Insurance agents have a major advantage over financial advisors.
Most financial advisors are looking for prospects who have assembled a substantial nest egg. You often hear the number “$250,000 minimum” mentioned.
In our town, one financial advisory firm has lettering on its front window including the words “Starting at one million dollars.”
Insurance agents might also carry investment products, and they can work with clients who can buy coverage and build wealth through their monthly cash flow.
Isn’t that down market? Isn’t everyone going upmarket today?
Years ago, The Economist magazine ran the obituary for Kemmons Wilson, who started the Holiday Inn motel chain. When asked by friends why he was not opening luxury hotels for wealthy people, but setting up “motor lodges” for regular families on driving vacations, he said something like: “The Good Lord made more of them.”
Let’s get back to insurance agents and building business.
People with a little money now can grow into people with a lot of money later.
All insurance agents know they have many products at their fingertips. There are people with needs all around them. It’s time to identify those people with needs and see if you can help them.
For a look at 10 types of people with ideal client potential, see the gallery above.
(Image: Adobe Stock)