Veteran salespeople in all industries know that sales skills can only get them so far. Just as it is notoriously hard to sell ice to Eskimos, it is also hard to sell anything to anyone who already has it or has no interest in hearing about what it is you’re selling — something cold calling continually reminds us of. Financial professionals are thus wasting their time by chasing after customers without any savings just as the ice salesman is wasting his time chasing Eskimos – waste that is measured in the hours and dollars spent not chasing after high net worth individuals (or overheated rich men, in the case of our ice peddler.)

For the experienced insurance salesperson, good annuity prospects are bankable. Depending on the source of the leads, conversion rates among prospects can pierce well into the double-digits, making the leads a very valuable thing to waste. Recently, lead generation itself has become big business, as websites have popped up all over the web aimed at soliciting information for casual would-be buyers that is then sold to salespeople eager to make a commission. But while leads generated from individuals with expressed curiosity are better than no leads at all, an alliance with a company that has a strong brand and an established relationship within the high net worth demographic – doctors and business owners, for instance – cannot be overvalued. Annuity prospects generated by reputable companies with wealthy clients are not only more likely to become annuity buyers, they are also more likely to plunk down a lot more in principle for an annuity product, translating into a larger commission with a lot less work.

Some salespeople are born talkers. In five minutes on the phone, it seems they really could convince an Eskimo to buy ice from them. But for most of us in the real world, personality and despicable fear mongering isn’t going to sell as many products as it is going to make us hated. Making sales requires marketing to the right people with the right message at the right time; it requires selling the right product – one that is tried and true, that is trusted, and that has a real place in the customer’s life.

By acquiring leads from inferior sources, you risk shooting yourself in the foot and missing out on real opportunities to sell something to someone who really wants it.