Dave: How have things been going for you?
Derek: Really good, in July I opened up a new office and I had two new representatives start working with me. We are at maximum capacity, which is a good and bad thing because I didn’t think the space would fill so quickly, but it did. Business has been kind of slow because of the transition but other than that, I can’t really complain.
Dave: Are the two reps brand new to the business or have they been around for awhile.
Derek: One of them has been with the company for three months and the other around two months. So they don’t know what they don’t know yet!
It’s amazing how much, in the 10 years I’ve been with Thrivent that the launch and training for new representatives has increased and improved dramatically. They have been given a ton of tools that we weren’t given back then.
Q: Could you share with the audience a bit of your background before you became a financial representative for Thrivent?
A: My background prior to Thrivent was typical. This was my quote-on-quote first real job in the work force. Before this I was a student at Indiana University where I earned a degree in Accounting and Finance. I didn’t know much about this industry, I was actually hired on by Thrivent Indianapolis and decided to come back home to Perrysburg, Ohio. I had a natural market here and at that time I was 23 with few connections in the world.
Dave: What kind of changes have you had in your family life in the 10 years you’ve been with Thrivent?
A: In my 10 years here at Thrivent, my father will be retiring this November, three years ago I got engaged and two years ago I was married and purchased a home. Overall I’ve grown up here at Thrivent and I didn’t know the world at all when I graduated…. Even though we all think we do. I do believe my role at Thrivent has caused me to mature and grow quicker than some of my peers.
Q: So, when you decided to join Thrivent, what was it that attracted you to Thrivent specifically?
A: To be completely honest Dave, I needed a job. It was post 9/11 and I had strayed from the Lutheran religion. I had actually sat down in my apartment as it was getting close to graduation and prayed. Despite it being a long time I just asked for his guidance and help. The next day I got a call from Thrivent and the first question out of the recruiter’s mouth was asking if I was a Lutheran. I told him I was but curious as to what that had to do with anything! I had not heard of Thrivent, I had grown up with AAL and Lutheran Brotherhood but I didn’t know that the companies had merged.
I had wanted to become a financial advisor based off the advisors my parents worked with all their life and I was fortunate enough to have an internship with him in high school and realized it was a career I wanted to pursue.
Q: What surprised you as far as your expectations were concerned about what it takes to be successful?
A: This is something I was reminded of when our office grew. The thing that I am learning with these new guys is you always have to be on the phone, you always have to be present in the office, you have to be putting in the time and if you don’t put in the time your results aren’t going to be there. It’s an overwhelming experience for them as far as cold calling and finding a lead but when they find someone that is willing to meet, their faces light up.
One of the new reps that has been working with me was a client of mine, a retired as a school teacher, that didn’t want to give up working completely so he decided to take on a roll at Thrivent. He is constantly telling me, “If I would have known this in the beginning I would have changed my way of marketing myself.” What he realized was everyday is a new challenge and even after my 10 years I still haven’t got it figured out and I don’t think you ever do.
Another piece that they are always learning is the amount of training that is involved with this career. Getting in front of a client is one of the hardest parts but after that you have to move onto a different set of skills and that’s relating to a client, asking the right questions and performing in front of a client. It’s a three step process, find the client, successfully connect with them and plan a successful sit down together to take any business. That’s what your program helps them do, allowing them to be successful with the second and third part.
Q: In the 10 year since you’ve entered the business and the new reps entering now, do you see them going through the same challenges that you went through as far as getting in front of people, putting the time in and so forth.
A: I think their challenges are slightly harder than mine, back when I started at Thrivent you were given a book of business to call on. I think Thrivent has made a good call there, it forces them to be on the phone, to be prospecting at all times and forces them to have these conversations with their families in the actual market. When I started out in the industry, I didn’t talk to my family and I wish that would have been different. It’s a lot more challenging these days but like I said, I think it’s in the right direction making new reps develop the right skills quicker than I did.
Q: What kind of business do you do and what kind of clients do you find yourself working with?
A: I found that I have steered my business towards the pre-retiree and retired market and I think that most advisors end up doing that. It’s a little different then when I started, I would take just about anything that walked in the door. What I have done a lot this year is client segmentation as well. To focus on the clients that want to meet with me and want to take the advice that I am providing them.
My practice has changed over the years now that I have a nice client base to work with including their friends and family. I’ve gotten to the point where if you don’t want to be meeting with me, I don’t want to meet with you which has made this job a lot more enjoyable because you’re not banging your head against the wall.
Q: What can you tell me about productive levels, how do you feel you are doing as far as the amount of production that you would like to be doing?
A: I think with every rep, no matter where you are at there could always be more business coming in. I am about where I was last year and I feel that if I didn’t take on the new challenges of opening up my office and bringing on two new guys that I would be a little further. On the other hand, I would rather take a pause to restructure knowing that next year will be even better. Every year since I have been at Thrivent I have moved in this direction, I don’t think I have ever had a year where I did worse than the previous one.
Another change to my practice was connecting with a gentleman that has been in the industry for many years through a joint field work program and he’s been mentoring me to get to the next level. That is the thing with this business; I don’t think I’ll ever stop learning and hopefully I will be able to pass what I am learning down to the two new guys starting out here.
Q: Have you obtained any club levels throughout your career?
A: Yes, last year I made it to Serra Level, which would make it four times now.
Q: How did you feel about getting invited to the CAPS™ workshop?
A: Funny story, I honestly felt insulted because it was myself and another friend of mine who had been in the business for awhile and it was our manager, Max Lambdin who thought it would be a good idea for us to attend this training. When we saw who was registered and most of them all new to the business, we kind of took it as an offense.
But after the workshop was completed we were both talking about what a wonderful experience it was. It was a great refresher for us. We went into the CAPS™ training with our minds closed and little enthusiasm but came out happy that we ended up participating in the program.
Q: Once it got going, what was the impression of the course work itself while you were in the workshop?
A: The process of probing and constantly coming back full circle was great for me. It’s amazing when I am in a meeting how I find myself going though that circle chart. I am constantly asking questions and writing little notes down here or there then coming back to that note when I am with a client. That way if the client doesn’t feel as if they want to move forward with what every we have been talking about, I can go back and say, you indicated here that this was something that was important to you. More so than helping close the sale, I think it helps deepen the relationship. I don’t feel anyone will be a perfect listener but your system has helped my listening and communication skills in a client setting.
Every Friday I have a meeting with the new reps just to go over any cases that they have and I was on the white board going over the probing skill with them, knowing that I wouldn’t have had these skills a year ago if I hadn’t gone though that class. So, I am passing on what little I retained.
Q: Overall, what is your opinion of CAPS™ and what would you say to somebody if they asked you about the workshop and the follow up coaching we provide?
A: I would tell them to not be as closed minded as I was whether they are a first year representative or a twenty year representative you can find something from that program that helps you grow.
I have clients that I would consider my top clients and I thought I knew everything about them but when I started implementing some of these communication skills I ended up learning more than I assumed I knew. Therefore I think that anyone at any stage of their career can benefit from this.
Q: What happens with those clients when you start asking them questions that dig deeper, how has that impacted your relationship with them?
A: I think it builds trust. You end up become more of a doctor in a sense. For example, when you go to the doctor every year for a check-up your doctor might find symptoms that you are unaware of and through discussion with them you find out what the issues may be. Doctors are able to diagnose what is initially needed with the client and provide them with X and Y.
Mr. & Ms. Client may not know that they have a need for X or Y and they may need more protection or another type of investment product but they trust in their doctor to direct them in the correct direction because it’s not their job, its ours. This program helps gives you the skills to do so. Opening up a line of communication I didn’t have in my tool box before I attended this class and even if you have this tool, this program helps sharpen it.
Q: You are taking on a couple new reps now, have you considered taking on a Partner role at some point in your future?
A: A partner within Thrivent, no I haven’t. I am enjoying the mentoring role more than I ever would, but more so for me, I really enjoy meeting with clients. Interesting enough, if you would have asked me that question 10 years ago I would have probably said yes.
When you think about your career, the things that are important to you what does it mean to be a Financial Representative with Thrivent?
A: I have a lot of friends that are in this industry with big name companies, they have the advertisement and the name recognition but they don’t have the generosity that Thrivent provides. I would be lying to you if I said I hadn’t looked at other firms but I am still here and for a reason. To give an example, last week when I was working with my joint field mentor and meeting with one of my top clients he found out that she has bladder cancer. He stopped the meeting immediately and said a prayer for her; both her and her husband started crying. You don’t have that at other organizations and I knew that he didn’t do it as a sale gimmick; it was genuine concern for a client.
Not to mention, I am a active member at a local church/school and every year I make a donation to this church and the school attached and Thrivent will match it, you just don’t find that elsewhere.
