Mentorship Multiplication | 7 Figure Annuity Sales Podcast | Ep. 177

Today we're going to talk about the importance of needing and keeping a mentor.

I still have my shirt on. This will probably be the last time I'm going to be wearing it. Hopefully it's seared into your brain. If not, you could get a tattoo that just says failure is not an option right there. It's just, it's probably. Huh. We are going to start selling tattoos. I will do it myself. I. You know my years in jail. I know how to use a tattoo machine with a needle and ink and a little motor from hair dryer. I don't know. See, you can tell I've never been in jail.

I would never give you a hairdryer in jail. I don't know if you're Bernie. Matt off. Yeah. Then they give you everything.

Well, he's a fiduciary, so he gets treated well.

Sorry.

All fiduciary right there. I'm a fiduciary. Yeah. So is Bernie Maddow. That means nothing. Okay. That doesn't make you an ethical person. Oh, yeah, that's a good one. That's actually. That's pretty good. I'll give you credit for that.

If you're a fiduciary, I am confident that you are more a fiduciary than Bernie Maddoff.

Unless they're. Unless you're listening to this podcast from jail.

True. Unless Bernie' listening.

Well, then that would be Bernie. How can you be worse than Bernie if you're Bernie?

Well, you can't.

You know, it's just, it's. If you're in. Unless you're the cellmate of Bernie. Oh, Bernie doesn't have cellmates. He has his own private penthouse. And.

Okay, so the importance of needing a mentor. Yeah, yeah. You know, it's funny you say that, because that's one of the things I find quite odd is when people want to excel at something, but they won't pay for something to get them better. And yet they'll spend 15, $20,000 a semester in college to learn something that 80% of people don't even use the degree that they got. But then when they now are out in the professional field, they won't pay for anything. It just doesn't make sense to me because I. I have multiple subscriptions that I subscribe to and pay for to get better in areas I know there's other people better in. And trust me, there are billions of areas people are better than me in. I mean, I am an expert in a small. Compared to the capacity of the knowledge of the world. I am an expert in very, very, very few areas. So if I want to learn something, I'm going to pay to get people. And the people that are really good are going to charge a lot. Mean, I'm. But that doesn't intimidate me. They're where they are. And I. I never take someone for granted in that area to say, well, hey, I want you to teach this course for free. We do the podcast for free. But, man, if you want to be part of our academy or you want to be part of our inner circle, or you want to be part of our. Our highest levels, it takes so much time and energy just to do this. I mean, we got a set side time for this, but this is. So we get people back better. Yeah, we help them get better. But you need a mentor and you need to invest in your own education. And I'm going to say this is probably going to rub some feathers the wrong way, but as you know, I don't care.

College or our vocational school is not going to teach you generally about finances. It's not. It's people in the world. And I tell my kids this all the time. I have a sense of quality quite a while. Never get mentorship and guidance from someone who is not where you want to be unless there's someone. And I have seen this too, when, let's say somebody got a divorce, okay? And. Or maybe they've been divorced multiple times, and they have, and they're really humble and they go, you know what? These are the areas you can always tell when they're humble is when they say they got divorced and they point out more issues about their spouse or ex spouse than they do themselves, then that's not a good person to learn from. But some of the best marriage advice is when someone really realized they messed up and they missed opportunities that could. Chad, never take this, this, and this for granted. Make sure you're intentional in this. This an area. And I'm like, oh, my gosh. It's so valuable because they've already been through a very challenging area, and this is what they learn. I have someone very, very, very close to me that went through major marital issues. The person, this person humbled themselves and really dug into. And every time I talked to this person, they'd always say, I'm working on fixing myself. And that taught me so much because I'm literally, no matter what area of life I'm in, I am working on myself because I can't blame other people for my issues. And so it's me that needs to work on it. So if I want to become better in an area, I need to have a mentor in that area.

I guarantee you, if there was some kind of mentorship or training platform or program or whatever you want to call it, that an agent could pay 200 bucks a month to send their lead company through and it taught them how to generate better leads, they would pay that. But when it comes to spending it on yourself to try to make your process better, give you more tools. Oh, yeah. They pay it for the lead company to go through when it comes to themselves. It's like, I don't know if I want to do.

Do that. Yeah.

And I, you know, it's. It is a challenge. And the numbers to me, chatter are something crazy. I told you when you mentioned wanting to talk about this, I was like, okay, then I'm going to break down the numbers of our mentorship, our training. Right.

And before you do that, I really want to hit this really hard. You know, the average. And I. Correct me if I'm wrong in the numbers, but I think I'm pretty close. The average annuity agent gets about 135,000 out of each client.

That's about it. Yeah, that's a good average.

My average is 340.

300 over 343 over 340.

Why is that? It's because I am very intentional when I'm doing the fact finder. I'm finding out what the purpose of the money is. I'm being very deliberate in the product I'm picking and why I'm picking that product. I'm making sure the company is incredibly financially stable. They have great benefits, they have great customer service, they have great payout, really good index strategies. I'm incredibly deliberate. So when I go and I meet with that client, they know I'm not just there for the sale, because that is not why I'm there.

That's right.

I had to deal the other day so I could have. I absolutely. He would have done it right there. 135,000. He had a variable annuity. 135,000. He would have moved it, but I could. Technically, he said he had no concern whatsoever about the death benefit.

Yeah.

So his was just making sure him and his wife never outlived income. Could have got him 100 more dollars a year. He would have moved it. I said, sir, I know you're in this annuity. I know it's a variable annuity, but here's the reality. If income's your number one Concern, is it worth you trying to do all this to get this move for $100 a year? He goes, no, I really like this guy I'm with. I've been with him for many years. I said, that's perfect. Let's not do that if that's what you want, because, you know, I'm never going to tell someone to get in or out of a variable annuity.

Right.

But if that's what you want and that's what you feel comfortable with, we should probably just not do that then. And I could have easily had 135,000, and it was amazing because I do that. I don't care.

Right.

I don't. It's not about the commission. I want to do what's right for them. So by making sure you're trained in that way, you know, where I'm teaching you, what I do in my own circumstances, it's. I mean, it's so easy to walk away from deals for me.

Yeah, I think there's, I think there's. When you talked about, you know, it's best to have a mentor or only get mentorship from somebody who is where. Where you want to be and then you kind of, you know, qualified that with. You really can learn from people who have been where you don't want to be. So people that have gone where you're.

Like, in credit cards at all costs.

I'm not going there. How do I not go there? Which. That's why we have like the 25 reasons agents fail. Is that a glamorous, fun to have document? No, of course not. It's not fun to talk about failure. But if we can highlight 25 things that you don't do that you shouldn't do, maybe that sets you up for more success to do the things that you should be doing and avoid the things you don't want to be doing. Because again, failure is not an option.

That's not what we're trying to get for anybody that does us that email, Caleb, and we'll send you that document for free.

Yeah, I'll send it to you.

What's your email, Caleb?

C, A L, E B north. Like the direction N O R T h@retirement realized.com Easier thing. Just check the description of the podcast. I'll have, I'll have the producer put this, put my email in the description and it's printed out there.

But yeah, Caleb, when I say we'll have the producer go put it on there, it makes me feel a little bit important.

It makes you feel important A little bit, yeah. I was the one that said it.

Yeah. But I have a producer that can put that on there.

You do?

Yes. Makes me feel a little special. I'm having a moment here. Don't ruin it.

All right, well, you. You have your moment of special. The other thing that I was thinking about when we're talking about mentorship, Chad, is right out of the gate. When you started in this industry, you were looking for a mentor.

Oh, absolutely.

You were looking, and you ended up.

Finding one and three and a half, four years later. But, yeah.

And how you. If you look at the numbers of what happened when you were being mentored by somebody who was and is a father in the industry, great producer themselves, a leader, just a great man. Your. Your production benefited immensely from having that voice speaking into your business.

That's true.

And it set you up because there's a point where to solidify and to really lock in the things that you learned from the mentor, you have to start communicating those things. There's no better way to lock something into your mind, into your heart, than to communicate that and to teach that to somebody else. So there's a point where you started mentoring in training, within the industry. You've always been a mentor in other areas for other people.

Yeah.

But specific to the annuity industry, there was a point where you had been filled so much from your mentor and the people that were speaking into your business that now it's time to pour that back out into others.

The biggest part of mentorship, actually, where it really triggered for me, is we used to be part of the youth ministry, and we would see kids that just had horrific father situations, and I'm like, you know what? I need to mentor. And that's really when it came in. And if you ever follow the style or the way I mentor is from the avenue of being a father, a good father, because a good father always wants you to be better than where I am.

Do you remember what year you got your mentor?

It's probably 2007. I went, no. What year did Ariel's thing happen? Whatever. Whatever. Your. Whatever year. I always hate that because I don't remember, but she had a brain aneurysm. I think it was 13 years ago. And this is so bad.

If it's 13 years ago, you. Okay, this is what I. 2007. You get the mentor. Do you know what happened between 2007 and 2008? You had over a 300% increase in your annuity production from 2007 to 2008? 300% the year after that, 57%. From 2008, it increased to 2009. Yeah, I have all these metrics. 2009 to 2010 it increased another almost 66%.

And then what happened? 2011, did my father leave me?

Yeah, your father left and then he.

Went down negative 5.44 and then three point. But you know, that's when you moved. Oh, that's true.

So you're in new territory. So there was a learning curve and then you start, boom, crank.

2011, we were preparing for the move. 2012 we actually moved. So yeah, there's, there's definitely, definitely a little bit of learning curve there.

But I say all that to say you can look at Chad's numbers. You can see the direct impact of having a phenomenal mentor for sure. And that said, I want us to mentor as a listener.

So does that mean I had a 39% increase over 2019 to 2020?

From 2019 to 2020.

Wow.

No, you had a 2% increase from 2019 to 2020.

You know, hey, 26 million 163 and 26 million 7 13. Yeah, that's still an increase. I'll take that. And I'm really hoping I should. I. Yeah, it's. It's awesome. I love it. I'm just, I don't. I mean this guy is a Excel nerd. I mean he just loves Excel sheets. But it's, it makes a lot of sense.

The way I describe it is it's like imagine you, you have a puzzle that you know what the outcome supposed to look like but you don't have the pieces. So you're given the tools and you have to make the pieces put over.

A blanket, make the outcome color what it's supposed to look like to me. So what are programs?

Caleb, we've got the pro.

You like how I did that?

I do.

Can you.

This is a react right now.

What are problems?

Get the problem.

What are the PRO plus?

The marketing elite in the inner circle and then obviously like the champions club. That's like a super high level. Yeah, it's. That's with our fmo. Like that's, that's ultimate high level there.

I calculated this for the PRO plus. Okay. Because I think the numbers, it's just, it's a, it's a no brainer. The goal with any. In my opinion, at least my personal. If I'm going to invest into something or I'm going to, you know, put money into something, I'm going to invest in myself. I want to see a Practical return. Want to see this, actually produce. And I typically want to see a 10X.

You know what's crazy? Because I remember you telling me about this and this just hit me. Our goal in our retirement is get to between 5 to 7% over a 10 year time frame. We use so much money to put in our retirements hoping to get a 5 to 7% return. But when we pay for our course, we want a 10x return just like that. So if I told you you could put a hundred thousand or ten thousand dollars into something that turns into $100,000 in a matter of a year, 10x return. Right. I'm doing this right. You would do it in a second. If I said you give me ten grand, that's what you're saying. And then some. Yeah, because I know the numbers on this. Okay, go for it. Yeah.

So Pro plus runs 197 bucks a month. That equals $2,364 per year. If you write $400,000 in annuity premium as a direct result of that one year in the academy, you have 10x'd your investment. You have made approximately $23,640 in comp off of your 2,364 invested.

Wow.

Less than half a million dollars in annuity premium in one year's time as a direct result. Now this is what's crazy.

Wait a second. Does that mean if I pay for my own program for mentorship 10 times my results?

Yeah, you, if you, if you are the mentor yourself in your own program, probably not going to have the same impact.

The thing that's crazy to me, Chad, about that is that 400,000 can be one deal.

Oh, absolutely. Easily, easily.

So when we're talking about, you know, the reality of somebody hitting an extra 400,000 in production to 10x their investment, that, that to me is, I mean, that there's no way that doesn't happen. No way that doesn't happen if it can't happen.

Unless they don't make their calls.

They don't do fact finders.

Well, even if they don't do fact find a blind squirrel can find an acorn. I mean, if you're, if that's. I mean, I've seen people, I'm like, how did you get that $300,000 deal? I've talked to you. There's no way you could think about.

Think about what? Starting to use one document. Let's just say all they ever do in the Pro plus, they don't even bother with the training. They don't even bother with the webinars. They don't bother with leads. They don't bother with any of that stuff that we have in there. And they just take the fact finder.

The fact finder. What your ex will say, why do the companies. I do. I mean, these are all like. These are things I use ultimate documents. Ultimate. Let's say they take one real benefits of the annuities. Yeah.

400,000 should be a drop in the bucket compared to what is actually written off of one single document, not even touching the other things of the membership. So to me, to harp on price anymore or cost or whatever you want to call it, investment, you know, in air quotes, whatever is like, that's a. It's a mute point. Because to me, the platform is worth 10 times what I mean, even if.

You do inner circle, which is what, 14 grand a year, I think, right?

I mean, annual. Why do I not know? Oh, no, it's. It's 12,970 a year.

So that takes. So what, a $200,000 annuity?

Let me tell you, pull out my handy dandy calculator.

Because actually it'd take about $175,000 annuity, approximately.

Would take a $216,000 annuity at about a 6% comp rate.

Oh, see, I was doing a 7% comp. Oh, yeah. So after taxes will take you $1 million policy.

But that's so good.

I mean. Yeah, get ready. You start breaking through, you are going to be paying higher taxes.

I assure you, if you're producing a couple million a year already in annuity premium. Seriously, get into the inner circle. Or give me a call and let me tell you about the inner circle and hear what it entails. But that's, that's where when we talk about mentorship, that's Chad, actually mentoring.

I'm very, very limited number of people I will take into that. And the reason why is because it takes time.

Oh, yeah, yeah. You can't mentor somebody and do justice to them by. By shorting them. So.

Okay, well, I think that's pretty much it. So the moral of this story is sign up for the academy.

Sign up for the academy.

Get a mentor.

Regardless of what you do. Get a mentor.

Get a mentor.

Get a mentor. Somebody.

Okay, guys, you have a great day. And of course, happy selling.

Ram.