Using leverage to scale your practice – InsuranceNewsNet


Leverage is using something to its fullest. Leverage amplifies your product or service.

How can leverage increase your practice? National Association of Insurance and Financial Advisors Apex convention attendees learned some leverage lessons from an industry innovator whose career began when he was tasked to take over the service of investment from his local bank at the age of 19.

Caleb Guilliams is the founder and CEO of Betterwealth. He discussed some strategies to leverage your insurance practice and add value to your clients.

Guilliams described what he sees as two problems within the industry:

  1. Most advisors only focus on marketing and don’t focus on delivering an amazing offer.
  2. The industry is too busy selling and convincing others to buy.

Guilliams said counselors need to ask themselves three questions in order to clarify what they want for their practice:

  1. Who is your ideal customer?
  2. What problem do they have?
  3. How do you solve this problem?

Advisors need to help clients clarify what people really want, then remove any friction that’s keeping them from getting what they want, he said.

Leverage, he said, means creating value and then maximizing that value.

Guilliams presented six areas of leverage for a business:

  1. Work (people).
  2. Capital (other people’s money).
  3. Media (language).
  4. Platform
  5. Coded
  6. Influence or charisma.

He also gave participants nine areas of leverage to implement in their own practice:

  1. Podcast
  2. Delegation
  3. Video email.
  4. Website, which he called “the meeting before the meeting”.
  5. Youtube
  6. Virtual workshop.
  7. OPA (other people’s audience).
  8. Reuse content.
  9. Express gratitude.

Guilliams said life insurance is one of the best ways to create financial security for customers.

“When set up correctly, life insurance can give your money more of a use.”

Susan Rupe is an editor for InsuranceNewsNet. She previously served as director of communications for an association of insurance agents and was an award-winning journalist and editor. Contact her at [email protected]. Follow her on Twitter @INNsusan.

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