As has already been discussed, a mentor is a necessity to becoming a successful Final Expense Agent. Let me share a personal story. When I got into this business, I got into it part time. I was still finishing up my degree and working a J O B. I had no idea what I was doing, but figured it was sales, and I had done sales all my life, so I decided to just wing it.
I sold around $30,000 in Annual Premium my first year. That’s embarrassing! The second year, I took some much needed counsel and made the decision to purchase leads every week. That was my intention, but that’s not what I did. I would buy some leads, then work them to death for a few weeks and then when they ran out, I would buy some more. Towards the end of my 2nd year, I got hooked up with a Mentor. He showed me his system and shared with me what I needed to know and do to be successful in Final Expense. I started purchasing leads on a much more regular basis and I ended up writing $65,000 in AP, about half of that in the last 3 months of the year.
So at my Mentor’s prodding, I committed to purchasing leads on a weekly basis NO MATTER WHAT! My 3rd year in Final Expense I wrote right at $155,000 in AP. I’ve written between $150,000-$200,000 every year since.
While the best way to get into the Final Expense market quickly and profitably is to get started on a weekly Direct Mail campaign right off the start, with taking some aged leads or internet leads while you wait for your Direct Mail leads to come in. You must have a great work ethic, be teachable and have good money management skills to be able to succeed in any business, but especially Final Expense.
I cannot say this enough: Final Expense is completely different than every other type of sales in the world. The prospect is different. They think differently than you and I. They handle their money differently. They raise their families differently. You have to learn the mind of the Final Expense Prospect before you can be successful in Final Expense. Wisdom is taking the knowledge that others have and using it for yourself. Being a man or woman of understanding requires you to seek out the wisdom in others.
The best Final Expense agents are those that realize they need a mentor, then go and find a mentor and replicate the system the mentor has refined over years of being in this business. Being able to learn from a successful agent and ride along with them is always something that will help you grow as an agent.
This is what causes the majority of agents to fail in the “team building” type of agency. Who would you rather follow: an agent that has been in the business a few short months or someone who has been doing this successfully for years? That’s why those type of agencies will always be “churn and burn” agencies. Yeah, you may find a star here and there, and that’s who they are looking for, but they will go through 100s of agents to find them. What happens to the agents that fail? They end up working for Verizon in the mall!
This is also why most of the agents fail out of the IMOs that offer little to no support. Either they have no one to teach the agent how to work the Final Expense market or they have Mentors that could teach you, but they are unavailable for most of their sub-agents.
Now maybe one day you would like to manage a team of your own. I don’t think there is anything wrong with that, but you need to do it the right way. You have to learn how to walk before you can run. You need high enough contracts yourself, so that your agents don’t starve. If you make it your goal in life to help others reach their goals, you will always be successful. If you try the “get rich quick” route, you will not only fail yourself, but you will fail most agents you try and bring into this business.
So find a Final Expense Mentor that knows what they are doing. Find an agency that is dedicated to the Final Expense market. Find an agency that will help with all the mundane administrative tasks that will let you spend your time in the field making sales! The most successful salespeople, in any field, find a niche and devote themselves to that niche. You will always make more money if you focus on one product or service, rather than trying to be a jack of all trades.
Do you have a Mentor? Do you need one? Contact Us for more details.
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