Mindset of an Elite Producer | 7 Figure Annuity Sales Podcast | Ep. 157

Foreign.

Hey, everyone. Welcome to this week's podcast. I am Chad Owen, the annuity sales coach and the most famous, most awesome, most wonderful boy wonder next to me. What are we talking about today, Boy Wonderful? Golly.

I feel like if I answer the question that I'm coming into alignment with the nickname and I'm accepting it as. As a nickname.

You are boy wonder. Let's get going.

All right, so we're talking about mindset of an elite producer, and it's one of those things that we talk about pretty frequently in the podcast and we talk about it in the training platform, but it's so critically important. I mean, it is literally the foundation to the success or lack thereof.

Correct.

That you can have in the business. So I want to kind of get an idea from you, Chad.

You're about to tap into my mind.

And, well, we're going to attempt.

Are you sure we.

I don't know. You got a pretty hard head. Sometimes I need to break out the jackhammers.

Oh, that's so true. But it hurts. But it's true. It's okay. The truth often hurts.

It often does.

There you go. So start digging.

Yeah, that's true. Mindset is kind of one of those things that I think a lot of people have an idea of what it is, but I think that within that, there's a level of subjectivity to it where people can kind of have their own ideas of what mindset is. So before we dive into mindset of an elite producer, walk us through what. What does mindset, the term mindset, what does that actually consist of for you?

Well, it's actually. It's a very deep revelation. It's. It's really so earth shattering. It's what you set your mind on. That's why it's called mindset.

Got you.

It's honestly what you focus on, what you go. It's really your set, your focal point. That to me is mindset. It's what do you determine as your absolute. What do you determine as the non negotiables? You know, that to me is a mindset. They're unshakable, they can't be moved. That mindsets are often well grounded, and unfortunately, it can be good and bad. You know, you can have someone with a bad mindset and you can't change them. You can have someone with a good mindset and you can't change them. And so, you know, that's what it is to me.

Sure. Okay. And I guess you can have mindsets in vastly different areas. Right. So you can have, like within the business itself. Let's talk about within the annuity business. You've got personal mindsets, things that you think and kind of even declare over yourself, things that you come into agreement with about yourself and who you are. You've got business mindsets, like how you actually think about and perceive what you're doing. You've got client mindsets, like even the way that you think about towards. So let's break those three down maybe a little more.

I mean, you could go on and on in that. You have, you have the client mindsets, of course, but you also have the competition mindsets. You know, somebody who is strictly variable versus someone who's strictly guaranteed products or risk for your products from market volatility. So I mean, you have multiple sets of people having their own opinions where, man, you've talked to some of those very variable people and it doesn't matter. I remember this time is in 2009, 2010, there were these four people on radio, excuse me, not in radio, it was on one of the major network television programs on business. And this, they were doing a call in. So there's four of them that are doing these call ins. And this lady called and said, hey, I have an annuity. I've only made 4.5% over the past 10 years. And I'm just kind of bothered by that a little bit. And three of them, they asked, what are you in? And they said annuity. And they started ripping on the annuity. I mean, why an annuity? They have high surrender fees. No, first of all, it was 10 years old, so probably pretty close, if not out of surrender fees. Number two, they made 4.5%. They didn't even know what type of annuities, so they didn't even ask that. They just heard the word annuity and they started ripping it. And then one guy says, well, I don't know about you, but if I would have earned 4.5% after the last 10 years with this big drop, I might want to get into one of those. You would have thought he was the devil, man. The other three people looked at him like he just kicked the puppy, man. But his logic was there. And their mindset doesn't matter. Logically, she made 4.5%. Or if you took from 2000 to where that was, 2010, that would have been a phenomenal return. Sure.

Yeah.

But they just sat.

They ate it up.

Yeah, interesting.

Okay, so there's, so there's. We have obviously established vastly different types of mindsets. And you have Them in all different areas. I want to know for you, get into your own head about yourself, personal mindset. What does that look like for you? Like what are the things that you actually say over you? What are the things that you actually believe about yourself?

Well, in regard, my mindset, you know, really comes into knowing what you're studying, knowing the product inside and out and continuing to study, study it till you understand.

Right.

Not just what the marketer told me, not what the insurance company told me, my factual information of what I researched. Because I found over the years, marketers have been wrong, insurance companies have been wrong, been wrong, Everybody is wrong at some point or another. So anytime I hear information, I need to know myself that this is how it works, this is what it does, this is how it's designed. Then I need to have the literature that backs up what I believe.

Right.

Because my opinion means nothing. It's. Is it backed up factually Right. In court? Right. So I look at the disclosures, I looked at product brochures, I look at the illustrations, I look at everything to make sure it's exactly. So my mindset is when I go into that appointment, I am one of the most educated people out there in this industry to make sure I know all the different products that are available, that there's no one out there that's going to know the product knowledge the way I know it. And I feel confident that is not arrogance. There's a lot of work that needs to be done to be able to make that statement.

So in that regard, it's all centered around expertise.

Yes.

Now, what would you say for business mindset? I mean, you have the way that yours is set up, it's llc, the way that you run your business. That's, that's how it is. Even as a producer.

Yeah.

It's all through an llc. So give me an idea of what the mindset looks like in regard to.

That, that aspect of it. Well, so when I decided to start this company over 17 years ago, I was really set on never having employees.

Sure.

Now I eventually, as of a little over four years ago, I hired an executive assistant and she takes care of the financial side of things for all the companies. But she doesn't do any calls, she doesn't do any follow up. She does put my kits together. Now let's see what else she does. She makes sure I has product brochures, make sure when I print the application myself. Because, you know, every application, no matter what company is, I line up application suitability, form disclosures, transfer forms, and then replacement.

Every T is crossed, every eye is dotted.

Yeah. So that way when she goes to make copies of them, when I'm in an appointment, I know exactly what's coming next. Application, suitability, form disclosures, transfer forms, replacement. But I've determined even to this day, because I have people ask me consistently, I mean these, some of these guys are relentless. Well, if you come with us, we'll help you with back office support. I don't need back office support.

Right.

I can manage my own business now. I have some agents now that work with us through retirement, realized financial and of course we have back office support for them.

Right.

But myself, I don't need back office support. The other thing you look at as well is I don't want anybody making my calls. I'm paying 300 to $350 a lead for these things. I don't want anybody trying to get that appointment because her number one objective is getting the appointment.

Right.

Not mine is finding out, can I help them? Is there a problem? Do I have a solution? So business mindset is I will still and always will be in my own personal business. A one man show.

Yeah.

And that's just because I know nobody's going to take care of my baby better than I am.

It's true.

You know, other companies, that's fine, I'll have full support teams, offices, things, people that take care of the office, people that do the finances. But with my personal business, I want to be the one taking care of it.

You know, there's a interesting concept that I've observed in talking with, I mean literally hundreds and hundreds of agents around the country I've had opportunity to talk with. And I've found that those who actually consider what they do to be a business are the ones who want invest in what they're doing, whether that be through training or leads or marketing or.

Branding to put in something to get it back.

Exactly. And those that have the mindset of essentially being an employee of an insurance company, a salesman for an insurance company are the ones who are the penny pinchers that don't want to spend a dime more than they absolutely have to. They want all their stuff to be as free as it can possibly be.

And they have guys right now that will give up half their commission. So the other person pays for their.

Leads and they end up probably, if they're producing well, they pay more for those leads than they would if they bought them there. So they do.

And it just blows me away because I'm going, wait a second, you're still making the other person rich, you know, because you don't want to take the responsibility out. Once again, it's a mindset. You have to put out money to get money. That's just what it comes down to. I mean, even if you go to Las Vegas and you pull the slot machine arm, you had to put the coin in there. If you win the lottery, you had to pay for the ticket. And I assure you, living in Vegas for four years, I know way more people put money into those machines than they paid out. Those casinos are usually paid within 30 days of the casino opening in full.

Yeah.

Now, I don't know what it is now because I was back from 1992, mid-1992 to 96, so. But I don't know what is nowadays. But then the casinos were paid for in 30 days.

Yeah.

That wasn't from winners, from losers. So, yeah, that's a challenge.

You know, this brings up an interesting conversation, I think too.

Okay.

Because you're obviously top notch elite producer. I can't think of any individual agent who actually does every bit of their process that writes more business than you on an annual basis. I've never met everybody. If I've talked to a single person that's written over what you write each year, that they always have a handful of downline agents that are actually running the appointments, then they come in and sign, but you're doing every part of it yourself.

That's interesting to say that, because they get up in front of these awards things and they're like, well, look at me and look at what I've done. I'm like going, you have an entire team that does. They literally do the fact finding for you. And then you go in there and you might close a little bit of the deal. You're in there for 15, 20 minutes, and then they fill out the application. They do the pending. They do. And I'm not knocking that at all. I'm just saying give credit where credit's due.

Totally.

You know, if you have a team that's working for you, if I was up on that stage, I'd be like, thank you so much for my team.

Right.

And I even said that when I was. I was in the top 15, and then I just was with the company, whereas number one out of the entire company. And I said, hey, you know, I got an incredible team. That helps me. It's not when I'm saying team, I'm saying my friends, I'm saying my wife, I'm saying kids. Yeah. The supporters. I Mean, I would be nowhere without them. You know, the people over the years that poured into me as far as mentors, man, you cannot nobody. When I say I'm a one man show. That just means I'm running my own appointments, I'm doing my own follow up, I'm doing my own pending business, I'm doing my own applications. But that doesn't mean I got me where I am. Sure, I was obedient, I listened, I soaked in information. But there is a plethora of people that have helped me become and do what I'm able to do today.

Absolutely. So there's a mindset of humility attached to this as well.

Well, if you think you can do this stuff on your own, you will fail.

There's always somebody else doing something.

Nobody that does anything on their own other than the decisions they make.

That's a good point.

That's the only thing you can take credit for is doing on your own is the decisions you make.

Yeah.

Did you choose to listen or did you choose not to listen?

It's a good point.

That's it.

Yeah. Well, that actually brings up a pretty good segue into sign up for the business strategy session.

Yeah, no kidding.

I mean, we're talking about don't try and do everything on your own. Get thoughts and feedback and tips and things from other people. I'm literally next to Chad's office every day of the week. Obviously he's out running appointments a lot, but I literally have the opportunity I have had for years now to observe your process, what you're doing, how you're doing it. And so what that's allowed me to do is open up my desk line to agents to actually call in, set up a strategy session time and then let's actually have a conversation and break down what you are doing and then what you can be doing to improve what you're doing, if that makes sense. What are the practical steps you can, you can take?

Yeah, you definitely want to do that. And actually I think I'm changing name. It's not Boy Wonder anymore. It's called my retirement.

Yeah, I'm Chad's retirement.

As long as you do really well, you'll be my retirement. So this one, this works perfect.

I'm going to get a new name in the phone or whatever. No, call me. I'm calling my retirement.

There you go. Is it safe and secure? Right. So now I need to get a really large life insurance policy on you.

That's. I never want to be worth more to somebody dead than I Am alive.

Too late.

I got five.

That's good stuff. Now.

I'm sorry, Is it good?

Not for me, no. You. You said this one time in a meeting and I want to bring it up. You said, you know, there's a saying. Say, stay in your lane.

Yeah.

Say, well, my lanes. A freeway.

Yeah. That drove me nuts. Because you know what? Stay in your lane. I don't have lane. I have a freeway. And at any given time, it can go all different directions. What I do need to have is good bus drivers.

Yeah.

So if I have a lane, that's my lane. So I'm going wherever that lanes taking me. Right. But if I have a freeway with good bus drivers that are taking people where they need to go, I can just give a call to my bus drivers and say, hey, this is what I'd like to do. This where I'd like you to take him. This is the hazards that are in front of you. Be careful. And then trust my bus drivers to get them. I mean, that's what you're massive bus driver. You're one of the bus drivers that takes retirement, realized where it needs to be. And so that is the important thing. I mean, if you're one of our partners, that whoever owns that organization, they're the bus drivers, they're going to take you where you need to go. And you need to trust them. You know, that's what it comes down to. I'm not a person that stays in a lane.

Yeah.

Well, except when I'm driving.

Yeah.

And then it's still questionable until you.

Decide not to stay in that lane anymore. And then a signal may or may not be used in transition.

I will neither confirm nor deny that statement.

There may or may not be notification to anybody else around.

If nobody's behind me, why do I need a turn signal if they're like a mile behind me? I don't need a turn signal. Stop tailgating.

It's true.

Tailgate. Then you need a turn signal.

One of the things I want to leave them with this today. One of the things I observed in the past couple of weeks and kind of thinking through the difference between motivation and discipline, and it's really the concept that discipline transcends motivation. Motivation will always make doing the thing easier. Okay. But you can't count on motivation to always be there. I was not.

You have to be coming to the office. I was not. I mean, there's. We had a crazy electrical storm. I did some work over the weekend and I'm just like, oh, I don't want to come in today. But you know what? It's the discipline. Now I need to show up. I need to be able to mentor people. I have people that need my help. You know, that's discipline. Honestly, a lot of times is focused on what it's doing for others, where motivation can be. But sometimes people lose motivation quickly when they don't feel like it's true. And. But when you're disciplined, you're like, hey, I need to. Because of this.

It's attached to self control.

Yeah. Now I would say that's a good way to put.

Whereas motivation is attached to just the feelings.

Yeah.

The feelings of things. Which, again, they will make things easier when you have it, but you can't count on them to always be there.

And feelings can be great, but they're horrible when they gets tough. Feelings are not good to tell you what to do. Absolutely not.

That's true.

Well, I hope this helps you guys. Of course. We want you to do very, very well. And we want you to be focused on what you need to have done and to get to where you need to be. So once again, happy selling.

It.