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
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