Advisor Today - July/August 2015 - (Page 60)
SALES & MARKETING
By David Cohen, CLU, ChFC, LUTCF
Addicted to Rejection
If you don't receive a high number of rejections, you will not achieve a high level of success.
hen I first inhaled my first
puff of smoke, I became
lightheaded and almost
choked. At the time, I couldn't
think of one reason why anybody
would want to smoke cigarettes.
However, the next day there seemed
to be an urge for me to try to
smoke again. That second cigarette
experience was not as excruciating
as the first. Within a week, I started
looking forward to when I could
smoke another cigarette.
What was happening? Even
though cigarettes didn't taste that
good, the addiction to nicotine had
taken its effect. I was hooked, and it
took me 18 years to finally kick the
It was torture at best. So why
did I allow myself to be put into
a situation in which I had lost all
control of my ability to make a
logical decision about my future
well-being? Without knowing it, I
had become a nicotine drug addict.
Getting used to rejection
In the world of life insurance
selling, are we addicted to
anything? If nothing comes to
mind, perhaps you might consider
becoming addicted to rejection. If
you look at recent LIMRA surveys,
you will see that the number of
selling interviews financial advisors
have each week is no more than
five. However, if you look at the
number of selling interviews per
week of highly successful advisors,
that number is more likely 10 to 20.
As the author of Prospect or
Perish, and after spending 56 years
in the insurance business as a
salesman, my research and real-life
experiences indicate that financial
advisors have many hurdles
to overcome to become highly
successful. The number one hurdle
is fear of rejection. But instead of
The highest-paid individuals in the financial-services
profession are in one way or another addicted to
facing this fear head-on and doing
something about it, most advisors
continue the march and hope that
something good will happen. But
it rarely does. Unfortunately, they
aren't addicted to rejection.
Ty Cobb has the highest
batting average in the history of
professional baseball. He had to
swing the bat 15 times for each hit.
This means that he had to fail 14
times in order to get on base each
time he was up to bat. I don't know
if he looked at it this way, but it
certainly was a lot of rejection.
Also, we have Babe Ruth, the
greatest baseball player of all time.
His 714 home runs stood as a
record for decades. Most people
do not know that he also struck
out more times than any other
player in the history of major
league baseball-this guy was a
real failure. How could he strike
out so many times and still become
the legend that he is? Maybe Ty
Cobb and Babe Ruth emotionally
understood that without rejection,
you cannot become highly
successful. What a valuable lesson
Let's take a look at some ratios
that should be familiar to you:
* Your ratio of closing interviews
* Your ratio of discovery
interviews to closing interviews.
* Your ratio of qualified prospects
to discovery interviews.
* Your ratio of appointments to
* Your ratio of total phone and
face-to-face contacts to
Depending upon your
experience and expertise, it is
possible that you may have to
contact 2,000 or more qualified
prospects to close 100 sales. That's
a whole bunch of rejection.
cont'd on page 62
60 ADVISOR TODAY | July/August 2015
Table of Contents for the Digital Edition of Advisor Today - July/August 2015
From The Editor
How Do You Create the Million-Dollar-Plus Practice?
Traits of Top Performers
The Business Benefits of a Pipeline Mentality
What Does It Mean to Act Ethically?
Variable Universal Life is Back
Sell More LTCI By Selling Less!
Overcoming the Most Common DI Objections
Mitigating Retirement Risks with Life Insurance
Creating Irreplaceable Capital
Closing the Gap
Financial Future Less than Rosy for Boomers and GenX
Estate Planning and Annuities?
Ignite Your Sales Potential
A Closer Look at BTID
Upholding the Tradition
NAIFA’s Candidates for Election
Addicted to Rejection
What is Keeping Your Senior Clients Up At Night?
Advisor Today - July/August 2015