Good morning all
Steve Parisi here
with IBC Global.
I hope your day
is off to a great start.
So for today's podcast
we've got a guest
that some of you
are likely familiar with
# 1
Captain Stephani Transue.
Stephani,
how are you this morning?
[STEPHANI TRANSUE] Good morning Steve
I am doing great
thank you for having me on today.
[STEVE PARISI] Definitely.
Thanks for taking time too
I know we're always
going through the everyday stuff
here at the office
and I know you've got a full plate
as always as you stay busy
which we all appreciate.
So today should be fun
I wanted to talk to you a little bit
just to provide more
call it awareness
or call it what you
typically see and hear
on the front lines
because your role at the company
is working with prospects,
clients,
people who are interested in
high cash value life insurance
the banking concept
every single day.
From initial education
from fielding questions
from designing policies
we've got a design department
but you know how to
design them on the fly
if you've got something
hey I gotta get this out quick
from that business process.
So you are on that front line
and you have been
for quite some time
so just kind of wanted to talk through
some stories and such
that you see all the time
this way listeners can hear hey,
what does IBC Global do
as far as the agents
and someone I would be talking to
like Stephani
which you've been here
as an agent
longer than any other agent.
[STEPHANI] Yeah, yeah.
I'm definitely been with you guys
for almost 3 years now.
[STEVE] Yeah, I recall that
and you started
when we were just kind of getting going
as far as expansion
I mean you're the first
full-time agent that jumped in
and you were a
huge help to me at the time
because we were trying
to train other departments
I didn't know what I was doing
from a business standpoint
I didn't
I still don't
I just copied what I learned from others
but it was a huge help
and the thing that I admired
about you is
you just kind of grabbed it
and went with it
and learned as you went
and we can get into
some of the stories too.
But the thing that
is very difficult to find
in the insurance agent world
or just when you're recruiting
is someone
that will pick up the phone
and say okay,
I'm going to call the individual
and I'll just talk to him
I'll follow the script
and I'll learn as I go
kind of that fearlessness.
Would you call that fearlessness?
Let me ask that.
[STEPHANI] I definitely would
especially when I first started
I had a bit of background
in the insurance business
I had no idea
or had any clue
or how the banking concept worked
or high cash value life insurance
I had no idea whatsoever.
So it was pretty scary at first
coming in and talking to people
and trying to find out
especially when they had questions
and I'm like, oh
let me follow the script.
And the more I did it
the more I learned
the more I listen to you
of course
that's when I learned the most.
I mean you have so much knowledge
and you're so easy to talk to
and ask any questions to so
you were a huge help
through that whole process.
[STEVE] Gotcha.
Well thanks
I appreciate that
and I like how you dove into it.
I know I've told you that
several times over the years
but your work ethic is definitely
it's 5 stars so keep it up.
So what I wanted to talk about mainly
is just what you hear
on an everyday basis.
So as clients
or prospects call in
maybe they see our video content
they're interested in
cash value life insurance,
the banking concept,
retirement planning,
how policy loans,
whatever it might be,
what are some things
you often see or hear?
And it can even be a story
that you recently encountered
just something that
that recently popped up.
[STEPHANI] Yeah, one of the things
that we get a lot is policy design
just making sure
that we're designing a policy
for the maximum cash value
minimizing that
insurance expense and such.
I did talk to a gentleman
not so long ago
where he went to another agent
presented a policy
with New York Life.
He asked specifically
to design me a policy where
I have that minimum premium
at the lowest
maximum cash upfront
and when he got the samples
he was quite disappointed.
He was saying that
that premium was a lot more
than what he expected
and break-even point
was not until much later.
So he was quite disappointed
but then he's been watching
our Youtube channel
and he's been educating himself
so he knew
that it is possible
to drive that premium the lowest
and just put more money
into the paid-up additions Rider
so he came to us
and asked us for designs.
So we do get a lot of that
especially when clients are
already researching
and they already know
what they're looking for
so it is pretty nice to know
hey as an agency
we're able to present
a good product
where not only
the client is happy
with the policy design
but also the companies
that we are presenting
and that's huge.
In the insurance business
there's so many
insurance companies out there
and it could be quite confusing
for a client to know
who to go for
who to look for and such
but as you always mentioned
the 4 major mutuals
you cannot go wrong
with any of them
and of course keeping
or picking a company
that is flexible as well
so that you're always having
the flexibility
to add money at any time
request any loans for your policy
with no problem and such
so that's pretty exciting.
[STEVE] Yeah, right on.
No, I love that
what you're going through there.
So let me ask
a couple questions on that
because you hit a good point
that I still get questions about
every week
I'm sure you get it every day.
Is when you mention those
4 major mutual companies
so Mass, Guardian,
New York Life,
Northwestern Mutual.
Regardless,
if a prospect works with us
or anyone under the sun
those companies
when well designed
have delivered strong cash values.
However,
I could take those companies
and I can take Mass or Guardian
that have 10 different
whole life products each
Northwestern has a large portfolio
New York Life
they do but they don't
they're custom whole life
you can make it any funding period
you want really.
So how would I refine
that decision-making process?
So if I'm someone
I come to you
I'm a potential client
I say okay Steph,
I've seen you guys talk about
the 4 major mutuals
I like that
I get it
but how do I pick?
Because I see Mass
and Guardian out there
but which one do I pick?
I don't know.
Tell me what to do?
[STEPHANI] Good question.
So like we always mention
education
providing the options
not only provide the numbers
and it's like here you know,
this is what you should do.
We will go over to
especially asking questions
asking what kind of flexibility
would you want to have?
Here are the pros and cons
with both companies
as you know both companies
are great
you cannot go wrong
with any one of them.
The big thing would be
the flexibility aspect.
Would you want to be able
to flow your money at any time
throughout the whole year
or would you be okay
with a 1-time lump
dump in
or contribution
or however you would like?
I mean just going through
that information
between the 2 companies
and their flexibility.
And another big thing we get too
especially with that
especially the younger generation
where to say hey,
I want to be quick
I don't want to be calling
customer service
and asking for this and that.
I want to be able to
go through my phone
or go through the computer
and request a loan.
And that's big
these companies provide that
so with either one
they provide that
easy access to your cash value
but it also depends on
the flexibility aspect
asking questions is key.
[STEVE] Yeah, there you go.
Asking questions
that is the most important thing
that way you can really
help guide someone
in the right direction.
So why don't we
role play a little bit
because a lot of clients
or potential people we work with
ask these kinds of questions.
So if I call in
and I say okay,
I'm interested in this concept
I get that
a whole life insurance policy
well-designed
is a safe, liquid, tax-free area
to position money
I get that.
I'm still a little gray
on the flexibility
Steve's got way too much content
he confuses me sometimes.
I'm looking to put in
$100,000 per year
but I don't want to get a bill for that
I like the idea of putting up to $100,000
but don't bill me
because my cash flow fluctuates.
What company should I pick
or how do I even set that up?
This way it's convenient for me
and I'm not stressed out
thinking about my policy.
[STEPHANI] Good question Mr. Parisi.
Well, when it comes to
one of the companies
that we work with
they will allow one to commit
just to that minimum base premium
and the terminal cost as well.
Anything aside from that
your paid-up additions
can be added at any time
through your online account portal
at your own leisure and discretion
especially when you're looking at
the cash flow
if it fluctuates
whether you are investing
in real estate
or if you have a bonus coming into
any time throughout the year
that specific company
will allow you to do that
and not be penalized either
if you're not able to max it out
for that year either.
So any questions on that Mr. Client?
[STEVE] Oh, gotcha.
No, thanks.
So flexibility
so you said I could commit
to the minimum premium
so if I want the ability
to put in $100,000
what would my minimum commitment
be in a case like that?
[STEPHANI] The insurance companies we work with
will allow us to set that
minimum premium to 10%
of the max contribution desired.
So in this case
with the
MEC [Modified Endowment Contract] space
or MEC limit of $100,000
we're able to drive that
minimum premium to $10,000
every single year
and then you're able to
add money in there
up to the $100,000.
[STEVE] Okay, got you.
So in a case like that
so if again if I'm a potential client
I can commit to $10,000 per year
do I have to pay that annually
or can I do it monthly
if I want it to be lower?
[STEPHANI] You're flexible in the aspect too
you can either do it annually,
monthly,
quarterly,
semi-annually.
When you're doing any payment
aside from that annual
there are small EFT fees
but you do have the flexibility
where you're able to fluctuate
especially if life happened.
You can start paying monthly
if you wanted to
and let's say mid-year
if you say hey,
I have that extra cash
I don't want to think about it anymore
I just want to pay that off
for the rest of the year
you can definitely do that as well.
[STEVE] Gotcha.
Thank you.
So I can commit to that
minimum of $10,000
whether that's yearly
or monthly
whatever it might be
and then the rest of the $100,000
you didn't mention it's flexible.
Do I have to pay that?
[STEPHANI] You don't have to pay it at all
that's again
because you are committing
to that minimum
you just have the flexibility
to add additional
paid-up additions
whenever you would like.
[STEVE] Gotcha, okay.
So up to a total of $100,000
and how do I actually add it
do I have to send it a check?
[STEPHANI] Good question.
You will have
an online account portal
with that specific company
you will also get a phone app.
With that phone app
it works the same way
as online banking
you're able to
allocate where your money is going
whether it's going to
paid-up additions.
If you're taking a loan out
and you want to pay the loan back
you can also request
or pay that back through that
on your online account portal
and phone app as well.
[STEVE] Gotcha, gotcha.
Thanks for going through that stuff.
So you touched on
several things there
that just build more awareness
for a consumer
and where I'm coming from with this
is my experience
in the insurance industry
and just sales training
is typically
and you can relate to this
because you were
at another sales role
before you came here,
is typically when a consumer
has a question
the training
the general training is
answer that question
and just leave it at that.
Which works from a
sales perspective
but what I've found an experience
is if you're leaving out
some important information
but your goal is to sell
so you leave out that information
just to make it quicker
that can come back to bite you.
The client gets upset
to say you didn't tell me that
and now this thing's a headache.
So a couple things you did there
and I know your clients
appreciate this
everyone does
is when someone asks hey,
I want to be able to put in
$100,000
but my commitment is
$10,000 per year
and it'll be the same
if I want to be able to pay in $10,000
commit to $1,000
it doesn't matter.
But back to the $10,000
do I have to pay it annually?
And you mentioned
no, you can pay it monthly
any frequency that you want
but if you pay it monthly
or some other frequency
there's small EFT fees
which can sting some people
they don't like that stuff.
Some don't mind it
but if you don't tell them about it
then they are gonna mind it.
So it's a little thing there
but it goes a long way
just in that transparency
making people aware
this way
no one has the feeling
that you put them in a product
and then afterward
they come back and say
you didn't tell me about this
now I'm angry at you
and it's happened
so much in the industry.
So that is something
I've seen you do that quite a bit
and it's important
because you don't want
to leave anything out
and it's kind of an art too
to know okay,
how do I provide all the info
but don't have motormouth
and just put them to sleep
by talk, talk, talk, talk.
I'm talking a lot here,
any thoughts
or questions on that?
[STEPHANI] No, I think it's right
transparency is big
because like you mentioned
in any sales role
trainings at times
or let's say for example
if you're buying or purchasing a car
and you want to find out
the price for once,
oh you got to come in
and we'll tell you the price in hand.
No, I'm looking for information
give me the information
that I'm asking for.
So giving the information
and just being transparent
about any details
on a product
is very important.
I'm the type of person too where
if I'm looking for something
I want to get the facts
and be quick as possible
don't waste my time
or waste your time either.
So I think that's very important
that we're very transparent
with our clients.
[STEVE] I love that so much
just that transparency
and how you like to buy things
doing that to others
so the golden rule
"do to others
as you want done to you"
that goes such a long way
just in business.
So I mean your job
by the outside world
would be classified
as a sales role
but let me just ask
a blunt question
do you feel like you're in sales?
[STEPHANI] No, not one bit
because when we think about
regular salesperson
you're like oh,
I'm going to be pushy
I'm going to push my product
down your throat and
you got to do it.
We're not like that
first off,
the clients that are coming to us
they already are
looking into the concept
they're either fully educated
and have specific questions.
We'll have other ones
where they say hey,
I just stumble upon this
can you tell me
the most information there is?
Help me understand it.
And by just going through
the whole process
could just be a conversation
it could just be a
comfortable conversation
with one-on-one with someone
and just going through
from the beginning
what we do
how we structure everything
the companies that we present
how they feel about
what information
that I've presented to them
and see if there's anything
that we can improve or
what's the next step.
STEVE] Yeah absolutely
present the information
and then when they're ready
they'll move forward
and you'll help them out.
I mean when they've seen enough
to make a decision
they'll know that
they can move forward.
But the lack of
or no pressure
or forcing people to move forward
I've always disliked that stuff
and I know most of the people here
dislike it as well
that work at the company
I know you don't like it.
And not to say it doesn't work
some people are very
successful with that
and there's ways to do it
but it can turn people off
it turns me off.
I ain't gonna buy from someone
who tries to
close me the wrong way
at the wrong time.
Like, get a lost man.
I'm gonna go buy from your competitor
if you try and do that.
Seriously,
like it's more of a
call it a sales psychology
just listening to people
providing the information
and then they move when they're ready.
[STEPHANI] Exactly
and the funny thing is
with the other agency I work with
that's how it was
we will go to people's homes
present the product
and be like okay,
where's the check
is this a good thing?
So you know to be honest
I did not feel
comfortable with that at all.
So coming over to IBC
and seeing a
whole different kind of customers
and just the whole information
was so much better
I just feel so good
what we do as an agency.
[STEVE] Gotcha.
No, likewise
the feeling is mutual.
And funny story
so the place you started out
is actually the same place
I started out
when I first got in
the insurance industry
you lasted there
longer than I did, right?
It didn't fit my personality
I left after 9 months
for a number of reasons.
But yeah, I remember that
same office
a lot of the same management
just when you're sharing with me
even though it was years after the fact
but not that means anything
funny story, cool.
Well thanks so much
for your time this morning.
For everyone listening
we've got Steph's contact info below
feel free to reach out to her direct
or if you reach out to our company
you may very well get a call
from Steph or an email.
But I really, really appreciate
your time Steph
thank you so much.
[STEPHANI] Thank you for having me
it was a pleasure.
[STEVE] Talk to you soon.
STEHPANI] Alright, bye.
Hey guys Steve Parisi here.
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