Added Value to Memphis MidSouth Financial Group

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



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



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”



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.

◦




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.




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

◦◦

◦




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



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?



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.



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




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.




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

Documents

Added Value to Memphis MidSouth Financial Group