About a year ago, I was talking with a top producer, one of those $10-million guys. We sat down to discuss his success story for a feature article. He painted a rosy picture and how he’d been able to achieve it.
Essentially, he had developed a seminar system where he targeted affluent seniors for annuity products. He had a benchmark for prospects: They had to have at least $100,000 they could invest in annuities. If they didn’t reach that benchmark, he turned to a network of advisors and farmed out these prospects to them.
That in a nutshell was this super producer’s business model. And it worked for him, as I said earlier, to the tune of more than $10 million annually in annuity sales.
I asked him if he was worried about having such a specific focus to his practice. Did he worry that he might paint himself into a corner? “Are you kidding?” he responded. “I’m having to turn away business, and, during the summer, I only work three days a week.” Remember, he’s knocking down $10 million annually in annuity sales.
While this model is working exceptionally well for this advisor, that doesn’t mean there aren’t other ways to be a super producer besides exclusively targeting that affluent market. There’s a terrific roundtable discussion on the topic of targeting the middle market on www.lifehealthpro.com.