Most companies agree one path to increasing production is to increase the number of producers have selling for you. It’s a simple philosophy that can have dramatic results. The difficult part of the equation is understanding how to effectively recruit.
Choosing the right recruiting partner.
Companies in the insurance & financial industry have countless providers to help them bring on new producers. Selecting the right vendor can ensure a productive recruitment effort where choosing the wrong vendor can lead to an endless stream of unqualified candidates. Start by selecting a vendor that has a particular expertise in your market. If you focus on insurance agent database products they should offer a suite of services aimed specifically at insurance agents . If you’re looking for financial advisor marketing they should be able to specifically target those with the licenses you require. In either case your vendor should be able to offer helpful strategies to accomplish your goals – not just a price list of services to choose from. If your recruiting partner is offering you the ability to post “job offers”, with the hopes of turning cooks into financial producers, think twice.
Quantity versus quality.
Assuming you are working with a professional firm who understands your “ideal” recruit, you still have to think about quantity versus quality. The type of ad you run will play a significant role in both the number of responses you receive (quantity) and the experience (quality) of the responder. A case can be made for recruiting quantity over quality and quality over quantity. It’s just a matter of what you’re looking to do. Ads offering leads, sales systems and unlimited income potential will generate high numbers of less experienced producers. Ads detailing your company expertise, background and services will attract experienced producers looking for a home. Determine what you’re looking for before you start recruiting to ensure your efforts bring the results right for your particular company.
Marketing media mix.
Multi-media isn’t just a buzz word – it’s a reality. Few other industry’s offer such a variety of effective financial advisor marketing mediums to fuel your recruiting campaign. At your disposal you have print (magazines), direct mail, email and the phone. Each method offers unique access to a universe of over 1.5 million advisors. So which method should you use? The answer is likely all of them. The fact is, different producers will respond to different forms of media. Younger computer savvy advisors may prefer email. More traditional advisors may prefer print or the phone. And let’s not forget that direct mail is the only marketing method that provides access to every producer in the market (no spam filters, no do not call registry… you get the idea). Regardless of which media you chose, make sure you can track results and measure return on investment (ROI). Producers are valuable to us in production overrides. Simply put, a good recruiting campaign is one that makes you more money than it cost you.