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Distributor

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Distributor s Summit Niagara Falls, Ontario June 6-7, 2012 Phillip C. Richards, CFP , CLU, RHU Chairman, CEO North Star Resource Group Minneapolis, MN USA – PowerPoint PPT presentation

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Title: Distributor


1
  • Distributors Summit
  • Niagara Falls, Ontario
  • June 6-7, 2012
  • Phillip C. Richards, CFP, CLU, RHU
  • Chairman, CEO
  • North Star Resource Group
  • Minneapolis, MN USAphil_at_northstarfinancial.com

2
NORTH STAR SNAPSHOT- Growing Leaders
  • MDRT MEMBERS 82
  • COURT OF TABLE 17
  • TOP OF TABLE 10 Est. Revenue 50,000,000
  • Life Premium in 2009 25,000,000 Annuities 3M
  • Disability Income Premium 4,250,000
  • Assets under mgt. 3,500,000,000, at 1/year
  • Total assets under management 4,750,000,000
  • Team members- 150 Advisors 154 Fees 711,000
  • Offices 31 in 16 states GDC 22,000,000 est.

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4
Agency Strategy
I. To Be the Best and Biggest Client Oriented,
Independent Financial Resource Firm in the World.
  • Pinwheel Advantages
  • Enables the BEST and Biggest (above)
  • Client Oriented - Relationships vs. Transactions
    (Product Driven)
  • Total Financial Planning using the Pinwheel
  • Diversification of Revenue (R E A D)
  • Rainmaker Internist (College Grads)
  • Mayo Clinic Model
  • Enables recycling of good agents who cant
    prospect.
  • Attractive to College Seniors

5
Review...Why College Recruiting?
  • NUMBERS
  • LOYALTY
  • ENERGY
  • COACHABILITY-BLACK HOLES AGENCY
  • HIGHER Rewards 22-42
  • LOWER CAPITAL COSTS
  • CULTURE (C C C)
  • COMPETITIVENESS (Race)
  • COMPATIBLE AGES
  • SUCCESS
  • Sustainable (42 years)

6
Our Career
vs.
Disadvantages
Advantages - 3 is
  • Telephone(Prospecting is tough)
  • Unequal distribution of income (5 yr challenge)
  • Non-glamorous products to start L.I.
  • Independence
  • Income based on efforts
  • ImpactService to ones fellow human

Independence, Income, Impact
1 Doubled 30 days
Media / Legacy
7
Thank you
  • Bob, Randy, George and Bill,
  •  
  • Thank you for the beautiful bouquet of flowers. I
    cant believe it has been 30 years. I can
    remember vividly sitting in Phil Richards office
    and being offered the job. Back then I was also
    interviewing with Proctor and Gamble. Phil said I
    could either be selling financial planning
    relationships or toilet paper, which would you
    prefer?Hope that gave you a smile, have a great
    day.
  • Ann (C O T)

8
FIRM MISSION
  • To be the BEST and BIGGEST Client Centered,
    Independent, Financial Resource FirmIn The
    World.

9
Drivers--- Same slide as 12 earlier!!
  • Vision Changing Lives, Forever SRNSCF
    Foundation 10
  • Client, Customer, Company
  • Cop, Coach, Consultant
  • High Performance / No Excuse (The Painting
    Elephants)
  • College Recruiting (3Is)
  • Pinwheel
  • Specialization Joint Work
  • Professional Markets MDs
  • Life Based Financial Planning
  • Mentoring GAMA, MDRT
  • Recycle Advisors
  • Quarterly Targets
  • North Star Year June 30th 2nd Quarter
  • March Madness 1st Quarter
  • Chairmans Challenge 3rd Quarter
  • December Securian MDRT 4th Quarter



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14
Reasons for Elephants
  • 1. ACRES OF DIAMONDS ONLY 2 OF THAIS
  • 2. INCREDIBLY INTERESTING PHENOMENA
  • - And, were hardwired to want what is
    unavailable, ex Life Insurance
  • 3. I BELIEVE YOU PEOPLE CAN DO ANYTHING
  • Chinese Table Tennis
  • Psycho-cybernetics Dr Maxwell Maltz

15
Aimee Mullins

16
Kyle Maynard
  • Freshman year 0-35
  • ESPY Award
  • Top Ten Outstanding Young Americans
  • World record in modified bench press at 360lbs
  • Runner up state wrestling champion, State of
    Georgia with 35 wins during year

17
No Excuses!
Kyle Maynard
18
  • Author Geoff Colvin estimated that 2006 Olympic
    Skating Gold medalist Shizuka Arakawa fell on her
    derriere 20,000 times!
  • Landing on your butt 20,000 times is where great
    performance comes from. 
  • from BOUNCE, by Matthew Syed p.86
  •  

19
Y O U R W O R L D T O D AY LAMP 1995 T BURNS
DO MORE
DO IT BETTER
DO IT FOR LESS
GLOBALCOMPETITION
INFORMATIONINTERNET
TRUTH/CONSUMERISM
STRESS
LAMP 1995 GEN X A.Q.
Revenues reducing, expense, technology and
regulation costs increasing. Need for scale
increasing rapidly.
20
Change
Top Problems Reported by Teachers in 1940
Top Problems Reported by Teachers in 1990
  • Talking out of turn
  • Making noise
  • Running in the halls
  • Cutting in line
  • Dress code violations
  • Lingering
  • Chewing gum
  • Drug abuse
  • Alcohol abuse
  • Pregnancy
  • Suicide
  • Rape
  • Robbery
  • Assault

Ruts-Habits Goals-Bike
21
Change is certain------------Grow
th is optional!
  • Years for media to reach 50 million audience
  • Radio 38 years
  • Television 13 years
  • Internet 4 years
  • Facebook 2 years
  • Less than 100 of SP 500 existed in 1957

22
Timeless Lessons from Maury
  • 1. Positive Attitude ONLY IN OUR CONTROL
  • 2. BHAGs Big Hairy Audacious Goals
  • 3. Activity Solved All Problems NEED FOR SCALE
  • 4. Integrity wins the day ETHICS
  • 5. Practice makes perfect drill, drill, drill
    SCRIPTS
  • 6. Inspect what you expect expect only what you
    inspect. (Checklist Manifesto)
  • 7. Empowerment Forget the paper, Recycle
    People. Manage things, lead people. (Grow
    Leaders)
  • 8. The Miracle of Life Insurance.
    REPEAT-REPEAT

23
Strategy X Vision, Mission, Strategies,
TacticsThe Power of a Vision
  • Vision without action is but a dream.
  • Action without vision is treading water.
  • Vision with action, can change the world.

Helen Keller
Lily pad Priest
M Meade Michelin
24
Strategy X Vision, Mission, Strategies,
Examples of Vision
  • Cargill -To improve the standardof living
    around the world
  • Wal-Mart -To give ordinary folk the chance to
    buy the same things as rich people
  • Disney -To make people happy
  • Mayo -The best interest of the patient is the
    ONLY interest to be considered
  • Mary Kay - Create unlimited opportunities for
    women.
  • Merck -Medicine is for the people not the
    profits. (Japan - TB)

Servicemaster
25
North Star Resource Group Our VISION..
Changing Lives, Forever.
26
Titles or Testimonies
...And What Do You Want On Your Tombstone?
Begin with the End in Mind. Covey
27
Managers, MGAs and Home Office
Organic Growth
28
The Religion of Life Insurance
29
Titles or Testimonies
  • Dr. Tony Compolo
  • LAMP and MDRT platforms
  • Do you want a title or a testimony?
  • What s your legacy?
  • Changing Lives Forever with Life Ins

30
With the stroke of penand ink, you
instantlycreate anExplosion of Moneyat
Precisely the Rightinstant when its needed

When everyone is showing up to pay respects,
your advisors are showing up to pay cash
31
CHANGING LIVES, FOREVER
Companies spared, jobs saved Kids allowed to stay
in their same neighborhoods, schools, homes and
playgrounds and churches Surviving parents able
to be full-time when kids need them most
all because your advisors/brokers were there!
32
Passion
  • Ecclesiastes 910 Whatever your hand finds to
    do, do it with all your might (for in the grave,
    where you are going, there is neither working nor
    planning nor knowledge nor wisdom)

33
Worst Case Scenario SLSC 2009
NS SWOT Analysis Threats Commissions are
illegal Fiduciary standard Major companies
change Tax law changes
34
2010 Business Model --8 Threat Responses
  • Problem- commission compression , first and
    renewal
  • 1. Blue Ocean Exercise Disability Income Focus
  • 2. Disability Income website, 11 Companies,
    females
  • 3. ATLAS- Asset To Liability Allocation System
  • 4. FPRC - transformation to fees , use of Laser
    Fiche
  • 5. Brokerage The Marketing Alliance, Penn Mutual,
    Unify
  • 6. AUM, 500,000,000 in 2011, 5,000,000,000 by
    2014
  • 7. NHSCA - National High School Coaches
    Association
  • 8. Recruiting to Medical Markets, 31 offices/16
    states

35
REVENUE ENHANCEMENT AND DIVERSIFICATION R E A D
INITIATIVE Reduce from 74 to 49- 5yr
Revenue Enhancement And Diversification
36
Ten Strategies to Sustainable Success Be A The
HONEYBEE GROW HONEYBEES
  • How to Work Less and Earn More, And have More Fun
  • Never ask for names give them
  • Billable hours, delegate the rest
  • Script Everything, 20 second elevator speech,
    telephone script, Give Names talk Script all
    questions
  • Vertical referred leads more
  • State Farm letters
  • Working smarter, not harder
  • Hoard what you love, hire what you loathe
  • Partnership power, adoption, survivorship
  • IX Pareto Rule Focus on the top 20 Bottom
    20-Gods Humor
  • X Vision, Mission, Strategies, Tactics,
    Southwest Airlines Slide 10

37
The Relationship is Clear
Face to Face Time
Hours Worked
MDRT Time 19 58 Hours Court Time 48 54
Hours Top of Table Time 53 51 Hours
Its Not About Working Harder. Its About
Working Smarter
MDRT Study Keep the planes in the air
(Marketing Asst Program)
38
Strategy I Never ASK for Names GIVE Them
  1. Know what organization your client is part of
  2. Obtain list of as many names in the organization
    (Directory-Lobby, INTERNET, Company Directories.
    SOCIAL MEDIA MAKES EASY
  3. Place list of 20 or so names before client.
  4. I will be calling these people which do you
    know (K) or know well (KW). Please mark.
  5. If any of them ask me, do you mind if I tell
    them I work for you?

39
Strategy II Working Smarter, Not Harder
  • Time is the problem for the sole practitioner
  • Delegation, Mentoring and Scale are the
    solutions
  • Your uniqueness is thru the Miracle of Life
    Insurance THE 2 Rule - Hard to Easy vs Easy to
    Hard
  • Vision, Mission Goals, and Execution using
    strategies,
  • systems, sub-systems tactics, procedures, and
    checklists

40
Strategy III - SCRIPT Everything
Script Everything-Purpose 20 Second Elevator
Speech Telephone Script fatal disjunctive Give
Names Talk Scripts for Admin/Market
asst Nominator talk(if you use one) Script
QUESTIONS for interview
41
Strategy IV Vertical Referred Leads More
  • THE HONEYBEE
  • State Farm Letters (Clients and Orphans)
  • Before we hang up
  • Vertical Referred Leads Magic Word (Respect)
  • Dont ask for Referrals, Give Them
  • Im a life planner who specializes in finance
  • Do you have enough confidence in your agent to
    allow me to give you a FREE second opinion.
  • Cold Calls, 20,000 rejections needed to succeed

42
Strategy V State Farm Letters Client Life
Benefits Letter
  • As a service to our clients, we are contacting
    you to ensure you have adequate life insurance
    coverage. Our records show that you have
    1,000,000 of life protection in force. This will
    provide 6600 per month to your family in the
    event of your untimely death. Is 6600 per month
    enough for your family to live on?
  • If you have more coverage than our records
    indicate, please let us know so we can update our
    records.
  • If this amount is correct but you feel it may be
    insufficient to cover your risks, please call us
    and we will set up a time to review your needs
    and develop a solution.
  • I can be reached at AdvisorPhoneBus.
  • Best regards,
  • DAVID GREY, Advisor

43
Strategy VI Working Smarter, Not HarderTerm
Insurance
  • Sell Term (The Aaron story)
  • Lock in the client / convert the policy in the
    future.
  • Use conversion credits as a reason to review
    current coverage . YRT is best!
  • Negative Mortality Curve

44
Strategy VI Working Smarter, not
HarderNegative Mortality Cost
1,000,000 24,000 Additive PX 17,520 Eclipse 6,480 8.47 8.76
Age 50 51
71 76 80

30 Yr. Elite
Term Cost Reasons 6,480/Yr. 30 Yr. Term
Net amount at risk decreases Thinking Mutual
Funds Using additive premium only Inside tax
free build-up
45
Strategy VI Working Smarter, Not Harder -
Disability Insurance (READ)
  • Sell DI
  • A plan is incomplete without disability
    insurance.
  • A disability is living death
  • Ability Insurance- It enables one to keep ones
    dignity when good health ends.
  • Renewals (READ)

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47
Female Anesthesiologist Comparison
48
Female Attorney
49
Strategy VIII Partnership, PowerMeet on
your Turf
You go to your medical clinic to see your
physician. Why should it be any different in our
business?
  • Conduct 80 or moremeetings at your office.
  • More productive
  • See more people
  • In control. No-shows, no problem, keep working.
  • Fewer disruptions
  • No show, no problem
  • Weed out less serious prospects who wont come in

50
Strategy X Vision, Mission, Strategies
  • Vision, ex. Changing Lives, forever
  • Mission, ex. Court of Table
  • Strategies. See Southwest Airlines
  • Tactics- See Southwest Airlines

51
Southwest Airlines Unique Strategy
  • Democratize flying Poor fly same as Rich
    VISION
  • Fast 15 Minute Turnarounds (Notice All The
    Systems)
  • Planes flying longer than rivals
  • Frequent departures with fewer aircraft
  • No meals
  • No assigned seats
  • No interline baggage checking
  • No first class
  • Warm weather and uncongested airports
  • Automatic gate ticketing/Bypasses travel
    agents/commissions
  • Pilots experience all pieces of process and pay
    own training
  • Standardized fleet of ONLY 737s. Efficiency

52
Southwest Airlines Unique Strategy
  • At Southwest everything matters
  • Southwest strategy involves a whole system of
    activities, not a collection of detached parts
  • Southwests competitive advantage comes from the
    way its activities fit and reinforce one another
    (EMyth Orchestration)
  • FIT locks out imitators by creating a chain that
    is as strong as its STRONGEST Link

Stock 300 - 1990 Productivity 2xEE 1973
Profitability
Largest by 2010
53
Level 5 Servant Leader MGA/BGA (figgs)
  • Rainmaker Pinwheel
  • Cop, Coach, Consultant
  • College Recruiting
  • Recycling People
  • Medical Small Business
  • Cross Selling Ideas
  • MDRT/GAMA Strategic
  • Client Comes First
  • One Stop FinancialSupermarket
  • Advisor is Customer

Values(Vision)
Ideas(Strategies)
  1. Teach
  2. Grow Leaders
  3. Higher Moral Plane

TEACH
Mission (Energize Others To Act)
Edge (Tough Calls)
  • Commitment to Excellence
  • Mars Group
  • Accountability Mission
  • Written Goals
  • Deliverables
  • Accountability
  • Coach or Coax
  • Our Way or Highway

54
Strategy IX Pareto RulesTransformation
Integration to a Financial Planning Platform
  1. Affluent dislike details on assetgathering and
    expenses
  2. A good in-time plan in infinitely betterthan a
    perfect too-late plan. (2 week cliff)
  3. Get pre-approvals, and avoid compliancekilling
    the sale
  4. Your best prospect is a client
  5. Sell advice and not product, Relationships not
    commodities
  6. 20 of fee quotes must be turned down. 1-1 2-4
    3-9
  7. Service 1st Service last Service always.(10
    yrs. Ago vs.now)
  8. Affluent people require 2 things Trust and
    Expertise

55
Strategy VI Working Smarter, Not
HarderStrategic Questions
  • If I ran a competing firm, how would I beat
    me/us? What would Jack Welsh do?
  • 2. If you cannot say what you do in 25 seconds or
    less, dont fix your script, fix your practice!
  • What is keeping you from getting your practice to
    the next level? Be Specific, write it down. Are
    you doing things right, or the right things?

56
Asset To Liability Allocation SystemATLAS 3
Nick Murray Y O Y O
  • Everything you need.
  • costs more over time

57
Inflation
  • the silent killer

58
ATLAS 3
  • ATLAS creates a logical portfolio
  • ...reflecting the sum total of the parts.

59
Reasons for Scale - (Revenue and Expense
Sharing Arrangements)
  • Exit Strategy
  • Family Time
  • Consanguinity
  • Idea Factory (Next slide on cost of insurance)
  • Cost Saving Reductions
  • H.R., Specialists, Office Management,
    Receptionist, Technology
  • Aggregated Compensation at the Margin

60
Cost of 100,000 Life to 100 Life to 121
Male age 45 idea
factory
  • 1965 3799 3.8
  • 1975 3363
  • 1985 2650
  • 1995 2107
  • 2005 1392 1.4
  • Best Available Preferred Non-Smoking
  • From 3.8 to 1.4 of Death Benefit in 40
    yrs.

61
SUCCESSION PLANNING using SCALE
  • 3 PROBLEMS
  • SOLUTIONS
  • LOSS OF MONEY
  • LOSS OF CONTROL
  • DIVORCE INCLUDED
  • 50-50 OR 75-25 SPLIT
  • CLIENTS REVERT
  • 6 MONTH EXPIRATION
  • REFERRALS TO ASKER
  • Bottom 20 of clients
  • 5 letters / week (130)
  • Free financial plans
  • Service Fees continue

62
Cash Flow from Your Career Agent Contract
  • 713 Contract Income Sources While After
    Living DeathIndividual Life Health
  • First Year Commissions PAID PAID
  • Vested Renewal Commissions PAID PAID
  • Renewal Commissions PAID X
  • Bonuses PAID X
  • Service Fees PAID X
  • Agent Expense Allowance (AEA) PAID X
  • Group
  • First Year Commissions PAID X
  • Renewal Commissions PAID X
  • Bonuses PAID X
  • Service Fees PAID X
  • Referral Fees PAID X

63
Cash Flow from Your Career Agent Contract
Agent Contract
  • 713 Contract Income Sources While After
    Living DeathPPN
  • First Year Commissions PAID PAID
  • Renewal Commissions PAID X
  • Bonuses PAID X
  • Expense Allowances PAID X
  • Retirement Services
  • First Year Commissions PAID PAID
  • Renewal Commissions PAID X
  • OAS Fees PAID X
  • Bonuses PAID X
  • Service Fees PAID X
  • Referral Fees PAID X

64
Cash Flow from Your Career Agent Contract-BGA
or often in brokerage

  • While
    After Living DeathSECURITIES
  • First Year Commissions PAID PAID
  • Trailers PAID X
  • Bonuses PAID X
  • Fees PAID X
  • Excludes variable product commissions
  • If Security Builder or 401(k) product within
    first year, commissions will be paid. No other
    products are vested.
  • Commissions processed prior to death will be
    paid. Commission processed on or after date of
    death not paid.

65
Keep What You Love, Hire What You Loathe
Phil Richards
  1. Visionary
  2. Growing Leaders
  3. Industry Relations
  4. Institutional Memory 
  5. Strategic Planning           
  6. Selection
  7. Recruiting
  8. Marketing
  9. Management
  10. Supervision
  1. Legal
  2. Human Resources
  3. Meeting Coordinator
  4. Employee Benefits
  5. Client Relation Management
  6. Compliance
  7. Accounting
  8. Financials
  9. Technology
  10. Detailed Paperwork
  11. Sales

26 on your bookmark
66
21 Key Functions of an AgentShaun McDuffee
Perennial Top of the Table
  1. Marketing Dinner Presentations
  2. Sales/Selling the Plan
  3. Strategic PlanningDeveloping Marketing Plan(s)
  4. Setting Reviewing Goals
  5. Annual Client Reviews
  6. Tracking Activity
  7. Teleconferences
  8. Gathering Referrals
  9. Follow-Up Emails/Notes
  10. Case Preparation
  11. Proactive Check-in EmailsProactive Servicing
  12. Answering Questions
  13. Continuing Ed/Stay Current
  14. Cold Prospecting for Dinners
  15. Setting/Rescheduling Meetings
  16. Meet w/Staff Assistants
  17. Office Administrative Duties
  18. Client Servicing Return Emails/Calls
  19. Compliance Related Duties Reviews

67
Be Creative HONEYBEE examples
  • Cold Calls 20,000 to Succeed
  • Before we hang up
  • Vertical Referred Leads secret word
  • Never ask for referrals, give them
  • Elevator Talk, I BUY LIFE INSURANCE
  • Im a Life Planner who specializes in Finances
  • Do you have enough confidence in your advisor to
    allow me to give you a FREE second opinion?

68
Strategy I Never ASK for Names GIVE Them
  1. Know what organization your client is part of
  2. Obtain list of as many names in the organization
    (Directory-Lobby, INTERNET, Company Directories.
  3. Place list of 20 or so names before client.
  4. I will be calling these people which do you
    know (K) or know well (KW). Please mark.
  5. If any of them ask me, do you mind if I tell
    them I work for you?

69
LAW of 72 Not the interest one.Behavioral
Psychology
  • What is not executed in 72 hours is lost.

If you know and you do not act,you do not
know. Chinese Proverb
70
The Good Life
  • Live where you want
  • With the people you love
  • Doing the right thing
  • ON PURPOSE. (Our Business)

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