Over the past several years, there has been a growing trend of teamwork among financial professionals in the life insurance industry. Individuals are forming “teams” of financial professionals to meet the needs of clients in a more efficient way. These teams are growing in numbers across the brokerage, insurance and financial planning landscape, and the trend is sure to continue.
Through my experience working with and advising over 125 producer groups, I have identified 7 key success factors common to the most successful teams. I will discuss each one to explain what the successful teams are doing.
Open and consistent communication is vital for producer groups. Since there are so many issues and activities that a team will be involved with as a unit, the need to communicate effectively becomes one of the highest priorities.
Team meetings are a major communication tool. At these meetings, the team has the opportunity to communicate and share the important details about the business, including individual appointments, closed cases, problem cases, marketing opportunities and administrative issues.
Marketing plays a big role in positioning the organization to both existing clients and new prospects. A brand identity can be a significant tool. The team will usually have 2 choices: Use the identity or brand of the parent company, or do business as a separate and unique brand (referred to as a DBA). The point here is not what to call yourself, but rather how to use wisely what you choose.
A key initial marketing activity for a newly formed producer group is a client event that announces the team. Many teams have accomplished this by hosting dinner events, wine tastings, local sporting events or art exhibits as methods to introduce their members to clients and prospects.
3. Team Business Plan
A good business plan is essential for any business venture to take off and should contain a few essential sections: mission and vision statements, strategic goals (short-term and long-term), planned tactics, a marketing plan of action and a budget. Anything else that is important to your particular team should be added.
The business plan is crucial and sets the course for how the team will interact, operate and grow. This will be a unifying document that brings individual producers together with one main focus, one overall objective: building a successful organization. The plan should be reviewed several times during the year.