Don’t Do These 3 Things When Selling Annuities | 7 Figure Annuity Sales Podcast | Ep. 313

Welcome back to the Seven Figure Annuity sales Podcast.

Caleb north here with Chad and Chad.

It's another good one.

Talking about three things that agents should not do.

Don't do these three things. Well, there's a lot, but three.

Three.

Maybe we can give them a whole list. You can just rattle off a bunch at the end, but we'll really spend some time on three.

Biden number 100 billion trillion million quadrillion. That's a Biden number.

That's funny.

Yeah. I got a question, though. Why are you always representing your meat brand and not retirement? Realize.

Well, that's a good question. I don't even think about the hat. That's just the only ball caps I have. And then I just didn't wear my.

Literally look like you just came out of a ranch.

I didn't.

I. Well, I don't know about that. You might see. All I see is a black wall. You might be doing this in the barn, you know. Of course. No, it's Texas. You'd be sweating. I'd see sweat if that was the case. I. Yeah, I'm just.

We cooled off this morning.

Why. Why didn't you instead? That is true. I don't usually see you wear long sleeve, but why? You know, you could have made the RR as your cattle brand.

I could have, but that has very little, like, carryover to me and my brother.

That doesn't matter.

It's like a me, you, Jesse, Josh thing.

There you go. And I'm. And I'm fine with that. Tanner went mine. You know, he's like, hey, just leave me out of it. As long as I get paid the money, I'm good to that.

Oh, that's funny.

Yeah. Until you guys start your own YouTube channel.

Yeah, maybe.

That seems. I don't know.

I don't really want to manage all that. I like recording our stuff, but if I had to, like, edit everything and then publish it, I think I'd go crazy.

Well, that's where you just tell your girlfriend, I'm sorry, you're no longer an executive. You now had to work for me. See? See how that goes?

I've decided.

Yeah. I've decided. And I know we're still on the courting side of things, and this may or not work out, but this is how it's gonna go, so I can.

Tell you how it would go.

Okay, but let's be real. She's got to have some power over you because you now have the goatee.

Back and brought it back like a.

Creeper'S m. Yeah, Yeah.

I love that mustache.

That was because of her. That was because of her.

It's true. It's true. She didn't much like the mustache either.

And the cops following you around all over the place every time you go to a playground. Wait, why are you at a playground?

A lot of those cops have. Must have firefighters, especially wearing the mustaches.

Firefighters, yeah. Not cops. And definitely not. I have never seen a successful annuity salesperson with just a mustache.

So there's. There's a market for that. You're saying there's.

There's a reason why they're successful?

There's a. You're saying there's a. There's opportunity here?

No. Let's tie this in. Number one thing you don't do as an annuity salesperson is have a mustache.

Okay, I'll tell you what.

Just a mustache.

For those of you that are listening.

If you have a mustache and you're writing over, let's say, what do you want? The threshold. 5 million a year. You write north of 5 million a year and you have a mustache, reach.

Out to me and let me know so I can come back to Chad.

With the numbers of you guys out there.

And then for every guy, if you're. Lady, please don't send a picture of your mustache. But if you're a guy and you don't have a mustache and you write over 5 million, send us your picture, too.

It's gonna. Way overruled the creeper mustache people.

You gotta go off of percentages, though. So, like, what's the percentage like?

Like, if you have a hundred guys that don't have a mustache and 50 of them ride over 5 million, that's 50% of that. Of that demographic that's having success. But if you have 10 guys that have mustaches and nine of them right over 5 million, that's less total number.

But a way higher percentage of the demographic.

That just means there's a lot more nicer reputable people out there. Yeah, okay, so we. We already did number one on what not to do as an annuity salesperson.

That's Chad's number one.

That's not my number one. I want to go on record saying if you can pull off a mustache because you've got the chin and the.

Jawline for it, which I do not have, then go for it.

I'm jealous of you.

You've got the jawline of an earthworm.

Well, let's get serious. We're already five minutes into this. We're sorry.

So my number one don't do these three things.

Number one, don't assume the lead information is accurate or correct. In other words, you get a lead for 250,000 and says, oh, I'm looking for the highest migrates. Don't assume that you're just going to go in there with a $250,000 illustration for the highest migrate. Actually do finding and figure out what the problem is. And I tell you what, man, you like, literally a couple weeks ago you had a case where it was going to be a 200 something thousand dollars deal turned into 1.6 million because of, yes, because of fact finding. And that individual client already had a couple of 70 or $80,000 annuities, which means that other agents came in and probably just sold them whatever the lead said, didn't ask good questions, didn't do good fact finding, and certainly didn't find a problem and sell based on a solution. You did, and you wrote 1.6 million on the same individual that somebody else closed 80.

Well, actually 1,647,000, but discount.

But then those are the same agents. Yeah, they're the same agents that go.

Back to the lead company and are.

Like, why are these such low net worth clients? Yeah, like, what are you talking about?

Low network.

You're just not asking questions.

I would say too, that's, that's got to be one of my top two is assuming what's on the lead is accurate. Yeah, you know, I, I, that's a big one. That's a good one. Okay, yeah, next one.

That's a big problem and it's a recipe for a low average case size. I mean, you look at anybody that has a high average case size, I guarantee you they're doing thorough fact finding. And I guarantee you that you look at somebody with a low average case size and they could still be doing good fact finding. They're just not very good at selling or presenting the solution or whatever. But there's gonna be a huge demographic, a huge number of people that when they have a low average case size, they're just selling whatever the lead says. And that's it.

Yeah. And it's such a disservice to the client when you do that.

It is.

You know, I've used that analogy when we did our webinar with our agents. I said, you know, if you have a guy going to the hospital and he has a little cut on his finger versus that his other arms completely severed, what are you going to address? You're going to address where the bleeding's Coming out, you know, where you could kill them. And I look at the same way, you have a moral obligation to not address the cut first.

Yeah.

You need to get the thing that's hurting them the most. And that's where my, I mean, you know, this, my passion is just, I love helping people. And this couple now, they, they don't have to worry about anything anymore.

Right.

And we didn't do everything in a fact finder. We did like 800, 900, 900,000 in a traditional IRA. Then we did another 700,000 or 800,000, 700,000 in a Roth IRA. We didn't put an income rider on the Roth IRA because they had no RMDs that had to come out and the IRA money met the income needs. Yep. And then some. So just talking to them, he's like, oh, this is so like, you can tell he's relieved and I love that. Yeah. Okay. Number two.

Well, and here's one last thing on that real quick. You mentioned the hospital analogy. What if, okay, give a pharmaceutical analogy. You could just go up to the pharmacy and tell the person at the counter what to prescribe. You self diagnosed.

Yeah, yeah.

If you could go and self diagnose yourself and then go to the pharmacist and tell them what you want and they just give it to you, no questions asked, no prescription, anything. Do you know how many people would be dying because of misdiagnosis and all kinds of crazy things? And over like that would just be, it would be mayhem. But that's the way that a lot of agents operate their business. They stand behind the counter and they wait for somebody to come up and tell them what they want and they sell it. It's like you've coined the term, or I don't know if you've coined it, but you've mentioned the term financial malpractice. And it's like that's, that's exactly what it is. And it's the reason we end up with, you know, the, A piece of. The reason why we end up with the DOL barking down our throats about we need to make these securities and these, you know, fall under the fiduciary responsibilities because people's common sense isn't telling them that they should already be doing it. So just.

I did, I did Coin.

You coined it. Okay. Chad's coin.

You know what's crazy though, is, is how many times I say something because it just slips out. You know, it just comes out. And then all sudden, two months or three months later, I Hear other people saying the same things. I'm going, hey, come on, man. You know, you know, somebody gets a photo credit, just do a dodo credit. You know, something like that. It's like, give credit.

Oh, I agree. It's like, I start, I started golfing barefoot and then three months later I see John Daly golfing barefoot with Bryson Dechambeau.

And I'm thinking, when Brian, when John Daly grows up, he wants to golf like Caleb.

And you guys both have the same bellies, so.

That guy's an animal.

Number two.

Number two, don't present a bunch of different product options. Don't sit there and lay out three, four, five different products and say, okay, Mr. Client, which one do you want? Because it's just, it's going to create analysis paralysis. Chad, this is a.

Well, first of all, it creates confusion. Like, I mean, I have gotten so many deals because of just that. I'll go. And they go, well, here's the three annuities the person presented to me and I say, oh, what? They can't make a decision? They don't know what's best for you. You don't know the products well enough to actually tell you what's going to work or not. It's, it's crazy to me because now they have three brochures. Three. Well, no, they don't. They probably have, they have their own little sheet that they custom made for them that's on a word document that says, here's the three that we pick. And I'm just like, this is embarrassing. Like, you should know that client situation and you should know which one's going to be best for them. Not make them pick. They're not the experts. Stop being lazy and stop taking the. Not take the responsibility and making the decision. Well, I didn't pick it. I gave them three and I had the client pick. Yeah, you're just. Oh, God, you hit two in a row that are just.

Well, I'll let you, I'll let you pick your third one then.

Well, I mean, God, there's so many to pick from. I'm not joking. I could spend two or three hours at least talking about things agent shouldn't be doing. Yeah, but agents shouldn't be lazy. That's my number one. You know, do your due diligence study products, dive deep into the client's situation. Do full blown fact finders know which product's the best per each person's age? You know, that's lazy agents that do that where they just, oh, my marketer told me this is the best one that is not going to stand up. If you ever get taken to court, it's like, no, I know. Here's why I picked the best product this. At this, like, I can tell you why did I pick the Allianz 222 and I bought that annuity let probably 15 years ago. Because at that time, at my age, that was the best product to pick. And actually it wouldn't have been that long ago because I bought it when I was 43 and I'm 51 now. So at that time, that was the number one product. There are very few clients I ever put in that product. Why? Because once get up at age 50, there are products that were better. And so know your products. Don't be lazy. I would say another one would be don't be afraid to market yourself. In other words, make sure you're getting leads you're paying for, advertising you're paying for. I mean, I say this all the time. We have a phenomenal lead system that people can use now that. What, what is it? 220, $250 a lead. If you buy them in the packages and you get our training with it, there's no excuse nowadays for find me another place where you can put five grand or seven grand and get a bunch of leads and you get training all included into it. Where people are looking for annuities and you just can't. So you've got to market yourself. You can't do that. I know people that start businesses that spend 2503-000005-00000 just in advertising before they even open. And we don't have to do that. You know, I mean, I could go into. Make sure you're honest and ethical when you do that. You're not trying to make a sale. You're trying to find a solution to someone's problem. You know, I mean, we're up to number five, but I could. Well, we got included. My first one, don't have a mustache. Just. That's the number one. But, you know, when you think about it, there's so many things that agents are cutting corners on and we wonder why we get a bad reputation as well. I. Annuities are horrible. I knew I can't. I probably made $200 million in annuity sales because somebody said annuities were super complicated. And the way I explained it to them, they totally got it. They understood. And if they didn't understand every tiny little detail, which there's no way they can. I use the pilot analogy. All the Time. I fly all the time, but I don't have to know what every little button does. I need to know that that pilot is safe and the airline safe. But they go and they go. They say, you know what? This isn't that confusing. I'm like, I know. But agents get out there and often they're trying so hard to convince how much knowledge they know or have and explain way too much detail when all the client cares about is, is my money safe? Am I protected? Do I. Can I eliminate this worry I have and concern? And when you get out there and regurgitate all these and you just made me use your word. Why'd you have to use that word? It's gross. But anyway, you know, they try and do this over compensation for the lack of confidence by knowledge. And what that does is gets people even more confused and more stressed. And yeah, man, I don't chase compensation. And this includes with your FMOs and your IMO's. You know, the. Well, this FMO offered me an extra half a percent. So I'm leaving the one I've been with for years. And I'm not. Obviously we're in the business of trying to get agents to come with us, but if the only reason you are leaving your organization is to get higher comp, then we're not the ones for you. We've said that for years. We bring way more value than an extra half a percent brings. Or an extra percent.

Yeah.

For years I was with an organization I know for a fact I could have got a percent to percent and a half more on my business as a $30 million producer. And I chose to stay with the, the organization I was with because, number one, loyalty. You know, they had helped me. They had these systems. They had been very involved in helping me get where I am there. It was a good relationship. And, you know, then we ended up starting retirement, realized financial, and we ended up, you know, really not only taking what they had, but taken. In my opinion, we have the best training program out there.

Yeah.

And so we put that together with the best, you know, when the top case designers out there, which is you with and then added Josh and Jesse. You know, Josh is one of the business most business savvy, which he helps our agents build a true business understanding what it is to build a business. And then you got Jesse, which is just a master understanding AUM and virtual sales. Yeah. And so literally I'm going, okay, well, it makes sense for me to move my business over to my own fmo. But even when I Had my own fmo. I with another FMO because I wasn't interested in the higher comp. Yeah. When it made sense for me to move my business over to my own FMO is because literally we're at a stage to where, okay, it's time to do that. And so, you know, I mean, we're running out of time. But I could go on and on about this. There are so many things agents shouldn't be doing.

Those are, those are all really good. And I'll hit the comp thing. Just one thought on it. So often when agents bump from IMO to IMO for the sake of getting an extra 50 basis points or a point or whatever it is, they end up trading pennies for dollars. I'm sorry, they end up trading. They trade off dollars for pennies. And, and the way that I like to think of it is, okay, if you could work with an organization that could help you go from 2 million to 5 million or 5 million to 8 or 8 to 15 or whatever the threshold is, would you rather make street comp.

However many million per year or one extra point on top of whatever you're already writing with no growth? It's like the numbers are obvious. Don't trade pennies.

That's exactly.

Or dollars for pennies.

That's ex. That's exactly why I stayed with that organization for so long. They helped me build bigger and bigger business. And granted, I was involved in the training and I was involved. You know, I did a lot of the speaking. You know, there's. I get that. But you know, there's a point to where you got to go. And that's also why I say don't stay with someone too. If you're not growing, if you're not growing your business and your FMO is not helping you, then leave. Find someone who can. You know, that's how I look at this. You got to really. I, you know, I could die a year from now. You're not picking retirement realized financial because of me. You're picking it because it's best for your family. And that's how I look at things. What is best for my family. And so that's another thing. Yeah, there's. There's so many things, but yeah, this is a good one. This could have been, this could have been a. A real. You know what? Maybe we should do an hour long webinar on this.

It.

We always do that. What, once every. What is it? Every Friday.

And every Friday morning, 9:30 Central.

Yeah, that was way too painful, man. I Was my brain's going. Because you remember we used to do it once a month and for a long. We've been doing it everywhere.

Yeah.

Wow. We went long again.

Yeah. No, but I think, I think there is, I think we did. And I think there's a lot of value to knowing what not to do. Right? It's like you can tell somebody what to do, but then it doesn't necessarily kind of, it doesn't set the parameters necessarily right. It's like if you know specifically what to avoid, sometimes it's easier to avoid something than it is to actually do something else. So we tell you guys what you should be doing a lot. But to have one of these kind of sprinkled in where, where we're telling you what not to do, hopefully it's, it's adding another vein of value.

Well, it's like if you think about it, when you're getting interested in a new relationship, like in your situation, you definitely, as a new person in dating are trying to focus on what not to do. Right? You know, you, you, you don't be a jerk. You got to be not, you know, you. But obviously there's a built in what you get to do and what you are striving to do. But in relationships in general, if we go into an appointment thinking, okay, I don't want a product push, I don't want to be lazy. I don't want to pick a product because of compensation, you know, if you start thinking of things you're not doing, what's left? The thing, the good things, you know, the good things. And not to focus on negativity, but often when we do something stupid, and my dad used to have the same one at one Atta Boy is wiped out. Excuse me, 10,000 Atta Boys is wiped out by one. Oh, crap. So in other words, I could do all these things right, and I do one thing stupid and all of a sudden I'm back to zero. Now I'm not saying that's a good way to parent. I'm not saying that. But you know, when you think about it, if we do, if we find the best product, we do good fact finding and then we start being a dumb salesperson and pushing the close that will wipe out anything. You've done good from the beginning. You know, that's why I always, I don't, I don't have to hard close. I just. Does this make sense to you? Do you like this? Is this something you would like to have for your retirement? Yes, yes. Yes. Okay, then let's go in and do it. And as you say. Well, I need a little time to think. No problem. That's totally fine. Here's everything I'm leaving with. You do your due diligence, do your research, and so, you know, we've got to be careful what we're not doing. That's. This was a good one. Good, good. Good choice, Caleb. You get an attitude.

I like it.

Oh, yeah, but. But you're not a boy.

Doesn't make up for 10,000o craps, though.

That's true. Yeah. You've got a ways to build back up there, so. Okay. Well, I hope this helps you guys. You have a great day.

Thanks, Jed.

As always. Yeah, as always. Happy selling.