I need some guidance. How to start

[DHK]

I have quite a few thoughts not yet addressed.

1) Annuities are a solution to a problem. Become known for the problems you solve, not the products you sell.

2) Unless you are doing regular seminars attracting people to you regularly, annuity sales are often side-sales to the message and other products I sell. Seminars require some kind of investment - even if it's just Facebook marketing for a Social Security workshop at the library, they will take a cost to generate your own leads. Your limited savings won't last long.

At least annuities don't require underwriting, even though they do require a suitability review.

I'd use a portion of your savings to invest in skill development, not necessarily leads.

3) You may need more skill-building than just presenting an annuity. How to do a discovery session and developing quality recommendations.

My friend Jeremy Nason and his company Insurance Pro Shop does this very well with weekly training sessions and an amazing online video learning course. You can get started learning for $40 a month for the online access. You may decide to invest in one of his selling systems later on.

[EXTERNAL LINK] - Insurance Marketing, Prospecting And Sales Training!

4) Here's a great 4 hour training (from 2017) with one of the top insurance agents in the country: Van Mueller. He talks about life insurance and annuities as solutions for many problems. You'll find it well worth your time to review.

 

[cjmarka]

I have quite a few thoughts not yet addressed.

1) Annuities are a solution to a problem. Become known for the problems you solve, not the products you sell.

2) Unless you are doing regular seminars attracting people to you regularly, annuity sales are often side-sales to the message and other products I sell. Seminars require some kind of investment - even if it's just Facebook marketing for a Social Security workshop at the library, they will take a cost to generate your own leads. Your limited savings won't last long.

At least annuities don't require underwriting, even though they do require a suitability review.

I'd use a portion of your savings to invest in skill development, not necessarily leads.

3) You may need more skill-building than just presenting an annuity. How to do a discovery session and developing quality recommendations.

My friend Jeremy Nason and his company Insurance Pro Shop does this very well with weekly training sessions and an amazing online video learning course. You can get started learning for $40 a month for the online access. You may decide to invest in one of his selling systems later on.

[EXTERNAL LINK] - Insurance Marketing, Prospecting And Sales Training!

4) Here's a great 4 hour training (from 2017) with one of the top insurance agents in the country: Van Mueller. He talks about life insurance and annuities as solutions for many problems. You'll find it well worth your time to review.

I can't appreciate this one enough. I'll definitely keep that in mind and Ill go check out Jeremy's content right now. Thank you

 

[Newby]

Hello all,

Longtime lurker here. I'm at a crossroads in my professional career, and life, and am interested in pursuing a future in the annuity business.

Background:
Currently I'm 50, live in Utah, and work as a Senior Product/Project Manager for a major defense contractor. I feel the corporate ladder world is sucking my life away and wondering if I'm wasting my time and talents for ~$150k/yr (I'm not complaining, I'm very lucky. I just wonder if I can do better). Education level - Masters. Licenses - I have a current and active Life and Health licenses in the state of Utah.

In another life (before 2009) I was in the mortgage protection insurance business, selling mostly F&G and Americo ROP policies, and I also worked in operations and marketing for a decent sized IMO. My father was successful in AL Williams and did well in mortgage protection, but when the market crashed in 2008, he went into retirement. I have a long life of exposure to this industry. But in 2009 I left and went on to other things.

However I still keep interest in this business and I feel it calling back out to me, especially considering the demographic changes and the growth of the annuity industry in general, I feel like I could use some of my prior experience along with my current skills to try this again. But I don't know where to start.

Challenges:
1. I don't have relationships anymore with any IMOs, or anyone. Everyone I knew is gone to other things or lost contact.

2. In 2016 I briefly returned to the business at a friend of mine's request, who convinced me to help him in the FE market, with recruiting. We did some recruiting and sadly, two bad apple agents were fraudulently writing and replacing policies to the tune of $19k and left me with the debt (currently with Prosperity) and so I have a vector (I just learned of this). I think this might prove a challenge in getting the contracts I seek.

3. I can't quit my day job on day 1. My business plan is to do appointments in the afternoons, evenings, Fridays (I'm off), weekends, in person or even better, remote (I know this is a unique challenge), until I get into a groove I am comfortable with.

4. Leads. From my experience I can't trust any of them. I have about $15k to kickoff my business but can't afford to waste any of it unless its vetted.

In summary, I guess I'm hoping to link up with someone trustworthy and legitimate (no BS) who can guide me. I'm more than willing to take reduced commissions if need be, but I'm hoping there's a one-stop place to go who can help guide me.

Sorry for the novel but was hoping to get it all out at once. Many thanks in advance.

-Chris

The vector won't be a problem as long as you pay it off.

 

[DonP]

Wow as others mentioned your situation is very unique and a hard question to answer . You're in a position few are in Netting $150 k a yr . Your employer health ins alone is probably a $10 k benefit for you alone and $22-$25 k for a family . FICA match is another $10 k Benefit . Vacation and sick days worth $10 k . Disability ins $300 a month .Retirement match worth $7-$10 k . To match $150 k net Im going to estimate your going to need to gross $250-$275 k to equal all you got .The reason I say that you're going to have to spend a lot on lead sources like seminars ( $2 to $3 k a pop . You must provide nice restaurants to attract a large crowd ) . Even direct mail annuity leads run $100 to $150 a lead . As another poster said can you make $150 -$1 mil in the ins business ? Hell yes but very very very few net that as individual agents . If you were making $75 k in a dead end job I'd say if your passionate go for it . You obviously have been in ins before and you know the pitfalls . Your going to have to spend substantial money on marketing starting from scratch to get the ball rolling

 

[cjmarka]

Wow as others mentioned your situation is very unique and a hard question to answer . You're in a position few are in Netting $150 k a yr . Your employer health ins alone is probably a $10 k benefit for you alone and $22-$25 k for a family . FICA match is another $10 k Benefit . Vacation and sick days worth $10 k . Disability ins $300 a month .Retirement match worth $7-$10 k . To match $150 k net Im going to estimate your going to need to gross $250-$275 k to equal all you got .The reason I say that you're going to have to spend a lot on lead sources like seminars ( $2 to $3 k a pop . You must provide nice restaurants to attract a large crowd ) . Even direct mail annuity leads run $100 to $150 a lead . As another poster said can you make $150 -$1 mil in the ins business ? Hell yes but very very very few net that as individual agents . If you were making $75 k in a dead end job I'd say if your passionate go for it . You obviously have been in ins before and you know the pitfalls . Your going to have to spend substantial money on marketing starting from scratch to get the ball rolling

I appreciate that, really and thank you. I've done all the calculations on that end, and I should have made it clear I'm not looking to jump ship out of my day job overnight. If it took me 3 years or so to slowly become proficient enough to replace my income, then I'd probably make that leap.

Until then I'm a pretty risk-averse person and am planning to take things slow.

 

[Sheryl J Moore]

I share the others' concerns about the income. If you have that figured-out though, I can introduce you to FMOs that may be a good fit for you. I will let you decide, but I would definitely research the Vector issue first. Praying for you! sjm

 

[marindependent]

Currently I'm 50, live in Utah, and work as a Senior Product/Project Manager

How much longer would you have to work till you hit retirement?

I feel the corporate ladder world is sucking my life away

Yep, but the insurance sales racket sucks the life out of many as well.

I can't quit my day job on day 1. My business plan is to do appointments in the afternoons, evenings, Fridays (I'm off), weekends, in person or even better, remote (I know this is a unique challenge), until I get into a groove I am comfortable with.

That is probably an OK plan as long as you are willing to work 70 hour weeks.

 

[scagnt83]

The Vector problem is the biggest issue. There is zero getting around that if he wants to be in the business. $19k to get appointed with carriers is a steep entry fee.

 

[scagnt83]

We did some recruiting and sadly, two bad apple agents were fraudulently writing and replacing policies to the tune of $19k and left me with the debt (currently with Prosperity) and so I have a vector (I just learned of this). I think this might prove a challenge in getting the contracts I seek.

This will prevent you from being able to do business with pretty much every carrier in the USA. It will have to be paid for you to enter the business.

You should have gone after those agents in small claims court. At least put in on their FICO to put pressure on them.