Using leverage to scale your practice

Leverage is using something to the maximum advantage. Leverage amplifies your product or service.

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

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

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

1. Most advisors focus solely on marketing and fail to focus on delivering an amazing offer.
2. The industry is too busy selling and convincing others to buy.

Guilliams said advisors need to ask themselves three questions in order to gain clarity on what they want for their practice:

1. Who is your ideal client?
2. What problem do they have?
3. How do you “crazy over-deliver” to solve that problem?

Advisors must help clients become clear on what people really want and then eliminate any friction that gets in the way of getting what they want, he said.

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

Guilliams presented six areas of leverage for a business:

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

He also gave attendees nine leverage areas 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 studio.
7. OPA (other people’s audiences).
8. Repurpose content.
9. Express gratitude.

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

“When set up properly, life insurance can give your money more than one job.”

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

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