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I'm looking for input from seasoned FE producers. I recently sold my IA. Too young to retire and looking for something to do. I contact a carrier that specializes in FE and to be candid I think much of the bad press that this company has endured is without merit. They are good people and assuming you understand the terms and conditions it is what it is.
I'm trying to decide if this is something I want to do full time and I'm really looking for truthful input and the unvarnished facts. My first reaction is that everyone is trying to make FE look like the road to riches. Everybody seems to have a YouTube video where it shows the agent driving up in a Maserati. It comes off kind of sleazy and eliminates any sense of professionalism.
I have encountered a lot of nice people with different selling styles. I have met people that have the preacher style and they incorporate biblical quotes and verses. I am a believer and I have no problem with that. Then there are those that come off as funeral directors and I have no problem with that either. The two products and services are closely intertwined. I have a teacher style and the fact is there is nothing to teach.
I really like the idea of helping people and I really believe that every human being who navigates this world deserves a respectable and respectful burial. So having said all that here is what I have found after about five weeks.
1- I have been encouraged to door knock the leads that I buy. I did that for about 3 weeks. I am very professional both in look and approach. A few doors have opened and I have been invited in to write policy's. However most people are not home so I leave a door knocker or card. That has netted nothing. Next you get people that are home and can't meet with you at the time. So I nicely introduce myself and get an e-mail or phone number and commit to calling them back. It seems many door knocks lead to continued follow up trying to get a real sit down.
2- Many of the sit downs go well until it's time to get a check. Many of these people don't have the $40 or $50 dollars it takes and some don't even have checking accounts. I'm a professional agent and I do not have a foot in the door sales approach. My other thought is persistency. I look at some of these people and I think even if get a check what are the odds of getting subsequent payments.
3- I sat with a husband and wife who had just lost a mother and mother in law. The deceased had no insurance and they had to pass the hat to bury their loved one. Neither had insurance so this was a priority. I wrote two applications but they didn't have any money. I asked them when they would have the money and they gave me a date. I said I'm here now let's do the applications and we'll set the bank draft up for the day the money will be in the account. As an aside the woman was crying at the table and was so appreciative for what I was doing. The net result thus far is two NSF events and now I'm chasing them to get money.
3- I door knocked a lead and met with a man and his fiancé. Again no money. Come back around the first of the month. I follow up three times and finally I get the second appointment. He says come over I want to write the policy before I go to Florida. I set the appointment for 6 PM on a Tuesday night. I show up to write a policy and he asks me to explain everything again. After thirty minutes he tells me he has no money.
4- it seems that everybody has a story and you become a priest/shrink listening to their problems.
5-I know there are many people that want you to drink the Kool Aide but I really need someone to help me see this FE segment as a viable way to make legitimate money. After six weeks I see this as a lot of work to make some money. However it seems like you're on a tread mill trying to pay for leads and at the same time your hoping that checks clear on applications and debits clear to keep the business on the books.
6- I have been told 10 door knocks a day. My question is if I commit to do that what are the realistic expectations.
I would welcome all honest assessments of this end of the business.
I agree with Jdeasy, I think you need to completely start over and get connected with someone to train. There are so many good resources on this forum that will help you.
As for knocking 10 doors a day. That alone will not help you, so I wouldn't even consider it as an option.
The best option is to open yourself up to be trained the right way.
