As a relatively new advisor, I have experienced the ups and downs, failures and successes of launching a new career in the life insurance industry. Needless to say, sticking with it hasn’t been easy, but the entrepreneurial goal of creating and building my own business, rather than trying to climb a corporate ladder, keeps me focused.
I understand and embrace the fact that success is the function of the effort I’m willing to put into the job. Of course, the potential financial upside in the life insurance business is a strong motivator as well.
There have been plenty of surprises in my career so far, but none has caught my attention more than how few young advisors I come across. This needs to change. Based on my experience thus far, this is a great industry filled with opportunity.
With that in mind, here are some thoughts about what I’ve learned so far. Hopefully, they may be helpful to others who are building a career—and a business—as advisors.
• No one is going to do it for you. You must have a self-starter mindset. You’re in a business that requires you to be your own person, to be self-reliant. And this means that you make a plan of attack so you know what’s required to go from here to there, make a personal commitment to that plan and then attack it.
• You have to fall off the horse before you can get back on. This is not quite how the expression goes, but it expresses, for the new advisor, the expectation and acceptance that there will be falls and the optimism that one will get back up with confidence. It’s a good outlook to have. While there will be many hurdles along the way, success comes from refusing to give in to the fear of being unsuccessful.
• Don’t confuse an objection with a rejection. Yes, I know it’s easier said than done, but an objection is not a door closing but an opportunity presenting itself. What can you do to be more helpful? The client may need more information, clarification or motivation to move forward, and it’s your job to provide it.
• Put yourself in scoring position. It’s unlikely to hit a home run in the first meeting with a client, so don’t expect to do it. Go for a double and put yourself in scoring position for that next meeting.
Your communication skill is the bat that you take to the plate. Like any other ability, it’s one you can hone with practice and experience. Learn from each swing, every phone call you make and every meeting you have. Regardless of its outcome, it will only make you better for the next one.
Of all the elements of effective communication, the most important is being a good listener as you strive to understand your clients’ needs and how you can best respond to and meet those needs—the better you see the ball, the better your chance to make solid contact.
• Discover the extent of your network. Your ability to develop solid leads through networking is the key to becoming a successful advisor. It’s a function of your willingness and desire to put yourself out there—to show up, to create your own “luck.” It’s discovering that it’s truly a small world.
As I was shuffled out of the office of a busy executive who didn’t have time for me, I noticed he had an engraved shovel from a groundbreaking event. I asked him about it and it turned out that my grandfather, who had been in construction, was one of the participants in that event—small world. The exec suddenly found some time to talk that led to a fruitful meeting and several more contacts from the same industry.
• There’s a lot to learn but there’s a lot of help. The sheer volume of insurance concepts and products can be overwhelming to the new advisor. As you start the long steep climb up the learning curve, you can expect to stumble. Even so, you would be foolish not to take advantage of the insurance Sherpas in your office. Those experienced pros who have conquered a mountain of knowledge are there to guide you. Learn to cultivate these relationships—your survival may depend on them.
• Success can only come as a result of a win-win for you and your client. It’s the culmination of your effort, attitude, communication skills and product knowledge that will produce the result you’re seeking.
