"There has got to be a better way to do this business."
How often have you said that? Or perhaps you've thought to yourself, "If I could only find someone who was willing to mentor me. I know I have what it takes to reach my highest professional potential, but I have no one to guide me who has already achieved the type of results that I desire."
If you have asked that question or had that thought, you are certainly not alone.
There are many producers in our industry with the talent, work ethic and desire to produce at a six-figure or higher level of production but are waffling as to if they should stay in the business or go get a "real job." I remember when I began my insurance career in 1991 with Prudential. They sent us to a "fast-track" training program and the instructor said two things that have stuck with me ever since: 1) This is the hardest business to make $30,000 a year in and the easiest to make $100,000; and 2) In this business, your pay raise becomes effective when you do. Both of those principles were true then, and are still true today.
There are too many producers today just getting by. If they would only partner up with the right individual or individuals in an organization, they could not only make their income goals a reality but also reach them much quicker and easier. In fact, I'm living proof that they work!
A business coach of mine, Norm Trainor of The Covenant Group, recently said, "Our mentors don't find us; we find them." If you are hoping that a fabulously successful producer will suddenly call you up and say, "I've been looking for someone that I can share all of the secrets that I have learned over the years for the purpose of making all of their professional dreams come true," it won't happen!
As I look back over my career, to this day, there have been three mentors who have been extremely important in both my personal and professional growth, and who have helped me achieve a level of success. Before I met those people, I had the desire, the work ethic, the integrity and values to be successful, but like the last number in a combination lock which makes all the difference in the world, I was missing an extremely valuable component.
For me as a full-time producer, finding the right mentors has been the No. 1 reason for my income going from $25,000 in 1991 to multiple six figures during my seminar selling days.
Finding a mentor to invest in you
Unfortunately in our industry today, the business model for insurance companies is to use marketing organizations to distribute their products and provide agent training and support. When I started in the business, I could find the most successful agents right down the hall and latch onto them, but today, finding the right mentor can be more of a challenge.
So, how do you go about finding a mentor? How can you make sure you are picking the right person? And what can you offer your mentor so that your relationship is a win-win? See the sidebar on this page, "4 steps to finding a mentor," for a detailed look at my recommendations for effectively navigating the search.
Benefits of a mentor
One benefit of having a mentor is effective use of time. A mentor can greatly shorten your learning curve in this business. You won't waste years trying to find success on your own through trial and error. With the right mentor, you accomplish your goals and get to a higher income more quickly.
Another is camaraderie and friendship. Our business can be a lonely one. Having someone who really cares about you, with whom you can share encouragement, accountability and success can make all the difference, particularly during the "valley times" in your career. I still see two of my mentors on a regular basis, and they value our relationship as much I do because they grew as well. Proverb 27:17 says, "As iron sharpens iron, so one man sharpens another." Mentoring helps both parties become better.
Go find a mentor! If you don't know of someone who fits the bill, ask your marketing organization for people to consider. Finding a mentor can make all the difference in your career.
4 steps to finding a mentor
Step 1: Commit to finding a mentor.
Right now, commit to finding a mentor. Write it down as a goal. Tell your spouse or best friend to hold you accountable to it. Like planting a seed, committing to this goal is the first step towards reaping the fruit. Failing to make this commitment can keep you from reaching your fullest potential.
Step 2: Decide what success looks like.
Success means different things to different people. If you have not defined what success is to you, you could end up wasting a lot of time with a mentor who is leading you down a path to the type of "success" that you do not desire. Also, decide how you want to grow professionally. What market do you want to serve? What prospecting methods fit your strengths? You want to find a mentor who has succeeded in the way you want to succeed.
Step 3: Seek values.
You want a mentor who not only claims to operate with honesty, integrity and professionalism, but who actually does operate that way based on your experience and the person's reputation with others. You want somebody who lives the Golden Rule, because only a person with that level of interest in others will actually provide a benefit to you.
Step 4: Prepare to make a win-win offer.
When I began in the seminar business, I gave up a quarter of my commissions for four years to my mentor. Look at that investment the same way you would view paying for college. It aligns your mentor's interests with yours, and it compensates your mentor for sharing his time and expertise with you. It sure paid off for me. While I gave up a portion of my commissions for a few years, the knowledge I gained propelled me from a $25,000 income to a multi-six-figure income. Another alternative is that you can become an assistant staff member to your mentor for a period of time so that you have an opportunity to learn how he operates.
Eric Scoggins, CLU, ChFC, CFP, is executive vice president of Marketing Resources, Inc. in Duluth, Ga., and as a full-time producer, he achieved Top of the Table production levels. Mr. Scoggins is passionate about mentoring agents and providing them with sales systems to help them reach their ideal level of production and professional success. He can be reached at (800) 330-5801 ext. 306 or e-mail eric@mktres.us.
