The 30 day war!
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Ok Anon,
I'm going to be in the market to increase my life coverage when I get married in January. I have a UL I bought 3yrs ago when I got into the business and was thinking about picking up a Pac Life VUL after I get married. I will look into your WL idea though. What product would you suggest?[quote=BerkshireBull]Ok Anon,
I'm going to be in the market to increase my life coverage when I get married in January. I have a UL I bought 3yrs ago when I got into the business and was thinking about picking up a Pac Life VUL after I get married. I will look into your WL idea though. What product would you suggest?[/quote] Are you asking me a serious question or are you busting on me?[quote=anonymous][quote=BerkshireBull]Ok Anon,
I'm going to be in the market to increase my life coverage when I get married in January. I have a UL I bought 3yrs ago when I got into the business and was thinking about picking up a Pac Life VUL after I get married. I will look into your WL idea though. What product would you suggest?[/quote] Are you asking me a serious question or are you busting on me? [/quote] I'm not patronizing you. Give me a WL recommendation and I'll take a serious look at it. Maybe I'll buy it, and if I like it enough I'll even show it to clients down the road. You seem to be unbiased among the companies you represent that's why I asked your opinion. I wouldn't be asking a NML guy, for example, to tell me which WL he thinks is best as I can already guess what his automatic answer would be.You’ll be fine with any of the big 4. I don’t know what will perform the best. I would rather have a product that does not have direct recognition.
I wouldn't recommend WL to you since I know nothing about you. My recommendation would be to buy as much convertible term as you can get and to not wait until you get married. If you are sleeping with your woman, you should assume that she is pregnant today. As for the VUL idea, let me rip that to shreads. Actually, you should rip that to shreads. Take a look at the prospectus and an actual contract. You need to dig through both because the prospectus will conveniently not include the inflated insurance charges. What you will find is that you have grossly overpriced insurance combined with grossly overpriced investments combined with the fact if the policy ever lapses all gains are income and not capital gains. For instance, every dollar that goes into the policy is subject to a 6.95% sales charge with no break points. Have you ever had a client make an investment that charged that type of sales charge? My experience has been that people who sell VUL policies don't understand the expenses.30 Day War: Week 1 Recap
Repeat Contacts: 120
New Contacts: 27 (need 6 contacts sat.)
New Accounts: 3
Appointments next week: 5
It was a good week but not great - fell a bit short on most metrics. However from the activity side it was an improvement. I continue to struggle in getting as many new contacts as I’d like but made progress this week over prior weeks. Of the new contacts I made I feel at least 4 will do business with me in the near future and have money to invest now. Setting goals for the month helped my focus quite a bit and I plan to put up even stronger numbers next week. Also got alot of lingering administrative crap out of the way, I am awful at keeping up with that crap.
On track to do 7.5k gross for the month if the ACATs go smoothly - should pick up additional business along the way to help increase this. I know that sucks for you vets.
$7.5 gross(if you end up averaging that) isn’t as terrible as you think(i mean it is at a wire, but not in your first year)… There are guys at my b/d who can’t do that…
I’ve got a number of checks on the way and have discussed with the clients how we’ll invest those funds when they get here. Also have a few insurance policies from the previous month that will hit this month. They should total 7.5k gross, already a third of the way there.
I’m not even thinking about August sales numbers now - the month is over, everything I’m doing appointments wise is for September + October. If I pick up some bond or stock sales, great, it will push me higher. Anything in mutual funds outside of what I know is coming will go into C shares or advisory solutions.
Trying to use this “war” to put more into my pipeline make it more sustainable. Not sure if this is the right way to make it in this business so any feedback is appreciated.
You really seem to be annuitizing your business. What family do you favor in C shares and account in Advisory Solutions? How do you pitch it to clients? Just the easier sale of low fees? Wasn’t it you that told us you kept swiping accounts from another guy at ML or something that put all his clients in C shares? Just wondering what the pros and cons are as I too want to build my business this way.
[quote=fa09]You really seem to be annuitizing your business. What family do you favor in C shares and account in Advisory Solutions? How do you pitch it to clients? Just the easier sale of low fees? Wasn’t it you that told us you kept swiping accounts from another guy at ML or something that put all his clients in C shares? Just wondering what the pros and cons are as I too want to build my business this way.[/quote]
My goal year one is to have $1000 per month NET in annuitized business monthly starting month 13. With C shares I don’t favor a family. I’ve created 5 models of C shares tried to choose the best funds I can find. With A shares I’ve been using Franklin and like their products. Please understand I’m new though and will probably adjust my process 100000 times in the next year so it’s a bit pointless to share yet. Just know how to create trust and sell is all - my “investment experience” is limited so I keep things simple and try to do what is right.
One example - Guy has a 42k rollover and my month is plugging away okay I’m much more likely to push him into C shares knowing when he pops 50k I can move him into AS. I sell the C shares based on being flexible with no upfront sales charge. – If I was not having a good month it would be super hard to do this though, I don’t want to starve.
This has been a very interesting read. Google is my friend as I do not know most of the terms and abbreviations that you guys throw around, but it definitely has gotten my attention, and I can’t wait to find out if I’ll end up working in this field. Thanks, everyone.
[quote=voltmoie]
[quote=fa09]You really seem to be annuitizing your business. What family do you favor in C shares and account in Advisory Solutions? How do you pitch it to clients? Just the easier sale of low fees? Wasn’t it you that told us you kept swiping accounts from another guy at ML or something that put all his clients in C shares? Just wondering what the pros and cons are as I too want to build my business this way.[/quote]My goal year one is to have $1000 per month NET in annuitized business monthly starting month 13. With C shares I don’t favor a family. I’ve created 5 models of C shares tried to choose the best funds I can find. With A shares I’ve been using Franklin and like their products. Please understand I’m new though and will probably adjust my process 100000 times in the next year so it’s a bit pointless to share yet. Just know how to create trust and sell is all - my “investment experience” is limited so I keep things simple and try to do what is right. One example - Guy has a 42k rollover and my month is plugging away okay I’m much more likely to push him into C shares knowing when he pops 50k I can move him into AS. I sell the C shares based on being flexible with no upfront sales charge. – If I was not having a good month it would be super hard to do this though, I don’t want to starve.[/quote]
This is why I thought it was ingenious to go work for Jones when they came out with advisory solutions. You have that salary for a year - I would have been putting EVERYBODY into advisory solutions (if they met the minimum).
That’s been my plan Moraen - as long as I lock up the Milestone bonus and new account bonus Advisory Solutions is golden.
Volt- 30 days almost up. Where are you at? How is the last week looking? Are you counting til the 28th or 31st? Good luck and kick some ass these last couple days! Stay off the booze and finish strong!!
[quote=DeBolt]Volt- 30 days almost up. Where are you at? How is the last week looking? Are you counting til the 28th or 31st? Good luck and kick some ass these last couple days! Stay off the booze and finish strong!![/quote]
Had a good week last week but don’t have my numbers in front of me. Going to the 31st but won’t be able to work this Saturday … fantasy football draft. I’ll post a recap of my month next weekend.
I will say this, having a purpose and working towards its every day in bite sized chunks has helped me alot. My September could be very large if some things fall into place.
[quote=anonymous][quote=voltmoie][quote=anonymous]This is something that I have done when a client says that they have enough insurance when I know that they don’t.
Ex. John makes $100,000 and has $500,000 of life insurance and thinks that his family would be just fine on that amount of money. Me: "John, if I gave you $500,000 and in exchange you could never earn another dime would you accept the money?" John: "No. It's not enough. I'll run out of money." More often, I'll just run them through a little exercise. Me: "Ok, you have $500,000 and you think that will be enough. It might be, but let's take a look to be sure. Since this money needs to last, Sally will need to invest it. What sort of rate of return do you think that she'll get?" (They'll either give a low number or if they give something high, I'll explain how they can really only safely withdraw about 4% of the money.) John: "Maybe 3-4%" Me: "Let's look at 4%. $500,000/ 4%/12 months = $1,666/month. Would your family live in the way that you would like with $1,666/month. John: "No way" Me: "Fortunately, it shouldn't be very expensive to get the insurance coverage that you need." John: "ok"[/quote] Does that extra insurance that they'll probably never use cover them when they get to retirement and have not saved enough to travel to see those 2-3 kids and their grandchildren? j/k I think insurance guys will always look at the risk and investment guys will always look at the reward. I try to be both but probably under insure most people in most insurance guys minds. I go 10x take home pay and invest the rest. Perhaps my perspective will change when I have some clients die.[/quote] This kind of anti-insurance argument is so very silly. If the client in the above example is 30 and we increase his insurance from $500,000 to $1,500,000 by having him purchase a 10 year level $1,000,000 term policy, we have raised his insurance premium by $20/month. Is $20/month going to stop him from traveling and doing other things when he's older? Of course not. In fact, he's not going to invest less simply because he has added $20 more to his monthly expenses. Why are you having people purchase 10x their take home pay? Do your job and find out what your client wants to accomplish. Most want their families to maintain their standard of living. 6x take home pay typically won't do this. Ex. John is 30 and is making $100,000. He is married with 2 young kids. He takes home $60,000 and is contributing $6000 to his 401(k) and his employer is putting away $3,000. You have him buy a $600,000 20 year term policy for $270. If he dies today, his wife gets $600,000. Let's assume that John blows $1,000/month on himself. That would put the families need at $4,000/month instead of $5,000, but then they have added health insurance costs and $750/month is no longer being put away pre-tax for retirement. Anyway, how is $600,000 going to be enough to give the family $60,000 of after tax money? Instead of coming up with arguments of why this might be enough, first look at what would happen if they bought 10x gross income instead of 10x net. They would buy $1,000,000 of coverage. The premium would be $400 instead of $270. Why take the chance for a lousy $11/month difference. It's not as if because the insurance is $11/month more expensive, your client is going to change his roth contribution from $5000 down to $4870. Instead what will happen is that it will get eaten up in his budget. At the end of the year, his checking account balance will be $7,354.19 instead of $7,484.19. Trying to save a few dollars on insurance premiums is penny wise and pound foolish. [/quote] I met with a young doctor that moved to town. Base salary 250K, early 30's, wife and no kids. We talked about a base level of LI as they had none.....We did 1,000,000 term for him and 500K of UL on him and 500K of term on the wife just to get them started. Very inexpensive way to have base level of protection. The whole deal was 4600 gross just from life insurance......That whole area of planning is SO overlooked. You can average 1k-2K monthly on just that stuff if you just pay attention. It does not depend on the market as a matter of fact it works inversely… I have 6 more term policies in the works for next month, probably 2K total.
THE 30 DAY WAR:
577 Contacts
121 New Contacts
12 New Accounts
$5500 gross
Had a terrible last week that killed me contact wise. Monday is a new week. Gross fell a bit short because some transfers fell into next month and an issue with an insurance policy. All metrics except gross and new accounts were up over last month - they were flat. September should be large by my standards.
You Lose! <----$14,500 Gross for AugustMy goal is to be the FA Windy said he was, at least for 30 days.
Qualified for the 1st Div Trip, with a month left. You tried soooo hard!! Better luck next time! lol Check out what I got to start off my Sept -$8,000 Gross -$1.7 M Cash transfer that will gross $40,000 -$50,000 cash value policy (I think we get 70%) Whats that, like $83,000 gross rollin in? I'll have Seg 3 numbers, first month out from Seg 2. Are you there yet? Do we have any of those runner-up ribbons? Sorry, couldn't help myself.