to put them in an environment that fosters success. But we cannot do the business for them day in and day out. We have to give them a platform and help them grow their business by introducing them to more complex situations.
What I try to do with people is show them how to do the business and help them prepare for their business. On a daily basis, I give them a proper time-management focus to help them manage their priorities. I show them how, but I don’t do it for them. I’ve seen it a lot of times—someone will fail in this business because their manager carries them and performs the job for them. I will do some of the things for them initially, but ultimately they must do it on their own. And, if they do have problems along the way, my management team and I are there to help guide them and make sure they ultimately accomplish their goal.
In 2001, we hired an individual into our newer-rep program. He had been a business owner before he came to us but knew nothing about the insurance and financial services industry. He was very well connected, very intelligent. He was doing well. After about eight months, he wanted to go open an office of his own. Our office is about an hour and 20 minutes from his home, so he was commuting for three hours every day. I encouraged him to stay in our office for another year simply because he still had a lot of growing to do. I wanted him to be around successful people in the organization who are doing the job correctly and making a very nice living in the business. I knew that he could learn more from being around our more established reps than he could ever learn on his own. I also knew this exposure to different reps’ styles would make him a better leader in the long run. I didn’t have to do a lot of convincing. He realized it was the best thing, although he did give a little pushback because of his long commute.
After that year was up, he commented to me that he was very glad I had convinced him to stay in the office for that extra year because he ended up learning a lot by seeing his peers’ closing skills, etc. Since then, he has gone on to develop one of the better practices in the company. Has been with us about three and a half years and is one of the leaders in the organization.
Managing Director
Prudential Financial
St. Louis Park, MN
Every New Year, people resolve to save money, reduce their debt, or lose weight. And in our business, we can wipe the previous year’s business off the books and start the New Year clean and fresh and develop new habits and new ideas. Agents can change their phoning habits and resolve to get more referrals.
Most people in our business, whether you’re a field leader or a rep, don’t give those ideas enough time to succeed—usually not even 30 days. They don’t stay with it long enough. Therefore, their goal is washed out before they ever see results. So the question that you have to ask is, why do most people or businesses take several weeks to plan and determine their respective goals, strategies, and plans for the upcoming year but continually fail in accomplishing those things? Based on my experience, it’s because most people lack the self-discipline to implement. They don’t persevere long enough to see the outcome of these action plans.
For people to succeed, their goals have to be accompanied by desire, focus, belief, passion, knowledge, and confidence. If they don’t attack with a strategy that has all of those components, they won’t stay with it long enough to be successful. They just give up—not purposely, maybe, but they go by the wayside, and things continue as they always have. If you believe in something and know it’s the right path for someone, you need to stay focused and help them stay focused. As leaders, we need to instill confidence in people and help them follow through with the commitments they have made for themselves.
Maybe I got it early in my life in athletics. When I get something in my mind, whether I’m competing in state championships in golf or succeeding in this business, I won’t stop until I accomplish it. I just don’t quit. I continue to visualize those results, that dream or goal, and I believe I will accomplish it. I continue to work and work and work to accomplish it. As a manager, I encourage my reps to do the same.
I became a producing rep at age 22 and did that for three years, then went into management. I enjoy helping other people be successful more than I enjoy seeing myself be successful. I think that’s a necessary quality of a good leader. I try to allow people the chance to fail. What I mean by that is that people in this business need to be able to do it on their own, long-term. Our job as leaders is to put them in an environment that fosters success. But we cannot do the business for them day in and day out. We have to give them a platform and help them grow their business by introducing them to more complex situations.
What I try to do with people is show them how to do the business and help them prepare for their business. On a daily basis, I give them a proper time-management focus to help them manage their priorities. I show them how, but I don’t do it for them. I’ve seen it a lot of times—someone will fail in this business because their manager carries them and performs the job for them. I will do some of the things for them initially, but ultimately they must do it on their own. And, if they do have problems along the way, my management team and I are there to help guide them and make sure they ultimately accomplish their goal.
In 2001, we hired an individual into our newer-rep program. He had been a business owner before he came to us but knew nothing about the insurance and financial services industry. He was very well connected, very intelligent. He was doing well. After about eight months, he wanted to go open an office of his own. Our office is about an hour and 20 minutes from his home, so he was commuting for three hours every day. I encouraged him to stay in our office for another year simply because he still had a lot of growing to do. I wanted him to be around successful people in the organization who are doing the job correctly and making a very nice living in the business. I knew that he could learn more from being around our more established reps than he could ever learn on his own. I also knew this exposure to different reps’ styles would make him a better leader in the long run. I didn’t have to do a lot of convincing. He realized it was the best thing, although he did give a little pushback because of his long commute.
After that year was up, he commented to me that he was very glad I had convinced him to stay in the office for that extra year because he ended up learning a lot by seeing his peers’ closing skills, etc. Since then, he has gone on to develop one of the better practices in the company. Has been with us about three and a half years and is one of the leaders in the organization.
Move the Middle
Move the Middle to the Finish Line
Two years ago, we ran a contest that coincided with Lance Armstrong’s push to win his sixth consecutive Tour de France. Because he had already won five consecutive races, we focused on the number six—the first six reps to reach $66,000 of rated recognition credit would get to travel to the Tour de France with their spouses.
The race started in January and had to complete by the end of June. If I didn’t have six reps reaching the $66,000 goal, I would take fewer people. At that time we had 55 reps. Before the end of our March closing date, our first six reps reached the $66,000 mark.
We spent a week chasing the Tour around France. The highlight of the trip was the chartered helicopter flights taking all 14 of us—the six agents and their spouses, plus my wife and me—to the top of L’Alpe d’Huez. This time-trial climb would be the most difficult for the riders in the Tour de France that year. More than a million people stood on the mountain cheering the cyclists who were churning up the mountain. We saw the action up close from the finish line.
What an incredible, unforgettable experience it was, seeing the top athlete in the world perform at his best and break another record. It was a great experience for our top producers. The contest was conducted during my second full year of being the General Agent and helped me solidify relationships with them and their spouses.
I believe the real key, when you do any type of competition or incentive is to “move the middle.” You’ll have the top agents who’ll get there, but I think it’s important to move your middle performers toward goals that they normally may not have achieved without giving an “extra mile” type of effort. The first year I ran this contest, the agents who won were all veterans. The lesson learned was to provide an opportunity for our new agents to compete as well. I set a different benchmark for reps in their first four years in the business so that they could compete for a golf trip to Scotland that we are running this year.
Six reps at $66,000 isn’t going to pay for a trip like this, but it got the agency off and running and resulted in a fast start to our production year. We finished last year with almost a 35 percent increase of production over the previous year. This year, we will finish 40 percent over the prior year. I believe some of our success can be attributed to conducting these types of contests and recognizing top achievers.
Todd A. Reid, J.D., CLF
General Agent
MassMutual Financial Group
Salt Lake City, UT
Two years ago, we ran a contest that coincided with Lance Armstrong’s push to win his sixth consecutive Tour de France. Because he had already won five consecutive races, we focused on the number six—the first six reps to reach $66,000 of rated recognition credit would get to travel to the Tour de France with their spouses.
The race started in January and had to complete by the end of June. If I didn’t have six reps reaching the $66,000 goal, I would take fewer people. At that time we had 55 reps. Before the end of our March closing date, our first six reps reached the $66,000 mark.
We spent a week chasing the Tour around France. The highlight of the trip was the chartered helicopter flights taking all 14 of us—the six agents and their spouses, plus my wife and me—to the top of L’Alpe d’Huez. This time-trial climb would be the most difficult for the riders in the Tour de France that year. More than a million people stood on the mountain cheering the cyclists who were churning up the mountain. We saw the action up close from the finish line.
What an incredible, unforgettable experience it was, seeing the top athlete in the world perform at his best and break another record. It was a great experience for our top producers. The contest was conducted during my second full year of being the General Agent and helped me solidify relationships with them and their spouses.
I believe the real key, when you do any type of competition or incentive is to “move the middle.” You’ll have the top agents who’ll get there, but I think it’s important to move your middle performers toward goals that they normally may not have achieved without giving an “extra mile” type of effort. The first year I ran this contest, the agents who won were all veterans. The lesson learned was to provide an opportunity for our new agents to compete as well. I set a different benchmark for reps in their first four years in the business so that they could compete for a golf trip to Scotland that we are running this year.
Six reps at $66,000 isn’t going to pay for a trip like this, but it got the agency off and running and resulted in a fast start to our production year. We finished last year with almost a 35 percent increase of production over the previous year. This year, we will finish 40 percent over the prior year. I believe some of our success can be attributed to conducting these types of contests and recognizing top achievers.
Todd A. Reid, J.D., CLF
General Agent
MassMutual Financial Group
Salt Lake City, UT
Recruit, Teach and Lead
Recruit, Teach, and Lead the Field
1. Recruit people with a history of success... and help them grown personally and professionally. Professional salespeople are not born; they are made through long, hard, concentrated work and study.
2. Teach discipline as a major path to success... Enforce good habits like being on time, listening, fact finding, and making face-to-face calls on clients and referred leads every working day. A prime example of this steadfast approach is the technique taught to me by Ervin Wald, a walking legend and incredible agency and company role model. Wald averages two sales presentations and one sale of permanent life insurance every working day. Over a 15-year period, Wald sold more than 5,000 individual life insurance policies at DiCerbo PCP & Associates.
3. Lead by example… Make a commitment to professionalism, ethics, and continuing education. Agents who get their CFP, CLU, and ChFC designations have an unlimited opportunity for growth.
In recruiting and agency meetings, I talk about Wald getting a sale a day and the importance of earning professional designations. It creates a vision that inspires salespeople to be eager to succeed and to lead the field!
Louis P. DiCerbo II, CLU ChFC RFC
Vice Chairman and CEO
P.C.P. Benefit Plans
The MONY Group
New York, NY
1. Recruit people with a history of success... and help them grown personally and professionally. Professional salespeople are not born; they are made through long, hard, concentrated work and study.
2. Teach discipline as a major path to success... Enforce good habits like being on time, listening, fact finding, and making face-to-face calls on clients and referred leads every working day. A prime example of this steadfast approach is the technique taught to me by Ervin Wald, a walking legend and incredible agency and company role model. Wald averages two sales presentations and one sale of permanent life insurance every working day. Over a 15-year period, Wald sold more than 5,000 individual life insurance policies at DiCerbo PCP & Associates.
3. Lead by example… Make a commitment to professionalism, ethics, and continuing education. Agents who get their CFP, CLU, and ChFC designations have an unlimited opportunity for growth.
In recruiting and agency meetings, I talk about Wald getting a sale a day and the importance of earning professional designations. It creates a vision that inspires salespeople to be eager to succeed and to lead the field!
Louis P. DiCerbo II, CLU ChFC RFC
Vice Chairman and CEO
P.C.P. Benefit Plans
The MONY Group
New York, NY
Five Keys To Retention
Five Keys to Retention¾and Living Proof! By Manny S. Um
I think good retention starts with recruiting and selecting good people who have a successful track record. We prefer someone with two to three years of professional sales or business experience in any industry, someone with a steady job history¾no jumping around to many different jobs. I also look for people who are trainable and who can get along with other people well. If they are stubborn, they are not suitable for our agency. We use written personality tests that help us with this.
A second key to a high retention rate is training agents up to their maximum potential. I try also to help them develop a target market that is suited to their talents and experiences.
A third thing that I have learned to be crucial for retention is evaluating and understanding each member of the sales team. Currently I manage 33 Korean-Americans, and I previously managed a few Chinese agents. Each ethnic group has different traditions and a different mentality, so understanding the different cultures and mentality of each team member is very important.
A fourth strategy that has made a very big difference in our retention is the mentoring system that we established three years ago. Within our company, I saw other agencies being very successful with a mentoring system, especially one in Philadelphia, and I modeled theirs. Previously, we had some joint work and junior-senior relationships, but mentoring was new. Mentoring has made our people more productive. New people learn faster by working with senior members and having them explain what they do and how they do it. And then they are much more likely to stay with us because they are doing very well. It is not mandatory for our agents to work in teams, but we encourage them to do so. Two years ago, one of our new agents started going out on calls with a senior member. He followed him, copied him in his field activity, and learned very fast. He became the Rookie of the Year for North Jersey in 2002. Then last year another young man also was following the senior members, and he was named Rookie of the Year for 2003. The recognition means very much to them. They make a speech and receive a plaque of appreciation at our annual agents’ lunch, and everybody is there.
A fifth key to retention is motivation. I believe it is very important to keep new agents motivated all of the time. If they get into a slump, it is very difficult to get them out of it. I motivate them by continuously reminding them about our leaders’ conference, their income potential, the company’s contract benefits and bonuses, and the possibility of moving into management someday. Sometimes they forget easily about these benefits and income potential. We also have sales promotions and contests once a year at the company level and agency level. The competition promotes teamwork and higher levels of activity. Motivation is very important in helping new advisors maintain a high level of activity. Many people, when we train them, they listen and understand. But after training, many people don’t follow it. I think the key to success in this business is consistent activity and commission income. I always check the weekly activity reports. They are mandatory for rookies and juniors, and they measure weekly appointments, activity, goals, and sales. If the new person does not have good activity, we discuss it. I may advise the person to do more advertising, mailing, or telephoning. I work with them on a one-on-one basis and suggest ideas and examples, show them how to improve sales activity. I was about to terminate one young man because he often didn’t have his activity report. He would say, “I am doing okay,” but he had no report to give me. I told him, “I need a full-time, 100 percent commitment. The reason you are failing is that your activity level is getting low, and I believe that is why you are reluctant to submit the report.” I think that a person who is not willing to follow the guidelines, the one who makes excuses, is failing. Successful agents submit their reports voluntarily¾no excuses! After I talked with this young man about the importance of consistent activity and realistic goals, he renewed his commitment and began submitting his weekly activity reports. I worked with him, and his activity and production improved.
I know that New England Financial has good retention¾they have retained me as a district manager for 21 years!
Manny S. Um, CLU ChFC
Associate Managing Partner
New England Financial
Englewood Cliffs, NJ
I think good retention starts with recruiting and selecting good people who have a successful track record. We prefer someone with two to three years of professional sales or business experience in any industry, someone with a steady job history¾no jumping around to many different jobs. I also look for people who are trainable and who can get along with other people well. If they are stubborn, they are not suitable for our agency. We use written personality tests that help us with this.
A second key to a high retention rate is training agents up to their maximum potential. I try also to help them develop a target market that is suited to their talents and experiences.
A third thing that I have learned to be crucial for retention is evaluating and understanding each member of the sales team. Currently I manage 33 Korean-Americans, and I previously managed a few Chinese agents. Each ethnic group has different traditions and a different mentality, so understanding the different cultures and mentality of each team member is very important.
A fourth strategy that has made a very big difference in our retention is the mentoring system that we established three years ago. Within our company, I saw other agencies being very successful with a mentoring system, especially one in Philadelphia, and I modeled theirs. Previously, we had some joint work and junior-senior relationships, but mentoring was new. Mentoring has made our people more productive. New people learn faster by working with senior members and having them explain what they do and how they do it. And then they are much more likely to stay with us because they are doing very well. It is not mandatory for our agents to work in teams, but we encourage them to do so. Two years ago, one of our new agents started going out on calls with a senior member. He followed him, copied him in his field activity, and learned very fast. He became the Rookie of the Year for North Jersey in 2002. Then last year another young man also was following the senior members, and he was named Rookie of the Year for 2003. The recognition means very much to them. They make a speech and receive a plaque of appreciation at our annual agents’ lunch, and everybody is there.
A fifth key to retention is motivation. I believe it is very important to keep new agents motivated all of the time. If they get into a slump, it is very difficult to get them out of it. I motivate them by continuously reminding them about our leaders’ conference, their income potential, the company’s contract benefits and bonuses, and the possibility of moving into management someday. Sometimes they forget easily about these benefits and income potential. We also have sales promotions and contests once a year at the company level and agency level. The competition promotes teamwork and higher levels of activity. Motivation is very important in helping new advisors maintain a high level of activity. Many people, when we train them, they listen and understand. But after training, many people don’t follow it. I think the key to success in this business is consistent activity and commission income. I always check the weekly activity reports. They are mandatory for rookies and juniors, and they measure weekly appointments, activity, goals, and sales. If the new person does not have good activity, we discuss it. I may advise the person to do more advertising, mailing, or telephoning. I work with them on a one-on-one basis and suggest ideas and examples, show them how to improve sales activity. I was about to terminate one young man because he often didn’t have his activity report. He would say, “I am doing okay,” but he had no report to give me. I told him, “I need a full-time, 100 percent commitment. The reason you are failing is that your activity level is getting low, and I believe that is why you are reluctant to submit the report.” I think that a person who is not willing to follow the guidelines, the one who makes excuses, is failing. Successful agents submit their reports voluntarily¾no excuses! After I talked with this young man about the importance of consistent activity and realistic goals, he renewed his commitment and began submitting his weekly activity reports. I worked with him, and his activity and production improved.
I know that New England Financial has good retention¾they have retained me as a district manager for 21 years!
Manny S. Um, CLU ChFC
Associate Managing Partner
New England Financial
Englewood Cliffs, NJ
The power of WHY
The Power of the “Why” by Shaun McDuffee
Have you ever wondered why some people thrive in this business and some fizzle or fail altogether? We all know the statistics¾fewer than 15 percent of the people who enter our career survive to see the end of the fourth year. Beyond that figure is an even more alarming statistic: Only 5 to 7 percent of those who do make it qualify for MDRT, and less than one-fourth of 1 percent reach Top of the Table status.
In the mid-1990s, I spent a tremendous amount of time analyzing why some of my producers were consistently reaching multiples of MDRT while some barely were hitting contract minimums. The commonality I found among the “super producers” was that they had an overwhelming sense of urgency due to a powerful connection to their “WHY.”
When I would conduct my annual goal-setting meetings with my producers, I found that the people who would reach their goals had a very powerful WHY behind them. They connected to the WHY, and they visualized what it would be like to make their goals¾and also what it would be like if they failed to make them. These WHYs had to be more specific than “I want to be successful” or “I don’t want to fail.” They had to be deeply personal and well-thought-through. Here are just a few examples of the most powerful WHYs I’ve seen:
· “I have to pay my sister’s tuition.”
· “I am the only family member to ever go to college… everyone is watching me.”
· “My wife is pregnant and will be leaving work soon.”
· “I want to buy my parents their first home.”
· “My mom has never had a new car.”
· “I told all of my peers I would hit this goal, and I can’t tell them I failed.”
Without exception, those people who connected to their WHY and made it personal found a way to reach their goals.
Once you know the WHAT (the goal) and connect the WHY to it, the HOW is actually very easy to back into. As we all know, this business is a numbers game. The question to our producers is this: How committed are you to your WHY to be able to overcome the pain associated with the HOW?
In coaching my producers, I would ask them to set both an objective and a goal.
The objective is the production number they HAVE to hit. If they fail to reach this number, they will consider the year to be a complete failure. I have had people tell me in their annual business-plan meetings that if they failed to hit their objectives, I was to fire them (thankfully, I haven’t had to do that yet).
The goal is that production number they are going to strive to hit. They connect that goal to their powerful and personal why, and they are going to use every ounce of energy to try to reach that goal. If they fall short of their goal, they at least know they reached their objective and can feel like the year was still a success.
I sit down with each of my producers at the beginning of December to do their business plan for the next year. This is a good time of year because they can start making changes that will impact the next year. I ask them to give me their objective and goal production numbers. I then ask them to describe, in detail, WHY they want to reach that goal. I ask them to describe what it would be like to reach the goal and how it would make them feel. I also ask them to give me non-business-related goals that will be attainable if they reach their production goal.
I do my own annual goal setting for the next year every Thanksgiving holiday. My family and I take a trip every Thanksgiving, and they know that I will take one day to work on this. As my children get older, I am hoping to take one of those days for family goal setting as well.
Ask your producers WHY they are going to reach their goals. Helping them connect to the WHY will not only increase their chance of staying in the business and reaching higher levels of production¾it also will improve your personal relationship with them because they will know you genuinely care about their long-term success.
Shaun McDuffee, AEP CLU ChFC
Senior Vice President
North Star Resource Group/Securian Financial Network
Austin, TX
Have you ever wondered why some people thrive in this business and some fizzle or fail altogether? We all know the statistics¾fewer than 15 percent of the people who enter our career survive to see the end of the fourth year. Beyond that figure is an even more alarming statistic: Only 5 to 7 percent of those who do make it qualify for MDRT, and less than one-fourth of 1 percent reach Top of the Table status.
In the mid-1990s, I spent a tremendous amount of time analyzing why some of my producers were consistently reaching multiples of MDRT while some barely were hitting contract minimums. The commonality I found among the “super producers” was that they had an overwhelming sense of urgency due to a powerful connection to their “WHY.”
When I would conduct my annual goal-setting meetings with my producers, I found that the people who would reach their goals had a very powerful WHY behind them. They connected to the WHY, and they visualized what it would be like to make their goals¾and also what it would be like if they failed to make them. These WHYs had to be more specific than “I want to be successful” or “I don’t want to fail.” They had to be deeply personal and well-thought-through. Here are just a few examples of the most powerful WHYs I’ve seen:
· “I have to pay my sister’s tuition.”
· “I am the only family member to ever go to college… everyone is watching me.”
· “My wife is pregnant and will be leaving work soon.”
· “I want to buy my parents their first home.”
· “My mom has never had a new car.”
· “I told all of my peers I would hit this goal, and I can’t tell them I failed.”
Without exception, those people who connected to their WHY and made it personal found a way to reach their goals.
Once you know the WHAT (the goal) and connect the WHY to it, the HOW is actually very easy to back into. As we all know, this business is a numbers game. The question to our producers is this: How committed are you to your WHY to be able to overcome the pain associated with the HOW?
In coaching my producers, I would ask them to set both an objective and a goal.
The objective is the production number they HAVE to hit. If they fail to reach this number, they will consider the year to be a complete failure. I have had people tell me in their annual business-plan meetings that if they failed to hit their objectives, I was to fire them (thankfully, I haven’t had to do that yet).
The goal is that production number they are going to strive to hit. They connect that goal to their powerful and personal why, and they are going to use every ounce of energy to try to reach that goal. If they fall short of their goal, they at least know they reached their objective and can feel like the year was still a success.
I sit down with each of my producers at the beginning of December to do their business plan for the next year. This is a good time of year because they can start making changes that will impact the next year. I ask them to give me their objective and goal production numbers. I then ask them to describe, in detail, WHY they want to reach that goal. I ask them to describe what it would be like to reach the goal and how it would make them feel. I also ask them to give me non-business-related goals that will be attainable if they reach their production goal.
I do my own annual goal setting for the next year every Thanksgiving holiday. My family and I take a trip every Thanksgiving, and they know that I will take one day to work on this. As my children get older, I am hoping to take one of those days for family goal setting as well.
Ask your producers WHY they are going to reach their goals. Helping them connect to the WHY will not only increase their chance of staying in the business and reaching higher levels of production¾it also will improve your personal relationship with them because they will know you genuinely care about their long-term success.
Shaun McDuffee, AEP CLU ChFC
Senior Vice President
North Star Resource Group/Securian Financial Network
Austin, TX
Licensing + Job Sampling = A Fast Start by Burr Anderson
Today, most agencies require that their prospective agents go through their state’s life and disability license; many also require either a Series 6 or a Series 7 license. This process of securing all of the licenses takes anywhere from one to four months. There is a great opportunity available during this time to position future agents in a way that will maximize their fast start, should we decide to contract with them.
Engaging the applicant in job sampling during this testing period can significantly increase the productivity and retention of what our New Organization¾advisors who are in their first three years.
The art of job sampling is not used as much today but job sampling is more important now than ever. Companies in the property and casualty business sometimes require agents to spend four to six months gathering x-dates (expiration dates) so that they have at least 1,000 names when they start full-time.
We have the same opportunity during the time when our future agents are trying to secure all of the necessary licenses. Agency managers need to meet regularly with the prospective agents while they’re securing their licenses and monitor their job-sampling activities. With the three or four months necessary for licensing, there’s no reason why a new agent can’t start full-time with hundreds of prospects. Job sampling is not just filling out a Project 200¾it involves contacting hundreds of people to capture their future interest in financial service products and also to secure referrals.
The key to a successful job-sampling assignment isn’t about the hours required as much as it is about committing to a program and having the agency manager monitor it regularly. Future agents can easily do license study while prospecting for their future inventory.
Have your prospective agents meet with your contracts people so that they understand the paperwork. Meanwhile, work with them on assignments to give them an opportunity to experience what it’s really about without being fully licensed. This allows them to start doing actual rep work and provides them with lots of new names so that once they are licensed, they can hit the ground running.
We have our applicants fill out cards or develop a database of all the people they know from their different worlds¾friends, neighbors, business colleagues, people they knew in prior employment, acquaintances from community and other activities, hobbies, etc. Then we teach them how to expand on that¾to meet new people and capture their names using a form called a market survey that allows them to ask their prospective clients some preliminary, nonspecific questions about financial services planning. Once they become licensed, they’ll already have a group of prospects to contact.
We’ve conducted surveys on fast starts for new agents. We found that the number of applications written in the first six months correlates to a retention factor. The magic number seems to be over 40¾if an agent can write more than 40 cases in his or her first six months, that person will have substantially higher retention potential than the average.
Therefore, our goal is to have as many new agents as possible write 40 cases during their first six months. Not only will they be off to a fast, successful start; they’ll also be more likely to stay with us.
Burritt B. Anderson Jr., CLU ChFC
GAMA International President 1995-96
Yorba Linda, CA
Today, most agencies require that their prospective agents go through their state’s life and disability license; many also require either a Series 6 or a Series 7 license. This process of securing all of the licenses takes anywhere from one to four months. There is a great opportunity available during this time to position future agents in a way that will maximize their fast start, should we decide to contract with them.
Engaging the applicant in job sampling during this testing period can significantly increase the productivity and retention of what our New Organization¾advisors who are in their first three years.
The art of job sampling is not used as much today but job sampling is more important now than ever. Companies in the property and casualty business sometimes require agents to spend four to six months gathering x-dates (expiration dates) so that they have at least 1,000 names when they start full-time.
We have the same opportunity during the time when our future agents are trying to secure all of the necessary licenses. Agency managers need to meet regularly with the prospective agents while they’re securing their licenses and monitor their job-sampling activities. With the three or four months necessary for licensing, there’s no reason why a new agent can’t start full-time with hundreds of prospects. Job sampling is not just filling out a Project 200¾it involves contacting hundreds of people to capture their future interest in financial service products and also to secure referrals.
The key to a successful job-sampling assignment isn’t about the hours required as much as it is about committing to a program and having the agency manager monitor it regularly. Future agents can easily do license study while prospecting for their future inventory.
Have your prospective agents meet with your contracts people so that they understand the paperwork. Meanwhile, work with them on assignments to give them an opportunity to experience what it’s really about without being fully licensed. This allows them to start doing actual rep work and provides them with lots of new names so that once they are licensed, they can hit the ground running.
We have our applicants fill out cards or develop a database of all the people they know from their different worlds¾friends, neighbors, business colleagues, people they knew in prior employment, acquaintances from community and other activities, hobbies, etc. Then we teach them how to expand on that¾to meet new people and capture their names using a form called a market survey that allows them to ask their prospective clients some preliminary, nonspecific questions about financial services planning. Once they become licensed, they’ll already have a group of prospects to contact.
We’ve conducted surveys on fast starts for new agents. We found that the number of applications written in the first six months correlates to a retention factor. The magic number seems to be over 40¾if an agent can write more than 40 cases in his or her first six months, that person will have substantially higher retention potential than the average.
Therefore, our goal is to have as many new agents as possible write 40 cases during their first six months. Not only will they be off to a fast, successful start; they’ll also be more likely to stay with us.
Burritt B. Anderson Jr., CLU ChFC
GAMA International President 1995-96
Yorba Linda, CA
Missing Something? By E. Douglas Bohannon
Through my various affiliations, I look for people who have demonstrated, in their chosen field, the competencies that I am searching for, and I look for ways to disturb them and get them thinking about what they’re missing in their current career
First, you have to establish a relationship to learn what drives their value system and their career choices. Then you demonstrate to them how your opportunity can fulfill their needs In our model, we recruit independent contractor agents. I once recruited, through an agent referral, a very successful salesman from IBM who was making a comfortable six-figure income. But he lacked independence because his destiny was controlled by someone else. He wanted his upward limit to be determined by his own effort. I saw that he was hungry and that he had a good work ethic. Also, he was an existing customer with our company for a number of years, so he understood the culture.
So I gave him a list of my agents and asked him to go visit them and to ask any questions he wanted, to help him make an educated decision. That way he would get unfiltered responses to his questions.
I was able to demonstrate to him, with the help of other successful agents on my team, that he could have both the financial freedom and the lifestyle that he was missing at IBM. This individual is now a successful leader and recruiter in our organization.
The key is to look for successful people everywhere, build a relationship, and demonstrate how your opportunity can satisfy their needs.
E. Douglas Bohannon, LUTCF CLU ChFC
Agency Field Executive
State Farm Insurance Companies
Philadelphia, PA
Through my various affiliations, I look for people who have demonstrated, in their chosen field, the competencies that I am searching for, and I look for ways to disturb them and get them thinking about what they’re missing in their current career
First, you have to establish a relationship to learn what drives their value system and their career choices. Then you demonstrate to them how your opportunity can fulfill their needs In our model, we recruit independent contractor agents. I once recruited, through an agent referral, a very successful salesman from IBM who was making a comfortable six-figure income. But he lacked independence because his destiny was controlled by someone else. He wanted his upward limit to be determined by his own effort. I saw that he was hungry and that he had a good work ethic. Also, he was an existing customer with our company for a number of years, so he understood the culture.
So I gave him a list of my agents and asked him to go visit them and to ask any questions he wanted, to help him make an educated decision. That way he would get unfiltered responses to his questions.
I was able to demonstrate to him, with the help of other successful agents on my team, that he could have both the financial freedom and the lifestyle that he was missing at IBM. This individual is now a successful leader and recruiter in our organization.
The key is to look for successful people everywhere, build a relationship, and demonstrate how your opportunity can satisfy their needs.
E. Douglas Bohannon, LUTCF CLU ChFC
Agency Field Executive
State Farm Insurance Companies
Philadelphia, PA
e- Recruting Postcards
e-Recruiting Postcards By Scott Rich
We have found that the application of a technical initiative called e-postcards is becoming a huge differentiator in setting us apart from our competition. In mid-2002, we started sending out recruiting e-postcards, and these have proven to be a great way to create a favorable impression with candidates especially in Internet recruiting.
The previous year, we recruited 1,512 agents, and in 2002 this number grew to 1,689 recruits. The e-postcards were definitely a driver of part of this growth.
The genesis of the idea came from e-cards received from vendors who were soliciting our business, and we were impressed with the level of technology that they demonstrated. These e-card employ sophisticated flash technology, sound and are personalized for each recipient. The cards are designed to reach several audiences, including:
· College interns
· CPAs
· MBAs
· Female recruits
· Career changers
· Sales Managers
We also gear our cards to deliver different messages, such as to:
· Announce a class date/career seminar
· Remind someone about an appointment
· Thank a center of influence for a nomination/referral
· Thank a candidate for submitting a résumé online
· Congratulate a candidate who has been made an offer with an agency
· Follow up with a candidate who decided not to accept our initial offer of employment
E-Postcards have proven to be an excellent, tech-savvy way to bring our recruiting efforts to another level. Our MMFG agency recruiters regularly share testimonials from potential recruits with me such as, "I've gotten lots of responses as a result of submitting my résumé online, but yours resonated so much better. It was personalized and so much more professional looking. Several candidates have interviewed with us due to the impression these have made versus our competitors. As we all know, first impressions are critical in the recruiting and selection process.”
We use our agencies as a sounding board to find out what has and hasn't worked, what kinds of comments our managers have heard from recipients, and suggestions for additional types of cards.
One caveat in using these e-cards: Be sure to work with your compliance department on potential spamming issues due to limitations as to their applications.
Scott B. Rich, CLU ChFC
Director of Recruiting
MassMutual Financial Group
Springfield, MA
We have found that the application of a technical initiative called e-postcards is becoming a huge differentiator in setting us apart from our competition. In mid-2002, we started sending out recruiting e-postcards, and these have proven to be a great way to create a favorable impression with candidates especially in Internet recruiting.
The previous year, we recruited 1,512 agents, and in 2002 this number grew to 1,689 recruits. The e-postcards were definitely a driver of part of this growth.
The genesis of the idea came from e-cards received from vendors who were soliciting our business, and we were impressed with the level of technology that they demonstrated. These e-card employ sophisticated flash technology, sound and are personalized for each recipient. The cards are designed to reach several audiences, including:
· College interns
· CPAs
· MBAs
· Female recruits
· Career changers
· Sales Managers
We also gear our cards to deliver different messages, such as to:
· Announce a class date/career seminar
· Remind someone about an appointment
· Thank a center of influence for a nomination/referral
· Thank a candidate for submitting a résumé online
· Congratulate a candidate who has been made an offer with an agency
· Follow up with a candidate who decided not to accept our initial offer of employment
E-Postcards have proven to be an excellent, tech-savvy way to bring our recruiting efforts to another level. Our MMFG agency recruiters regularly share testimonials from potential recruits with me such as, "I've gotten lots of responses as a result of submitting my résumé online, but yours resonated so much better. It was personalized and so much more professional looking. Several candidates have interviewed with us due to the impression these have made versus our competitors. As we all know, first impressions are critical in the recruiting and selection process.”
We use our agencies as a sounding board to find out what has and hasn't worked, what kinds of comments our managers have heard from recipients, and suggestions for additional types of cards.
One caveat in using these e-cards: Be sure to work with your compliance department on potential spamming issues due to limitations as to their applications.
Scott B. Rich, CLU ChFC
Director of Recruiting
MassMutual Financial Group
Springfield, MA
Recruit your way out of any problem
Recruit Your Way Out of Any Problem
I’ve been a general manager for 22 years. The mistake that I made as a new manager is that I thought I had to solve everything myself—address the negativism and the problems and pay attention to the troublemakers continuously. That can consume 99 percent of your time. Early on in my career, a senior VP of the company made a statement, and I’m quoting: “There is not a problem that you cannot recruit yourself out of.” It took a while for me to grasp what that meant. Like any manager, I did focus on recruiting, but I did it just because it was part of the job. I didn’t realize how it could be the solution to all of these problems. I dug into what he said and dissected it. I’d say, “I have this problem, Could recruiting help me solve this? Absolutely yes!” Then I’d look at the next problem, and the next and I found that recruiting was the answer every time, whether it was an issue with profitability, productivity, retention, customer service, or anything else. Basically, I barreled ahead in the recruiting area and changed the face of the agency. As I kept bringing more and more and more successful people on board, the negative people and complainers became the minority. As a result, their influence was minimal. It’s not something that can happen overnight. It took me five years. Soon I began to realize just how true this guy’s statement really was. For example, morale. If you recruit highly motivated, successful people and you constantly improve your level of recruits, you’ll be improving the organization year after year, and that automatically solves the morale problem. Another example is productivity. When you have successful recruits who do better and better each and every year, it solves a lot of productivity problems. They become the rabbits of the organization. As a veteran manager, I pass this revelation on to rookie managers, that recruiting can be the solution to all kinds of problems they face. The problems will probably never go away, but the success you can achieve with really high-caliber recruits will overcome the problem. I want them to become entrepreneurs and to become self-sufficient within five years, to have survived the business and they’re improving year after year, and they’re not vulnerable to the pitfalls of the business. That senior VP was someone I didn’t know very well, but as a field manager, I had heard him speak at various meetings. I don’t think he realized the impact he had on me or other people. I’ve hired the majority of the people in my agency and developed them over the years. I’m extremely proud when I see people I’ve brought into the business who have gone on to become highly successful producers in this business, just to see their natural progression from rookie agents to successful MDRT qualifiers and higher, year after year. And many of them become managers who know that they can recruit their way out of any problem.
That is the greatest satisfaction that a general manager can have—much more than money, bells and whistles, and medals.
John G. Savadjian, CLU ChFC CLTC LUTCF
Managing Director
Prudential Financial
Paramus, NJ
=========================================================================================================================
I’ve been a general manager for 22 years. The mistake that I made as a new manager is that I thought I had to solve everything myself—address the negativism and the problems and pay attention to the troublemakers continuously. That can consume 99 percent of your time. Early on in my career, a senior VP of the company made a statement, and I’m quoting: “There is not a problem that you cannot recruit yourself out of.” It took a while for me to grasp what that meant. Like any manager, I did focus on recruiting, but I did it just because it was part of the job. I didn’t realize how it could be the solution to all of these problems. I dug into what he said and dissected it. I’d say, “I have this problem, Could recruiting help me solve this? Absolutely yes!” Then I’d look at the next problem, and the next and I found that recruiting was the answer every time, whether it was an issue with profitability, productivity, retention, customer service, or anything else. Basically, I barreled ahead in the recruiting area and changed the face of the agency. As I kept bringing more and more and more successful people on board, the negative people and complainers became the minority. As a result, their influence was minimal. It’s not something that can happen overnight. It took me five years. Soon I began to realize just how true this guy’s statement really was. For example, morale. If you recruit highly motivated, successful people and you constantly improve your level of recruits, you’ll be improving the organization year after year, and that automatically solves the morale problem. Another example is productivity. When you have successful recruits who do better and better each and every year, it solves a lot of productivity problems. They become the rabbits of the organization. As a veteran manager, I pass this revelation on to rookie managers, that recruiting can be the solution to all kinds of problems they face. The problems will probably never go away, but the success you can achieve with really high-caliber recruits will overcome the problem. I want them to become entrepreneurs and to become self-sufficient within five years, to have survived the business and they’re improving year after year, and they’re not vulnerable to the pitfalls of the business. That senior VP was someone I didn’t know very well, but as a field manager, I had heard him speak at various meetings. I don’t think he realized the impact he had on me or other people. I’ve hired the majority of the people in my agency and developed them over the years. I’m extremely proud when I see people I’ve brought into the business who have gone on to become highly successful producers in this business, just to see their natural progression from rookie agents to successful MDRT qualifiers and higher, year after year. And many of them become managers who know that they can recruit their way out of any problem.
That is the greatest satisfaction that a general manager can have—much more than money, bells and whistles, and medals.
John G. Savadjian, CLU ChFC CLTC LUTCF
Managing Director
Prudential Financial
Paramus, NJ
=========================================================================================================================
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