Let’s do some math on annuity sales. As far as I can tell, most equity indexed annuities pay the agent 8% commission. So to earn $100,000 in a year, you need to sell $1.25 million of annuities. Since I know agents that have sold that in ONE CONTRACT, it’s unacceptable that over an entire year, you don't sell several millions of annuities. Simply unacceptable.
$1.25 million is $100,000 per month. There are 20 workdays in a month. You can easily sell one contract for $100,000. It might even take you a whole day if you need to drive to meet your prospect, make a presentation, take them to lunch and socialize. So what the heck are you doing the other 19 days of the month?
I’ll tell you what’s crazy. I see annuity agents write a $100,000 policy and then they take the next day off as a reward. NO!!! Keep up the momentum and kick into high gear. It’s by chaining winning days together—several days of $100,000 sales that you have a $500,000 month. If you want to take a day off, take it AFTER you hit $500,000 for the month.
Here are the reasons that annuity agents fail to earn at least $100,000 a year and how to correct these errors:
1. You’re lazy and you don’t prospect. Do you expect the phone to ring because you are a nice person? If you don’t have at least 3 prospecting campaigns going, get out of the business and get a government job. Just quit now. Or, select any three of these prospecting methods and get going:
ACTIVE referral system (don’t wait for referrals)
Subscribe to an annuity lead program
Cross referrals with a long term care agent or P&C agent
If you are depressed then do to the shrink and get some anti-depressants. There are NO excuses except the ones that come out of your mouth.
2. You don’t know how to sell. Overconfident agents tell me all the time, “I’ve been selling insurance for 30 years, I can sell.” It doesn’t matter how long you’ve been doing something, most people cannot sell. They’ve never had a minute of training and they don’t even know what they don’t know. Immediately get trained. Enroll yourself in one of these classes: Dale Carnegie, Sandler Institute, SPIN Selling.
3. You ignore a basic rule of the universe—ACTIVITY GENERATES RESULTS. Stop sitting on our butt. Do something, anything! The more active you are working in and on your business, the more results you get.
4. Hang out with successful annuity agents and copy what they do. Why try and figure out how to be successful when you can just copy what successful people do?