OCTOBER
20, 2017
So, you are an experienced agent and you are
either looking for a successor or you are looking to grow your practice by
adding a new agent (or even both). As Lee Corso says, “not so fast my friend”.
The challenges of onboarding a new agent can be significant and costly. I
know. I've done it.
Speaking from personal experience, here are
the top 5 challenges I experience.
1. Underestimating the
Importance of Training
We have a lack of quality training in our
industry. Even if the agent you are bringing on is “experienced," you need
to spend time training your recruit thoroughly. Do not assume they have the
sales skills to hit the ground running. Your investment in mentorship and joint
work will pay dividends!
Focus on a one-on-one mentorship. Have your
new advisor shadow you for up to six months to get a feel for your business.
For example, take them on your sales calls. Modeling how your business operates
for an extensive period will be the best training for your new recruit.
2. Setting Unrealistic
Expectations
For a person who lives 100% off of commission,
it's an easy mistake to expect too much too soon. But, in this business, for
99.9% of new agents, it takes years (not months) to create any meaningful
revenue. Your new agent sees your success and has no idea what commitment,
time, effort and FAILURE it took for you to become a master. And, with your
bottom line staring you in the face, it's easy to become frustrated with the
time it takes for your new hire to really start producing. But, this is not
fair to you and certainly not fair to them.
Instead, set attainable goals. Don’t expect to
see any substantial revenue for 4-6 months. Focus on ensuring they understand
the sales process, which includes understanding the needs of the
client come first. Make sure they can speak knowledgably about your products.
Knowing the product is critical to their success. Circling back to #1: provide
comprehensive training and revenue will follow.
3. Losing Sight of
Your Business
Prioritizing training your new agent can
easily turn into hand-holding, which turns into business slow-down. While you
absolultey need to provide training for your new team member, you must at all
costs avoid helicopter training (aka hovering).
Again, job shadowing is the name of the
game. You’re modeling what they should be doing, rather than holding
his/her hand. This puts the onus on the new advisor to pay attention and ask
questions when clarification is needed. You brought them on because of
their intelligence and drive. This is where the rubber meets the road.
4. Allowing your new
agent to focus on the money
If the first question a prospective agent asks
you is, “how much money can I make,” run, don’t walk, away from them.
Immediately burn that resume. Focus on the income, and your prospects will
sniff you out!
In my practice, we focus on our clients' problems.
We know our revenue amount directly correlates with the number of problems we
solve. Show your new advisor copies of claim checks and explain how that
family felt being protected and then, in turn, how that helped your business.
Communicate that his/her focus should always be serving your clients. If
you focus on solving problems, income always follows.
5. Setting a Bad
Example
This is perhaps the most common, and most
harmful, mistake. As we see more success, it's an easy mistake to think
since this is our business it's our prerogative to start the day a
little later and maybe shut the office down early.
Remember, the new agent to your office is
watching everything you do, just like your children did. they look up to you as
an example. Speak badly about customers or your carrier partners and they'll
learn from you! Demonstrate that, in sales, you are your only job
security. You need to have urgency and to be impeccable with your word. The
only activities during prime business hours are those that lead to profit (ie:
prospecting, closing and servicing). Your clients and carrier partners
keep you in business, speak of them respectfully and with integrity. How you
speak of them when they are absent will resonate with your
new protégé.
There are fewer rewards greater than
onboarding a new agent into this great business of ours and watching them
succeed, especially if it is one of your children. I have been blessed to have
my two sons join my practice, and it has made me a better producer and gives my
clients the assurance that if something happens to me that they will be cared
for! Share your practice with a new agent with the same dignity and pride that
you put into building your practice.
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