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Why agents and advisors should consider college planning as a specialty

Brian Anderson

Insurance Forums: Demographically, what would you say would be the ideal kind of advisor to focus on the college funding market? What common characteristics make a good candidate to succeed in this market?

McCarthy: The ideal advisor for the college planning market has two characteristics:

1. A willingness to learn and follow a proven system

  • No need to reinvent the wheel
  • You can bring in as many high quality prospects as you want IF you follow the system

2. Some selling skills

  • If you’re already pretty good in front of quality prospects, then you’ll do great in the College Planning niche
  • Even if you’re not a great salesman, this niche is starving for any advisor who shows any competence and expertise

That’s really it. If you have an Insurance, Retirement Planning, or Financial Planning background those are a plus. But they are not a requirement.

Several of the top advisors we’ve worked with over the years had ZERO prior financial service experience.


Insurance Forums: What steps need to be taken for an advisor to establish himself/herself as a college planning specialist?

McCarthy: Good question. Here is the path that gives advisors the quickest and easiest way to get up and running as a College Planning Specialist:

  1. Tap into a proven College Planning system
  2. Get a mentor or coach (preferably someone with a proven and lengthy track record) who can shortcut your success and help you avoid common pitfalls and minimize mistakes in the beginning
  3. Make a plan of action
  • Set up your first workshop (the best method of prospecting in the College Planning Niche)
  • Set up your College Planning business (just a simple extension of your current Insurance or Financial Advisory practice)
  • Practice the workshop
  • Practice and review how to run one-on-one meetings with College Planning Prospects
  1. Execute that plan of action

That’s it. College Planning is a simple business.

The key is tapping into a proven system. If you have to go and create all the marketing materials and sales scripts yourself it would require tremendous time, energy, and money. And even then you might not get it right.

I can’t stress enough how important it is to follow a proven system. If you want to give yourself the absolute best chance of success in this niche, find something that has proven to work for others.

• See also: Funding college without wrecking retirement – How one advisor helps clients pass this scariest of tests

For more information about Strategic Education Technologies, please visit www.leads4insurance.com.



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