Why Your MGA Insurance Brokerage will determine the “Size” and “Type” of Clients You Will Be Able to Land and Service!

Different insurance advisors have different career aspirations in terms of the types of insurance products they want to offer and the types of clients that they want to have. 

Business owners and affluent clientele offer an incredible opportunity to insurance advisors. These clients are educated about insurance, more apt to expand their portfolios or purchase bigger ticket policies, and more likely to be interested in a diverse range of products. Most also see insurance as more than something that helps us when we die, instead looking at it as something that is a great financial tool while we are alive. 

While many life insurance advisors want to break into this market, it can be intimidating and hard to know where to start. Yes, those insurance advisors who have this clientele in their existing network have an advantage, but that’s not to say that you can’t crack this nut with the right resources.

Working with an MGA insurance brokerage that caters to this clientele will make a huge difference when it comes to breaking into this market. Here are some of the things that clients in this market will be looking for in you:

Does the MGA insurance brokerage that you work for offer a wide range of products that can be leveraged as investment vehicles? This will be important because those who have high incomes and assets will want to explore products that offer tax incentives.

Is the MGA insurance brokerage that you work for known for working with high income clientele? The brand recognition of your MGA insurance brokerage is hugely important for those advisors who want to service a higher income clientele, especially if they don’t have their own existing networks. A good example would be the difference between working for Sotheby’s or Re-Max if you were a realtor. People instantly know that Sotheby’s works with high end home owners.

Does the MGA insurance brokerage that you work with provide office and meeting space in locations where higher income clientele live/work, and is the “in-office” décor and experience consistent with one that a higher income client would expect? This is also important because while it would be great if appearances didn’t matter, they do matter!

When you find an MGA insurance broker that caters to the market that you want to work with, the vetting process is not over. It is important to question what other resources that they will make available to you. Will they mentor you? What are their turn around times on both phone calls and applications? Do they offer you the capability to have your own website with their branding? These questions and others are very important.

People identify with themselves and what they know. When an individual looks for an insurance broker, when they arrive on your website or at your office, they will want to feel like they belong. You don’t necessarily have to have contacts in a higher end market to penetrate it. Aligning yourself with a MGA insurance brokerage that is already there will greatly improve your chances of success.

If you are interested in working with one of Ontario’s top MGA insurance brokerages please contact Gary Mandel at Independent Financial Concepts Group at 416-849-1653 or visit www.joinifcg.com.