decades. Feeling this way, I find it very
sad that we are losing agents, as older, established agents leave the business and not enough younger agents
come in to replace them. Why would
younger people turn away from a business that provides a wonderful sense
of accomplishment with unlimited income potential? I feel the problems we
are facing can be described with three
words: training, communication and
bureaucracy.
Training
My first career position out of the
Army, starting in July 1965, was as
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94 September2011 / LIS / LifeInsuranceSelling.com
For information circle no. 17
Readers sound off:
Hopes and fears for
the future of the industry
Dennis E. McCarty, FIC, LUTCF: “I believe that the future of the life
insurance industry will be better than ever. I have been in the insurance
industry for 30-plus years, and every time the economy goes south on us,
the life insurance sales increase above all expectations. I believe there is
more confidence in the financial stability of the life insurance industry by
the general public than what they have in the federal government, whose
lack of financial restraints is sending us to the poor house. When I started my career in the life insurance field, I was trained to tell people not to
count on Social Security for their sole means of support in their retirement years. I am still telling people this today, and I am convinced there
are many people who are finally understanding what I have been saying.
Permanent life insurance is one of the surest and best ways to help fund
the income needs once we retire. There are few solid and proven financial
vehicles that can do what permanent cash value-building life insurance
can do for retirement income needs, in addition to the protection it gives
to a family dealing with a premature death of a breadwinner, regardless
of what Dave Ramsey thinks or preaches.
Holly Bonds: “Fear: Lack of Gen X and Gen Y becoming independent
agents.”
Glenn Stevick, CLU, ChFC, LUTCF: “I hope the industry can find a way to
attract the best and brightest to a career as a financial advisor. I hope the
SEC finds a way to impose a universal fiduciary standard to insurance
agents that will not add too much compliance to an already heavy amount
of compliance. I hope the industry can find ways to create innovative life
insurance products that will provide additional benefits, such as LTCI and
retirement income that will make them more attractive.”
Darrell Fulmore: “Biggest hope is that GIUL is the product of the future.”
Matt Dobbie: “One of my industry fears is also my greatest hope. The
financial services industry must get better at harnessing social media as
a way to better connect with clients. Communication has rapidly evolved
in the social media space. While I understand the need to proceed with
caution, it is critical to keep the issue at the forefront because more and
more consumers want to communicate in the social space. Sharing, updating best practices and implementing safe guidelines is critical to the
future of this business and the consumers who rely on us.”
