Prior to rejoining Zenith Marketing Group on May 1st, I was employed by a very focused organization, catering to a specific market niche with the ultimate goal of selling cash value life insurance. So, for the past 18 months, I was isolated from “brokerage”.
I don’t use social media tools like Twitter or Facebook because they can be challenging for broker/dealer compliance; instead, I rely on LinkedIn. I use LinkedIn because it’s a business-to-business network. I use it because it’s a “professional” network with an additional benefit of connecting, or trying to connect with, individuals who you may have worked with years, or decades ago.
But I’m noticing two disturbing trends on LinkedIn: self-promotion and, as it pertains to insurance brokerage since most of my connections are from that area, individuals and brokerage general agencies blasting out blatant product and commission announcements.
I’ve marveled at some of the ineffective posts I’ve seen recently:
- I received my [fill in the blank] designation. Here is a picture of me holding it. I would be more concerned about a “value-match” we would have in determining whether to do business together rather than knowing you can pass an exam.
- Have you ever considered selling [fill in the blank] whole life contracts? They have an [filll in the blank] rating. Isn’t it more useful to tell me why I’d want to consider presenting one type of contract over another?
- Exclusive annuity: [fill in the rate] for 5 years! Top commissions. I knew that already.
- Check this out: We can pay you [fill in the blank] commission on your next sale. Yeah, that’s the reason I entered the financial services business. Why can’t someone tell me how to sell more and increase my revenue overall?
And the list goes on and on.
Why can’t individuals and agencies on a business-to-business network tell me how to increase my revenue or be more effective in my sales process?
Why are individuals and agencies so quick to tell you what they do or what they’ve done – not why they do it?
After all, aren’t we in a relationship business? Unless I share with you “why” I do what I do, I’m just like everyone else telling you “what” I do. And “what” just doesn’t have the same emotional attachment.
I believe there is no nobler profession than protecting American’s assets and livelihoods. I absolutely love the business that we’re in. I believe it’s always better to protect what you have, than chase the accumulation mentality. A lot of people will tell you how wealthy they can make you. Very few will tell you that they will protect you from becoming poor.
I believe that most people aren’t financially sophisticated.
I also believe that anytime money changes hands, problems can arise.
I believe that insurance company representatives market their products as “the best”. It’s not their fault – they sell what they have and I was certainly guilty of this when I worked for a carrier. But this creates a lot of noise. I believe producers and registered representatives need unbiased guidance to cut through the marketing spin from the carriers.
Many registered representatives don’t focus on insurance sales for a wide variety of reasons. I believe these registered representatives would benefit by partnering with a focused brokerage general agency to offer the protection insurance provides. I believe in sharing the value of protecting assets and more importantly, streamlining the process.
All these reasons are why I do what I do. They’re my passion.
Now you know my “why”. And it’s the reason I rejoined Zenith Marketing Group.
Sure, there are a lot of brokerage general agencies out there. And most are all the same. Let me help you understand why we’re different.
Mike Pinkans, CFA, CFP is Executive Vice President & Chief Marketing Officer for Zenith Marketing Group, LLC.