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The Failure of the Financial Industry In 2009, 140 banks failed, and another 157 in 2010 (FDIC 2010). The Bear Market in the last 40 years: Nov ’68 – May ’70 Jan ’73 – Oct ’74 Sept ’76 – Mar ’78 Jan ’81 – Aug ’82 Aug ’87 – Dec ’87 July ’90 – Oct ’90 Mar ’00 – Oct ’02 Oct ’07 – Mar ’09 Loss Loss Loss Loss Loss Loss Loss Loss 36.1% 48.2% 19.4% 25.8% 33.5% 19.9% 49.1% 56.1% (Standard & Poor’s Corporation 2010) 3 THE SLEEPING GIANT by Ken McElroy, 1stEdition, January 2011.
The Failure of the Financial Industry For the last 20 years prior to December 31, 2008, the average annual returns of: Equity Fund Investor: 1.87% Fixed Income Fund Investor: .77% Asset Allocation Fund Investor: 1.67% Inflation Rate: 2.89% (Dalbar, March 2009) Real estate loss amounted to $3.4 trillion in wealth, about $30,000 per household. Stock market loss amounted to $7.4 trillion recently, about $66,200 per household. (The Sleeping Giant) 3 3 THE SLEEPING GIANT by Ken McElroy, 1stEdition, January 2011.
The Shrinking Insurance Industry Prudential Financial US agents went from 20,000 to 2,450; Met Life from 14,000 to 8,000. Today, the average age of Life Insurance Agents is 56. (WSJ March 19, 2010) In 1975: 18.9 million policies sold. In 2009: 10.2 million policies sold, a 46% decline. (ACLI Life Insurance Fact Book, 2010) Only 44% of US households do have life insurance, a 50 year low. Almost 8 in 10 US household do not have a personal life insurance agent or broker, and most of them say they never did have one. (LIMRA, August 2010) “Worst of all, 70% of career life agents in their second year make less than $35,000 a year. Fewer than 20% of the new agents are still on the job after 4 years.” (WSJ, March 19, 2010)
The Wake Up Call According to a recent survey by Manpower, 84% of employees plan to look for a new position in 2011. (CNNMoney.com, December 23, 2010) Half of all college graduates now believe that self employment is more secure than a full time job. 70% of today’s high schoolers intend to start their own companies. (US News and World Report, June 5, 2008) FOR INTERNAL USE ONLY.
Build Your Future 1. Be a good student of the business: Teachable: the ability to learn Coachable: the ability to follow The fastest way to learn is in the field with your trainer. 2. Attend all the meetings. 3. Give yourself time. It takes months to receive basic training. It takes time to have a good team It takes at 3-5 years to have business in many locations and to build a solid foundation for your future. FOR INTERNAL USE ONLY.
The Magic of Match-Up The Match-Up System is the key to: Width - Profitablibity Depth - Stability Trains Your Team Properly • • • Match-Up Power Principles • Each new associate in the field within 24 to 48 hours with an experienced trainer • Helps retain your existing team by allowing them to make money field training new associates • Increases activity for the whole organization • 50% of something is better than 100% of nothing
“Life of it’s Own” I. A Recruit Isn’t a Recruit Until They have A Recruit! Depth = Security Vice President III. Leg has Life of it’s Own At Least Two layers of Leaders A new person really isn’t anchored into the business until they are: 1. Field Trained 2. A Crusader 3. Recruited a New Person II A Leg is not a Leg until it’s at least 4 deep Drive Deep • Find Leaders • Lock in Associates •Overlapping Leaders
“Life of it’s Own” VP 5 People to Train Monday Tuesday Wednesday Thursday Friday
MatchUp System Trainer VP Trainer Trainer Trainer Trainer 5 Sales One Night vs. One Week You Split & Override Leverage Your Time Leverage Team Leverage Earnings
VP VP 100% of Zero is Zero
The Law of Averages And The Law of High Numbers The “Law of Averages” says that not everyone you hire will be a Super Star Plant Many Seeds Because Not All Of Them Will Grow Hire 25% of Prospects 400 Interview= 100 New People 100 People= 10 Agents 10 agents= One Strong VP Like Most Business: This Is a Numbers Business ** Remember you are not doing this by yourself you have a TEAM
Mindset One sale a week One personal recruit (4/4/30) See Income Calculator
“Are you in front of your computer?” Three People a Day
Schedule Must Do’s Fill The Nooks and Crannies
Visibility Build Huge Prospect Pools Learn about People Contact and Message
Casual , Fun and Light Pictures and Video 1 in 20 business rule post Two Profiles Political, Poor taste or R rated humor
Check your Your Profile, Brand and Message
Own Your Own channel People love Video
Go to Local Networking Meetup and Coffee Target People Take Notes Follow up!!!!
Everyone -Natural Groups- Occupation CPA, Tax, and Attorneys Real Estate Agents, Mortgage Brokers, P&C, Title Health Agents
I show __________ how to have “Have Diversification of Income without Distraction”
I show __________ how to “Turn Your Competition Into A Profit Center”
I show __________ how to “Help Your Clients and Help Yourself”
If you want one year of prosperity, grow grain. If you want 10 years of prosperity, grow trees. If you want 100 years of prosperity, grow people. (Chinese Proverb)
You only need a System if you want to have BIG business.
Small minds pay attention to personal skills and techniques. Great minds pay attention to the System.
The ultimate entrepreneur. Your main purpose is to build a large team and a big business, and you must build it through the System!!!!
Like a railroad track. You labor to build the track but when it's done it's easy to run on and the train picks up speed! It takes focused discipline and sacrifice.
You must master the System and follow the System religiously. If you want your team to copy you, you can't follow it once in a while. You must do it all the time. Following the System (Aim at recruits hit sales) must not be a phase of you business life but a WAY of your business life!!!
If your first generation duplicates you, your second generation will duplicate your first, and your third will duplicate your second and on and on. Systemize to multiply.
The System shows you step-by-step exactly what you need to do to arrive to your destination. Like a combination lock, like a key to a door, like a GPS system.
Confusion, frustration, chaos, internal conflict, uncoachability, unteachability, discouragement, quitting. Coachability is being submissive, humble.
Be a student of the business. You run the System and System runs your business. You wouldn't buy a McDonalds and then try to change the menu!
A simple solution for building a BIG business; A powerful growth machine, a clear focus System, a plan to simplify and multiply, a VAST new prospect market, an explosion of presentations and production, predictable and duplicatable, lowers barriers to all builders, easy to monitor, goal driven, clear aim for next step, wide-deep-geometric growth, a fast, efficient way to build a big Base Shop, train more trainers, creates urgency and mozone, mobilizes old and new builders, fosters teamwork, increases taprooting, liberates builders for expansion and more.
Aim to qualify for VP in your first 90 days The ultimate position! You run your own business at this stage. Great income potential, great security potential. Your aim then is to build an VP FACTORY!!!! You are either an VP or an VP in training!!!!
Being a VP is your business. This is your outlet. Your total focus is to identify, build and lead a large team of VPs. Your daily activities should be anything that helps you build new VPs. Everyone must know the VP promotion guidelines Everyone must know where they currently stand in reqard to their promotion. How many VPs can you build, how fast and in how many cities?
Join, meet the spouse, prospect list, personal financial strategy, match up for field building appointments, recruit 3 direct fast. A FAST START is everything!!!
3 purposes 1. Resell the dream to existing team members. 2. Teach current teammates how to sell the dream. 3. Sell the dream to new prospects.
Arrive early with your guest, sit your guest in front, stay in the meeting, dress sharp, have your guest dress well, introduce your guests to your teammates and most importantly to the BOP presenter. After the meeting take your guest to your upline to schedule a follow up interview. Get them some literature to read.
Showing up on time, or late. Arrive early! Bringing a bad day to the BOP. Waiting for your guests in the parking lot. Leaving the meeting, talking in the meeting, answering rhetorical questions by the presenter, acting casual to a first time guest. Doing the BOP too much before the BOP!
Within 48 hours, during the day, with the inviter.
1.Stay after the meeting 2.Get some literature 3.Set a follow up interview 4.Keep the follow up interview and join 5.Develop a prospect list 6.Set goal (3 recruits fast) and action plan 7.Match up with a leader for field building 8.Finalize your personal financial strategy.
Shows the Vision Shows the Mission A part time business
We are looking for serious, committed, hard working people We will accommodate you
Let’s do your paperwork now. Take this home to fill out…
You need to be licensed in 8 weeks Take your time
Goal to be VP in 6 months! Take your time…
