Getting Business Issued: Pending Business Process | 7 Figure Annuity Sales Podcast | Ep. 311

Welcome back to the Seven Figure Annuity Sales Podcast. Caleb north here, joined by Chad Owen. Chad, I'm excited for today. We're talking about something that I think is a little bit of a headache for everybody, but it's pending business, new business, getting things actually pushed through and issued. And I know that, I mean, for somebody that's been in the industry as long as you have and written the volume that you've written, I'm sure you've had some horror stories along the way.

Yes, for sure. Actually just went. I literally just got a policy in the mail today that was issued two and a half months ago. And if you remember, it rhymes with Erico.

And it's that company. And it took them three. Was it three months? You remember, we had issues with getting contracted first. I guess they didn't have certain license, and then they had issues trying to get the money in and then they didn't know this little thing where you can hit a button. It hit issue policy. Yeah. And then it literally comes to my previous address, which got forwarded to here. And I'm like, you saw on contracting the new address. And yeah, it.

Sometimes pending it just drives me nuts. I mean, you can look behind me. I mean, I think you can see there. And let's see if I turn that way.

You got a bunch back there.

I've got.

A bending business. And people always say they do this. They go, well, why don't you just let the insurance company take care of that? Very few insurance companies ever follow up on the business. Well, why don't you let your FMO taking care of it? Well, quite frankly, very few FMOs have a really good back office. And here's how it goes. Yeah, we called and they won't talk to anybody other than a client. So we're not calling many or they'll hold. Time was more than two minutes. And so we hung up. You know, they just don't work it the way I work it.

Yeah.

And I get a lot of business issued way quicker than what normally would because I'm the one doing it. You know, for example, little. Little secret for those who don't do this, but if you do pending, and they say, oh, I'm sorry, we only talk to the client. We won't release any information. I say, I have the application with the Social Security number, the date of birth. I know their account numbers. I. I'm not asking any. Any of that. I'm literally asking you, did you receive the paperwork? Is it in good order? And when will the check be? Sent out. That's all I'm asking. Oh, okay. Well, we can let that. Yeah, it's in good order. Okay. What's your processing time? Seven to ten days. Okay, great. So that's when it'll be. Yes. And most people that are doing back office will not go to that effort. They just. They automatically say, you know, hey, we just were on hold too long, or they don't release information. And I. I won't. I haven't found someone yet that will work the business where I do. So, yeah, I will not hire that out. I'll still do my own pending business.

Yeah. And just for those that maybe aren't tracking with us, that is specifically referring to calling the transferring company. Right. So you've submitted the application. The insurance company says that they've sent the transfer paperwork to the transferring company. Let's call it, in this instance, Fidelity Schwab. You name it. Right. Whoever it is. And now you're calling that institution to check to see where are we at in the actual money being sent over?

Yep. And the problem is, if you don't call and check, they won't tell you something's missing. Usually. For example, I'm sending in another thing. Why did you have to pick this topic today? Because this is a little fresh.

This word is a little fresh Rubbing.

It is. Yeah. Because this morning, spoke to client. We have sent two transfer forms to a company that rhymes with Ilco. And.

And they said they haven't received the first two transfer forms, even though we have verified that the transfer forms were received. Now, fortunately, the lady I spoke to at that insurance company, she's like, hey, let me give you an email to send it to, too. And then let me re. Verify the fax number. So the lady was more than willing to do that. But whoever's getting these. Oh, and on top of that, they received the letter of acceptance. They just didn't receive the transfer fund. I'm like, it's all together. You know, it's. Yeah. So pending can be. It can be a real pain. But what good is it, though, if you get the lead? You make the call, they answer, you go out, they show up. You get them to understand why it's important, they write the application. And. And you don't get it issued.

Oh, yeah. You've got to get it across the finish line. Don't run three laps when you're trying to run a mile and quit after the third. You got to keep going.

You know, I often feel like you see these videos where there's two Athletes running, which I don't like running. But let's just use this example. I don't like doing pending business either. So it's the same analogy. But you know, you see the one guy stumble right before the finish line and you literally see them pick the guy up and be in a good sport. That's sometimes how I feel I have to be for insurance companies and FMOs. Fortunately, I'm my own FMO, so I don't have to worry about that anymore. But when I am checking my own business, I'm literally helping the insurance company get the policy issue too. And so it's just something to think about.

Yeah, absolutely. Well, and truth be told, if you're a transferring company, whether it's an insurance company, financial institution, doesn't matter. It's actually more advantageous for you to have really, really, really poor processes in that department. Really, really bad handling of paperwork. All of that is advantageous. It's like, great.

The longer they hold on to the money, the better.

Exactly. They don't want to release the funds now. They have to. They will. But sometimes it's like, it's like herding cats or pulling teeth. It's. It can be an uphill battle, but the more persistent you are. And Chad, that's really what I hear out of the way that you handle those phone calls is just the persistence of it. It's like, listen, I'm not trying to get any sensitive information. All I'm trying to understand is where are we at? Did you receive the transferring the transfer forms and when is the money being sent? That's it. Yeah, there's nothing sensitive about it.

And it's very rare that they don't release that information. There are a few that literally, fine, I'll get the client on the phone. And I get them on the phone and we do a three way call. But most of the time they release information. Yeah. And literally in my little cheat sheet, and if you're part of our organization, I have a cheat sheet that tells you the company, the address, the phone number, the fax number, if they require medallion signatures, if they, if they allow wet signatures or E signatures, we have that cheat sheet. And it's funny how many back offices I've literally showed that to and they're like, we had no idea there was something out there. I'm like, I don't know if they require a medallion signature. Well, I can tell you if they do. And there's actually, that's very rare nowadays that they will require medallion signatures. But there's There's a company out there that has a red and yellow logo and they are brain damage. Brain damage. First of all, there's a conservation department so they'll try and save it. Second of all, they always lose papers and you can't. Oh, we never received it. The other thing is they will require a medallion signature even though they have a signature on file. They will not do medallion signatures themselves. So you can't go into the bank, get a medallion signature, their own bank, even though it's their own client and trying to find someone else to do. Well, medallion signatures now are, is crazy. So I found a way around. Actually I didn't find a way around this. A client found a way around this because I never would have told him to do this. He literally told them to send him a check. It was an ira. Send him the check. And then he made a check out to the new institution within the 60 days to avoid that. But I usually tell people not to do that.

Yeah, it's scary.

It is. Because God forbid, let's say you got in a car accident or something and you have this check was, let's see, 800 some odd thousand dollars. And if he would have gotten a car accident or had a health issue or something and he didn't get that check in the 60 day window, the IRS isn't going, oh, poor, I feel bad for you, you know, I know you got hurt but we're not going to charge you taxes now. So that's, I really don't like that. And when he told me he did that, I'm like, wow. I said that was aggressive. And he goes, he was so mad because he's like, this is my money and if you it, even if I wasn't the one moving the money, if he wanted to move money out, any transfer form he would have to get a medallion signature to get his own money out. And since they won't do their own medallion signatures and he couldn't get anybody else to do it, how are you going to get your own money out?

Yeah, it was, yeah, it's, it's, it's crazy. I think they lost too much in their stagecoach lines being robbed back in the day. They're still trying to recover.

Okay, so here's an interesting thing. An interesting thing. Do you know that company has a lot to do and is very well linked with Wyatt Earp?

Oh yeah, yeah.

What?

Yeah, absolutely. Yes.

And Chase, J.P. morgan Chase. Oh yeah.

Because J.P. morgan, Chase bank or. Well, J.P. morgan was trying to work with the Rothschilds in Europe?

Yes.

To obtain all of the railways in the United States and develop the rail system in the US but because of what was going on in Tombstone Arizon with the stage.

Documentary. Yeah. That was insane. I had no idea. Yeah, it's like one of my favorite Western guys of all time was actually a crook.

It wasn't a crook. He was a criminal.

But he was pretty. He was a heavy hitter, put it that way. To be drastically affecting the perceived stability of the United States to the point that the Rothschilds in Europe were holding back investment with JP Morgan because of what you had going on in Tombstone, Arizona. It's wild to me.

The Cowboy Wars. I never even heard of the Cowboy Wars. Yeah, man, that crazy. That kind of blew my. And Ike was actually kind of smart.

Yeah. But in Tombstone, he was the idiot and.

Not Johnny Ringo.

Doc Holliday.

No, no, no. The. The leader of the.

Curly.

Curly Bill.

Yep.

Curly Bill. Yeah. He wasn't even the leader.

No.

So anyway, boy, Pending business. Let's get back to pending business.

So this is why.

Go ahead.

Oh, I was just gonna ask if that happens often where you have to get the client on the line. And. And if you do, right, if the transferring company just will not work with you, they won't to give you any information about it. What's that conversation look like with your client to. To actually get them to get on the phone with you and the transferring company?

Oh, usually when that happens, they're just so mad and so ready to move the money, they just like, let my money go. They're like Moses. Let my people go. You know, let my Benjamins go. There you go. There's another one part. The sea of the brokers and Let my Benjamins go. Okay, there's. There's a new. There's a new pitch. I got it. That's funny. You know, I rarely, rarely ever have a client one time I can think of where the client that was the same company I was talking about, she just got so fed up, she goes, I give up. Yeah. And it was. And I. I told her from the beginning, I preface that, I said, this company is very challenging to get money from, and they will do everything they can to stop you to where you want to give up. Three and a half months later, she gave up. Yep. And I said, they won. And she goes, well, yep, they did, but I'm not dealing with this anymore. And so it was. It was very, very challenging.

That's the only time that's ever happened. So you just keep pushing.

That's the Only time. Yeah, that's the only time. Yeah. I say I'm a pit bull when it comes to getting people's money back. I say I am a pit bull getting your money back to you. And you know, like fidelity, I'm telling you, that is an easy institution to work with. Almost always great customer service. There's no conservation. They're almost always super friendly. And so even Schwab, you know, I mean, there's. There's a couple of the big ones that are so easy to deal with. Yep. But man, why, why is the advantage of trying to hold someone's money hostage when it's their money? Where can any good come out of that?

Yeah, well, I equated never.

I canceled that. Well, the one guy I told you about, he got rid of all of his bank accounts with that company. Yeah. Everything I would. Financial. Everything. Yeah.

I would do. There's zero chance. There's like a zero tolerance policy for that type of behavior. I equate it to IMOs. That won't release.

Yeah.

When you have an agent that's decided, hey, my time here is up, I need to transition, let them stink and go. Right. Because you, you holding them back. Here's what's. Realistically what happens. Either they continue to write business and you continue to make your overrides and whatever and they just. That ends up happening. Or they just stop writing the products they have with you all together, get past the three month or six month window and then move them without a release and then never consider working with you again. Or you let them go. Other IMO down the road does something, burns a bridge. What do they do? They go back to what they're familiar with. So by being good and treating where.

They knew they were, they go back to where they knew they were treated with honor and respect.

Exactly. Just treat people the right way and do the right thing.

The one thing we have to be careful about is like, that's what I was telling you. That's why we had to release so many people when you just had your mustache. You know, we couldn't hold on to them. Right. They just, they would hear your voice and they go, okay, this guy might be all right. Then they see the creeper mustache. So I'm glad to see the goatees coming back.

We had them coming in in droves.

Well, your girlfriend is the one that got you to grow back. So let's just say right there and so we can have a little bit of humor here. Caleb tries to be funny, shaves his goatee. He Goes and meets her, and then she literally tells him. And I'm paraphrasing, this will grow back by the holidays. Right?

And then kiddo's like, I wonder if I should grow it back. Boy, she is telling you, grow it back. So no creeper for it. It's like, you know. You remember Blindside? Did you know there's a color boy in your photos? You blindside?

Oh, yeah.

Yeah. So you'd be going, did you know there's a creeper pedophile in your photos?

Yeah. Oh, my goodness.

With your mustache. That's what they would have.

Oh, mustaches are all the rage right now.

They are not.

Go look at just about any major league baseball player. Go look at Riley Green in the country music scene. Oh, yeah. Mustaches are. It's like, nope. It's like, you remember when Tom Selleck had his mustache?

Okay, that was back in the 70s.

Hey, I'm just saying. I'm just saying. No, it has the same effect today, you know?

Nope, it's not coming back around. So actually, we're gonna do a poll, Mustache or no mustache. And maybe I can come up with a creeper photo for the mustache.

And then.

Well, I, I. If I, I joke, okay, that I can't do the mustache because I've got the jawline of an earthworm, but for somebody that actually has, like, a chiseled jawline, they can do a mustache.

One time you pulled it off. There's one time. I. And I'm gonna compliment you, but when Top Gun came out.

What's this?

Rooster.

Yeah.

Well, so you pulled it off there. Yeah. Well, I'll take it. Yeah. Miles Teller was all the rage then, too. Yeah.

Yes.

All right, well, one last thing. On pending business, don't encourage your clients to do indirect transfers, but if they do an indirect transfer, make sure that those funds get put back in the qualified account within 60 days. Otherwise, it's going to be a taxable event. So 100% anyway.

Okay. That wraps that up. A bunch of little tombstone history and some creeper history and, you know, a bunch of pending history. I will tell you, doing your own pending is worth it. It is worth it. It's a pain, but it is worth it. So I'll leave you with that.

Thanks.

I hope this helps you guys. You have a great day. And, of course, happy selling Sam.