Diversified Brokerage Specialists, Blue Ash, OH
The Meyer Group, St. Louis, MO
Question: What tips and experience can you share about the process of grooming agency successors into leadership roles?
Mohr
For us, it is about working in the agency and learning about our culture, our attitude towards service and our commitment to serving our brokers. Understanding the importance of personal service, response times, accountability, documentation, accuracy and other factors are all part of providing great service. The other part is that any successor must take the time to be involved in education, business networking and industry groups. Staying active and aware of the latest trends, products and sales concepts is vital to maintain a competitive edge. Any successor must contribute to the success of the agency. One of our company mottos has always been “do the best thing for the client and the money will follow.” We tend to attract brokers that desire the same thing.
Meyer
The key to getting Natalie prepared to take hold of the reins of the agency was exposure. Taking Natalie to all sorts of different meetings and events, even the ones that may not have seemed important at the time. I wanted to make sure she was equipped with the knowledge to handle any type of opportunity or complication that might arise for her in the future. There were meetings that I took her to that I did not think were going to be super beneficial to her but sometimes those were the ones that she would walk away and say, “Wow, I am really glad you brought me along on this one, it was a big learning opportunity for me.” Industry exposure is key!
Another tip I would share for grooming agency successors from my experience is patience on both parts regarding execution, but starting as soon as you can. There will be delays on both parts—life events, unexpected work travel, learning curves, etc. Remember that you both share the same goal so be patient and use great communication skills.
Question: What steps does your agency take to maintain, respect and accommodate “old school” long-standing producer relationships?
Mohr
Well, we have tried all of the latest and greatest forms of marketing. We do embrace all of today’s current technology. But there is still nothing like having good conversations with a producer. Talking with agents, solving problems, discussing sales ideas and helping with cases is what we do best. When we look at our best producers we have shaken most of their hands, met them and have developed strong relationships. There are those that we have worked with, in some cases for many years, and have never met in person. The whole key is the broker having confidence in us and that we are exceeding their expectations. We get a lot of compliments on our service. We have functions over the holidays and a golf outing over the summer to show our appreciation for their business and as an opportunity to spend time in a social setting to network and to get to know one another better. It is good because many of the agents know one another and it is always a lot of fun getting reacquainted. We have had business partnerships form as a result of these social functions.
Meyer
To help make the transition smooth for our “old school” producers, I made sure to bring Natalie to all the meetings with them to make sure that when the time came for her to work with them on her own that she was able to replicate the type of service that the producer had been accustomed to in the past. By allowing the broker to get to know Natalie in advance, the producer did not feel as if they were being passed off. Instead, we were able to bring the producers in closer and make them feel like they were part of the family. This has proven to be a solid strategy for making sure no one gets lost in the transition and that the producer remains loyal to the agency.
Question: What are some key ways the thinking of the younger generation has been instrumental in the growth of your agency?
Mohr
Technology stands out first. My son Shaun is in charge of our emailing and social networking, but he has added a lot more than that to our agency both from a marketing perspective and internal administration or human resource perspective. “Old School” ways are changing and having a fresh perspective towards managing, reward systems and motivating employees are always worth listening to. We have a great group of employees with great attitudes and many of the new activities and employee appreciation events we are having, such as celebrating job anniversaries and birthdays, contribute to that. Our employees work hard, but we try to make it fun at the same time.
Meyer
The two biggest things that Natalie’s way of thinking brought to the agency were technology and trends. I am probably not the first person in my age group to say that a younger generation incorporated new technology into their agency, but it is true. Knowing how younger generations communicate and operate is key to making sure our agency had the new technological tools in place to reach all generations in the benefits world.
The other great thing about integrating Natalie into the agency is that she thinks like the new generations of workers that our agency provides benefits to, so she can relate to the type of benefits that younger groups are looking for—such as wellness, pet insurance and identity theft coverage. Benefits that brokers used to scowl at before they are now open to offering, because they can get first hand insight of how and why their younger client population views these products and services as being truly beneficial.
What “old” is still essential, what “new” is inevitable and how does your agency build for the future?
Mohr
Old—would be values. Things that don’t change. Do the right thing, do your best each and every day. Be committed to providing great service and being accountable. Give accurate information in a timely manner. Know your products and be better than the competition. Work hard. New—we are still trying to figure out. Technology, social networking, millennials, you name it. There is a world of opportunities like selling via Go To Meetings. This is why we stay involved in our industry groups and associations like NAIFA and NAILBA to stay on top of current trends and new sales opportunities.
Meyer
In my mind there are two things that will always be essential—great customer service and handwritten “thank you” notes. No matter how great technology is, people still want to have a phone number that they can call to ask questions. Having a well trained staff that can assist producers with the answers they need will always be key. We can put all the info that we think they need on the web portal, but many people still call and want answers from a live person. Also I believe handwritten thank you notes go a long way. In today’s world of texting and emailing, a handwritten note really does show the extra effort and expresses sincerity. Natalie and I both are advocates of thank you notes and for the entire existence of our agency thank you notes will always be put on the supply order list.
The new inevitable is online enrollment platforms. These are the key to making sure people are able to select the benefits they want and view the benefits they have. Even if someone is mailed a copy of their benefits plan, they rarely know where it is or have it at their fingertips when they need it. Having enrollment platforms that can be accessed from a computer, tablet or phone is key to staying connected and they are not going anywhere.
Diversified Brokerage Specialists
RHU, CLTC, is president of Diversified Brokerage Specialists. He is a third-generation disability insurance specialist with 27 years of experience.A proud member of The Plus Group, Mohr is currently serving as president of the Cincinnati-NAIFA chapter. Diversified Brokerage Specialists (founded in 1946) has grown from a disability specialty agency into a full-service life, disability, long term care and annuity insurance brokerage agency assisting brokers across the United States.Mohr can be reached at Diversified Brokerage Specialists, 9670 Kenwood Road, Blue Ash, OH 45242. Telephone: 800-621-6161. Email: [email protected].
The Meyer Group
is the President of Meyer Group, a benefits consulting firm that has been serving clients in the Midwest for over 35 years. Meyer Group helps to build and customize benefits packages for clients and brokers. Meyer is a University of Missouri graduate and is a diehard Mizzou football fan to this day. Meyer has a specialization in self-funding and Affordable Care Act compliance. He is a visionary with years of industry knowledge and he is always looking to be ahead of the curve in the benefits industry. Six years ago he launched Compliance Source, a company created to help companies navigate the laws surrounding the ACA and ensuring that companies remain compliant. Meyer’s most recent venture is helping to launch a new consumer friendly website, FreedomIDdirect.com. His firm has been offering identity theft protection services for years to groups and associations but now in addition to helping groups attain this type of coverage, he is helping to make sure that the same great coverage can be offered to individuals at lower prices than leading competitors. Meyer can be reached at Meyer Group, 9201 Watson Road, Suite 300, St. Louis, MO 63126. Phone: 314-961-7077. Email: [email protected]. Website: www.myrgrp.com.
