November 21, 2022

Throwback: Why Writing Small Accounts Will Make You Poor

18 minutes

In this throwback episode of the Millionaire Insurance Producer podcast, host Charles Specht explains the two main reasons why writing small accounts is a terrible strategy for an insurance agent and why THINKING BIGGER and writing larger accounts makes everyone happier. "Small Thinking" is a plague that may allow you to pay your monthly electric bill but it will never allow you to build wealth.

Episode Highlights:

Why is thinking small, a major problem? (2:55)

How does Charles' approach to work differ from that of 20 years ago? (5:30)

Charles explains how to compensate for inexperience, as a young agent. (6:56)

Is there a difference in the process when prospecting large accounts versus smaller ones? (8:14)

What happens when you’re successful at writing small accounts? (9:37)

Charles details a conversation he recently had with the service team. (13:00)

What should your target goal be, as a starting point? (13:02)

Charles shares his message for agency principals. (14:44)

Key Quotes:

“You have to stop thinking small. And, you have to start going big. That's what you have to do. You really have to. I can give you all the tools, I can give you everything that you need to do, if you will, to make that leap to make that jump...But, you have to step off the plane.” - Charles Specht

“You'll make enough money to pay the electric bill, to pay the rent, or the mortgage or whatever it is. And you know what? Maybe every once in a while, go out to a nice little restaurant with your wife and your kids, and so forth. But, you're not going to build wealth.” - Charles Specht

“I have had a chance to talk with lots of different insurance agents. They message me on LinkedIn, they call me, they shoot me an email, whatever it is. I have a chance to talk to a bunch of the vast majority of them out there. I know their problems could be solved, if they would simply start thinking bigger.” - Charles Specht

Resources Mentioned:

Reach out to Charles Specht

Permission Network Insurance Agency, Inc.

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