WII-FM-=What’s in It for Me?
Several years ago as Director of Recruiting for The Acacia Group, I began to analyze our best sources for recruiting the highest quality agents with the highest retention rate for our agencies. I quickly realized that, of all those hired, the best recruits ALWAYS came from those already in our industry - the agents, themselves.
To encourage these ongoing referrals, we developed WII-FM, i.e., What’s In It For Me, which we continually shared with existing agents. We firmly believed that "Everybody’s gotta feel like somebody." We also believed that recognition, in its many different forms, absolutely works! We also KNEW that NO ONE realizes what it takes to survive in our industry better than those already in it.
I met with agents, asking them to review their business-card files for possible candidates. I explained that, where appropriate, if a referral were hired as a result of his/her name being given by that agent, joint work would occur between the two agents, resulting in additional income to the "senior" agent. On a weekly basis, you would always find me "pitching" to someone that, if we met the "charge" of the company which was to GROW the field force then certainly that gave our particular agency some leverage at Corporate for things we needed, i.e., more staff, more equipment, etc.
I also shared with the group that I had no personal way of knowing if any of them had aspirations for management but that, with all other criteria being equal, CERTAINLY the agent who supported the Corporate position would be given first consideration. I reminded the group that they had a vested interest in what our agency "looked like" to others in our city simply because of the fact that they had chosen to align with our agency. I reiterated, more than once, that if you don't vote... then don't complain... that "You are being given an opportunity and a 'say' in how the agency will look in the future. Take advantage of it."
At our monthly agency meetings, we introduced the new agent to the group and then asked the referring agent to come to the podium. In front of the group, we shared this agent's continuing support to our organization; we thanked the agent, showed him/her our appreciation with a cash award, and then a "round of applause" was given by the entire group. The agent who referred the most candidates in any given month was awarded a private parking slot in the front of the building, normally reserved for the managers of the company. And, lastly, there was a HUGE "write-up" about the new and referring agent in our monthly magazine, which went not only to those in our agency, but to Corporate and many other agencies throughout the United States, as well.
RECOGNITION WORKS! We had a 69 percent retention rate after five years and were the No. 1 agency for The Acacia Group for several years!
Linda H. DeNomme, LUTCF
President, DMJ Financial Group
General Agent, AmerUs Life Insurance Company
Pittsburgh, PA
Richaard Wong RFP, ChLP, FChFP Best Practices, Training & Development
33/F, AIG Tower, 1 Connaught Road Central Hong Kong Tel: +852 2832 6762 Fax: + 852 2572 1792 Richaard-kl.wong@aig.com
“Leadership by the Compass not the Clock” – Dr. Covey
Check out previous articles at: http://regleaders.blogspot.com/
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Monday, February 23, 2009
A Fast Start for the Freshman
A Fast Start for the Freshmen
In 1992, we were looking for a way to reward brand-new agents for their activity, as opposed to results, so they would feel good about their efforts even if they weren’t posting big commission results yet. That’s when we came up with the President’s Early Achievement Award.
Not only has this program had a significantly positive effect on our ability to launch new agents into the career quickly and successfully; it also has helped increase our retention rate.
During our new agents’ first six months in the business, we ask them to submit 40 life, annuity or disability applications—not paid for, not issued, but just to submit them with cash. Underwriting doesn’t have to be completed. We also count an equity sale if the ticket is $40,000 or more. This is drummed into them as an expectation from the beginning.
The qualifications for our company clubs and for MDRT don’t allow pro rata submissions, so the new producers can’t look forward to achieving those milestones until they’ve been here a while. For a new agent starting out from Day 1 in the business, it will be a month and a half or two months before they get to a closing interview, before you see their first app. So this gives them a good, solid goal that they can work toward right away.
We have weekly pep sessions with the new agents. We ask them, “How are you going to identify those 40 apps? Where will you get them?” We make a big deal out of it. We explain to them that when they win the President’s Early Achievement Award, the senior agents will start to take notice of them and know they’re for real and that good things come from those relationships with senior agents, such as potential successor programs.
Our belief is that the new agents should be rewarded for the apps they get. Even if they’re small apps, the agents have to do the activity to get them, even though they may not have big numbers hitting their commission statement.
We have 127 reps in six locations spread out across four states. At our all-agency meetings, the new agents who have turned in their 40 apps are brought up on stage and presented with a $500 check good at the company store to spend on anything marketing-related and a plaque that goes on their wall. They also get to move out of their cubicle into a private office.
We’ve tracked this over the years. About 53 percent of the people we brought into the business have succeeded in reaching the President’s Early Achievement Award. Our agency’s four-year retention rate—except for a dip a few years ago, but prior to and after that—has been between 35 and 45 percent. We’ve also noticed that almost every agent we retain has achieved this goal.
There’s no magic to the 40 apps. It could be 35 or 50. The idea is to give the new agents an incentive to produce until it bridges them into the other clubs. A lot of our new people come in mid-year, so instead of waiting six to eight months to get in the game, this allows them to get started right away. It gives them a successful launch and puts their focus on activity, not commissions.
I can’t emphasize how much we supervise them and get them to focus on this goal from the beginning. We discuss it in every interview. And when they’re signing the contract, we give them a list of expectations. Achieving this goal is the first thing on the list. The second item on the list is achieving Principal’s Premier Club. The third is to hire a support person. And the fourth expectation is to make our second-level club, the Honor Council, which is about equivalent to MDRT’s Court of the Table.
The first 90 days, the new agents have daily activity monitoring. We use the One Card System. If they get through the first 30 days, then they’re on weekly supervision. Every time they meet with their manager, their progress toward the President’s Early Achievement Award is discussed, front and center.
Everyone in the organization talks about it. The senior agents will ask the new people, “How are you doing on your P.E.A.?” The senior agents understand how important it is for the entire organization. I tell them, “It’s good for you; it’s good for us, and so help us make this a part of why they’re here.”
One year, one of our senior agents nominated a new recruit and began informally mentoring him. The young agent was working “lights out” to get his 40 apps, but as his first six months were about to end, he had a fair ways to go. The senior agent stepped in and gave him a boost. He went out on a couple of calls with him, encouraged him and spent time going through cases with him. On the last hour of the last day, the kid brought in his last three apps, and he made it.
This experience developed such a bond between those two that, six years later, the young producer became the successor agent and bought out the senior agent’s practice when he retired.
This program takes a total commitment by the management team. It took three years for it to really take hold. You have to encourage the first guy to do it, and make a big deal out of it. Then you have someone to point to. We learned that the secret was not to go to the senior agents because they won’t change the way they do things. Like any culture change, it all begins with what you tell the new people. If you tell them this is the deal, then they understand that from the beginning.
I’m convinced that this program works because its part of the culture of the organization, and it’s recognized when the new producers go to agency meetings. They see other guys getting the recognition, the checks and the handshakes, and it spurs them on.
Lawrence E. (Larry) Reelitz
Regional Managing Director
The Principal Financial Group
Des Moines, IA
Richaard Wong RFP, ChLP, FChFP Best Practices, Training & Development
33/F, AIG Tower, 1 Connaught Road Central Hong Kong Tel: +852 2832 6762 Fax: + 852 2572 1792 Richaard-kl.wong@aig.com
“Leadership by the Compass not the Clock” – Dr Covey
Check out previous articles at: http://regleaders.blogspot.com
In 1992, we were looking for a way to reward brand-new agents for their activity, as opposed to results, so they would feel good about their efforts even if they weren’t posting big commission results yet. That’s when we came up with the President’s Early Achievement Award.
Not only has this program had a significantly positive effect on our ability to launch new agents into the career quickly and successfully; it also has helped increase our retention rate.
During our new agents’ first six months in the business, we ask them to submit 40 life, annuity or disability applications—not paid for, not issued, but just to submit them with cash. Underwriting doesn’t have to be completed. We also count an equity sale if the ticket is $40,000 or more. This is drummed into them as an expectation from the beginning.
The qualifications for our company clubs and for MDRT don’t allow pro rata submissions, so the new producers can’t look forward to achieving those milestones until they’ve been here a while. For a new agent starting out from Day 1 in the business, it will be a month and a half or two months before they get to a closing interview, before you see their first app. So this gives them a good, solid goal that they can work toward right away.
We have weekly pep sessions with the new agents. We ask them, “How are you going to identify those 40 apps? Where will you get them?” We make a big deal out of it. We explain to them that when they win the President’s Early Achievement Award, the senior agents will start to take notice of them and know they’re for real and that good things come from those relationships with senior agents, such as potential successor programs.
Our belief is that the new agents should be rewarded for the apps they get. Even if they’re small apps, the agents have to do the activity to get them, even though they may not have big numbers hitting their commission statement.
We have 127 reps in six locations spread out across four states. At our all-agency meetings, the new agents who have turned in their 40 apps are brought up on stage and presented with a $500 check good at the company store to spend on anything marketing-related and a plaque that goes on their wall. They also get to move out of their cubicle into a private office.
We’ve tracked this over the years. About 53 percent of the people we brought into the business have succeeded in reaching the President’s Early Achievement Award. Our agency’s four-year retention rate—except for a dip a few years ago, but prior to and after that—has been between 35 and 45 percent. We’ve also noticed that almost every agent we retain has achieved this goal.
There’s no magic to the 40 apps. It could be 35 or 50. The idea is to give the new agents an incentive to produce until it bridges them into the other clubs. A lot of our new people come in mid-year, so instead of waiting six to eight months to get in the game, this allows them to get started right away. It gives them a successful launch and puts their focus on activity, not commissions.
I can’t emphasize how much we supervise them and get them to focus on this goal from the beginning. We discuss it in every interview. And when they’re signing the contract, we give them a list of expectations. Achieving this goal is the first thing on the list. The second item on the list is achieving Principal’s Premier Club. The third is to hire a support person. And the fourth expectation is to make our second-level club, the Honor Council, which is about equivalent to MDRT’s Court of the Table.
The first 90 days, the new agents have daily activity monitoring. We use the One Card System. If they get through the first 30 days, then they’re on weekly supervision. Every time they meet with their manager, their progress toward the President’s Early Achievement Award is discussed, front and center.
Everyone in the organization talks about it. The senior agents will ask the new people, “How are you doing on your P.E.A.?” The senior agents understand how important it is for the entire organization. I tell them, “It’s good for you; it’s good for us, and so help us make this a part of why they’re here.”
One year, one of our senior agents nominated a new recruit and began informally mentoring him. The young agent was working “lights out” to get his 40 apps, but as his first six months were about to end, he had a fair ways to go. The senior agent stepped in and gave him a boost. He went out on a couple of calls with him, encouraged him and spent time going through cases with him. On the last hour of the last day, the kid brought in his last three apps, and he made it.
This experience developed such a bond between those two that, six years later, the young producer became the successor agent and bought out the senior agent’s practice when he retired.
This program takes a total commitment by the management team. It took three years for it to really take hold. You have to encourage the first guy to do it, and make a big deal out of it. Then you have someone to point to. We learned that the secret was not to go to the senior agents because they won’t change the way they do things. Like any culture change, it all begins with what you tell the new people. If you tell them this is the deal, then they understand that from the beginning.
I’m convinced that this program works because its part of the culture of the organization, and it’s recognized when the new producers go to agency meetings. They see other guys getting the recognition, the checks and the handshakes, and it spurs them on.
Lawrence E. (Larry) Reelitz
Regional Managing Director
The Principal Financial Group
Des Moines, IA
Richaard Wong RFP, ChLP, FChFP Best Practices, Training & Development
33/F, AIG Tower, 1 Connaught Road Central Hong Kong Tel: +852 2832 6762 Fax: + 852 2572 1792 Richaard-kl.wong@aig.com
“Leadership by the Compass not the Clock” – Dr Covey
Check out previous articles at: http://regleaders.blogspot.com
Sunday, January 4, 2009
Calm During the Storm
What we’re starting to see in Canada is a greater awareness in terms of providing health-care and insurance products to clients. It has a lot to do with the limitations of the provincial health-care system that we have here. Currently, there is a real strain on our system. Our waiting lists to see doctors are getting longer. People are having to wait longer between seeing a general practitioner and a specialist and between seeing a specialist and having an operation done.
Plus, we continue to have fewer doctors and nurses but more people needing to be serviced. In the next 20 to 30 years, our population will have an abundance of older people. People are living longer because of advancements in medicine.
A recent Canadian study revealed that many people here are starting to withdraw their retirement savings or liquidate their assets, including their principal residences, to offset their health-care needs. Obviously, this results in severe tax consequences and erosion of retirement capital.
About 90 percent of the Canadian population lives within 100 miles of the U.S. border. Many people will travel to the States to get health care, even thought they have to pay the noninsured price. We’ve seen people paying $100,000 in Canadian dollars for a heart transplant or a series of chemotherapy in the United States. They’re willing to pay more to be seen and treated quickly.
Even in the United States, about 50 percent of all foreclosures are due to a critical illness. So I’ve seen that people are more receptive than ever to hearing about ways they can protect their assets. It’s actually easier to talk to people about health-care products than life insurance because they’re more willing to accept the fact that they’ll get sick than they are to accept the fact that they’ll die!
Especially in light of the current situation, I feel strongly that it’s our fiduciary responsibility to get our advisors in front of people and to make sure that everything is in place for them.
Our company has begun to take a more proactive role in talking to people about critical health-care and personal-health insurance. The urgency of the current situation has opened up opportunities for us to do a complete needs analysis with our clients and to supplement benefits that the government health-care program doesn’t cover.
We explain to our clients how long-term-care (LTC) insurance products can ensure that they’ll receive income after they retire. It can cover, for example, the cost of having a registered nurse at their home around the clock. We can show them that what they’ll pay on a premium will be much less, in the long run, than sustaining a huge loss to their retirement account or selling their home.
Our supplemental policy won’t help someone get in to see the doctor faster, but it will pick up the tab for medical treatment, even if they get it in the United States.
There are numerous cross-selling opportunities among our existing clients. This gives us a huge opportunity to help people to improve their coverage and minimize their financial risk.
To get our products in front of even more people, we have established relationships with other professionals, such as attorneys who handle real estate transactions. They inform their clients about our services and explain that we can help them protect their home and other assets if they should develop a critical illness.
Because this is such a pressing issue on everyone’s minds, we have had a lot of success with asking for referrals from our clients. Just about everyone knows someone who has had a heart attack or cancer, and they welcome the opportunity to help their friends and loved ones protect their financial assets.
We also conduct workplace meetings with employees. Employers will allow their employees to spend time with one of our advisors to help them understand their group plans and coverages. We’ll give a presentation on existing and new benefits. Then we’ll gather feedback and meet with those who request a one-on-one meeting.
On December 1, 2002, one of my best friends came to my surprise 40th birthday party. He told me that he had changed jobs and no longer had benefits. He wanted me or one of my advisors to meet with him, and we made an appointment for Friday the 13th. That day, his wife called to say that he had the flu. My friend has always been a procrastinator, so I thought maybe he just wasn’t ready to talk about new coverage. Then on the 17th, I was in a planning meeting when my wife called. She told me that my friend, only 39 years old, had suffered a stroke.
I went to see him in the hospital’s intensive care unit. “I wish I had come in to see you,” he said. Then he told me that the previous evening, two people in intensive care had passed away during the night and that he was thinking a lot about his wife and little girl.
Never did I imagine that when we finally did get a chance to meet with him, it would be in the hospital, with him hooked up to infusion pumps. At one point, he got up, weak and unbalanced. He walked like a 90-year-old man. And I saw fear in his eyes.
Miraculously, my friend recovered. The doctors said that he could’ve ended up paralyzed and blind. His balance was affected, and he had difficulty walking. But within a few days, he was back home. When he went back to work, he found out that he was no longer eligible for coverage!
I hear it so often: “I’m not going to get sick.” I’ll respond with, “Do me a favor. Can I see this crystal ball of yours? Tell me the exact day you’ll be uninsurable or the day you will die, and I’ll make a date with you for the day before that.” That usually makes them realize that what they’re saying is unreasonable!
Now I am even more insistent that it is our fiduciary responsibility to get people sufficient coverage now, not later.
Salvatore (Sam) Lentini
Clarica
Ottawa, Ontario, Canada
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
What we’re starting to see in Canada is a greater awareness in terms of providing health-care and insurance products to clients. It has a lot to do with the limitations of the provincial health-care system that we have here. Currently, there is a real strain on our system. Our waiting lists to see doctors are getting longer. People are having to wait longer between seeing a general practitioner and a specialist and between seeing a specialist and having an operation done.
Plus, we continue to have fewer doctors and nurses but more people needing to be serviced. In the next 20 to 30 years, our population will have an abundance of older people. People are living longer because of advancements in medicine.
A recent Canadian study revealed that many people here are starting to withdraw their retirement savings or liquidate their assets, including their principal residences, to offset their health-care needs. Obviously, this results in severe tax consequences and erosion of retirement capital.
About 90 percent of the Canadian population lives within 100 miles of the U.S. border. Many people will travel to the States to get health care, even thought they have to pay the noninsured price. We’ve seen people paying $100,000 in Canadian dollars for a heart transplant or a series of chemotherapy in the United States. They’re willing to pay more to be seen and treated quickly.
Even in the United States, about 50 percent of all foreclosures are due to a critical illness. So I’ve seen that people are more receptive than ever to hearing about ways they can protect their assets. It’s actually easier to talk to people about health-care products than life insurance because they’re more willing to accept the fact that they’ll get sick than they are to accept the fact that they’ll die!
Especially in light of the current situation, I feel strongly that it’s our fiduciary responsibility to get our advisors in front of people and to make sure that everything is in place for them.
Our company has begun to take a more proactive role in talking to people about critical health-care and personal-health insurance. The urgency of the current situation has opened up opportunities for us to do a complete needs analysis with our clients and to supplement benefits that the government health-care program doesn’t cover.
We explain to our clients how long-term-care (LTC) insurance products can ensure that they’ll receive income after they retire. It can cover, for example, the cost of having a registered nurse at their home around the clock. We can show them that what they’ll pay on a premium will be much less, in the long run, than sustaining a huge loss to their retirement account or selling their home.
Our supplemental policy won’t help someone get in to see the doctor faster, but it will pick up the tab for medical treatment, even if they get it in the United States.
There are numerous cross-selling opportunities among our existing clients. This gives us a huge opportunity to help people to improve their coverage and minimize their financial risk.
To get our products in front of even more people, we have established relationships with other professionals, such as attorneys who handle real estate transactions. They inform their clients about our services and explain that we can help them protect their home and other assets if they should develop a critical illness.
Because this is such a pressing issue on everyone’s minds, we have had a lot of success with asking for referrals from our clients. Just about everyone knows someone who has had a heart attack or cancer, and they welcome the opportunity to help their friends and loved ones protect their financial assets.
We also conduct workplace meetings with employees. Employers will allow their employees to spend time with one of our advisors to help them understand their group plans and coverages. We’ll give a presentation on existing and new benefits. Then we’ll gather feedback and meet with those who request a one-on-one meeting.
On December 1, 2002, one of my best friends came to my surprise 40th birthday party. He told me that he had changed jobs and no longer had benefits. He wanted me or one of my advisors to meet with him, and we made an appointment for Friday the 13th. That day, his wife called to say that he had the flu. My friend has always been a procrastinator, so I thought maybe he just wasn’t ready to talk about new coverage. Then on the 17th, I was in a planning meeting when my wife called. She told me that my friend, only 39 years old, had suffered a stroke.
I went to see him in the hospital’s intensive care unit. “I wish I had come in to see you,” he said. Then he told me that the previous evening, two people in intensive care had passed away during the night and that he was thinking a lot about his wife and little girl.
Never did I imagine that when we finally did get a chance to meet with him, it would be in the hospital, with him hooked up to infusion pumps. At one point, he got up, weak and unbalanced. He walked like a 90-year-old man. And I saw fear in his eyes.
Miraculously, my friend recovered. The doctors said that he could’ve ended up paralyzed and blind. His balance was affected, and he had difficulty walking. But within a few days, he was back home. When he went back to work, he found out that he was no longer eligible for coverage!
I hear it so often: “I’m not going to get sick.” I’ll respond with, “Do me a favor. Can I see this crystal ball of yours? Tell me the exact day you’ll be uninsurable or the day you will die, and I’ll make a date with you for the day before that.” That usually makes them realize that what they’re saying is unreasonable!
Now I am even more insistent that it is our fiduciary responsibility to get people sufficient coverage now, not later.
Salvatore (Sam) Lentini
Clarica
Ottawa, Ontario, Canada
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
AXA Agents andAir Show
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
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
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
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