During our annual golf outing for the National Association of Insurance and Financial Advisors (NAIFA), I rode in the cart with a young, energetic man named Josh. He was in his early thirties and was highly motivated to succeed. Josh’s first career was spent as a banker, and he was on the track to management. He was at a party and bumped into a friend who told him about working in the life insurance and financial services business. Josh was interested and ready for a change but still undecided as to the timing. His new wife encouraged him to follow his passions and go for it now. So he decided to check out the life insurance and financial advisory business.
Josh decided he would go to training school with the company that was recommended to him. While he was there, his wife called him and told him she was pregnant with their first child. Josh was planning to live on his wife’s income and was able to for the next 6 to 9 months, as he got established in the financial services business. He also brought in part-time income after his daughter’s birth, which was extremely helpful for the first two and a half years.
See also: Succeeding As an Advisor — at 23
While riding together in our golf cart between holes, we both agreed that starvation is a really good motivator. He said to me, “At the beginning of each month, I need to bring in $5,000 just to make ends meet. I’m running very hard every day because I have to.” You see, Josh is motivated to action through a need to eat every day. Aren’t we all like Josh to some degree? Maybe you need less every month, or maybe you need a ton more. Whatever your situation is, we need to go at it hard every day.
Josh told me that he absolutely loves the life insurance business. During our conversation, I told him, “We are doing something so good for people. We are helping clients save money and avoid financial disaster if they live too long or die too soon. When I delivered my first death benefit claim check to a widow client of mine, then I truly understood the power of life insurance.”
Josh’s typical clients are small businesses and professionals, between the ages of 40 and 60. They are very involved in referring business to him. One of his friends referred him to a relative who was just about to retire. This new client, who was in his sixties, invested money with Josh’s mutual fund and variable annuity recommendations and updated his life insurance. This client helped Josh surpass his monthly goal. Josh told me, “I’m going to send my friend a case of beer for that referral!”
Let’s review the factors that are making Josh a successful, new life insurance agent and financial advisor.