Leveraging the Power of Study Groups

Here is how to get the most from study groups, which can help advisors take their practices to the next level of success.

Study groups are an effective means for peer members to share best practices while providing support and encouragement to each other on their path to personal and professional development. By leveraging the power of study groups, establishing goals and holding each member accountable to reaching those goals, there is a capacity for growth that surpasses what one can accomplish on his or her own.

Being a part of a successful study group is not without costs, however. Members must be willing and able to commit the necessary time and monetary resources — time to prepare for and attend meetings and funds for travel and group activities. Members must also be willing to be open and honest in their communications with one another, while being totally present and engaged at every meeting.

Setting up a study group

Study groups are generally established to support agents at various levels of their careers. Often, a study group will start with an initial group of six or so members who set the operating principles for that group, including logistics, finances, requirements for joining the group, the group’s structure, how often the group will meet and more. Written formal bylaws provide structure and help ensure that members stay true to the group’s original intent. Bylaws also provide a clear outline of members’ responsibilities and obligations and serve as a guideline for recruiting new members. They should cover the group’s mission/objectives, meeting guidelines, membership requirements, expenses, attendance, nominating process and program outlines.

Ameritas Growth Leaders

In 2013, Ameritas formed the Ameritas Growth Leaders (AGL) study group for agents with fewer than 10 years in the business who qualify for our annual Sales Leaders Conference. Since our business can be very challenging, especially for newer associates, the AGL is a way for Ameritas to show our support and dedication to these associates.

This “super study group” was formed with three primary goals:

1. To create a platform for developmental education for producers who are newer to the financial-services industry.

2. To act as a social platform to help establish a stronger connection with high-level newer producers.

3. To help develop newer producers become the next level of field leadership for the upcoming years within their agencies, the industry, the Field Advisory Cabinet (FAC) and other committee involvement.

The field-led meetings center on topics and issues that help newer agents survive and thrive in our business. Meetings include interactive discussions about sales concepts, best practices, client acquisition, hiring staff, getting to the next production level and more. Open dialogue sessions, led by some of our top sales leaders, reinforce the value of study groups while also sharing techniques and concepts to help achieve success.

Keith Gillies, CFP, CLU, ChFC, with United Wealth Advisors Group–La Place, is one of our top sales leaders. He has been actively involved since the AGL’s inception and continues in the ongoing development of the group. He notes, “The decision to invest in our future leaders is an excellent business decision. The process of inquiring how we can assist our Growth Leaders, and matching each of them with our most successful field associates as mentors, provides every opportunity for their success. If they are successful, the company is successful.”

It doesn’t take long to reap the rewards of joining a study group. As Mike Polin with Premier Planning Group says, “At the first meeting alone, we heard fresh prospecting ideas, as well as a great sales concept that lead to new life cases and variable universal life sales.”

Robert Faingold is the vice president of Agency Development at Ameritas. Contact him at 513-674-6304 or email him at rfaingold@ameritas.com.