Agent Link - July 2021

Agent Link - July 2021

JULY 2021

INSIDE Next Generation Method to Find Top Annuity Producers

Make Your Work-Life Balance Easy

How Jim’s Annuity and IUL Numbers Kept Growing Despite Social Distancing

The Founding Document of America

3 Costly Mistakes With Annuity Producers

are different “types” of annuity producers and even retirement planners. Which persona is your group really successful with? Your records will provide you the answers. Some groups don’t do well with annuity producers already writing a certain amount in premium, while others, because of their background, are very successful at servicing planners. Your promo may not be speaking to the right persona, and as a result, you could be We’ll exaggerate this in order to illustrate our point: Your group could have hit a home run with a value proposition 10 years ago, but today every competitor offers the exact same program and type of support.The key to refining and communicating a more unique value proposition is finding out what active producers need and expect now. The great news is that every point we list can be tackled and remedied! Our group is here to help your team with insights and strategic ideas. missing the mark with prospects. 3. A Dated Value Proposition

in annuity premium, they likely have multiple uplines already. So, they may not be ready to start writing cases with your group or start presenting a new retirement strategy to clients after a single event or phone conversation, no matter how great an impact you made. Jeremy Miller, recruiting expert and author, explains that it can take up to 12 positive interactions with a prospect before they like and trust you enough to take action on an opportunity. Drip email campaigns are a good start, but they are insufficient as a “follow-up strategy” in such a competitive environment. Instead, a serious and systematic follow-up plan must focus on delivering value upfront to producers multiple times, whether they’re ready to write business immediately or not. Providing value upfront on every interaction will build genuine rapport and trust. 2. Wrong Buyer Persona Our research points to close to 30% of active producers writing or cross-selling some amount of annuities, but only 8% specialize in it.There

Twenty years working with carriers, national FMOs, and regional groups has shown us many successful actions, as well as costly unsuccessful actions, when seeking to attract new annuity producers and grow distribution. There are three in particular that we’d like to discuss. 1. Inadequate Follow-Up This may be the most common omission we continue to find in recruitment strategies. Many do a tremendous job promoting their outstanding products, unique services, or extraordinary marketing support to producers. Naturally, recruiters want to close producers at that great event they’re hosting or immediately after they respond to that great email that went out, but often, they end up approaching recruitment as a one-shot opportunity and do insufficient and ineffective follow-up with those who do not close. “Low hanging fruit” can be found, but it is the smaller percentage of prospects.The average annuity producer has over 20 years of experience in the industry, is appointed with multiple carriers, and if they’re writing a sizable amount

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Is Your Agent List Failing to Turn Into New Annuity Producers Writing Business?

The Limits of a Demographic Approach As aforementioned, it isn’t demographics that point to the producers that do well but rather behavioral points.These attributes are known as psychographics.These behavioral attributes point to producers’ level of activity, attitudes, preferences, and mindset. Here are some examples of what we mean: Do inactive or non-ideal producers write less business because they don’t have the proper licensing? Is it their age? Are they in the wrong zip code? Do their current affiliations really determine whether they’ll have success with your group? When comparing and contrasting, your better producers would likely have different priorities, practice focus, and would have the types of problems your organization can solve. Unfortunately, these attributes aren’t searchable in your >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6

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