Already experiencing renewed competition as the result of mergers and expanded distribution channels, the property casualty industry sustained a record $21.3 billion in third quarter losses, driven by eight catastrophes from July through September including Hurricanes Charley, Frances, Ivan and Jeanne. Then, just two weeks into the fourth quarter, New York Attorney General Eliot Spitzer on October 14 filed the lawsuit heard ‘round the world, presaging a revamping of the way agent and broker income will henceforth be defined and reported.

In his original Rocky movie, Sylvester Stallone, upon being pummeled relentlessly by the champion, urges him to keep throwing punches. While it takes Rocky a sequel to win in a rematch, the point is that those who thrive on adversity and grow stronger from it are more likely to prosper over time. Much as all of us in the sales profession would like to have nothing but win upon win, it’s the challenges and setbacks of the selling process that offer us our greatest learning experiences.

I say this because, as we head into 2005, I can’t think of a more promising time to be perfecting your selling skills so that you can profit from the exciting new era that awaits brokers and agents who seize the day and adapt to the new financial services paradigm. Yes, there is much work to be done, but there is also much income to be made. As the Insurance Information Institute (III) noted in its November 15 paper, “Background on Insurance Intermediaries,” the bottom line in today’s fast-paced economy is that “more people and businesses need insurance to cover changing and expanding risk exposures,” and “underwriters, agents and brokers must be able to deliver increasingly sophisticated products and services faster and better.” That bodes well for increasing business opportunity and more sales volume for those who take the lead.

When we developed The Wedge® as a selling system, our goal was to enable you and other sales people to win new business away from your competitors by powerfully differentiating yourselves in a way that prompts your prospects to see that you can better alleviate their pain than your rivals can. One of the key strengths of The Wedge strategy is that you can use it to win accounts faster. Now that restructuring, technology and regulatory changes have quickened the pace of change, there has never been a better time to learn and use The Wedge to adapt to change, shorten your sales cycle, and grow your business dramatically as a result. In sum, the hits taken by the insurance industry in 2004 have made The Wedge an even more valuable tool.

The current year’s adversities notwithstanding, I remain confident that the sales profession – especially the financial services segment of it – is entering promising times. In that spirit, I wish you and your family a joyous holiday season. May you prosper in the coming New Year as never before.

The article struck a chord with us. Unlike traditional selling systems, The Wedge® was created directly from the experiences of sales people making sales calls. It reflects the real world, not a hypothesis that remains to be validated. Built from the actual mistakes as well as the successes of sales people, The Wedge cannot be taught except with concrete examples, and this remains one of its strengths. It keeps you focused on what a sales person literally says and does to win an account, step by step.

The WebProNews article went on to cite the common mistakes that sales people make, and then correct, as they strengthen their selling skills. You no doubt have heard them before, but we would like to share the last one with you: “If you have not developed a methodical selling process of disqualifying potential customers by systematically defining their problems, their level of commitment and financial resources to solve the problem, and addressing the purchase decision process involved, you should stay home! Develop and use a selling system, refine it continuously, and eventually master it so you can leverage it over and over without needing to think about it!”

Amen – and while you’re at it, come have a look at our selling system at www.thewedge.net.

“ Successful leaders don’t start out asking, ‘What do I want to do?’ They ask, ‘What needs to be done?’ Then they ask, ‘Of those things that would make a difference, which are right for me?’ They don’t tackle things they aren’t good at. They make sure other necessities get done, but not by them. Successful leaders make sure that they succeed. They are not afraid of strength in others. Andrew Carnegie wanted to put on his gravestone, ‘Here lies a man who knew how to put into his service more able men that he was himself.’”

Given the paramount importance of enlightened business leadership in driving growth, The Wedge Group this year created The Wedge Performance Institute™ headed by Larry Kangas. Next year, Larry will be conducting five workshops on leadership and how it can best be used to eliminate performance inhibitors. These workshops, “Leadership – Eliminating the Resistance to Growth,” will be held in Las Vegas (Jan. 24-25), New Orleans (March 17-18), Chicago (May 19-20), Newark (Aug. 18-19) and Orlando (Oct. 20-21.)

The results speak for themselves. The average customer has 5.3 products with Wells Fargo, double the industry average. Indeed, despite concerns expressed by some that Wells Fargo’s aggressive cross-selling strategy might be counterproductive, the bank through the first nine months of 2004 added 37,000 Minnesota checking accounts, more than its total gain for 2003.

Wells Fargo’s success at cross-selling caught our attention. A key part of The Wedge Sales Culture™ is to create an environment in which all personnel, not just those in traditional “sales” positions, are encouraged to get involved in the sales process. That a mega-bank can make it happen should inspire companies of all sizes to create a true “sales culture” in which growth is driven with everyone on board.