Friday, April 2, 2010

It has been a week since President Obama signed the sweeping health care bill into law. “Now what?!” That’s a question we’re all being asked multiple times per day…by our families, our staff, our clients, our friends, and anyone else who knows we are in the “insurance business.”

This might be risky, but here are a few of my predictions that I wanted to share with you. Remember, these are for you as professional agents and advisors:

•Don’t risk assuming that folks will figure it out on their own. Left to your own opinions, you could make mistakes with interpretations about impact. Don’t do that to yourself, and don’t let your clients make the same mistake….network, network, network for idea sharing.
•You can count on The Brokerage to continue to be a great “resource hub” of knowledge and input to you. We have the benefit of working with more then 1000 agents/advisors a year, so I feel comfortable saying we have a good pulse on how your fellow agents/advisors are seeking and distributing information.
•No one source of information will be the “tell all”….not the media, not any carrier, not buddies at the golf course or fellow patients in doctors’ waiting rooms.
•Expect EVERYONE to pitch it to best suit their perspective.
•Your clients will be confused and overwhelmed.
•YOU are best positioned to be a source of calm and reason.
•Smart advisors will “make hay” – crisis and confusion creates opportunity.
•Doing the business the same old way is a recipe for mediocrity, if not failure. Don’t wait for a group insurance renewal to talk to your clients.
•Employees will be even more confused than employers. Offer yourself as a resource.
•Most folks believe a compression of compensation is coming. Mandatory minimum loss ratios and tighter rules almost assure that. How will you adapt?
•Charging a fee sounds great, but is your advice worth paying for?
•Diversification of your income is probably a good strategy to pursue. In fact, hundreds of advisors have already accelerated how they work with our staff and resources to help them expand their practices.
•Don’t count on the carriers to deliver your message for you. They will do what they need to in order to keep who they believe is their client…..position yourself squarely between your client and the carrier as the reasoned voice of experience and expertise.
•Other product relationships you have with your clients (life insurance, annuities, LTC, DI, etc.) affirms their confidence in you. Assert yourself by reminding them how you have previously helped them and can help them in the future.

Call me at (800)442-4915 or if you want to talk or email me at mike@thebrokerageinc.com. We can help with access to our knowledgeable staff, top products and services. We are here to help you provide, prosper and succeed.

Good selling,
Mike Smith, President
The Brokerage, Inc.

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