The Ripcord Moment
The Ripcord Moment
Being a Female Business Owner & Democratizing Insurance
Welcome to Season 3 of The Ripcord Moment! On the first episode of this season, host Joe Seetoo invites CEO of Watermark Life Insurance Services Nicole Rex to discuss being a woman in the insurance industry, the challenges of owning her own business, and insuring one’s business.
Nicole says although obtaining initial opportunities in the insurance industry has been easy for her, as a woman, proving herself to clients and peers has been difficult since the field is extremely male-dominated and people may doubt her intelligence because of stereotypical beliefs around women.
Therefore, she works hard to educate herself on insurance so she can provide valuable knowledge and show how reliable she and her team can be. Nicole asserts that there are good days and bad days as a business owner, but if you carry a persevering attitude, you have much better chances of succeeding.
Nicole also talks about how many insurance companies do not clearly explain the reasoning behind their policies to clients. She wants to make insurance easy to understand for the average person so their clients know exactly why they have their policies. She also encourages business owners to go over their insurance regularly to ensure it fits their individual situation as circumstances change.
Finally, Nicole admits it’s easy to get caught up in everyday tasks as a business owner but reminds listeners to create goals that will take their company to the next level and actually block the time to complete them. It may even be beneficial to leave the office for one day to meditate on what would be best for the company’s long-term strategy and return to work with a refreshed mind and appropriate goals that will optimize the business.
Check out Watermark Life Insurance here: www.watermarklife.com
Disclosure: Information presented herein is for discussion and illustrative purposes only. The views and opinions expressed by the speakers are as of the date of the recording and are subject to change or do not necessarily represent the views and opinions of Morton Wealth. These views are not intended as a recommendation to buy or sell any securities, and should not be relied on as financial, tax or legal advice. You should consult with your financial, legal, and tax professionals before implementing any transactions and/or strategies concerning your finances.
00:00:02:05 - 00:00:03:10
Welcome to The Ripcord Moment.
00:00:03:10 - 00:00:04:22
I'm your host, Joe Seetoo.
00:00:04:22 - 00:00:06:17
Today we're joined by Nicole Rex.
00:00:06:17 - 00:00:10:16
She's the founder and CEO of Watermark
Life Insurance,
00:00:11:00 - 00:00:14:05
an insurance brokerage firm
that is really forward thinking
00:00:14:05 - 00:00:16:21
and changing
the way that insurance is sold
00:00:17:19 - 00:00:19:20
through in the market.
00:00:20:03 - 00:00:23:01
She started her career in 2008,
and four years later,
00:00:23:11 - 00:00:25:10
she started Watermark Life Insurance.
00:00:25:10 - 00:00:29:06
Over the last decade,
she's grown the agency to one of the top
00:00:29:17 - 00:00:31:22
producing firms in her field.
00:00:31:22 - 00:00:36:08
She's got 17 people on her team
and she's serving thousands of clients
00:00:36:08 - 00:00:37:13
throughout the nation.
00:00:37:13 - 00:00:41:00
One of the things that Nicole is
passionate about is educating consumers
00:00:41:04 - 00:00:45:11
on the various strategies that life
insurance plays in their portfolio
00:00:45:11 - 00:00:48:10
and how it effectively manages
risk for them.
00:00:48:11 - 00:00:49:20
She's also passionate
00:00:49:20 - 00:00:53:22
about working with business owners
to understand the importance of insurance
00:00:54:05 - 00:00:57:12
and the best way to fund the coverage
that a business owner needs.
00:00:57:17 - 00:01:00:18
She also has a passion
for entrepreneurship
00:01:00:22 - 00:01:04:07
and wealth creation
through small business.
00:01:04:07 - 00:01:05:19
Nicole, welcome to The Ripcord Moment.
00:01:05:19 - 00:01:09:15
Yeah, I'm really excited for us to dig in
and learn more about you
00:01:09:15 - 00:01:13:13
as a business owner,
but also how you work with business owners
00:01:14:02 - 00:01:16:03
through insurance and risk management.
00:01:16:19 - 00:01:18:11
Thank you so much for having me today.
00:01:18:11 - 00:01:19:10
I'm excited to be here.
00:01:19:10 - 00:01:21:00
Yeah, let's jump in.
00:01:21:00 - 00:01:24:10
So you started your career
as a young female in really
00:01:24:10 - 00:01:29:11
what is traditionally been sort of
in a field that's dominated by older men.
00:01:30:01 - 00:01:31:22
What was that like?
00:01:31:22 - 00:01:36:08
It created so many opportunities
and challenges all at the same time.
00:01:36:09 - 00:01:40:16
So as you can imagine,
being a young female walking into a room
00:01:40:16 - 00:01:44:09
filled with men at these different
conferences I would attend
00:01:45:18 - 00:01:48:17
immediately
sparked attention my direction.
00:01:48:19 - 00:01:51:14
However,
it also posed a lot of challenges as well,
00:01:52:07 - 00:01:53:11
which I'll get into in a minute.
00:01:53:11 - 00:01:55:04
But I think the funny...
00:01:55:04 - 00:01:57:19
just to give a quick story
to everybody, really quick is
00:01:58:01 - 00:01:59:00
when I first got started
00:01:59:00 - 00:02:02:11
in the industry, I would bring my husband
to these conferences with me
00:02:02:22 - 00:02:07:04
and we'd walk into the room and, you know,
start mingling with people and whatnot,
00:02:07:04 - 00:02:11:01
and they would automatically turn
to my husband and introduce themselves,
00:02:11:12 - 00:02:14:19
but they would never turn their face to me
or introduce themselves to me.
00:02:14:19 - 00:02:15:23
And my husband would have to explain,
00:02:15:23 - 00:02:20:01
actually, I am not the insurance agent
in this relationship.
00:02:20:04 - 00:02:22:21
So here's my wife, she’s
the insurance person here.
00:02:22:21 - 00:02:26:12
And so it's just so funny
how men automatically
00:02:26:12 - 00:02:29:12
are drawn
to like another male figure, right?
00:02:29:12 - 00:02:34:06
Or they just don't think that, hey,
it could have been me in that situation,
00:02:34:06 - 00:02:34:16
the woman.
00:02:34:16 - 00:02:40:01
And so the long and short of it
is that it's been so easy for me
00:02:40:01 - 00:02:43:05
throughout the years
in this industry to get meetings
00:02:43:13 - 00:02:46:16
first, appointments with people, grab
people's attention right off the bat.
00:02:46:23 - 00:02:50:19
I think the challenge
has really been proving myself to people
00:02:50:19 - 00:02:56:21
and in the fact that most of these men
are really tough to prove my loyalty to.
00:02:56:21 - 00:02:58:18
And so it's where,
00:02:58:18 - 00:03:01:19
you know, they're very excited to have
that initial conversation and learn
00:03:01:19 - 00:03:04:21
about me and meet who I am and what I do
and learn more about what I do.
00:03:04:21 - 00:03:08:04
But actually
trusting me with their clients
00:03:08:04 - 00:03:10:08
is a whole different ballgame for them.
00:03:10:08 - 00:03:11:07
And so I think
00:03:12:14 - 00:03:14:12
there is that moment of like,
00:03:14:12 - 00:03:18:02
okay, do we really trust this young female
with our clientele?
00:03:18:02 - 00:03:18:09
Right?
00:03:18:09 - 00:03:21:22
And we're talking in some instances,
I worked with billionaires, right?
00:03:21:22 - 00:03:26:04
And so, there's been this uphill battle
of trying to prove to people that,
00:03:26:04 - 00:03:30:03
yes, I'm just as smart, if not smarter
than the other guy here in the room.
00:03:30:03 - 00:03:34:02
And I will work harder than anyone else
because that's just who I am.
00:03:34:05 - 00:03:36:09
So let's dig into that
a little bit further
00:03:36:09 - 00:03:39:03
and you touched on it, hard work
and being knowledgeable.
00:03:39:03 - 00:03:41:16
What are some of the things
that you really,
00:03:42:10 - 00:03:47:02
I guess, do to be able to earn their trust
to get through that barrier
00:03:47:05 - 00:03:49:06
and take the relationship
to the next level?
00:03:49:06 - 00:03:50:20
Yeah, first and foremost, education.
00:03:50:20 - 00:03:52:03
I think it's so important to
00:03:53:07 - 00:03:55:23
first
know what you're talking about, right?
00:03:56:07 - 00:03:58:00
And to be the expert in the room.
00:03:58:00 - 00:04:02:00
And so you're not there's no way
you'll ever prove yourself to anyone
00:04:02:00 - 00:04:06:12
unless you're actually knowing exactly
you know what you're talking about.
00:04:06:12 - 00:04:07:07
You can prove yourself.
00:04:07:07 - 00:04:08:05
And so
00:04:08:19 - 00:04:11:09
that is definitely
just being well-read, understanding,
00:04:11:16 - 00:04:15:03
having so much experience in the industry
and just understanding,
00:04:15:03 - 00:04:15:16
you know, the types
00:04:15:16 - 00:04:18:15
of planning that exists out there
and how to utilize some of the clients.
00:04:18:17 - 00:04:20:23
So it sounds like what you're saying
there is truly
00:04:21:09 - 00:04:23:23
take a deep dive
into the various products,
00:04:24:19 - 00:04:26:20
just the various uses of insurance
00:04:27:03 - 00:04:30:07
so that you are there's just no question
00:04:30:07 - 00:04:33:09
in that professional
that that professional's mind.
00:04:33:17 - 00:04:34:01
Right.
00:04:34:01 - 00:04:37:12
That you are as knowledgeable
as any of the other
00:04:38:00 - 00:04:40:10
insurance
professionals that they are looking to
00:04:41:12 - 00:04:44:07
because you have that, you know,
that level of knowledge.
00:04:44:12 - 00:04:44:17
Right.
00:04:44:17 - 00:04:46:20
And then as I grew my agency out,
00:04:46:23 - 00:04:50:22
you know, to the 17 of us where we are
today, it was
00:04:51:13 - 00:04:54:14
I might be capped here in regards
to education
00:04:54:14 - 00:04:58:10
just because, you know, having children
and a lifestyle outside of insurance.
00:04:58:10 - 00:04:58:22
Right.
00:04:59:13 - 00:05:00:10
Keeps me very busy.
00:05:00:10 - 00:05:03:20
But hiring the right people
to fill those gaps
00:05:03:20 - 00:05:08:05
where I'm not able to have that education
or just no interest in having it
00:05:08:05 - 00:05:12:14
and having someone in my in my agency
or at my company to fulfill that.
00:05:12:22 - 00:05:16:19
So let's actually because we pivoted from
the insurance I but I love the business.
00:05:16:19 - 00:05:17:02
Yeah.
00:05:17:06 - 00:05:20:07
Now you've got your CEO hat on
and how you're running your company,
00:05:20:07 - 00:05:24:08
especially in this environment
where, you know, finding talented
00:05:24:08 - 00:05:27:10
professionals is to be part of your team
is something that I think
00:05:27:10 - 00:05:30:16
many professionals, organizations,
all businesses struggle with.
00:05:30:16 - 00:05:34:16
So how has Watermark
been able to attract top tier
00:05:34:16 - 00:05:36:23
talent to help service your clients?
00:05:37:21 - 00:05:41:18
Yeah, it's a challenge
that I think I still struggle with.
00:05:41:18 - 00:05:44:18
I think everyone does, right,
especially now with this
00:05:45:09 - 00:05:48:08
the great resignation
happening in today's New World.
00:05:49:05 - 00:05:54:03
However, I've always been a firm believer
in just being myself and
00:05:55:12 - 00:05:57:04
communicating to people that,
00:05:57:04 - 00:06:01:04
you know, we love to work hard,
but we also like to play hard too.
00:06:01:04 - 00:06:02:09
And we're like,
00:06:02:09 - 00:06:06:04
the way I like to explain my agency
and my company is we're one big family.
00:06:06:04 - 00:06:10:08
And so we're here to support,
you know, their growth in my company.
00:06:10:13 - 00:06:12:10
And I expect them to support my growth.
00:06:12:10 - 00:06:13:20
And in the company as well.
00:06:13:20 - 00:06:18:06
And there's going to be days
that are or years or timelines
00:06:18:06 - 00:06:20:22
where things get really tough
and that we're just here to
00:06:20:22 - 00:06:24:19
support each other and to put each other's
best interests first and recognize
00:06:24:19 - 00:06:28:20
each other's strengths and weaknesses
and then act accordingly to those.
00:06:28:20 - 00:06:31:05
So what I'm hearing
and it's something it's a value
00:06:31:05 - 00:06:33:15
that we share more in capital,
more in wealth, I should say.
00:06:33:15 - 00:06:36:09
We rebrand it
in terms of sort of that tribe mentality.
00:06:36:09 - 00:06:37:21
Right? You're you're in the boat together.
00:06:37:21 - 00:06:40:03
Yeah, you're working
hard, you're playing hard.
00:06:40:03 - 00:06:43:20
But these are relationships that go beyond
the four walls of the business
00:06:44:20 - 00:06:48:11
and it extends into so many various
aspects of each other's lives.
00:06:48:11 - 00:06:52:02
And when you have that, that again,
where you know what?
00:06:52:02 - 00:06:53:04
Yeah, that glue.
00:06:53:04 - 00:06:57:15
You know, we're walking this road together
together and forms that tight bond
00:06:57:15 - 00:07:02:02
that really differentiates great companies
from those that are just really average.
00:07:02:03 - 00:07:03:06
I agree.
00:07:03:10 - 00:07:07:08
What's one thing
you would say that now having some years
00:07:07:12 - 00:07:09:19
you know under your belt,
you look you're still very young,
00:07:09:19 - 00:07:13:09
but in a good way like you do have
some experience now a lot of experience.
00:07:13:19 - 00:07:18:09
One thing you know, now in 2022
that perhaps you wish
00:07:18:09 - 00:07:22:09
you would have known back
when you first started the company.
00:07:22:09 - 00:07:24:01
Yeah, I think
00:07:24:07 - 00:07:27:20
looking back, one thing
that would have been very helpful to know
00:07:27:20 - 00:07:31:16
is that there times aren't
always going to be great, right?
00:07:31:16 - 00:07:33:02
And there's going to be challenges
00:07:33:02 - 00:07:37:03
and there's going to be difficulties
and just having a really thick skin.
00:07:38:07 - 00:07:41:21
Being a female, I can easily dip into that
00:07:41:21 - 00:07:45:14
emotional side of myself where it's like,
why is this happening to me?
00:07:45:14 - 00:07:48:05
This isn't fair, right?
00:07:48:05 - 00:07:51:06
But looking back,
just really focusing on, hey,
00:07:51:06 - 00:07:53:03
there is going to be really great times
00:07:53:03 - 00:07:55:08
and there's
going to be really difficult times in this
00:07:55:23 - 00:07:57:23
the lifetime of this company. Right.
00:07:57:23 - 00:08:02:21
And weather and just understanding
that you're going to weather the storm
00:08:02:21 - 00:08:04:01
no matter what.
00:08:04:01 - 00:08:06:10
And it's
because I'm not willing to give up.
00:08:06:10 - 00:08:10:11
It's because I'm willing to work as hard
as it possibly takes
00:08:10:11 - 00:08:12:01
to get to the end goal. Right.
00:08:12:01 - 00:08:15:00
And so I think that's a piece of advice
00:08:15:00 - 00:08:17:20
that I would have given myself
a few years ago.
00:08:18:10 - 00:08:20:08
14 years ago, 15. Years ago.
00:08:20:08 - 00:08:21:05
when I first got started.
00:08:21:05 - 00:08:24:07
Yeah, I forget who the there's a famous
YouTube video out.
00:08:24:07 - 00:08:26:19
It reminds me what you're saying
about like grit and determination
00:08:26:20 - 00:08:30:22
and it's something
I think virtually all business owners
00:08:30:22 - 00:08:35:12
who make it right have to go through
because they do have ups and downs.
00:08:35:12 - 00:08:38:05
I think that that's wonderful advice for,
00:08:38:20 - 00:08:41:23
you know, for any business owner
especially in times right now.
00:08:41:23 - 00:08:43:22
And things tend to be tough.
00:08:43:22 - 00:08:44:11
Yeah.
00:08:44:11 - 00:08:47:02
Beyond
just the sort of grit and determination
00:08:47:10 - 00:08:49:10
and knowing
that you're going to work hard,
00:08:49:18 - 00:08:53:05
what else would you say
is integral to your success and are traits
00:08:53:05 - 00:08:56:14
that again, you would want to pass on
to other business owners
00:08:57:04 - 00:09:00:13
as they're going down this road as well?
00:09:00:13 - 00:09:03:15
Yeah, again, education
I think is so important.
00:09:03:15 - 00:09:06:09
Being well read,
focusing on your business too.
00:09:06:21 - 00:09:08:15
So often I think
00:09:10:01 - 00:09:11:02
Let's go back a second.
00:09:11:02 - 00:09:17:08
Natural salesperson here without thinking
I'm a salesperson, I am, OK.
00:09:17:16 - 00:09:19:21
And it's just inbred in who I am.
00:09:19:21 - 00:09:25:02
And so my day to day, I love to be
in front of people just like you.
00:09:25:07 - 00:09:25:15
Right.
00:09:25:15 - 00:09:29:10
I love to be out there meeting people,
learning about their business, which ways
00:09:29:10 - 00:09:32:06
I could help, and if there is a way
I could help those types of things.
00:09:32:21 - 00:09:35:10
I mean, just positively, yes,
I think sales kind of gets
00:09:35:10 - 00:09:39:01
this connotation that like transactional
or like something to say.
00:09:39:01 - 00:09:41:18
But I think what I just heard you say,
and I it definitely aligns
00:09:41:18 - 00:09:45:13
with my own personal philosophy
and I think ones that I've seen of people
00:09:45:13 - 00:09:49:13
who are just great connectors is
you said the word help, right?
00:09:49:13 - 00:09:53:14
Is genuinely finding
what the issue is of your own clients.
00:09:53:19 - 00:09:57:18
What's that issue and what resources
can you bring to the table,
00:09:57:18 - 00:10:01:19
whether it's your direct product
or service or it's other resources
00:10:01:19 - 00:10:04:10
you can bring by showing them
that you’re willing to help.
00:10:04:15 - 00:10:05:17
Yes, right.
00:10:05:17 - 00:10:10:08
It's relationship, relational nature
and you're building that community.
00:10:10:08 - 00:10:11:02
Exactly.
00:10:11:02 - 00:10:11:07
Yeah.
00:10:11:07 - 00:10:13:21
Who could I connect you to
that would help grow your business or
00:10:14:16 - 00:10:16:23
what strategies
have you thought about this?
00:10:17:04 - 00:10:18:21
It's all in conversation, right?
00:10:18:21 - 00:10:23:01
And it comes from a really pure
place of like, I want to befriend you.
00:10:23:01 - 00:10:25:12
I want to learn more about you, right?
I want to get to know you.
00:10:25:12 - 00:10:28:22
And then who do I know in my,
you know, atmosphere?
00:10:28:23 - 00:10:31:17
I could help do certain things for you,
those types of things.
00:10:32:04 - 00:10:35:18
I think what annoys me the most about
especially the stigmatism
00:10:35:18 - 00:10:40:15
that insurance
salespeople get right, is that, you know,
00:10:42:01 - 00:10:42:15
most people
00:10:42:15 - 00:10:45:02
compare an insurance salesperson
to a used car salesman.
00:10:45:15 - 00:10:46:05
Right.
00:10:46:16 - 00:10:48:23
It’s so sad.
00:10:48:23 - 00:10:52:02
I think what I've tried to make like my
00:10:52:02 - 00:10:54:20
like lifetime of like accomplishment
00:10:55:20 - 00:10:58:10
is unwinding that and being
00:10:59:02 - 00:11:03:17
just super hunkered down on the fact
that I'm here to educate people
00:11:03:17 - 00:11:08:00
and I'm here to just talk about concepts
and strategies with people, right?
00:11:08:00 - 00:11:10:19
And if it works
with their financial picture, then great.
00:11:10:22 - 00:11:14:05
Yeah, but these are all conversations
that should be had, right?
00:11:14:11 - 00:11:18:15
And there's nothing more there's nothing
that annoys me more than when I meet
00:11:18:15 - 00:11:22:10
with clients and I ask them, it's always
it's always the same answer to.
00:11:22:12 - 00:11:27:18
I ask, Hey, I need to ask why did you and
why did you purchase this life insurance?
00:11:27:22 - 00:11:30:05
And then they say, I don't know.
I don't know.
00:11:30:05 - 00:11:30:15
I don't know.
00:11:30:15 - 00:11:33:12
My insurance
agent told me that I needed it.
00:11:33:12 - 00:11:34:03
Yeah.
00:11:34:03 - 00:11:37:03
And it's like, why did they not sit down
00:11:37:08 - 00:11:41:04
and explain the purpose of this policy
to better use?
00:11:41:06 - 00:11:42:09
They should know
00:11:43:08 - 00:11:44:00
the purpose.
00:11:44:00 - 00:11:47:04
It was serving it to their financial,
you know, overall picture.
00:11:47:04 - 00:11:53:20
And so I it's my personal vendetta,
but also my agencies as well
00:11:53:20 - 00:11:58:10
that we're here to educate people first
and foremost about all the products
00:11:58:10 - 00:11:59:22
that exist in the marketplace today.
00:11:59:22 - 00:12:03:18
And then which ones specifically work
to serve their financial goals.
00:12:03:23 - 00:12:05:06
Well, I want to pivot on that.
00:12:05:06 - 00:12:07:02
But first of all, what you just said there
00:12:07:02 - 00:12:11:01
resonate so much with what we do it
more than wealth in terms of holistic.
00:12:11:01 - 00:12:14:02
I like it when I'm out in the community
talking about what we do around
00:12:14:02 - 00:12:15:09
life planning.
00:12:15:11 - 00:12:18:14
It's so funny how everyone always goes
to investments right away, right
00:12:19:01 - 00:12:21:16
in networking groups
and even prospective clients,
00:12:21:16 - 00:12:23:13
and we have to take a step back and say,
00:12:23:13 - 00:12:26:06
What's the purpose of why
you're making these investments
00:12:26:18 - 00:12:29:21
and holistically
looking at their life on estate planning,
00:12:30:02 - 00:12:33:18
risk management issues
related to insurance taxes, cash
00:12:33:18 - 00:12:36:01
flow planning
before we even get into the investments.
00:12:36:01 - 00:12:39:19
And I love what you're saying there about,
you know, the purpose of insurance.
00:12:39:19 - 00:12:44:10
It has to have a very concrete reason
for buying it in the client's life.
00:12:44:10 - 00:12:48:19
And it's truly sad that, you know,
so many clients are just sold products.
00:12:48:20 - 00:12:50:22
Oh, it it's really sad.
00:12:50:22 - 00:12:54:09
You know, as an example
I recently ran into was
00:12:55:23 - 00:12:58:22
an insured who had probably over nine
different insurance
00:12:58:22 - 00:13:02:06
policies and they were all serving
different gods and purposes.
00:13:02:06 - 00:13:05:11
And I was just like,
what is going on with all these?
00:13:05:11 - 00:13:06:07
Some of them had like
00:13:06:07 - 00:13:09:08
massive cash accumulation
and I'm some of them are just some,
00:13:09:13 - 00:13:12:19
you know, you name it,
and being funded in all different ways.
00:13:12:19 - 00:13:15:04
And it's like I asked the gentleman,
00:13:15:11 - 00:13:17:12
Hey, have you ever sat down
with your agent
00:13:17:12 - 00:13:20:07
and asked specifically what
the goals of each of these policies were?
00:13:20:07 - 00:13:23:02
And he's like, No,
he just told me I needed more insurance.
00:13:23:02 - 00:13:24:13
Yeah. Okay.
00:13:24:13 - 00:13:29:08
So again, going back
to answering your question, it's like it's
00:13:29:11 - 00:13:33:15
just educating people to understand,
right.
00:13:33:15 - 00:13:35:10
What's available in the marketplace
00:13:35:10 - 00:13:38:12
and then what different concepts
and strategies exist.
00:13:38:12 - 00:13:41:12
If it fits into their financial picture,
then great.
00:13:41:12 - 00:13:43:15
And if it doesn't, so be it too. Right?
00:13:44:02 - 00:13:45:22
So let's talk a little bit specifically.
00:13:45:22 - 00:13:47:14
You do a lot of work with business owners.
00:13:47:14 - 00:13:50:08
The podcast is focused on
making sure owners are prepared
00:13:51:03 - 00:13:54:16
for whether it's an event
where they actually have a successful sale
00:13:54:16 - 00:13:57:16
or successful exit
or an unsuccessful transition.
00:13:57:18 - 00:14:00:05
Right? We're trying to mitigate that.
00:14:00:05 - 00:14:03:11
So how does insurance
how does your what your mission
00:14:03:14 - 00:14:06:12
watermark do
play a role with the business owners?
00:14:06:12 - 00:14:07:20
Yeah. A huge role.
00:14:08:21 - 00:14:11:02
So often we find that,
00:14:11:02 - 00:14:15:01
you know, business owners go in,
they start their company, they grow it,
00:14:15:10 - 00:14:18:06
but they haven't put all the safeguards
in place that need to be there.
00:14:18:06 - 00:14:21:12
And that can be ranging from,
you know, their their business insurance
00:14:21:12 - 00:14:24:03
in the sense of like protecting
like workman's comp rate
00:14:25:22 - 00:14:29:01
Arizona missions, those types of coverage
as all the way
00:14:29:01 - 00:14:33:23
to like the insurances that I offer
which are you know key man
00:14:34:07 - 00:14:39:00
so all of those types of policies
and so again going back
00:14:39:00 - 00:14:41:05
the business
owners are so focused on their day to day
00:14:41:05 - 00:14:44:17
right, increasing the company's revenue,
those types of things,
00:14:45:02 - 00:14:47:04
they forget. And I think it really speaks
00:14:47:04 - 00:14:49:14
to what you're doing as well
with the strategist, Joe.
00:14:50:17 - 00:14:55:09
And just really sitting down
and going through like the nitty gritty
00:14:55:11 - 00:14:59:04
of what you need to have in place
as a business owner before you can like
00:14:59:12 - 00:15:01:01
grow that thing into what it is.
00:15:01:01 - 00:15:04:01
And so we've just seen so many
missed opportunities
00:15:04:01 - 00:15:08:18
and really sad stories occur because,
you know, a business owner was told,
00:15:08:18 - 00:15:12:04
I need to buy, sell, and then it was
never funded with life insurance.
00:15:12:04 - 00:15:14:18
And so we got the legal agreement
in place. Exactly.
00:15:14:18 - 00:15:19:05
They don't have a funding mechanism
to actually deliver on that when.
00:15:19:05 - 00:15:19:17
Correct.
00:15:19:17 - 00:15:22:12
You know, someone passes away or something
happens. Exactly.
00:15:22:12 - 00:15:25:22
And so a few unfortunate
stories have crossed,
00:15:25:22 - 00:15:28:07
you know, our agency's path where,
00:15:28:07 - 00:15:31:21
you know, the wife calls up and says, hey,
like I want
00:15:31:21 - 00:15:34:20
I want to be bought out of this company
and where was the insurance?
00:15:34:20 - 00:15:36:17
And it's like it never existed.
00:15:36:17 - 00:15:39:12
So sorry. Like business
doesn't have the cash to buy her out.
00:15:39:12 - 00:15:41:22
Exactly.
The lawsuit happens and all other.
00:15:42:00 - 00:15:43:10
Gets really messy.
00:15:43:10 - 00:15:45:01
Hell breaks loose, so to speak.
00:15:45:01 - 00:15:47:17
So again, going back to it's
just educating people. Right?
00:15:47:17 - 00:15:51:22
And when we speak to business owners, it's
like we go through our checklist like,
00:15:51:22 - 00:15:55:02
Hey, have you considered this Not about
this is your buy-sell
00:15:55:02 - 00:15:58:18
funded, is or do you have CME an insurance
for the big guy?
00:15:58:20 - 00:15:59:08
Right.
00:15:59:08 - 00:16:02:07
Well, the thing that I love
about what you're doing, I think, is that
00:16:02:07 - 00:16:06:04
it's it's not it's you're being brought in
as part of the advisory
00:16:06:04 - 00:16:08:23
team, not just transactional,
it's not just sales.
00:16:09:04 - 00:16:11:05
And it's also not just necessarily
a moment of time.
00:16:11:05 - 00:16:13:13
This is something that has to be
revisited.
00:16:13:13 - 00:16:13:18
Right.
00:16:13:18 - 00:16:18:02
And on on an ongoing basis,
if the businesses actually grow growing.
00:16:18:04 - 00:16:18:15
Exactly.
00:16:18:15 - 00:16:22:05
Because then the risk has gotten bigger
and the the need changes over time.
00:16:22:05 - 00:16:26:12
And just the same for the opposite
of the companies shrinking now to like,
00:16:26:12 - 00:16:30:05
let's revisit these policies,
Maybe we don't need all that insurance.
00:16:30:05 - 00:16:33:16
So maybe we're lowering premiums
because obviously the death benefit.
00:16:33:23 - 00:16:35:23
Exactly is essentially
let's save you some money
00:16:35:23 - 00:16:38:10
if you're hurting right
now, let's take that down. So I
00:16:40:11 - 00:16:40:17
want to
00:16:40:17 - 00:16:43:20
talk a little bit about what
you've done in your business in terms of
00:16:43:20 - 00:16:46:21
and this really, again, goes to the ethos
of how you want to change
00:16:47:08 - 00:16:49:00
how insurance is viewed.
00:16:49:00 - 00:16:51:21
You've sort of launched,
I think three separate.
00:16:52:01 - 00:16:52:15
Yeah.
00:16:52:20 - 00:16:56:04
You got three
sort of separate divisions or initiatives
00:16:56:22 - 00:16:59:03
to really address the market.
00:16:59:06 - 00:17:01:12
So talk to us a little bit about what
that is.
00:17:01:13 - 00:17:02:03
Yeah.
00:17:02:15 - 00:17:05:11
So the insurance industry
is extremely archaic.
00:17:05:23 - 00:17:09:01
I mean, all the way down to the fact
that you are still
00:17:09:01 - 00:17:10:23
people are still taking paper
applications.
00:17:10:23 - 00:17:14:10
You can still fax an application
to an insurance carrier.
00:17:14:10 - 00:17:16:23
You can fax an application?
00:17:16:23 - 00:17:19:06
You can fax an application and okay
00:17:19:06 - 00:17:21:23
it's slowly starting to like speed up
00:17:22:07 - 00:17:26:15
to get with the times,
so however it's so archaic and so
00:17:27:17 - 00:17:30:02
the time I spent at home hunkered down
during COVID,
00:17:30:10 - 00:17:34:08
I really looked into that company
and the industry as a whole.
00:17:34:08 - 00:17:36:22
And really,
how can we change and be different
00:17:36:22 - 00:17:40:18
and how can we advance this industry
and be kind of a game changer
00:17:42:01 - 00:17:43:22
and a disruptor in a great way?
00:17:43:22 - 00:17:47:17
And so we built out what's called My mark,
which is an online
00:17:48:11 - 00:17:51:20
website
that clients and advisors can go to
00:17:51:20 - 00:17:53:08
and they can quote and apply
00:17:53:08 - 00:17:57:17
for their own life insurance
right then and there and you can complete
00:17:57:17 - 00:18:01:16
like a fully underwritten application
within 10 minutes or there's even a.
00:18:01:19 - 00:18:06:03
Fully written underwritten application
all online in technology, using technology
00:18:06:05 - 00:18:08:20
in 10 Minutes. Exactly.
Wow. That sounds pretty cutting edge.
00:18:08:20 - 00:18:12:12
And then we even partnered
with a really great insurance company
00:18:12:12 - 00:18:16:03
that will even now give you an instant
approval option.
00:18:16:03 - 00:18:18:14
So not even just the application,
but like an approval,
00:18:18:14 - 00:18:21:18
you can buy coverage right then
and there within 5 to 10 minutes.
00:18:22:02 - 00:18:26:01
So sounds like you guys are doing some
really cutting edge and exciting things.
00:18:26:01 - 00:18:28:22
Yeah, Watermark.
So that's really exciting. And then
00:18:29:22 - 00:18:31:08
the third company that I
00:18:31:08 - 00:18:35:08
started that hasn't debuted yet,
so it's still in the works, but
00:18:36:11 - 00:18:38:17
probably I would say by January 1st,
it's definitely going
00:18:38:17 - 00:18:41:18
to be out there in
the marketplace is premium financing,
00:18:41:20 - 00:18:45:09
which is normally,
you know, secured only for like
00:18:45:20 - 00:18:48:08
much higher net worth individuals, great
00:18:48:14 - 00:18:50:22
net worth north of $10 million.
00:18:51:09 - 00:18:54:23
Being able to offer that now
to just accredited investors.
00:18:54:23 - 00:18:57:08
And so we incorporated it.
00:18:57:08 - 00:19:00:04
Investors are around
$1,000,000 of net worth.
00:19:00:04 - 00:19:03:19
Correct
over 250,000 of their initial income.
00:19:03:19 - 00:19:04:22
Yeah exactly. Got it.
00:19:04:22 - 00:19:08:06
And so really being able to open up
that marketplace to them
00:19:08:06 - 00:19:10:13
because there's a lot of benefit
with that.
00:19:10:13 - 00:19:13:21
We like to call it opening up
to the HENRYs of the world, high earners
00:19:13:21 - 00:19:16:01
not rich yet. Yeah, so I love that. Yeah.
00:19:16:09 - 00:19:19:05
So we're really excited
for that to come to market. Oh.
00:19:19:20 - 00:19:20:10
It sounds like.
00:19:20:10 - 00:19:21:01
But I think.
00:19:21:01 - 00:19:23:12
You're democratizing insurance,
doing cutting edge things,
00:19:23:12 - 00:19:26:09
leveraging technologies
to bring it out of the dark ages.
00:19:26:17 - 00:19:27:05
Right.
00:19:27:18 - 00:19:28:23
A lot of great things that go well.
00:19:28:23 - 00:19:29:11
We call this
00:19:29:11 - 00:19:33:08
The Ripcord Moment because again,
I believe when an owner goes to transition
00:19:33:08 - 00:19:36:09
their business,
it's a bit like jumping out of a plane.
00:19:37:03 - 00:19:38:12
Their parachute can't fail.
00:19:38:12 - 00:19:41:10
Their ripcord
better work for a successful landing.
00:19:41:16 - 00:19:44:21
So I always ask our guests for two action
00:19:44:21 - 00:19:47:20
items that an owner should do
00:19:48:01 - 00:19:51:13
sooner than later if they are going to go
through some sort of succession event.
00:19:51:13 - 00:19:53:10
So what would your two action items be?
00:19:53:10 - 00:19:54:10
All right.
00:19:54:16 - 00:19:58:14
The first one I would state is very basic.
00:19:58:19 - 00:20:02:04
Just, hey, business owners,
look at your insurance policies.
00:20:02:04 - 00:20:04:22
What do you have in place or have you
00:20:04:22 - 00:20:07:11
you know, much, very
much like the strategist.
00:20:07:11 - 00:20:07:16
Right.
00:20:07:16 - 00:20:11:03
Sit down and go through all the policies
you have in place.
00:20:11:05 - 00:20:14:12
Go through all the different coverages
that you may need.
00:20:14:12 - 00:20:17:11
Think, think in the future, worst case
and best case scenarios.
00:20:17:11 - 00:20:18:01
Right.
00:20:18:01 - 00:20:20:16
And and do a review with your insurance
agents.
00:20:20:17 - 00:20:22:19
Do essentially
do an audit of what you have.
00:20:22:19 - 00:20:25:10
Absolutely. Okay. Very important,
sound advice.
00:20:25:10 - 00:20:29:03
Again, so many times
there's divorces that take place.
00:20:29:03 - 00:20:29:13
Right?
00:20:29:13 - 00:20:32:23
Like unfortunate situations
and think things change.
00:20:32:23 - 00:20:34:13
You have babies,
you have more kids. Right.
00:20:34:13 - 00:20:36:18
Whatever
the case is. Or your life happens.
00:20:36:18 - 00:20:37:15
Yes, it does.
00:20:37:15 - 00:20:39:03
And you just have to plan
00:20:39:03 - 00:20:42:05
and make sure that you're keeping up
to speed with all of the different changes
00:20:42:05 - 00:20:42:21
in your lifetime.
00:20:42:21 - 00:20:46:03
So an insurance policy is very
much a living, breathing
00:20:46:03 - 00:20:49:12
organism in the sense
that it is not a one time purchase.
00:20:49:12 - 00:20:52:19
It is something you've got to monitor
along it's lifetime, your lifetime.
00:20:52:19 - 00:20:56:19
So yeah, I think that that's a really good
piece of advice because so many of us.
00:20:56:20 - 00:20:57:03
Right.
00:20:58:03 - 00:21:00:14
I think people think like, Hey, I did it,
I got myself covered.
00:21:00:14 - 00:21:03:08
And while that might be the case
for a certain period of time.
00:21:03:08 - 00:21:03:19
Right. Right.
00:21:03:19 - 00:21:07:22
Because life changes in the circumstances
which predicated that policy at the
00:21:07:22 - 00:21:09:14
time have changed.
00:21:09:14 - 00:21:12:18
It means, well, perhaps you know,
you need more or less insurance.
00:21:12:21 - 00:21:14:12
Exactly right. Yeah.
00:21:14:12 - 00:21:16:02
So that would be my first piece of advice.
00:21:16:02 - 00:21:20:18
Second is really just as a business owner,
I find that we are
00:21:20:18 - 00:21:24:18
so caught up in our day to day
what we love to do, right?
00:21:24:18 - 00:21:27:21
That's what I like to call
like I'm only focused on
00:21:28:16 - 00:21:31:10
planning meetings
with people, meeting new people, right?
00:21:31:19 - 00:21:33:03
Creating new relationships,
00:21:33:03 - 00:21:36:02
getting to know or better
for their those relationships along.
00:21:37:03 - 00:21:39:04
But what's the one thing you can focus on
00:21:39:04 - 00:21:42:23
that will take your company
or your business where you are now?
00:21:42:23 - 00:21:45:17
It's here, right? Exactly. And so
00:21:46:23 - 00:21:47:05
there's a
00:21:47:05 - 00:21:51:03
lot of things that I that's either
a weakness of mine or it's just something
00:21:51:03 - 00:21:54:08
I don't feel like I have the time for,
even though I do.
00:21:54:08 - 00:21:56:09
And I just don't
want to make the time for it.
00:21:56:16 - 00:21:59:14
And just my advice would be
00:21:59:14 - 00:22:01:17
write it down and make it your priority.
00:22:01:17 - 00:22:02:11
Tomorrow morning
00:22:02:11 - 00:22:05:06
when you get in the office and tackle it,
just get it over with.
00:22:05:06 - 00:22:09:04
And so focusing on just that,
that one thing
00:22:09:04 - 00:22:11:05
that can take you from here to there.
00:22:12:00 - 00:22:14:00
Yeah, I think what I'm hearing
you say there on that call,
00:22:14:00 - 00:22:19:08
I think this is a great sort of place
to wrap up is, sometimes when I'm
00:22:19:08 - 00:22:22:18
talking to business owners, I ask them,
are you an owner or are you a firefighter?
00:22:22:20 - 00:22:23:10
Right.
00:22:23:10 - 00:22:27:03
And while you know, you made a comment
like you're doing things you love.
00:22:27:03 - 00:22:32:06
Oftentimes many owners are as they grow,
there's more just things to deal with.
00:22:32:06 - 00:22:33:22
And they almost are putting.
Growing pains.
00:22:33:22 - 00:22:34:16
Growing pains.
00:22:34:16 - 00:22:36:04
Daily fires are putting out,
00:22:36:04 - 00:22:40:07
you know, can't get their eyes
up on the horizon on that one big thing
00:22:40:07 - 00:22:43:11
that they really have got to tackle
to take their business to the next level.
00:22:43:11 - 00:22:45:16
They're just sort of a hamster
on a treadmill.
00:22:45:16 - 00:22:47:07
Yeah, sort of feeling.
00:22:47:07 - 00:22:47:11
Yeah.
00:22:47:11 - 00:22:51:13
I had a business coach once
say to me, like, just remove yourself
00:22:51:13 - 00:22:55:02
from your office for the day
and go meditate on your company.
00:22:55:07 - 00:22:57:19
Think about like what you can do
different.
00:22:57:19 - 00:23:00:04
That's going to turn your company right.
00:23:00:09 - 00:23:04:05
And then tomorrow morning, or not tomorrow
morning, the next morning, right.
00:23:04:14 - 00:23:06:09
Get back in the office and go. Go do it.
00:23:06:09 - 00:23:08:08
Go do it. Get it done. Yeah.
00:23:08:08 - 00:23:11:07
So it was a really great piece of advice
and I took it to heart and it's
00:23:11:07 - 00:23:13:08
changed a lot in my company.
So we love hearing that.
00:23:13:13 - 00:23:14:05
Yeah. So.
00:23:14:05 - 00:23:16:23
Well, if anybody in the audience
wanted to get a hold of you.
00:23:17:04 - 00:23:17:16
Yeah.
00:23:17:17 - 00:23:19:13
How might they go about doing that?
00:23:19:13 - 00:23:24:19
They could visit our website at watermarklife.com They could call my cell phone
00:23:26:07 - 00:23:27:01
at 818.
00:23:27:01 - 00:23:27:23
Go, go for it.
00:23:27:23 - 00:23:31:08
8185776762
00:23:31:12 - 00:23:34:16
or you can email me
at nicole@watermarklife.com.
00:23:34:21 - 00:23:36:02
Oh that's wonderful.
00:23:36:02 - 00:23:38:05
Nicole thanks so much for your time today.
Yeah.
00:23:38:05 - 00:23:40:22
For your pearls of wisdom.
No, I really like this.
00:23:40:22 - 00:23:42:09
This is fun, thank you so much.
00:23:42:09 - 00:23:44:23
And this is Joe Seetoo
signing off from The Ripcord Moment.
00:23:44:23 - 00:23:46:00
And we'll see you next time.