InsuranceNewsNet Magazine January 2012 : Page 9
NAILBA 30 SPECIAL REPORT | INFRONT younger people don’t want to join a firm and then start selling, said Maria Umbach, managing principal-insur-ance and financial services at Maddock Douglas, Elmhurst, Ill. Many want to be entrepreneurs, she said, citing research that Maddock Douglas did last year for the Million Dollar Round Table. They tend to be obsessed with progress and advancement, she pointed out. In addi-tion, they are stimulus junkies; technol-ogy breathers; and generally impatient, independently dependent, informal and easily bored. This can be off-putting to boomers’ elders, many of whom entered the life insurance business as young career or captive agents and were told, “Here is the path, get on it.” Still, Umbach said, the industry does need to take steps to reach the younger people as they are or risk seeing young recruits go elsewhere. So, rather than wait until they earn their stripes, “give them a seat at the table,” she said. In addition, “show respect for their style rather than trying to change them.” Look elsewhere for recruits. Con-sider using startup distribution, sug-gested workshop panelist Butch Britton from ING. For example, although health insurance agents aren’t in the life insur-ance business, with some education, they could start offering life insurance while the customer is buying the health insur-ance, he said. He also suggested bring-ing “greenhorns” into the business and giving them leads—“for example, college kids who are sitting around with noth-ing to do. … Give them a start in the life insurance business.” Some More Ideas Provide independent agency recruits with training in how to sell, suggested Kristin Merz, vice president, The Merz Agency, Bellevue, Wash., in a hallway conversation. “The career and captive agency companies do provide this sup-port but there is no good avenue for this in the independent distribution chan-nel,” she explained. When using social media, such as Twitter, to attract recruits, don’t say things like “Come work for us!” “Instead, talk about what you know and what inter-ests you,” and offer tidbits of helpful infor-mation, said workshop speaker Amanda Vega, CEO of Amanda Vega Consulting, Phoenix. “If someone wants to follow up, get out of social and into your email, where you can say what you want.” These ideas may seem scattershot. But taken as a whole, they represent a shift in industry thinking from hand-wring-ing over the aging field force to calls for action. That is progress. It also aligns well with a recommendation from key-note speaker Jim Collins, author of Good to Great and several other books. “Test this and test that until something starts to work,” Collins said about reaching the younger generations. “Then go big... and bring out the cannonballs.” Linda Koco, MBA, is a contributing editor to InsuranceNewsNet, specializing in life insurance, annuities and income planning. Linda can be reached at linda.koco@innfeedback.com. THE ULTIMATE TAX REVIEW KIT FOR ADVISORS Reveal Tax Savings and Income for Your Clients. Uncover New Sales Opportunities for Yourself. 2 1 In Your Free Copy of “Reducing Your Tax Burden” You’ll Receive: 3 • Point-of-Sale Guides • Tax Overlay Sheets pinpoint potential sales opportunities • 1 “Are You Paying More in Taxes 2 Than You Need” Client Guide 3 • Step-by-Step Appointment Setting Instructions • Sample scripts, direct mail lead samples, client letters 4 • “How to Read a Tax Return to Uncover Sales Opportunities” – • Dramatic Visual Tool that Shows a Guide for Advisors 4 the Power of Tax Deferral 5 This might be the most resourceful and lucrative sales tool you come across all year! To order your own free copy, visit www.ReduceTaxesToolkit.com complete the form and receive your free copy while supplies last. January 2012 InsuranceNewsNet Magazine 9 5
