Insurance Continuing Education Classes

Insurance is essential to cope with unexpected risks and misfortunes in life. There are very few resources to get monetary aids when in times of desperate need. Getting your life & health insured is beneficial not only for you but also safeguards your family when in need. This is just one of the kinds of…

Insurance is essential to cope with unexpected risks and misfortunes in life. There are very few resources to get monetary aids when in times of desperate need. Getting your life & health insured is beneficial not only for you but also safeguards your family when in need. This is just one of the kinds of sales pitch you may use to convince people to take up an insurance policy. However the above statements can be communicated by anyone who has no proper knowledge about the insurance cover, premiums, policies, regulations and laws that go with it and may only end up giving incorrect information if probed deeper into this subject. This is when Insurance professionals come into the foreground as they deal with every nuance of insurance and are extremely well equipped with the versatility insurance products available in the market today. The main objective of Illinois Insurance continuing education is to deliver exceptional skill and knowledge through to online insurance professionals, agents, brokers as well as underwriters so that they may be competent to sell these products. Nowadays Illinois Insurance continuing education course is offered online where in the basic requirements are that you avail minimum of 30 hours of continuing education every 2 years. The Illinois Insurance Continuing Education also requires that you take up at least one mandatory insurance course which is for a duration of 6 hours if you deal with long term care insurance in this state. However, this insurance CE requires that you complete your chosen optional courses as well as the mandatory one before the due date for your license renewal arrives.

Different states in the United States have different rules and regulations governing insurance continuing education requirements and courses. In Illinois, you are not allowed to take up the same course which you have done earlier in a span of three year period to ensure that you do not get stuck dealing with just one core insurance product with nil or lack of adequate knowledge on the others. Illinois Insurance continuing education ensures that you emerge as a successful insurance professional with holistic perspective and knowledge on all the insurance products that are being offered in the industry. If you are initially dealing with Life Insurance, then it is recommended that you also learn to sell health and property insurance policies so that you can challenge yourself to perform better in all spheres, thereby increasing your avenues to generate maximum sales. Therefore insurance CE courses motivate and inspire you to handle different products to test your mettle and you may be surprised with yourself. There are hundreds of multinational insurance companies that are looking for competent and multi talent insurance sales force who are knowledgeable as well as skilled in selling the different products to various target segments be it corporate, individuals, business concerns or communities. Last but not the least, the Illinois insurance continuing education offers independent as well as classroom study courses and you can chose the medium that fits your budget best.

Insurance Leads – 5 Simple Steps That Can Help Make Them Work For You!

Let's face it. Love them or hate them internet insurance leads are here to stay. As I have noted in earlier articles, 2 / 3rds of insurance shoppers are going online to get quotes, and this trend is growing every day. We can not fight it. This is a consumer driven trend so we only…

Let's face it. Love them or hate them internet insurance leads are here to stay. As I have noted in earlier articles, 2 / 3rds of insurance shoppers are going online to get quotes, and this trend is growing every day. We can not fight it. This is a consumer driven trend so we only have 2 choices. We can close our eyes, complain and look at our empty plates with our stomach growing or we can come to grips with the situation, develop a plan and get a slice of the pie.

Personally I see huge opportunities with the internet, and I'm not alone. Major insurance providers are turning to the internet and even building sales processes around internet leads. If you want to jump in and get a piece of the pie, here are 5 simple steps that can help you to be successful.

Step 1 – Do the math. It amazes me when I see how few agents actually take the time to run the numbers. Let's say you sell all types of insurance and the average annual revenue you bring in per new client is $ 1000 (includes cross-sells and up-sells).

If you bought 100 leads per week at $ 10 each and only closed 3% of them, how much money would you have made in a year? Would it shock you to know that would produce a net profit of $ 104,000?

What if you could only do half that many leads, but you could increase your conversion by just 1%? How much would you make in a year? 50 leads per week at $ 10 each with only a 4% conversion would produce a net profit of $ 78,000.

Now let's say you could only do 20 leads per week, but you are good at sales and get a 10% conversion. What kind of annual income would that produce? With the same parameters as the 2 previous examples you would produce an annual income of $ 93,600.

Step 2 – Develop a competitive advantage. As you can see your income is most affected by your conversion ratio. If you can increase your conversion you will make more money with less work. To increase your conversion ratio you need to develop a solid competitive advantage.

Remember with the internet there is no such thing as an exclusive lead. Even if the lead provider only sells the lead once, the consumer is likely to shop at several sites. This means you need to stand out from the crowd. You can do this by asking yourself the question, “Why me?” Put yourself in the insurance shopper's position and ask why they would choose to do business with you over everyone else. Make sure you have a good answer.

Once you have a good solid answer, be sure you communicate that to every prospect in your email, sales pitch and every other form of communication you deliver to your prospects. If you do this right, there should be no question in the prospects mind about who you are and what makes you special.

Step 3 – Find a good internet insurance lead provider. This can be a little bit tricky. There are some good lead providers, but also a lot of shady ones. Unfortunately the good ones have been hurt by the bad reputation of unethical companies. My best advice is to only work with companies that are willing to let you try some leads for free, but watch out. Make sure they offer enough free insurance leads give you a real feel for them. You will probably burn through the first few leads until you get a feel for them. I recommend working with an internet lead provider that will give you a minimum of 20 free leads. This way you can understand what you are dealing with before you start paying.

Step 4 – Measure your results. This one is very important. Make sure you track every lead and keep a tally of the results. Also be sure to track the time that goes into making a sale. For example, if you get 10 leads and only 1 conversions, how much time did it take to make that sale? The time would include the time you spent following up on the 9 leads that did not convert as well as the 1 that did. Next calculate the value of your time and include that with the cost of acquisition. Once you have these measurements, compare the results from your leads purchased with your results from other sales and marketing efforts. This will help you to see if leads are working for you and where you can best focus your time and resources. It is also a good idea try different lead providers so you can measure the results and see which ones are delivering the best return on investment.

Step 5 – Refine your sales process to improve results . As you begin working with leads and measuring the results, you will start to see patterns. These patterns can tell you a lot about your sales process. Are you reaching the prospects too late? Are you losing a good percentage after the first call? Look at the areas within your sales process where you see problems. Focus on improving these areas. This may sound obvious, but many agents fail to take a scientific approach to their business and suffer the consequences.

Remember developing a system that works takes time and effort. Be patient and keep working at it. By implementing these 5 steps and continuously refining the processes you should see improvements and working with internet leads can be profitable and even fun.

Insurance Continuing Education Courses

In order to keep your California insurance license intact, you would need to take up and sort certain continuing education units. These are tests prescribed by the insurance wing of the government for insurance advisers without which their insurance selling license could turn obolete. If an agent is found selling insurance with abiding by the…

In order to keep your California insurance license intact, you would need to take up and sort certain continuing education units. These are tests prescribed by the insurance wing of the government for insurance advisers without which their insurance selling license could turn obolete. If an agent is found selling insurance with abiding by the state's continuing education requirements, he could land himself in trouble.

As a California insurance seller, you may need to upgrade your knowledge through training on various topics like insurance in general, fraudulent claims, laws relating insurance and various other related topics. Today most of these courses can be done online and it does not end there. One could write an online exam and even acquire certification from the site itself to keep his insurance selling license active. But before trying to get your license, it is inevitable that you are equipped with the right information on the requirements to pursue insurance continuing education.

1. Each one needs to accumulate course hours. You could find out from your state department of insurance as to what are the courses that you need to take that could keep your license alive and add to the specified number of CE hours that you bought to accumulate every year.

2. Keeping yourself updated with the latest insurance continuing education courses could help. Some courses can not be attempted more than once in a period of two to three years. An inquiry on the same would give you the status of how positive your impression has been in the eyes of the state department of insurance.

3. Ensure that you have looked up all the sites that can give you information on the various courses offered in that particular state so you can attempt it in an organized fashion and get yourself the required certification as and when needed. Some sites give you a detailed listing of the courses in different states in America and you could make a choice there itself.

4. There is a continuing education form that needs to be duly filled on the completion or passing of the exam.

5. At times you could come across a lot of course or program providers online who may not be approved by the relevant state department of insurance. This is a vital requirement as the provider with what you are taking an online course must be approved or registered with the government body. It is only then that your course is considered authentic.

There are a lot of norms that need to be kept in mind by an insurance advisor as he wishes to progress professionally in the insurance sector. In case he avoids any enhancing exam, the government authorities would ever deprive him of his license and he could land himself in a soup. Thereafter the insurance continuing education requirements have to meet in order to have an amplifying and satisfying career in insurance. Keep yourself in tune with the latest policies, laws and schemes through the best convenience of the online continuing education programs or you never know when you could miss the bus!

Insurance Continuing Education Credits

The insurance continuing education credits are a measure of the professional qualifications in insurance field that an insurance professional has attained over a period of time. As an insurance professional it is the need of the hour in times of such uncertainties to be updated with the latest in the industry and insurance continuing education…

The insurance continuing education credits are a measure of the professional qualifications in insurance field that an insurance professional has attained over a period of time. As an insurance professional it is the need of the hour in times of such uncertainties to be updated with the latest in the industry and insurance continuing education credits help you bloom as a professional with adequate certificates in your area of ​​expertise. With cut throat competition in the insurance market, you have to stay ahead of competition by upgrading your knowledge base as well as sales pitch styles to generate maximum sales in order to earn substantial income.

Moreover as an insurance professional you should have the ability to deal with any type of insurance products especially that deal with long term care such as life and health insurance products as they are hard to sell if not pitched properly to customers as the initial premiums involved in paying toward these policies is pretty much on the higher end. The major benefit of enrolling for online insurance continuing courses is to ensure that you get your credits, fast, easy without having to spend many hours going to a regular insurance school where you may have to invest huge sums of many.

The insurance continuing education credits help you reinstate your licenses or acquire new license for latest insurance products that may come into vogue. These professional certification programs set high standards for knowledge, conduct, skills, ethics and ensuring that insurance professional are extremely well trained and suggest the right kind of products to clients to suit their needs.

This kind of education helps insurance advisors to maintain the highest level of integrity and professionalism in dealing with clients which would in turn establish great trust and loyalty in the public. The insurance sector is extremely profitable one and since there are more legal laws involved in governing the insurance products in order to avoid exploitation of resources. Therefore there are many multinational companies who deal with insurance and they are in need for experienced, highly skilled and knowledgeable insurance personnel who can sell insurance products confidently and competitively and thereby grab a large portion of market share. In order to be best among the best insurance continuing education courses train you to excel in a host of insurance products like life and health, risk, property and casualty. Earning insurance continuing education credits is easy as you can procure them online in the comfort of your home.

All you need to do is to study for prescribed number of hours as mandated by the available courses and give an online test to prove your mettle and knowledge. Once you clear the test, you will receive your credits within 10 days of writing the test. Each and every course in the online insurance continuing education is professionally designed by experts in the industry and you can earn insurance credits to refresh your knowledge base as well as satisfy your department of state insurance requirements in the most economic way.

Life Insurance Continuing Education Courses Can Be Done Online

For professional advisers and agents in the insurance sector to survive, they have to continuously update themselves with the latest policies and state government norms that are prior to continuous change. This is when a timely requirement for training occurs. Assuming that the life insurance continuing education which is a yearly process is done in…

For professional advisers and agents in the insurance sector to survive, they have to continuously update themselves with the latest policies and state government norms that are prior to continuous change. This is when a timely requirement for training occurs. Assuming that the life insurance continuing education which is a yearly process is done in the conventional classroom style, most part timers who have chosen the insurance line could be at a loss. This is a set up where everyone's time must coincide with everyone else's and a fixed schedule is followed where training takes place for a temporary period when the need arises.

The internet and online convenience has become a blessing for all those part time and full time professionals in the insurance sector who want to pursue continuing education trying various tests to enhance their credentials. The online process for every kind of life insurance continuing education is very simple. The benefits of the same can be briefly explained.

1. By registering online, time is a big factor that you can save or for that matter you need not be constrained or stressed by the fact that you have to be at a place at a scheduled time.
2. In order to progress professionally, when you take the online continuing education, logging in becomes hassle free as there is no password system that could complicate things. Instead there are a lot of free books online for your course study depending on the topic you want certification in.
3. There is a big benefit with the online insurance continuing education as you do not have to pay until you attempt the exam and get through it successfully. Would not that be an added advantage especially if you wish trying a particular exam more than once if you have not gotten through?
4. The courses online are on various topics like health, safety etc. and of course the latest versions are the ones you could access at any point of time.
5. The course can be taken by you at your own time and you are your own boss. The pressure of competition does not exist and at the same time you could find yourself progressing at your own pace.
6. Knowledge acquired here can also be researched online and learning is more authentic as a person taking up an enhancement course in a particular topic has his objectives pretty clear.

For instance let's say you are from Illinois, you could without hesitation get controlled with one of the online sites that provides insurance continuing education Illinois based that will have very different rules from that of another state. Therefore depending on the state you are selling insurance policies, it is needless to say that you take up the training relating to the upgraded rules of that particular state. Since every state in America has different norms with regard to selling insurance policies depending on a lot of factors, an insurance agent's continuing educating is obviously based on the new strategies and policies for the insurance sector laid by the relevant state.

Life Insurance Continuing Education Classes For All Insurance Agents

The Life Insurance continuing education classes offered online are streamlined and well devised to ensure that all insurance agents meet all the insurance CE requirements as set by the state to obtain or maintain their current licensing status. Life Insurance is the most profitable insurance product to many insurance companies and of course it is…

The Life Insurance continuing education classes offered online are streamlined and well devised to ensure that all insurance agents meet all the insurance CE requirements as set by the state to obtain or maintain their current licensing status. Life Insurance is the most profitable insurance product to many insurance companies and of course it is one of the most difficult products to sell owing to it long term care feature as well as very low premium thats go into its policy. Definitely the insurance agents dealing with this product get better brokerage or commission in selling this product owing to its intricate complexes and high cost of promotions.

It is but imperative that insurance professionals dealing with this product have competent knowledge and skill in delivering persuasive and appealing sales pitch to sell Life insurance policies to people in the state. Life insurance continuing education classes are being conducted by majority of states either online or through classroom sessions to attend despite knowledge on the rules, features, business plans, marketability and laws governing life insurance policies. This would definitely up skill the insurance professionals to answer any related questions by the general public without having to fumble for information.

It is mandatory that all licensed insurance agents, underwriters and brokers must complete a few courses in Insurance CE on an ongoing basis as the procedures, rules, principles, terms and conditions governing insurance policies tend to change periodically from location to location over a period of time. One has to be well aware of the necessary changes made and sell the insurance products as per the guidelines provided in the insurance continuing education classes. Nowadays insurance CE classes are provided online and as well as in classroom sessions. Alternately you can also purchase insurance continuing education credits online if you prefer to work that way.

On an average every state offers around 25 life insurance continuing education courses in order to fulfill the Department of State requirements to handle insurance products. The training and courses are offered for all insurance trainees, professionals, and property and casualty dealers as well as beginners who wish to start their careers in Insurance sector. There are over dozens of insurance continuing education classes that deal with property and casualty, annuity, risk management, auto insurance, health and life insurances. The catalog stating the various insurance products also consist of flood and fire insurance policies which are extremely comprehensive and customized to meet the needs of customers in times of emergency.

As insurance industry is dynamic and customer's expectations from the insurance products also keep changing from time, the rules and regulations governing the insurance continuing education courses are amended from time to time and the insurance advisor has to keep himself abreast with the changes to be able to convince the customers better and suggest a policy that suits their needs. This is exactly the reason why the government has made it mandatory for all insurance advisers to take training session for stipulated period of hours every year.

Do You Have the Right Insurance Agent?

When first asked to write about what a medical professional should look for in an insurance agent, I thought that a web-link to RGI would suffice; however, that whimsical thought soon gave way to the seriousness of the question. After all, insurance is perhaps the greatest long-term expense that a physician will have during the…

When first asked to write about what a medical professional should look for in an insurance agent, I thought that a web-link to RGI would suffice; however, that whimsical thought soon gave way to the seriousness of the question. After all, insurance is perhaps the greatest long-term expense that a physician will have during the course of a career and, when the insurance is needed, having the right coverage and representation is critical. Since the right agent can save you money and help assure proper protection, diligence in selecting that agent deserves significant attention.

There are three equally important components: the agent, the agency and the carrier. A medical professional needs to carefully weigh the merits of each in arriving at a decision as to the placement of his or her insurance.

When it comes to the agent, I would suggest taking the same approach as in the selection of a doctor. Since the agent represents the “relationship”, the acronym “CARE” comes to mind: Considerate, Accessible, Responsible, Experienced.

Considerate

Is the agent considerate of your time? Does the agent understand the pressures of your practice? Is the agent willing to handle applications quickly and efficiently? Are meetings scheduled for your convenience?

Accessible

Does the agent provide you with emergency contact numbers? Can you easily reach the agent? Does the agent return calls and answer e-mails on a timely basis? Does the agent have an appropriate and experienced service staff to handle your concerns when necessary?

Responsible

Does the agent follow through? Are promises kept? Does the agent proactively contact you with information relating to your coverage? Do you feel that you can trust the agent to best represent your needs?

Experienced

Does the agent understand the unique aspects of the medical industry's risks and exposures? Is the agent a “specialist” in the medical profession, or a generalist that serves many different industries? Does the agent participate in medical association meetings and events? Does the agent participate in educational opportunities to improve medical expertise?

All of the four categories are important in selecting an agent, but I feel most strongly about the experience and expertise. In the case of a heart attack, I want the best cardiologist providing my treatment and care.

The Agency

The agency's infrastructure provides the consistency in the services you receive; therefore, it is essential to review the capabilities and strengths of the agency, as well as the agent. Does the agency provide resources beyond the operational aspects of processing the applications, policies and claims? Does the agency proactively provide resources (advisories, newsletters, seminars, workshops, etc.) to help you manage your risks? Is the staff trained and experienced in handling the needs of medical professionals? Like the agent, does the agency “specialize” in the medical industry – or is it a generalist trying to serve anyone that needs insurance.

Due to the importance of time, there is another factor to consider. Can the agency handle all of your insurance needs from medical malpractice through workers' compensation and group benefits? If one agency can respond to all of your needs, you have eliminated the need to select and interact with multiple insurance agents on an ongoing basis.

The Insurance Company

Since the bulk of the money you spend for insurance goes to the insurance company in anticipation that you will need their protection at some point in the future, choosing the right insurance company can mean the difference between solid protection when you need it and flushing 10s or 100s of thousands of dollars away in exchange for what you thought was a good short term savings.

Critical considerations include the financial strength and stability of the carrier. Since many carriers serve multiple markets or industries, consider its longevity and consistency in offering the insurance product you are purchasing to the medical profession. What reputation does it have in defending doctors and handling claims? Like the agency, does it provide resources to assist clients in the management of their risk?

Several years ago, an advisory board of our agency's clients told us their biggest concern – and it was not the price of the premium. They wanted to know that the insurance carrier would provide a formidable defense against claims made against them. Defending an attack on their reputation was significantly more important than anything else. Does the company you select have a reputation for mounting a strong defense?

Along with all of the normal due diligence, talk to your peers. Do they have experience with the agent, the agency or the carrier? Would they recommend them to you?

Before investing in a company, legendary investor Warren Buffett asks himself three questions: Do I like them? Do I respect them? Do I trust them? If he can not answer all three questions in the affirmative, he does not invest in the company. Do you like, respect and trust your insurance agent, agency and carrier? Do you feel that they are the best to represent your needs, now and in the future? You should, because your future could very well depend on your decision!

How to Become Financially Wealthy in the Insurance Industry!

When I started out selling in insurance, I never dreamed I would get to the level of income that I enjoy today. As in most professional sales professionals, when you perfect your sales and prospecting techniques, your ability to earn a great living will follow. But, even then, you are still far from the peak…

When I started out selling in insurance, I never dreamed I would get to the level of income that I enjoy today. As in most professional sales professionals, when you perfect your sales and prospecting techniques, your ability to earn a great living will follow. But, even then, you are still far from the peak of the mountain top in income potential.

In order to obtain income levels far beyond what most agents ever dream of, you must understand the power of leverage. “Leverage” is the way most MGA's, IMO's, FMO's and NMO's in the industry earn millions per year instead of thousands per year like most agents. With personal sales alone, there are only so many hours per week that are available to make sales. Not to mention the many other things that competes for your time like family, friends, church, leisure, etc. You create “Leverage” by maximizing your income opportunities through the efforts of others as well as your own. Only then can you free yourself from the limits you can earn from personal sales, because of your limited time available.

The traditional growth path for most agents who ever become MGA's, IMO's, etc, has been to learn and perfect their sales and prospecting techniques over time, then take the next step to position themselves to earn additional income from teaching other newer agents what they have already learned. However, getting to the point of qualifying for an MGA or other marketing type contracts for multiple carriers can take years to accomplish. In addition, the start up overhead expenses and required resources can be very costly.

What if you had a right now to complete a system that provides all the products, resources, training, compensation structure and opportunity to due exactly what I am talking about right now. Start creating Leverage today, even before you've perfected your own sales and prospecting, even though you do not have any MGA, IMO, FMO or NMO sales contracts.

The United Independent Wholesale Insurance Network has created a success system that provides an opportunity for savvy agents to not only survive, but thrive, in our very lucrative but demanding business.

I encourage you to fully examine this dynamic program and discover for yourself what other agents all around the country are calling “The Most Powerful Insurance System System” ever designed.

Here are just a few of the reasons agents are joining the UandIWIN network around the country!

  • Retirement Security – Experienced agents know that renewal income alone will not provide a long term secure retirement. They understand that the only way to grow income year after year, even after retirement, is to create “Leverage”.
  • Ownership – You have full vesting rights from day one, meaning you own your block of business and renewals as well as your monthly bonus revenue from your down line sponsored agents. Leave the block of business and the distribution channel you build to your heirs!
  • Product Selection – UandIWIN has over 40 top featured Insurance Companies in their Portfolio. If you sell Health, Disability Income, Life, Annuity, LTC, Medicare Supplement or Medicare Advantage you will appreciate the product selection.
  • Sales and Product Training – Join in on as many of the weekly sales and product training webinars as your schedule allows. With the size of our product portfolio, there is always something new to learn.
  • Unique Bonus Program – Earn up to six different types of bonuses in addition to your personal sales commissions. Person Production Bonus, Personal Sales Volume Bonus, Quick Start Bonus, Organizational Volume Bonus, Structural Bonus and Breakaway Bonus!
  • Unique Opportunity – Immediately beginning building a multi-state insurance sales organization through the use of Leverage. No costly multi-state license fees. Your sponsored agents do not even have to be writing with the same company or products to receive volume credit!
  • Downline Development Program – Accelerates your agent sponsorships and the growth of your Quick Start, Organizational Volume and Structural Bonuses.
  • Business Building Tools – Comprehensive Website, UandIWIN Toolbar, Life and Health Quote Engines, Promotional DVD, Recruiting Brochure, Power Point and Flip chart Presentations, Sales, Recruiting, Coaching & Opportunity webinars, Downline Development Program and more.

How to Keep Your EIA Business

As an owner of a BGA and a Broker Dealer, I have been intentionally following the controversial surrounding Regulation 151A. For those unfamiliar with the issue, 151A would bring the sales of Fixed Indexed Annuities under the supervision of FINRA and the SEC. I, like many professionals coming from an insurance background, believe that Fixed…

As an owner of a BGA and a Broker Dealer, I have been intentionally following the controversial surrounding Regulation 151A. For those unfamiliar with the issue, 151A would bring the sales of Fixed Indexed Annuities under the supervision of FINRA and the SEC. I, like many professionals coming from an insurance background, believe that Fixed Index Annuities are insurance products and beyond the scope of FINRA's and the SEC's authority.

The implementation of 151A will mark the end of the status quo for agents and BGAs. Beginning January 12th 2011, Fixed Index Annuities will be registered products. Agents will be required to have a series 6 or 7 and be associated with a broker dealer in order to sell indexed annuities. BGAs will have to either register as broker dealers or associate with a BD in order to receive compensation for their wholesale services. All parties involved must be licensed and affiliated with a broker dealer, or exit the business.

Over the past few years, many agents have chosen to drop their securities licenses in order to avoid BD haircuts and compliance departments. Many agents selling indexed annuities have never been securities licensed at all. Those same agents will have to be licensed and affiliated with a BD or stop selling indexed annuities.

To whom will your agents turn? Will you have the infrastructure set up to deal with them in the new regulatory climate? Is there a broker dealer out there to what you are willing to entrust your agents? Which broker dealers will allow your agents to continue to work with you? Which broker dealers will require that your agents start placing their business with the broker dealer's own insurance agency?

As BGAs and FMOs, we must resist the urge to wish our problems away. We need to form a plan. We need to be leaders. The reality is that there are a limited number of options. First, you can choose to walk away from the indexed annuity business and choose to focus on marketing other products. Second, you can choose to start your own broker dealer. If you are interested in going that route, I would be glad to offer you my advice but you better get started soon. The third option is to create a strategic alliance and associate with a “wholesale friendly” BD.

I believe that choosing a strategic alliance will be the best option for the majority of BGAs and FMOs. For most, this option brings up more questions than answers. How will I be paid? Will I only be able to work with agents of one broker dealer? In anticipation of these events my partner and I decided to create a “wholesale” broker dealer, Centerre Capital, to cater specifically to BGAs and FMOs in this situation.

No matter which BD you choose, the dynamics of getting paid will be the same. Both the BGA and the agent will get paid for the transaction. The difference is that each party will have to be associated with a broker dealer. The BD of each party will then pay out a percentage of the payment received from the carrier and keep a portion of the payment themselves for services rendered.

It is important to understand that in this arrangement, the two parties need not be associated with the same BD. Compensation paid for indexed annuities will be paid from the insurance carrier to the broker dealer of the proportional parties. The BGA can still get paid for “wholesaling” the fixed indexed annuities to their agents. The wholesale override normally paid to the BGA will go to the BD of the BGA. Assuming that the agent's BD does not mandate otherwise, the agent will still be able to work with whichever BGA or FMO that he or she chooses. For the agent, the transaction would work just like any variable annuity or mutual fund trade. The broker dealer of the agent would continue to provide supervision and pay the agent.

If you do not plan to drastically change your businesses or start your own BD, you should be actively searching for the right broker dealer. Considerations go beyond compensation. Does the broker dealer understand insurance? Do they understand your business model? Does it seem like a cultural fit? Choosing your broker dealer will be one of the most important business decisions that you ever make. Make sure you choose wisely.

Don’t Copy Another Agent’s Annuity Marketing Plan – Do it Yourself

As a small boy my mother would often ask why I did something. Of course the answer was because my friends had done it. Her answer was always “if they jumped off the roof would you”? Now if we ask ourselves the same question about our marketing plan, does it deserve the same answer? I…

As a small boy my mother would often ask why I did something. Of course the answer was because my friends had done it. Her answer was always “if they jumped off the roof would you”? Now if we ask ourselves the same question about our marketing plan, does it deserve the same answer? I am doing what the home office says to do so does that mean I am jumping off their roof?

Marketing for annuity leads can be very tricky . Tricky in the sense that not knowing what is the best use of my marketing budget. If the home office says to run an ad in the newspaper, does that really work for me?

I have found that using more than one approach makes the best sense for my business. I use direct mail, the internet, seminars and radio as a multi-pronged approach makes far better sense. If you would like to know a secret about annuity lead marketing then listen closely …. you are on your own!

Keeping good records as to lead cost is essential. It may cost you $ 200 per appointment for a seminar lead but possibly the cost of lead per sale is only $ 600 to $ 800. Now compare it to mailing $ 800 worth of direct mail pieces, how many sales does that $ 800 marketing expense?

There is something about safety in numbers that we are seem to gravitate to. If one agent markets in one method then we all should market that way. Fear of the unknown and fear of not generating enough leads becomes a major concern. Copying another agents marketing plan or method without absolutely defending your own target market makes managing a marketing budget almost impossible.

Set your target market, be diverse in your lead generation options and keep records.