Specialization vs "jack-of-all-trades"

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Nov 13, 2006 10:01 pm

[quote=My Inner Child][quote=dude][quote=My Inner Child]

[quote=dude]I'm making much better money now that I specialize...plus my stress load has dropped exponentially.  It goes against my basic nature (I really like the broad based planning approach) to specialize but I'm liking it.[/quote]

Just curious...what is your area of expertise?

[/quote]

Fixed Annuities (including EIA's).

[/quote]

Cool. Isn't it nice to NEVER have to worry about losing your client's money?

[/quote]

You know My Inner Child (and prior incarnates), at first I was pretty judgemental towards your business model...as some here might be.

Boy was I wrong.  There are a couple things I'll say concerning my transition to specialist:

1)  My life has improved since I have more time

2)  My thoughts are much less busy (and therefore I am more at peace) since I'm following less information

3)  My income has increased significantly in a relatively short period of time

4)  I have a better command of facts concerning my products

5)  I (generally) only talk to people who have an interest in what I'm selling and have the $$$ to buy...I waste much much less time on non qualified prospects

6)  Did I mention I'm making more $$$?

Finally....to answer your question, YES!!!  I no longer feel that slight guilt that comes when the markets don't perform as expected or hoped.  I don't have to field calls trying to explain the unexplainable any longer. 

So in summary, for what it's worth, I feel pretty stupid for being so narrow in earlier conversations.  My ethics are intact and my clients are happier along with me.  Who would have thought? 

Nov 14, 2006 12:24 am

[quote=insurproducer][quote=My Inner Child][quote=insurproducer][quote=My Inner Child][quote=insurproducer]

There are advantages and disadvantages to both. Specialists do leave money on the table. I prefer having 50 clients that I've cross-sold the heck out of than 100 clients with only one or two products. I'm all about building relationships and keeping clients for the long run. The more they are vested in me, the less likely they will give another guy a shot at earning their business.

[/quote]

I wouldn't be assuming that I leave a lot of money on the table.

[/quote]

You may not be leaving "a lot" of money on the table, but I bet I could find something or someway to earn one of your client's relationships.

Have any of you read THE WEDGE by Randy Schwantz? It's targeted mainly at the P&C industry, but it is very good for anyone in financial services. 

[/quote]

I'm very familiar with the wedge. I also have a copy of "the wedge for financial advisors" that he wrote, but never published.  Anyone who wants to churn one of my clients out of their VA can be my guest. I've already made my money. I don't mind getting paid and letting you do the work.

[/quote]

I could care less about your client's $100,000 VA you made $4,000 commission on a year ago. I'm talking about small to middle market business owners, employee benefits and retirement plans, commercial insurance, and their own personal insurance and investments. That's where I flourish. Most of these prospects are spread out over a 4 or 5 different agents or advisors. I come in and help them consolidate everything with me. Win-Win situation. After that, all I have to worry about are policy renewals and birthday/christmas cards.

[/quote]

The commission was $7500. I kept $6750 of that.

Nov 14, 2006 12:30 am

[quote=dude][quote=My Inner Child][quote=dude][quote=My Inner Child]

[quote=dude]I'm making much better money now that I specialize...plus my stress load has dropped exponentially.  It goes against my basic nature (I really like the broad based planning approach) to specialize but I'm liking it.[/quote]

Just curious...what is your area of expertise?

[/quote]

Fixed Annuities (including EIA's).

[/quote]

Cool. Isn't it nice to NEVER have to worry about losing your client's money?

[/quote]

You know My Inner Child (and prior incarnates), at first I was pretty judgemental towards your business model...as some here might be.

Boy was I wrong.  There are a couple things I'll say concerning my transition to specialist:

1)  My life has improved since I have more time

2)  My thoughts are much less busy (and therefore I am more at peace) since I'm following less information

3)  My income has increased significantly in a relatively short period of time

4)  I have a better command of facts concerning my products

5)  I (generally) only talk to people who have an interest in what I'm selling and have the $$$ to buy...I waste much much less time on non qualified prospects

6)  Did I mention I'm making more $$$?

Finally....to answer your question, YES!!!  I no longer feel that slight guilt that comes when the markets don't perform as expected or hoped.  I don't have to field calls trying to explain the unexplainable any longer. 

So in summary, for what it's worth, I feel pretty stupid for being so narrow in earlier conversations.  My ethics are intact and my clients are happier along with me.  Who would have thought? 

[/quote]

I admire your honesty and your courage for taking the risk to do what others don't have the guts to do. If you do what everyone does, you'll get what everyone gets.

Nov 15, 2006 12:50 am

[quote=My Inner Child][quote=insurproducer][quote=My Inner Child][quote=insurproducer][quote=My Inner Child][quote=insurproducer]

There are advantages and disadvantages to both. Specialists do leave money on the table. I prefer having 50 clients that I've cross-sold the heck out of than 100 clients with only one or two products. I'm all about building relationships and keeping clients for the long run. The more they are vested in me, the less likely they will give another guy a shot at earning their business.

[/quote]

I wouldn't be assuming that I leave a lot of money on the table.

[/quote]

You may not be leaving "a lot" of money on the table, but I bet I could find something or someway to earn one of your client's relationships.

Have any of you read THE WEDGE by Randy Schwantz? It's targeted mainly at the P&C industry, but it is very good for anyone in financial services. 

[/quote]

I'm very familiar with the wedge. I also have a copy of "the wedge for financial advisors" that he wrote, but never published.  Anyone who wants to churn one of my clients out of their VA can be my guest. I've already made my money. I don't mind getting paid and letting you do the work.

[/quote]

I could care less about your client's $100,000 VA you made $4,000 commission on a year ago. I'm talking about small to middle market business owners, employee benefits and retirement plans, commercial insurance, and their own personal insurance and investments. That's where I flourish. Most of these prospects are spread out over a 4 or 5 different agents or advisors. I come in and help them consolidate everything with me. Win-Win situation. After that, all I have to worry about are policy renewals and birthday/christmas cards.

[/quote]

The commission was $7500. I kept $6750 of that.

[/quote]

Not bad. Imagine making that same commision every year as long as they keep that account with you... That's why I became a P&C insurance producer. 

Nov 15, 2006 3:25 am

[quote=insurproducer][quote=My Inner Child][quote=insurproducer][quote=My Inner Child][quote=insurproducer][quote=My Inner Child][quote=insurproducer]

There are advantages and disadvantages to both. Specialists do leave money on the table. I prefer having 50 clients that I've cross-sold the heck out of than 100 clients with only one or two products. I'm all about building relationships and keeping clients for the long run. The more they are vested in me, the less likely they will give another guy a shot at earning their business.

[/quote]

I wouldn't be assuming that I leave a lot of money on the table.

[/quote]

You may not be leaving "a lot" of money on the table, but I bet I could find something or someway to earn one of your client's relationships.

Have any of you read THE WEDGE by Randy Schwantz? It's targeted mainly at the P&C industry, but it is very good for anyone in financial services. 

[/quote]

I'm very familiar with the wedge. I also have a copy of "the wedge for financial advisors" that he wrote, but never published.  Anyone who wants to churn one of my clients out of their VA can be my guest. I've already made my money. I don't mind getting paid and letting you do the work.

[/quote]

I could care less about your client's $100,000 VA you made $4,000 commission on a year ago. I'm talking about small to middle market business owners, employee benefits and retirement plans, commercial insurance, and their own personal insurance and investments. That's where I flourish. Most of these prospects are spread out over a 4 or 5 different agents or advisors. I come in and help them consolidate everything with me. Win-Win situation. After that, all I have to worry about are policy renewals and birthday/christmas cards.

[/quote]

The commission was $7500. I kept $6750 of that.

[/quote]

Not bad. Imagine making that same commision every year as long as they keep that account with you... That's why I became a P&C insurance producer. 

[/quote]

Are $100,000 premiums, that pay 7.5% every year, pretty common for you? I spend about $6,000/year for the cars and house. I don't think my insurance guy is making $6750 off of my $6,000.

Nov 15, 2006 3:58 am

$6750 from a $6000 premium?  Has Enron morphed into a P&C company?

Nov 15, 2006 4:12 am

[quote=Starka]$6750 from a $6000 premium?  Has Enron morphed into a P&C company?[/quote]

Ask insurproducer to pull her foot our of her mouth and explain herself.

Nov 15, 2006 4:46 am

[quote=My Inner Child]

Are $100,000 premiums, that pay 7.5% every year, pretty common for you? I spend about $6,000/year for the cars and house. I don’t think my insurance guy is making $6750 off of my $6,000.

[/quote]


Sorry Inner Child, but I think it’s you who needs to pull her foot out of her mouth.

If you sell something that pays you 750 basis points a year, please, do tell… 

Moron. 

Nov 15, 2006 5:11 am

Bank, I don’t think that is what IC is saying. I think he’s asking, in light of

what insuranceproducer posted, if insuranceproducer is getting recurring

renewals of 750bps on P&C business.

Nov 15, 2006 12:47 pm

[quote=BankFC] [quote=My Inner Child]

Are $100,000 premiums, that pay 7.5% every year, pretty common for you? I spend about $6,000/year for the cars and house. I don't think my insurance guy is making $6750 off of my $6,000.

[/quote]


Sorry Inner Child, but I think it's you who needs to pull her foot out of her mouth.

If you sell something that pays you 750 basis points a year, please, do tell... 

Moron. 

[/quote]

Young lady, I would suggest you read the post that I responded to before you open your mouth and remove all doubt about your status as an idiot.

Moron.

Nov 15, 2006 5:53 pm

I know what you said, and I know what you meant...and they weren't the same.  The point is maybe you should read YOUR OWN posts before commenting about mine. 

Nov 15, 2006 10:25 pm

Calm down ladies.....

This is how it works. On any standard insurance policy, personal or commercial, you pay a premium right? The agency you went through to purchase that policy gets anywhere from 5-18% of the annual premium you pay to the carrier every year. As a producer, under my contract, I get 60% of what the agency gets that first year and %40 every year after that the policy stays with us.

Now, you do the math... My average is right about 12% on every policy. On a $100,000 annual premium policy, the agency makes $12,000 every year. The year I sell it, I make $7,200 and continue to make $4,800 every year following that the policy stays with us. No, $100,000 annual premium policies are not the norm, but I do have about 7 or 8 of them. My bread and butter is with contractors, auto dealers, and small to middle market retail businesses with an average premium in that group being around $20,000 a year. Anymore information and I might as well show you guys my tax returns.

Nov 15, 2006 11:51 pm

[quote=BankFC] [quote=My Inner Child]

Are $100,000 premiums, that pay 7.5% every year, pretty common for you? I spend about $6,000/year for the cars and house. I don't think my insurance guy is making $6750 off of my $6,000.

[/quote]


Sorry Inner Child, but I think it's you who needs to pull her foot out of her mouth.

If you sell something that pays you 750 basis points a year, please, do tell... 

Moron. 

[/quote]

I know of some indexed VA products that are paying anywhere from 8-10% first year com. I don't recommend them... but they are out there.

Nov 16, 2006 12:07 am

[quote=BankFC]

I know what you said, and I know what you meant...and they weren't the same.  The point is maybe you should read YOUR OWN posts before commenting about mine. 

[/quote]

WHat did I say and what did I mean,  young lady?

Nov 17, 2006 9:42 pm

Man…there’s too much gender confusion going on around here.  A whole bunch of nagging women.  Sheesh.

Nov 17, 2006 10:01 pm

Inner Child has gender confusion…he (I presume) is mad because I called him a girl.  Another sign of his insecurity.

Nov 17, 2006 11:16 pm

[quote=BankFC]Inner Child has gender confusion...he (I presume) is mad because I called him a girl.  Another sign of his insecurity.[/quote]

I think the gender confusion is universal on this thread....everyone's a lady it seems.

Nov 20, 2006 6:42 pm

It’s funny to see how most of these threads start off as a discussion, then gradually build and end with insults and name calling. Almost feels like I’m back in high school again.

Nov 20, 2006 6:48 pm

[quote=insurproducer]It’s funny to see how most of these threads start off as a discussion, then gradually build and end with insults and name calling. Almost feels like I’m back in high school again.[/quote]

Kinda sad really.  I am going to make a concerted effort not to participate in such activity going forward.

Then again there are certain idiots who deserve to be called out…