The lead program the EFS or Financial Services Rep. which is referrals from P & C agents doesn't work. Commissions splits are too low for the P & C agent to care.Their bonuses are too difficult to reach for them to try too hard. They can also write the business themselves when they happen upon a good lead. The training for referring leads is non-existent or "created" by the individual managers (most of whom have never sold financial products).
Also, the relationship between the P & C agent and their customers is lot different than a typical financial advisory relationship. It is more transactional and not very personal. Some agents do not even talk to their customers, their staff handles the entire transaction. It is similar to a warm lead (like a mutual friend) but is not a referral in the traditional sense because their customers do not see them as person they trust with their finances. The agent is their trusted car or home insurance person and not their trusted financial advisor. The referral does not carry the weight that normal referral would. And consider that everyone needs car insurance but not everyone is a prospect for financial services...the customer base is already limited for this reason. Out of 1000 policyholders, their might only be 25 good leads.
