Most of the agents, advisor and planners who read this won’t want to hear what I’m about to say…
But they are missing the boat, big time! Most of these people want to believe there is a ‘Quick Solution’ to being successful in sales. They want to believe there are lead sources, or lead systems that will have people begging for an appointment and begging to be sold. They want to believe that if they have the best product, price and/or investment returns, then all they have to do is show up and they’ll make a ‘Bazillion Dollars!’
However, the actual evidence is… 86% of the people who enter insurance sales are out of the industry within four years. And, the few agents and advisors who do manage to survive four years are making an average income of only $45,000 per year!
“According to the American Council for Life Insurance, the number of life insurance agents has shrunk by nearly 100,000 in recent years. For every 1,000 agents recruited, only 14% survive the first four (4) years. Surviving agents only produce an average of $45,000 of earnings in their fourth (4th) contract year.”
I know that almost every recruiter, agency head and lead company is telling you that they have a great turnkey lead and sales system. And, if you follow their system, they’ll guarantee you’ll make a ‘Bazillion Dollars!’
But, the actual facts state something entirely different.
Only ‘One Out of Six’ agents are surviving past 4 years. And, only ‘One Out of Ten’ of the surviving agents are earning $100,000 or more per year. If you do the math, that means that out of 1000 agents hired this year, only 140 agents will survive and be earning approximately $45,000 per year by year four. (860 agents will fail, 140 will survive) And only 14 will be earning $100,000 or more.
Obviously, no matter what you are being told, or what you want to believe, the odds of you making a significant six-figure income in insurance sales… is only 1.4 out of 100!
However, you can dramatically increase the odds of your survival, and be earning a consistent six-figure income with the right knowledge, training, coaching and mentoring.
If you want to have your best chance of succeeding, then you can’t just rely on what a recruiting organization, agency head or a lead company tells you or gives you. As the President of a one of the largest IMOs in the country told me after reviewing one of our marketing and sales systems… (He had called me and asked me to send him our system.)
“I glanced at the information you sent me and it would not fit our focus because of amount of time it takes to get the training done. Excellent material! Our training process is to get as many people as we can on the boat to find out who can write before we spend any time or money training them.” (This is a Direct Quote)
Unfortunately, I’ve gotten very similar responses from many of the large IMOs and many of the large career life insurance companies. It’s cheaper for them to play the numbers game, than to spend their time and money training the agents. I was told the same things by upper management, when I was a Branch Manager for a Major Insurance Company.
The questions you should be asking are…
• What does it take to succeed today in insurance sales?
• What training do I need?
• Where do I get the training?