With so many focused on the wealth side of the business, advisors are leaving money on the table.
With the path of least resistance so inviting, many advisors are missing out on a chance of capturing the critical illness and disability market.
“Advisors are missing the boat,” said Ken MacCoy,CHS - Life, Disability & Employee Benefits Specialist at RitePartner Financial Services & MGA: Edge Benefits Inc. “How do you beat the competition? It doesn’t matter if it it’s a bicycle race, a marathon or the Indy 500, if you’re following the leader and you’re not going faster, or you’re not doing something different, you’re never going to be number one. You have to do something different.”
According to Lawrence Geller, president of Geller Insurance Agencies Ltd., the number of advisors selling disability especially hasn’t really changed in 20 years.
“In the 1990s there might have been 100 of us that represented well over 80 per cent of the product sold,” said Gellar. “Today it’s probably about the same.”
It’s allowed MacCoy to carve out a lucrative niche business in Chilliwack, B.C., as most of the 70 advisors in the area chase after the money business.
“Very, very, few advisors out there push disability and critical illness insurance so I don’t have a lot of competition,” said MacCoy. “I go after all the business nobody else does – disability and critical illness. My wife says I’m a legend in my own mind, but there’s few that have 25 years of experience and know disability and critical illness insurance that’s selling in BC like I do – or definitely in the lower Fraser Valley.”
He likened it to sharks stalking their prey. After a shipwreck there might be 100 people stranded at sea and 98 thrashing around.
“They’re the ones that are attracting all the sharks,” he said. “The two people that float away with the current, those are the ones I’m going after with life insurance, CI and disability because I don’t really have any competition.”
“Advisors are missing the boat,” said Ken MacCoy,CHS - Life, Disability & Employee Benefits Specialist at RitePartner Financial Services & MGA: Edge Benefits Inc. “How do you beat the competition? It doesn’t matter if it it’s a bicycle race, a marathon or the Indy 500, if you’re following the leader and you’re not going faster, or you’re not doing something different, you’re never going to be number one. You have to do something different.”
According to Lawrence Geller, president of Geller Insurance Agencies Ltd., the number of advisors selling disability especially hasn’t really changed in 20 years.
“In the 1990s there might have been 100 of us that represented well over 80 per cent of the product sold,” said Gellar. “Today it’s probably about the same.”
It’s allowed MacCoy to carve out a lucrative niche business in Chilliwack, B.C., as most of the 70 advisors in the area chase after the money business.
“Very, very, few advisors out there push disability and critical illness insurance so I don’t have a lot of competition,” said MacCoy. “I go after all the business nobody else does – disability and critical illness. My wife says I’m a legend in my own mind, but there’s few that have 25 years of experience and know disability and critical illness insurance that’s selling in BC like I do – or definitely in the lower Fraser Valley.”
He likened it to sharks stalking their prey. After a shipwreck there might be 100 people stranded at sea and 98 thrashing around.
“They’re the ones that are attracting all the sharks,” he said. “The two people that float away with the current, those are the ones I’m going after with life insurance, CI and disability because I don’t really have any competition.”
