The 5 Things to know if groups are right for you
A lot of time can be wasted chasing after clients only to find they aren’t the kind of client you want.
So what are groups about and are they right for you?
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#Back UpTo do groups right you need to have a back office to back you up. Sign ups, claims, anniversaries and leavers all need your attention. Best to pass some of those jobs on so you can concentrate on what you’re best at. |
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#2 Long Term InvestmentGroup commissions are notoriously low. The group has to be looked at as a long term investment. A lot of time and energy (=money) is put into getting a group. And they don’t pay themselves off in the first year. |
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#3 PatienceGetting new groups takes patience. Some groups you can chase for years. If you need to make sales today then groups might not be for you. |
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#4 CommitmentIt’s no good dabbling in groups – you must commit or not do it at all. If you dabble then you won’t have your systems and processes set up to handle them. You won’t have group insurance knowledge so you won’t be an expert. And if you’re not an expert then … |
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#5 ComfortIf you are happy stepping out of your comfort zone and learning new things then groups could be for you. Groups are a different approach; they are about constant service and farming. They are different systems and advice, with different sign up terms. |
As one adviser put it:
“Group’s aren’t my thing so there’s no point in me wasting my time with them when I can ask an expert to take it over for me”.
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responsibility for any loss caused as a result of any person relying on the information supplied.”
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