May 01 2023 / Round the Table Magazine
5 prosperity mindsets
By From the MDRT Blog
By David Trusler, MBA
I believe you achieve true happiness and prosperity by serving others with honesty and sincerity. True success is measured by the lives we impact and the communities we serve, not just by the amount of premiums we collect in a year.
So, what keeps you motivated, and is this motivation enough to keep you going during difficult times? Often, motivation is like a flame that continues to burn until it’s blown out by adversity. If you focus, though, on doing what’s right and realize your impact on the lives of your clients and future generations, it infuses your business with an intent that will drive your daily behavior accordingly.
Success does not come easily, and good intentions aren’t enough. Although you may get lucky occasionally, I was taught and believe that the harder you work, the luckier you get. Diligence is always rewarded. Here are some of the ideas that brought me success.
1. Find a mentor
I recently had the pleasure of speaking with a local insurance legend from Tulsa, Oklahoma, USA. Louis was 85 years old when I first met him. Louis and I sat down and spoke for a few hours. I was like a sponge. He said to me, “Young man, let me give you a piece of advice. Agents are constantly trying to figure out how to improve the sales cycle. The truth is that you should spend less time trying to improve the sales cycle and more time trying to improve yourself. Study the industry, specialize in one area and become an expert. And, above all, stay diligent. Diligence is always rewarded. You will make more money than you could ever imagine.”
I could have listened to Louis speak all day. Find a mentor, someone who has more experience and more success than you. And you must have a teachable attitude. There is always something to learn in this profession.
2. Join a study group
Show me your closest friends and I will show you your future. Be careful who you spend time with and choose wisely. Spend time with positive people who are successful or diligently working toward success. Create or join a mastermind or study group of financial advisors who share ideas and discuss what is working and what they are struggling with.
3. Focus on the main thing
It means staying focused on the most important tasks of the day and not allowing anything to get in your way. It’s easy to let emails, text messages and social media distract us. The two most important tasks successful financial advisors should focus their time and attention on are setting and holding appointments. Everything else supports those two main tasks.
4. Remain consistent
To this day, my greatest challenge is staying consistent. I will have great months and mediocre months. My production can resemble a roller coaster and, unfortunately, so does my income. The best tool I have found for consistency is an activity-based points system. There are many to choose from, but I prefer a 20-point system I learned many years ago from Logan Naidu, ACII, CFP, a 42-year MDRT member from Durban, South Africa. If I stay true to the 20-point system, my production and income will be more consistent.
5. Go home tired
The last piece of advice is to go home tired. I am not saying that you should go home exhausted every night to the point where you are unable to engage with your family. What I am saying is that going home knowing that you gave it everything you had for one full day is a rewarding feeling. The best cure for anxiety is activity, and as the old saying goes, “An honest day’s work for an honest day’s pay.”
David Trusler will speak more about this topic in his MDRT Annual Meeting presentation in June.
Moving past client resistance to long-term financial planning
By Kennedy Sumarlie, CFP
Retirement plans and children’s education fund-related products require long-term discipline and consistent financial commitment. This commitment feels challenging for some clients. When I encounter a client who may be hesitant about long-term planning, I often use simple explanations. I avoid insurance jargon so it’s easier for people without an insurance background to understand.
For instance, I may say, “Mr. Prospect, do you prefer to start saving a little now until your retirement age or until your children are about to enter college, so that the amount of money is ready when it’s needed? Or do you prefer to borrow money from banks and then pay in installments with interest every month?”
I then explain how these funds worked for another family like their own. For example, I have a client who bought a children’s education fund-related insurance policy for her child and joined a retirement plan program for herself and her husband. After several years of commitment, they started enjoying the benefits of their insurance policies. They will receive a promised large amount of money by the end of the program. No doubt, this program is a surplus to the family because they decided to start saving early so that they can now reap what they sow.
If you try this when talking with prospects and clients, I wish you as much success as I’ve had with this method.