The average age of a financial/insurance professional is 59 and many people do not own agencies until their early 70s. In fact the financial industry is dominated by older males that have had generational input into the industry, but there are the very few who carved their way through the mess. Meet Sumedh Basani, the 26 year old NMO titan who crushes the insurance field. He has not only become a one of the top insurance producers in the United States but owns multiple insurance agencies across the United States.
Sumedh one of the most unique individuals in his generation. Becoming one of the most respected insurance consultants in America is one thing, but doing in it record time at a young age is a whole other phenomenon. So how did he do it? We ask Sumedh in our exclusive one-on-one interview.
What brought you into the financial services field?
Financial services was never something I aspired to as a kid. I did have an interest in the stock market but everybody wants to make quick money in today’s volatile market. I was originally studying to become a doctor and worked at a VIP nightclub over the weekends to make my rent. What I consistently saw was the success business owners and entrepreneurs had in their professions. Now let it be known that the majority of business owners and entrepreneurs struggle a great deal to make it but in the VIP of a nightclub you see those who have, and it’s very inspiring.
Based off that I decided I wanted to be an entrepreneur and business owner. I had personal relationships with many of the clientele and I asked them what would allow me to maximize both my income and time. The short answer was financial services.
How has the Financial Field Changed your life?
Man, I can’t even begin, the financial services field has been a blessing. I’ve worked many jobs in many fields and this one is truly something special. Granted it does take a certain type of individual to really make it here but once you understand the basics you are in for a lot of success. Not only am I able to create large streams of residual income in addition to upfront money from deals but I’m able to put bring people into the opportunity and change their lives. It’s one thing when you can enjoy your own success but when you can share that success with an organization filled with like-minded individuals it doesn’t get much better.
How did you scale the ladder of the financial services industry to where you are today?
So, let it be known that regardless of what you do within any industry it will generally take a massive financial and time contribution on your part to grow consistently. I spent a great deal of time and money learning the business and sacrificed the glory for working behind the scenes to understand the technicalities of the business. Most insurance professionals join a large organization and focus directly on sales, recruiting and developing. This is the age-old formula for becoming an agency owner in the insurance field. That being said there is nothing flawed about this because these three tactics are the core of today’s insurance space, with the addition of a few more things.
Modern problems require modern solutions, and in today’s world delivering fast, on the go service to potential clientele is the goal. In addition to this client acquisition is now a very large market with tons of web-based advertising that allows people to truly monopolize the space. In short, Financial Services has an incredible need for tech-savvy professionals that understand advanced quoting systems and sales metrics. This is the niche I decided to become an expert in along with understanding of general agency owner management skills.
By doing all things combined I was able to develop sales, lead, and tech systems that allowed my organization and the ones that consult with me to grow unobstructed at ludicrous rates within the industry.
What would you say to someone new who wanted to get involved in this field?
I would say the most important thing in this industry is finding an organization and mentor that you trust. Mindset is by far the most overlooked thing within the industry, and people who are organized, driven, consistent, and dedicated are the ones you should place your trust in. Just because people are making a lot of income doesn’t mean they can guide you to do that, look for someone who is active and trying to grow.
Also study the basics and understand the products to an extreme degree. This will give you the edge on other advisors in this competitive space and allow you to truly help clients. In addition to all this make sure you are offering your clients the best products and rates because not only does this protect your client, but it also protects you from potential cancellations and deals lapsing. Ultimately stick to the system your organization provides you and be coachable instead of attempting to re-invent the wheel.