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.
I told him that if he would refer his clients to me for asset protection planning against the cost of health care, if they owned substantial policies that they no longer needed, I would refer that business back to him and I would be glad to help the client invest the cash proceeds. He accepted this offer.
We shook hands and now I have added a new third-party referral source. It all came from keeping my mind open to new opportunities, having a practice that could handle the cases and actively seeking discussions on how I may be able to benefit someone who is not actually a prospect himself. The interview took less than an hour.
Each of the cases are referrals — almost a sure thing. One referral per month from the source could yield a very handsome case.
Many of you may behaving a difficult time grasping concepts and methods, making them transferable to your practice. It’s a matter of vision.
First, you must be able to see how it fits. Then, decide if you are willing to make the effort, spend some time — and possibly a small investment — to make the concepts and methods fit the practice.
Since these concepts and methods may seem difficult to implement, I will make you an offer. I can handle two new producers each month to coach. Choose a method that I’ve written about and call me. I will personally teach you how to make them work in your personal practice and coach you through the details. I will teach you how to find “motivated prospects” and the sale is easy after that.
You can’t motivate people to buy. If you do that, then you are overselling and convincing them to buy something that they don’t actually want and may not need. Since I’m not a good salesman, I must find people who are already motivated. Their motor must already be running. I just show them how to put it in gear.