Unfortunately, the new DOL rules are just a tip of the iceberg of the coming changes in the insurance and financial services industry.
And for the most part we, as an industry, deserve what we are getting. Too many companies, IMOs, Agents, Advisors, etc. are focused on just selling as much product as they can, to reap as much profit as they can. They are just pushing products, with little or no regard whether it is best for the client.
Obviously, there are agents who are doing the right things, the right way, for the right reasons for their clients. These agents are reaping the financial rewards and will survive the coming changes because they are actually helping people to better their financial lives.
“When you help enough people to get what they want, you’ll get what you want.”
If you want to survive the coming changes in our industry…
It’s not about the products or investments you offer! There is no one product or investment that is right for everyone. And, none of us has a crystal ball and knows which products or investments will perform the best over the next 30 or 40 years.
It’s not about the company you represent! Many of what appeared to be the best companies through the years, like Executive Life, E.F. Hutton, Kentucky Central and others, are completely out of the business today. Other companies like Met Life, Prudential, The Equitable, Allianz, Northwestern, and others have received a lot of extremely bad press in the past twenty years because they seem to have forgotten they serve the people.
It’s not about a slick new sales idea or product! New sales ideas and products come and go. Some are good and some are bad. Most new sales ideas and products tend to go too far and get into the gray areas of ethical conduct, income tax laws, etc.
And, it’s not about your credentials. Your credentials alone won’t attract people to you, get you an appointment, or close a sale.
It is all about YOU, and your actions when you are with prospects! It’s about your total belief and commitment in what you do. It’s about your knowledge, your ability and your willingness to really help people!
To quote the ‘Father of Financial Planning’, Loren Dunton, it’s about you… “Helping average people to learn how to spend, save, invest, insure and plan wisely for the future, to achieve financial independence.”
It’s about YOU learning as much as you can, to become the expert in what you do. It’s about you understanding the financial problems we all face today and finding solutions that you would feel comfortable doing for your own situation. If you were in your prospect’s situation, what would you do? If the prospect were your own mother, father, sister, brother or best friend, what would you recommend?
It’s easy to survive in our industry… When you are totally committed to doing the right things, the right way, for the right reasons.
The truth of the matter is that the best producers, those taking really good care of their clients, will survive and capture even more business, no matter what changes come down the pike.
Take the next step…master a technique to help you survives the changes!
Download our free eBook “How To Close 9 out of 10, By Asking The RIGHT Questions!”
Jeremy Nason, RFC is the co-founder of the famous Insurance Pro Shop™ -“The first affordable, full-service insurance marketing and sales resource center for today’s Financial Pro, and Found Money Management™, a system dedicated to helping Middle-Income Families to ‘Live Debt Free and Truly Wealthy!’ For more articles visit his blog!