Four hours per day is enough time to run an effective, efficient practice. If your practice is designed to serve the right kinds of clients, you can earn more than $250,000 per year on just 25 hours a week of work. That’s a bold statement. The question is, can it be proven?
Yes! The key is case size, and of course, effective prospecting. If you can generate an average revenue of $10,000 on each case, you only need two per month to earn $240,000. Add one for extra good measure and you are there.
Compensation on annuities is about 7 percent. $10,000 divided by 7 percent equals $142,857 in annuity premium. Do this twice each month. The actual paperwork involved in the sales would be maybe three hours per month. That leaves 97 hours per month to prospect and meet with clients.
I’ve written more than 50 articles over the last four years for this magazine and what was once Life Insurance Selling. Each article contains ideas on prospecting. There is enough information about prospecting that you can surely find something you like. I recommend that you read each and every article, which are archived on LifeHealthPro.com.
When I read articles or books, my mind always either accepts, rejects or accepts modified versions of what I’m reading.
The modifications come from my own imagination. Opportunities come from imagination. That also happens when I’m talking to referring sources. I have written about third-party referral sources before. Here’s an interesting example of how an interview began with one purpose in mind and morphed into other opportunities.
The owner of a life settlement agency asked me to look at his product line. He wanted me to refer clients. I went with an open mind and listened to his proposal. During the conversation, he mentioned briefly that he also owned a home health care agency. He disclosed that his clients were all private pay at more than $150,000 per year. That’s a client of substantial means.