New Client (NC) Grid Enhancement: A Bonus or Investment for Growth?

I send these out monthly, but I'm doing a quick turn on this edition, as I think you may find it timely.

I LOVE that NM has put an additional financial incentive around NC’s this year and next to help drive what is the lifeblood of both the Company’s ability to drive value for policyowners, and Advisors' ability to build thriving practices/businesses!

I was in two Network offices in the last two weeks when these incentives were rolled out. The presenters did a very good job of explaining ‘what’ it is and ‘how’ to qualify, but we have a real opportunity to help your advisors think through their ‘why’ opportunity beyond some short-term cash. (Remember Simon Sinek’s old TED talk on the Golden Circle? Here is the key snippet: https://youtu.be/JEgM0XYecpM)

FPP #19 was about making Decisions versus Choices. There are two alternative ways to think about the NC incentives, especially for career advisors:

• Make a choice on whether to pursue a level of NCs this year and next to receive the bonuses.
• Make a decision on whether to act strategically to create systems and structures that will more predictably generate ongoing new clients, resulting in accelerated revenue growth, and increased enterprise value. Successfully executing on this will result in the HO and MPs co-investing, to offset the additional overhead needed, for the tools and/or people to create the required systems.

Just this morning, in one of my career advisor study groups, we had a discussion on the above bullets, to challenge their thinking around growth, which resulted in us:

• Inviting a rep from AIdentified to Zoom in and quick demo their prospecting platform for us (it’s powerful if you aren’t using it).
• Rethinking their service strategy based upon their client segmentation, and how they may be able to better utilize their team for more B/C client-facing work, to create capacity.
• Roughing out the increased revenue for the middle producing advisor of the group over the next two years: $54k Grid bonus + $50k more FYC + $6k additional NC bonus + ongoing renewals and retirement contributions + any additional GDC/premium over the additional NC’s lifetime… that covers a significant amount of new investment in their business!

We have more work to do, but I’m pretty sure the AIdentified rep will have 8 NC’s from NM as a result of the conversation!

My challenge to you, is YOUR best business strategy to:

1. Co-invest with NM to generate additional NCs over the next two years, or
2. Co-invest with NM to help your best advisors put systems and structures in place and materially change their growth trajectory for years to come?

Let me help you put this process together for your office to maximize the return on YOUR investment!

Think Differently,

Steve