Knockout Networking for Financial Advisors and Other Sales Producers

CHAPTER 1Networking Is the Key to a Successful Career: (Especially in Financial Services)

“Networking allows you to build strategic relationships where you can ‘nest’ and become a valuable resource within target markets.”

—Susan Cooper, Managing Director, Prudential

Why Financial Advisors Should Network

A position in sales is hard. Really hard! Especially sales positions that offer a very low barrier to entry, high turnover, an expensive product, compensation that is commission only (no salary), an important product that is often intangible and difficult to sell, limited training in sales and marketing, and very little risk to the organization.

Welcome to the insurance and financial services industry! If you're a financial advisor, broker, planner, agent, or rep, you know what I'm talking about.

Of course, sales positions in other industries offer similar challenges, including real estate and distributors that sell products through multi‐level marketing (MLM) channels, but sales positions in insurance and financial services are like no other.

When you think of major insurance companies and financial services firms, you can't help but picture well‐known logos posted on the sides of office buildings, nice dark brown furniture, waiting areas with actual printed copies of the Wall Street Journal on the coffee table, flat‐screen televisions with MSNBC and ongoing stock updates, conference rooms, and lots of people walking around in business suits.

Everyone here must make a lot ...