25 Reasons Why Agents Fail Part 1 | 7 Figure Annuity Sales Podcast | Ep. 148

Welcome back to this week's podcast. I am Chad Owen and this is Wonderboy, Boy Wonder, Wonder Bread we're talking about. So Caleb is the type of guy that he'll make a jab at you and then immediately get convicted. He's like, I'm sorry, man, I didn't mean that. Like, it's so funny because even when it's a really good jab, I'm like, that was really good. But he still feels bad about it. So who really got jabbed?

Oh, I can think of one that.

I had on you.

Do you remember Mali?

Oh, man, you know what, what happens in Maui or the Big Island?

No, Maui. This was, this was two years ago when you referred yourself as a fine steak. You referred yourself marbled. And I said, yeah, Chad, you are pretty well marvel.

Okay, so let's, let's get to something that matters. Writing people's business. Helping people write business.

Oh, come on.

Okay.

25 reasons. 90 of agents are fail.

I think of one of them.

So we've got a document@theannuitysalescoach.com that they can go download and it literally, it just maps out 25 reasons. My thought is, okay, let's do a two part series. We'll start this week with the first part breaking down the first 13 reasons. Next week we'll come back and we'll. And we'll break down the final 12.

What the heck? I mean, we don't have all day.

Oh, I know, I know. We're gonna, we're gonna get through it.

We may have to break this into three.

I'm telling you, Y. But this was something that you put together. And so I'm just going to go through these first 13 and you can share your thoughts on them. But the first one you said is they don't define themselves. I mean, you went on to say that.

I know what I went on to say. They got to download it. You're going to give the. He's going to give you all the information. Then you guys don't need to download anything.

So give. Give more than. Yeah. What is? What is?

Okay, so defining yourself, it's really important. I am not an ria. I am not any sort of variable guy. I'm not a life insurance guy, although I will write life insurance business. I'm not a long term guy, although I will help people with long term care. I'm an annuity expert. I'm a safe money specialist. So I've defined exactly what I want to do in this business. But I have 10 companies. So each one I'm defining what my purpose is. And for me, just this is just my personal. I am all about kingdom business and mentoring people. That's what it is. A legacy far beyond the time I'm ever alive. So that's really where I've defined what I want to do. Now how do I do it? And so that's a whole nother topic. But defining who you are and what you want to do is so important because I see people chasing Medicare, I see people chasing health insurance. Oh my gosh, just hit me in the head with a hammer. I just, you know, I appreciate when people do Medicare and health insurance because there's going to be a day where I'm going to need Medicare help. But man, it's just a lot of work for a little amount of reward. Other than the fact of if you truly go in to Medicare appointment and you're not in there just trying to do a bait and switch. But if you're truly helping someone with Medicare, that can be really good. But that just to me is not really what my thing is. But define what you are, what you want to do, how you want to do it.

Yeah, that's really good. So there's a level of specialization there, really getting focused.

I love it.

We've talked about that before. The second one you said was they don't set standards.

Well, you know, I walk away from big deals all the time because it's not best for them. Sure. What do I mean by that? I mean, just because somebody has a million dollars, if they require $100,000 a year to live off of, that's, that's not a good, that's not a suitable product. Right. And you have to be willing to stick to that standard. I mean, I've walked away from multimillion dollar deals before because it was not in the best interest of the client. I mean, of course it would have been in the best interest of me. I mean, I would have been a great deal. But the reality is that's not why I do it. My standard is to operate honestly, ethically, with morals and values that help dictate my standards. You know, I heard somebody say one time, you know, as a guy, a lot of times people, they'll make some little joke about a lady dressed a certain way. And this guy that is a mentor of mine just said, you have a standard set in your mind that you will automatically not ever look at a woman in an inappropriate way. And you set that standard. So you just, boom, turn your head, you know, you don't even look or stare. And that's not only honoring the woman, but it's also honoring your marriage, Honoring who I am. And I set that standard, and I've ingrained in my head to where you just. You don't compromise your values, your ethics, your integrity. You just don't. No matter how big the opportunity is for sale.

Yep.

It does not matter. You stick to it, because if you'll do it with a little sale, you do it with a big sale. If you do with the big sale, you do with the little sales. So it's just not worth it.

It's funny, though, kind of to sum that up in a sentence. It's almost like the standard inside of you is bigger, it's stronger than any opportunity outside of you.

Well, to me, it's not the way I look at that. That's not an opportunity. That's a distraction. That's fair, and that's absolutely a hindrance.

Yeah.

So if I see something that goes against who I am and what I've designed to be and do, then it's absolutely a hindrance and it gets actually very destructive.

Yeah. Okay, so set standards for yourself. The third one was they don't set realistic questions, goals.

I laugh at that because one of the number one things I hear when somebody joins our organization, whether it's with our fmo, whether it's with, you know, just getting part of the training on the platform, they're like, I'm gonna beat you. And I'm like, hey, go for it. Come on. It has happened.

You want to see it. You're doing your job well. If somebody can do that.

But just start off in this business saying you're gonna write more than me when I've been doing this for 17 years, chances are you're not going to. And now can it happen? Absolutely. But the reality. And do I want it to happen? Absolutely. I mean, anybody who's in our retirement realized, financial. Of course I want you to beat me. Why wouldn't I? I mean, even. Even in our academy, I want you to beat me. Why? That means I'm doing my job. If I'm not doing my job now, I know I'm doing my job. You don't have to. It doesn't matter what you think or whatever. I'm doing my job. I'm making sure I'm mentoring. Whether you apply it right, that's a whole responsibility. But, man, I love it when somebody calls me and says, hey, I had a million dollar deal, or I had a $500,000 deal. I mean, to this date, a guy that I mentored and trade has a bigger sale than me. He wrote a 5 million dollar sale and my biggest is 4 million. Am I threatened by that? No. Was that a little envious? Yeah. I mean, it doesn't mean I wasn't any less excited for him. I was very excited for him. I mean, it's a game changer. There's a guy that literally flew his mom out, moved his mom out with him from California and you know, he has a wife and two kids now and he made it a point to bring the mom out and totally helping her get moved. So this guy is a rock star and he's very family oriented and very dedicated to doing what's right. So of course I was happy for him. But realistic goals, I mean, I would say first year in the annuity business, a very realistic goal would be about 2 million.

Yeah, absolutely.

That's a very realistic. That should not be difficult. Difficult to do. And then years two through five, 5 million to 7 million is very realistic. And five years on, I mean, the sky's the limit on that. Honestly.

That's good. That's exactly. And that lines up with what I've seen with agents in the platform in retirement, realized financial, whatever that looks like. Those are very, very common production markers.

One, the reason why that is is generally you don't get to the real big numbers till you've been in the business for a while. Because a lot of times with a lot of people with a lot of money, they want to know you've been established. Right. That's really what it comes down to.

Okay. Number four was don't make it. Well, reason, they fail, they make excuses, not solutions.

Yeah. So if you're looking for an excuse, you're going to find an excuse. If you're looking for a solution, you're going to find a solution. That's really what it comes down to.

So good.

So the excuses I hear all the time, why don't have money for leads? Well, that's funny. You got money for that latte or you got that many. You have money for your gas, for your car, or the movie you went out to or the date you went on. And I'm not saying by any means, you know me. If you've been following us for years, your, your relationship with your spouse is number one. So if you're spending money going on date, but I see people living way beyond their means, yet they don't have money for leads. And I'm going, do you Want to get the business established or not. That's making an excuse, right? Or I'm in too small of a town. I know someone that lives, someone who lives in a town of 15,000. Well, me, I live in a town of 15,000 people, yet I wrote 27 million. Why? I was willing to drive. I mean, I was willing. Some people say, well, I only want to work in an office sometimes, depending on the size of the city, that will limit you. If I wanted to only work out of an office. I mean, most people from San Antonio are not going to drive an hour to come and see me. That's not normal. Same with Austin at half an hour to an hour. So I need to go to them to write the big numbers because I'm willing to meet them where they are. So, you know, excuses. You can make them all the time. One thing I hear, I mean, I literally, I think two days ever that I can think of because I was sick, I had to cancel appointments. And now if I obviously have something that is contagious, I'm not running appointments. But, you know, just because I don't feel well or I'm tired, I. That doesn't mean I don't do something. I'm just. This morning I woke up going, man, I really don't feel like going into work today. I just don't. I don't feel like being here right now. Why? Just one of those days where I just don't. And all of us have those days. But I still came in at my normal time. I got started. I did the normal things. I've already made calls. I'm doing these. I'm doing this podcast right now. I mean, there's so many things that I will do. Just because you don't. I mean, your emotions cannot dictate what you feel like doing. You know, if you think about it, there's so many things. We have two little babies in our office at all times, and I watch moms all the time, and even dads, you don't feel like.

When a baby has a blowout, of cleaning it up. But you have to do it no matter what you feel like. And the great thing is, I see the guys stepping up just as much. You know, the dads are in there. No, I'll take care of that. You keep doing what you need to do, so. But you don't feel like doing that. So you've got to be sure you're. You're not looking for excuses. Success follows those who find solutions. That's really what it comes down to.

Yeah, that's so good. And being tired, being whatever is not an excuse in and of itself to do a worst job. No, you know what I mean? It's like if one is not an excuse or a reason not to do it simultaneously, it's not an excuse or a reason to do it any less than you would if you were feeling.

Well, I don't care if it's my first appointment day or I'm on my fourth or fifth appointment in the day and I'm exhausted. Then when I'm putting a hundred percent effort in at the last appointment, I'm doing everything I need to. I'm still doing full fact finders, full explanations. I'm not rushing to get out of the appointment. I'm doing what I need to do no matter what.

Absolutely. Well, the fifth one you said, Chad, is that they don't follow a wealth principle. And you mentioned Napoleon Hill's think and grow rich is kind of a principle. So kind of walk us through a good wealth principle for them to establish standards.

For example, my first 10% always goes to charity. No matter what, it's off the gross. That's my wealth standard. And then I figure out, okay, how much do I want to give to other organizations above my 10%? Then I set money aside for leads, and then I pay bills and then I set up vacation funds, you know, things like that. Now, I mean, I really honestly don't even have a budget. I haven't done that for years. Why? I mean, I just have a different standard of how I spend my money and I only need a certain amount to live off of. And the rest we just delegate to other areas. So it's pretty simple. So you got to set up what you're going to do with your money. But to me, charitable paying back, giving back to what you've been given, that's non negotiable for me. That's first, that's good. And then of course, taking care of my family, you know, setting those wealth standards. The reason why I say wealth standards instead of a budget is because budgets often limit you. You know, budget says, hey, I set a budget for a thousand dollars a month to give. And you feel like the Lord told you, and this is just once again, me personally, Lord tells you give you 10 grand, you better give 10 grand.

Right?

You know, but your budget says you only give grand, you know, so I'm just, that's why I don't really set budgets.

There's an element of poverty mindset attached to budget. There's an Element of wisdom. So it's kind of a balance there. Right.

Well. And there were years that we got into massive trouble because we didn't set a budget. But once we set a budget, we were able to pay off all of our debts, we're able to get everything taken care of, and now we don't need a budget.

That's good. That's good. The sixth one you said, wait, but.

I also clarify, I don't buy what I want.

That's true. Just because you can doesn't mean you should.

That sounds real familiar.

I've heard that one a time or two.

Yeah, a few times. So, you know, there's a lot of things people ask me. Why don't you have multiple cars? Why don't you have a bigger house? Why don't you have the boat? Why don't you? I mean, just because you can doesn't mean you should. So you also want to. It's called delayed gratification. My brother taught me that years ago. Just wait, think. Do you really want it? Like right now? I'd love to buy a boat. How much would I really use it? I don't know. Right. I mean, we had a swimming. We have a really nice swimming pool. And last year, even though it was right in our house, we didn't use it as much as I thought we would. It's true. So I don't know. Just take time. Be deliberate in your spending.

That's good. Tell it what to do or it'll tell you what you can do.

That sounds familiar, too.

Number six, as you said, they don't set their business for success. I like the word business.

Yeah. Because it's not a hobby, it's a business. And so the reality is, you treat your business like a hobby, it's going to be a hobby. Right. If you treat your hobby like a business, often hobbies turn into business.

Exactly right.

So it goes either way. But I can't stress to you enough. Your business is your business a hobby. You can say, I don't feel like doing that today. Your business, you can't. You know, your business tells you or really dictates what's going. Because I've heard someone say, and I've said this before, always make sure you put your family before your business. Always make sure your business comes before your family. What do I mean by that? Well, your. Your heart has to be always towards your family, but often putting your business before your family, from the standpoint of, I would much rather way more be on vacation with my family, hanging out than I would be working. But if I don't do my business, I'm not taking care of my family.

You're not going to be on the vacation.

So that's what I mean. That's the only thing I mean, when it comes to putting your business before your family is you have to pay bills, right? Yeah. I mean, there's guys out there that love golfing. And if you keep out going out and golfing and you don't take care of your business, then all sudden you're gonna be going, I don't have any money left for my business or for my golfing. So, you know, that's where there's the balance. And so, yeah, it kind of looks like we are gonna have to split this probably up into three. And, you know, once again, we want to make sure these podcasts will go on for a long time.

Oh, yeah.

But we want to make sure that we're being very deliberate in what we're talking about. We're not rushing things and we're honoring the time we told you. We try and keep these between 13 and 17 minutes. And that's because we went. I mean, I hear this all the time. People are driving and like, hey, I just put this in. I have a 15 minute commute or whatever it is.

The timing is perfect.

So we want to make sure we honor that. So until the next one, we will continue to the. Probably at least phase two and three, maybe phase four. We'll see. Yeah.

So top 25 reasons agents fail.

Have a great day. Happy selling.