Here’s a simple question for you: why do new producers fail?!
Reviewing our archives from nearly 2 decades of recruiting and developing new commercial insurance brokers, these are 7 common failure personas, i.e. the distinguishing attributes of new producers that didn’t make it (either got fired or quit):
The weak prospector. Couldn’t create 2-4 qualified new business appointments per week which created a doom loop (light prospecting > thin pipeline > desperately chased bad opportunities > very few clients).
The slacker. Approached the career like it’s a 9-5 office job at the beginning. This almost always guarantees failure.
The weak closer. Tried to compress the sales cycle or make commercial insurance a technical product push instead of a trusted advisor sale.
The big company brander. Only could thrive selling a well-known corporate brand. Unable to sell a strong local firm and themselves.
The low $$ flyer. Lacked the big-money motivation to grind through the hard work and early career struggles to become a successful producer.
The uncoachable. Didn’t know what they didn’t know, wouldn’t ask for help when they needed it, and/or didn’t learn from their mistakes.
The bonehead. Didn’t have the basic smarts or intellectual curiosity to become an insurance professional and a trusted advisor for clients.
Good news from bad news? Most of these are avoidable or fixable.
Hiring managers: don’t hire producers with these personas.
New producers: don’t be a weak prospector, a slacker, a weak closer, a big company brander, etc. (you get the idea).