The Importance of Focus
There’s a common mindset in the insurance industry that agents need to work in as many different forms of business as they can (i.e. doing life insurance, medicare, final expense, annuities, long-term care, retirement planning, assets under management….the list goes on) to generate revenue from as many different places as possible. This mindset is not only rarely successful, it can also be damaging to the client’s situation.
There’s an old saying “he’s a jack of all trades and a master of none.” That saying exists because the reality is that it’s extremely difficult to truly be a master of all different types of products. You don’t see many pediatricians also practicing attorney services. You don’t see many lawyers also practicing dentistry. One might say “well yeah because they have a full workload specializing in one thing.” To that, I would say, “then why don’t we?”
To give a real-life practical example of what specializing in a particular type of product can do for you, look at my experience. I have no college degree, I was $150,000 in credit card debt in 2006 and 2007, but by focusing on a specific product type, I was able to climb out of it, and now I’m able to make more than most doctors in America and live a freedom lifestyle. Please understand, I don’t take credit for the ways I’ve been blessed, and I’m not saying these things in a braggadocious way. I want to inspire you to focus on something. The reality is you wouldn’t want to use a lawyer who was also a dentist…why? Because something inside you says “there’s no way he/she can actually be an expert at either.” For us, it is challenging enough to truly be an expert in any one particular product industry, much less if you try to do business in multiple product industries.
The reality is that yes, you can sell all sorts of different products over the course of a year, but it’s not about selling products, it’s about being an expert. If you will devote yourself to a line of business and not spread yourself thin doing multiple things, you’ll be more equipped to help your clients, and I truly believe you’ll have greater success overall.
This year, I’ve written over $2.75 million in annuity premium since the start of 2021, and I took an entire week off to celebrate my anniversary with my wife. Focus will open doors, and help you establish a well-oiled machine of a process that continually gets better and better with each passing year. Do yourself and your clients a favor and decide in 2021 to focus your work efforts on one thing, become a true and genuine expert in that thing, and watch what happens.