An important distinction between a seasoned veteran and a rookie is the recruit’s knowledge base and the length of time it will take for them to generate revenue. There’s a point of diminishing returns where you need to terminate the relationship, review your hiring practices and make adjustments to the recruiting process. There’s a key characteristic among financial professionals that you’re searching for. Is the potential recruit a producer, i.e. a revenue generator? Is the recruit more than a professional student? The financial industry is overrun with academics who pontificate on their knowledge but are incapable of producing revenue. It is possible that a knowledgeable person could be a team member for support, but not for revenue. Lead junkies are first and foremost looking for free leads. They’re not concerned with your acquisition cost, they believe that you owe them free prospects. And even if they are willing to pay for leads, your cost to generate them may outweigh the overrides you receive from their sales efforts. Anyone who has ever presented a dinner seminar or workshop has run into professional plate lickers, attendees whose mission in life is to exploit your practice for free food and education. It’s actually   Read more…

There are several recruiting methods deployed by head hunters, employment firms and referral networks. Whether it’s the military enlistment, college enrollment or a dating site, they all have algorithms and sorting approaches to their filtering systems. Many companies have best practices and established recruiting cycles to ferret out the general population or specific industry. But they all have one thing in common and that is consistent contact through online advertisements, social media campaigns and direct mail pieces. In the financial services industry, first contact with a potential insurance agent and/or registered representative is generally through email blasts or phone calls. Recruitment activity is based on the theory of large numbers. Often good recruiters are making 200 calls a day to generate 12-15 contacts that fall within the parameters of the company’s search criteria. Hopefully two or three of those contacts have the basic qualifications to move forward for a second conversation. The value proposition of the company needs to be direct, pithy and to the point. A well-defined and well-crafted proposition can increase the ratio of potential candidates. Most firms have an ideal candidate in mind. Not all recruits fit that ideal profile, but some may have the potential to   Read more…

As you get older you may experience many medical impairments tied to the process of aging. But some conditions may be hereditary within your family history. One such illness is cancer. Cancer coverage is an item of concern when selecting Medigap coverage for the things Medicare part B doesn’t cover. If cancer is a concern, then you may want to select a Medigap supplement plan F or G and not an Advantage Plan. It depends on the type of cancer and its ongoing management. Thyroid cancer cost containment usually would be a lower out of pocket expense than breast cancer, which may be more involved. In network and out of network is an important factor before settling on a provider, so do your homework. Your maximum out of pocket is based on a calendar year, so if you experienced cancer treatment in November, you would more than likely hit your maximum out of pocket before year’s end and then a new maximum threshold would have to be met again for the new year. Selecting a plan is all about managing risk. Many seniors who are healthy may select Plan F because they desire to have a fixed expense with no   Read more…

For over fifty years, Medigap Plan F was the insurance supplement for coverage that Medicare part B doesn’t indemnify. For those seniors who have Plan F, they can continue to purchase its coverage. But for new retirees turning age 65 after January 1, 2020 Plan F will no longer be available. Plan F was known as the “Cadillac Plan” of supplemental insurance because of its comprehensive coverage and no deductible, no co-pay and no co-insurance. After 2020, seniors new to Medicare will more than likely purchase supplemental Plan G, which will be the most comprehensive plan with a deductible. Plan G doesn’t have medical requirements whereas Plan N has health qualifications. Medicare part B premiums are tied to legislation and have historically experienced slight increases over the years. Plans F, G and N experience annual increase calculated by individual insurance company claims and medical inflation. Using an experienced Medicare agent could assist you in selecting the best supplemental insurance plan for you and your spouse so you can manage medical cost containment in retirement. Keep in mind that whether you purchase your Medigap plan online or through an agent the premiums are the same. Vetting your Medicare agent is a   Read more…

When you’re in the military, life can change quickly. You could be deployed or relocated to a new duty base or assigned to temporary duty. You could be promoted, with an increase in pay grade. You could marry, have children, or get divorced. The more you expect things to change, the more important it is to be in good shape, personally, professionally, and financially. Being financially fit is what this guide is about—how the choices you make about spending, saving, and investing your money can mean a huge difference in your life, now and in the future. No matter how well you plan, the unexpected can always happen. Insurance policies can help protect you in case it does. The US government offers low-cost health and life insurance options exclusively to servicemembers, veterans, and their families. To find out more about these plans, visit www.tricare.mil for health coverage and visit the VA’s Insurance website at www.insurance.va.gov for life insurance. But you many vets have Medicare as well and don’t take advantage of the coverage for themselves as well as their families. The benefits between Medicare and Veterans Affairs don’t correlate, so partnering with a Medicare professional who has a solid understanding   Read more…