added value to memphis midsouth financial group
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8/9/2019 Added Value to Memphis MidSouth Financial Group
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Added Value to MemphisAdded Value to Memphis
MidSouth Financial GroupMidSouth Financial GroupByron Earnheart
8/9/2019 Added Value to Memphis MidSouth Financial Group
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Who I Am…Who I Am…
Consultative/Relational Leadership Style
Experience in Investments, Life InsuranceSales, and Advanced Life InsuranceConcepts
Experienced as a Manager in FinancialServices
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Business AssessmentBusiness Assessment
0-3 Years Experience◦ “Managerial Style”
◦ This is how/why things are done◦
3-6 Years Experience◦ “Consultative Style”
◦ Help focus the practice.◦
6+ Years Experience◦ “Be the Resource”
8/9/2019 Added Value to Memphis MidSouth Financial Group
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0-3 Years Experience0-3 Years Experience
Preach Policy Review◦ Existing non-MassMutal policies (“non-
performing asset”)◦ Older MassMutual policies that might be
improved.
◦
Change the “Old” Conversation◦ “LIRP”, “Annuity Rescue”, “Restoring Dead
Assets”, etc.
◦
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0-3 Years Experience0-3 Years Experience
What Kind of Business Do You Want to Run?◦ Practice Management◦ Niche Targeting◦ “The Life Guy” or “Financial Advisor”
◦OTJ Training
◦ Role Play◦ Learning by Case Design
◦ Joint Calls
◦ This level typically needs more “hand-holding”. They
need to learn the basics but still have an eye on thefuture. They need a best friend, accountability partner, and a manager…all in one.
8/9/2019 Added Value to Memphis MidSouth Financial Group
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3-6 Years Experience3-6 Years Experience
Customer Segmentation◦ Quantitative and Qualitative
◦ Wallet Share of A’s and B’s◦ Client Control
What Kind of Business is Starting to
Emerge?◦ Identify Niches◦ Business Plan Development and Execution◦ Annual Reviews
◦◦
◦
8/9/2019 Added Value to Memphis MidSouth Financial Group
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3-6 Years Experience3-6 Years Experience
More Advanced Concepts◦ Estate Planning
◦ Charitable Giving◦ Riders
◦ Policy Review
◦ What we are doing here is becoming the
trusted advisor of choice for our clients by providing meaningful and innovativesolutions and protecting them from our
competition
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6+ Years Experience6+ Years Experience
Definite Niche
Definite Customer Segmentation◦ Top 15 Clients◦ Wallet Share◦ Client Control
◦Product Mix of Your Practice◦ Are you leaving money on the table? ◦ Are you doing your clients a disservice by not
asking for the other business?
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6+ Years Experience6+ Years Experience
Are You Satisfied With Your Practice?◦ If so, great! I’m here when you need me.
◦ If not, where do you want to go and what do youwant it to be?
◦Advanced Concepts
◦ MuniBond Leveraging
◦ Deferred Compensation◦ Policy Review
◦ For the Financial Services Reps in this category,
you need to serve as a resource.
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Added ValueAdded Value
Each financial rep. needs a specialized plan tomove forward
◦ Based on information previously discussed◦ Consultant cannot just preach concepts and hopesomething sticks. It must be targeted andpractical.
◦ Also shows knowledge gaps in investment, DI,LTC, etc.
◦Study Groups
◦ Those interested bring a client each week todiscuss on the topic.
◦ Different experience levels
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Added ValueAdded Value
Leverage Wholesalers◦ They know what’s working in the
marketplace.◦ Ins and outs of their products and how
they’re being positioned.
◦ Competitive Intel
◦ However, control the message.◦
Use the Team◦ Communicate who’s good at what and put
them together.
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Added ValueAdded Value
Investments◦ Become the office “market expert”
◦ Ins and outs of mutual funds, what theexperts are saying, why they’re saying it,etc.
◦ “Preferred List” (in addition to MassMutual)
4-5 fund companies, 3-4 VA’s, 3-4 lifecompanies
Still offers choice, but keeps things simple