Reading time… 7 minutes
Vince Klein has re-made himself and his career through the power of referrals and a pretty nifty support system. He’s gone from a straightforward sales job 10 years ago at Aflac to being a partner in the fast-growing firm New Perspective Financial where he offers life and retirement solutions to middle to high earning clients. He credits a big chunk of the firm’s growth—based primarily on life insurance and annuities—on its adoption of the Circle of Wealth system from Money Trax (www.moneytrax.com).
We aren’t here to peddle his system, but Vince’s story is such a good one and it’s hard to separate how far he’s come without at least a mention of how the system has helped him.
Redbird: What was the point that you said something had to change for you professionally?
Klein: “I was pounding doors with Aflac and thought there had to be more to insurance than getting told ‘NO’ thirty times a day. I talked to some of the most successful people in the insurance business. Every one of them said the same thing. When they had a track to run on and stories to tell, that is when their career changed. I was lucky enough to find a mentor who shared his successful roadmap. With his help and the systematic approach of teaching clients how money works, everything I have today now comes from personal introductions. There’s no more knocking on doors. I’m just working smarter.”
Redbird: Is there an easy way to describe the Circle of Wealth system?
Klein: “It forced me to go back to school to learn how to talk and walk. You start with 10 simple questions. You have to get to know your prospect and the prospect has to feel comfortable with you before you can continue. Everything I ask I will use later in my meetings. For example, a guy last week told me he was tired of trying to be sold life insurance and he didn’t know why he needed it. That information is good to know.
“The system is so robust for communicating financial ideas. It helps me have conversations with people on important topics about their money. It drives a discussion with a client on the things they think they know to be true about money and through this process they discover their blind spots about money. By using this process I begin to expand their blind spots. Every person usually wants their circle of wealth to get bigger and I can help them do that.
“Before this program I never had a track to run on; I was all over the place. I had to reinvent myself.”
Redbird: “What does a first meeting with a client look like?”
Klein: “I ask people if they want to be in control or out of control with their money. I talk more about process and why things are important rather than the products themselves. Like the first time you played tic-tac-toe, who won? The person that introduced you to the game, right, until that person showed you how to play the game. Well, it is the same concept with money.”
“An important question I always ask is how much time in our meeting do they want me to spend telling them how much they have to reduce their lifestyle to pay for retirement. They all give me the same answer… none.”
Redbird: You have what seems to be a pretty aggressive approach to closing?
Klein: “At the end of the meeting I’m straightforward. I ask them on a scale of 1-10 if I’m someone they want to work with based on what I’ve told them. If it’s anything other than 10 I want to know why. If it’s an 8 I want to know if it’s because they don’t know how they can afford what I’m suggesting or if it’s an 8 because they don’t believe what I’m saying. I ask: ‘If I could help them find the money would it then be a 10?’ They almost always say yes.”
Redbird: What new product are you most excited about?
Klein: “My new mentor taught me about Premium Financing. I’ve competed three policies personally and working on 10 others and it’s very exciting. These are just fun to put together.”
Editor’s note: Redbird is exploring Premium Financing as a new opportunity for agents. To learn more give Drew a call or call Vince direct at 314-773-7758.
Redbird: What’s your personal secret for success?
Klein: “I’m a high achiever. I have a competitive edge about me and am very professionally persistent. It is my belief that even if someone does not become my client today, they will be my client in the future. Persistency, follow up and relationship building are the keys to my success.
“I like working with married couples, particularly happily married, people who are fun and individuals who are serious about their money. Life is too short to work with people who are not friendly.
“I could have sold health insurance and made $60,000 a year. But I wanted to make $300,000, $500,000, even a million dollars a year. There’s no reason I can’t make million a year in this business. The only thing standing in my way is me. That’s why the insurance industry appealed to me, but I needed to have the right tools and resources. Now I do and I’m hitting my goals.
“Last, I couldn’t do what I do every day if I did not have an amazing support system. My wife and my two boys are my best motivators.”
NEW! Refer agents to Redbird, earn $300 cash
Redbird is looking for the best and brightest agents and asking our agents and friends for help.
Agents can earn up to $300 in the first 60 days a new agent they referred is producing. It’s simple:
- Quick start bonus: $50 for your agent’s first issued and paid application in the first 30 days.
- $50 each for the next five applications issued and paid in the first 60 days. That’s an additional $250!
There are a few simple guidelines for the program:
- Referring agent paid on issued and paid policies as reported by carriers, up to six total at $50 each.
- Total referral bonus paid at one time, two weeks following end of 60-day period to allow time for eligible applications to be issued and paid.
- Referral bonus will be determined by reporting from carriers.
- 60-day bonus period begins when new agent is approved by first carrier.
- All products in which agent is contracted through Redbird are eligible for this program.
- There is no limit on the number of agents you can refer.
- Submit names to email@example.com. Please provide prospective agent’s name, location, phone and email.
- Timing is everything… more good stuff on referrals. Total coincidence we saw this story on getting referrals when we introduced our new agent referral program (above) AND a new education course on referrals which will debut April 8 as part of a doubleheader (see training schedule below). We’d rather be lucky than good any day. Story reinforces there are many ways to improve your success rate getting referrals.
- Leaders are readers. Just about everyone reading this is in business for themselves. By default you’re a leader. EntreLeadership Advisor is another great resource when the little stuff is about to drag you down. Yeah, he’s selling stuff, but there’s a ton of free content that is worth the read… no pun in intended.
- We used to call them day traders. These were guys who worked in their kitchen and played the market, second by second. Today, they’ve become an industry unto themselves called high frequency trading. And, it’s not just that they buy and sell a lot. They are using technologies to predict what we’re buying and then they buy it before we do. Give the MarketWatch.com story below a read. And, someone call a cop! This must be illegal. Full article