The difference between a business that’s sustainable and one that soars

When it comes to investing in your business, I cannot stress enough the importance of continuing education. As your children grow, education gives them wings, and it can do the same for you. Just because we graduated from college or received an advanced degree before going into this business doesn’t mean we should stop learning. An ongoing investment in knowledge can mean the difference between a business that is sustainable and one that soars.

2002 MDRT President Marvin H. Feldman, CLU, ChFC

Over the years, I’ve seen a number of new agents and advisors who don’t go to educational seminars and conferences, saying they can’t afford it. While it’s true that you may have to cover hotel, airfare, rental car, gas, meals, registration and more, being on the cutting edge in this industry takes a strategic investment of this kind.

Learn by interacting

You can also do a lot of this on the internet. There are webinars, podcasts, TED Talks, and so much more. Those are all a good start, but you can’t put a price on the advantage of face-to-face interactions with other people in the profession, which is only possible by attending seminars and conferences. That’s because it isn’t just about the classes, breakouts and sessions you’ll be attending.

The fact is I learned just as much or more interacting with other conference attendees by asking questions, sharing information and brainstorming. On more than one occasion, I also made invaluable contacts: experts in their respective fields who I could call for help with a client when I determined my expertise wasn’t enough.

It can also help you grow your business in new ways. Going to a meeting where accountants and attorneys are providing estate- or pension-planning information can give you that extra edge when meeting with a client or prospect.

And it never hurts to be able to reference a conference you’ve just attended at the Heckerling Institute on estate planning in Coral Gables, Florida, or what you learned at a Million Dollar Round Table meeting in Vancouver, Canada. What this tells the client is that you’re motivated enough to invest the time, energy and money to make yourself as qualified a professional as possible — one who is equal to the task of solving their problems with the proper solution.

Adapted from the book “Man on a Mission: A Matter of Life and Death. Serving Others in the Life Insurance Based Financial Services Industry,” by 2002 MDRT President Marvin H. Feldman, CLU, ChFC. The book is available through the MDRT Store. Feldman is a 42-year MDRT member and a 34-time Top of the Table qualifier.

MDRT offers free podcasts, videos, articles and more in its Resource Zone to help members soar in their business.