Rookies with capital vs those without
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I'm trying to get an idea of % of producers who made it with large sums of capital vs those with none.
Has there been a producer out there that never have cold prospected, but threw their weight around at the beginning? For example, spent $100k his first year on direct mail, leads, seminars etc...and got $300k gross.
There is this producer I met who sells only variable and fixed annuities. He does not leave his office ever. Had no network and not to mention too overweight to cold walk. He grossed in $300k his first year. Can someone actually buy himself into the business like the way this guy has done it? Does it happen often? He doesn't spend $100k/year like he used to on marketing because he gets referrals now, but it seemed like he bought his way past the marketing learning curve.
I’m curious about this as well. Anyone have experience with this or a similar type of stiuation?
Definitely; hire someone to do all your cold calling for you. In addition to spending tons on advertising/direct mail/etc.
Bring in 8 million, throw it all in annuities (aka an annuity wh0re) and you have your 300k.
Sometimes I get the idea that a good percentage of producers do skip all the "cold walking/prospecting with blood and sweat" paradigm that alot of traditional sales people preach about. There is that share of high producers that would have failed miserably walking and talking cold without the backing of money.
[quote=The Judge]
Definitely; hire someone to do all your cold calling for you. In addition to spending tons on advertising/direct mail/etc.
Bring in 8 million, throw it all in annuities (aka an annuity wh0re) and you have your 300k.
[/quote]
As opposed to mutual fund, stock, or managed money whores?
[quote=JimmytheRocker]Not many responses?[/quote]
Money helps but doesn't get you a free pass. We have a trainee who came to us after selling a business. He had plenty of dough to throw at the biz. He hired cold callers to find attendees for his monthly dinner seminars. The dinners were held at nice restaurants. All up his out of pocket cost was about 3Gs a month. Once he got results the BOM started taking some of the weight. Still, this guy worked his butt off. He cold called, ran appointments, as well as coordinated and delivered the seminars. He did about 300K his first year and worked for every dime. So, the answer is yes you can buy your way in...but only if you're willing to work.
Makes sense. I heard about this life insurance guy who spent 4k/month on internet leads. Worked them to initiate $25k worth of annualized premiums per month. By his second year, he was neting $150k/year. He still buys leads, but has leveraged his existing clients for referrals for life insurance and annuities. He still worked his butt off, but the financial backing did help.