One of the things that amazed me about the last survey was how many of you are trying to run 3 different businesses: life insurance, mutual funds, and financial planning---all at the same time! I could never do that.
No wonder many of you are exasperated with compliance, and trying to stay abreast of the changes in rules, laws, etc. It leaves you with less time for more important things.
It must be hard. I could never do it. Had a fund licence for a year when my primary business was life insurance. Let it lapse when I decided the rewards didn't compensate for the restrictions. That the year was 1987 helped me decide.
But what about you? Which of your three businesses do you find least rewarding, least satisfying, or most frustrating?
Would you be a happier person if you dumped it, and spent your time on building up the other two?
It's the end of the year. A good time to take stock, and consider which licence you could allow to lapse.
Are you afraid you'll earn less by getting rid of one of your three arms? It's more likely that you'll make more, because you'll specialize more in the businesses you prefer.
In other professions the specialists make more than the general practitioner. Ours is no different.
And with more time to spend on building your professional image, and getting referrals, you'll also get more clients.
If you wondering what to do with your present book in the business you're thinking of dropping? Don't.
Work a quid-pro-quo with someone else who likes the one you dislike, and doesn't want to work in the ones you like. For example, give them your fund business, on the understanding that they give you all their life insurance business.
And devote the time you save to planned prospecting.
Spreading Yourself too Thin - To learn more about this author, visit Donald F. Pooley's Website.
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Donald F. Pooley
(Visit Donald's Website)
Don Pooley, the author of this article,
allows you to publish
it if you include these credit lines:
Copyright 2005, Donald F. Pooley, Inc.
Don Pooley CLU, CFP, CHFC, "The
Advisor's Advisor" has shared
his marketing know-how with audiences of
life insurance men
in all major Canadian cities, London,
Australia, Chicago, New
York, San Francisco, Hong Kong, and
Singapore, and now in his
free ezine. To get more ideas on marketing
your services, plus
free ebooks, subscribe now at www.eTIP.ca/
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