Every other week, Lead. Empower. Grow Podcast features entrepreneurs who share their strategizes for leading productive teams, empowering their communities and growing successful businesses of their own.
Our guest this week was named one of Forbes 50 Over 50 in Investment in 2021, sharing the list with powerful women like Vice President Kamala Harris and Barbara Corcoran. Shirley Luu, Executive Field Chairmen with FFS and head of Shirley Luu & Associates, joined us in the studio to give us her master tips for recruiting, share her origin story in the financial services industry and spill some secrets from her book IUL ASAP.
See below for an excerpt of our conversation — you can listen to the full episode here.
What was your life like before First Financial Security?
I was living the American dream with my family. We owned a business called The Men’s Corner. It was designed so that men could come in to get their haircut and get served champagne at the same time. You know, wine and drinks. The men could get their nails done without feeling self-conscious.
When you start a small business, you invest a lot of money. You have to pay for the brick and mortar before your business even starts out. You also have to pay for all the employees. Then, you have to make advertisements. When you become an entrepreneur, you better have a lot of money.
You and I both know that it does not always work out. We were growing quickly, all these wonderful things. I had it all — and, overnight, I lost it all.
The night my husband passed away, we had to move out immediately because of the circumstances. Imagine: you are there with a one-year-old, a 15-year-old, and a 16-year-old, and your job is to try to find a place to live that night.
I thought we had a life insurance policy, but I found out that he let it lapse a few months before he died. I guess since the business was struggling a little bit, he decided, “Well, when it comes to paying the bills, I can not pay the life insurance.”
I got into financial services because I did not want any other woman out there to have the situation that I ran into — like I said, I had it all, then I lost it all.
I got into financial services because I did not want any other woman out there to have the situation that I ran into — I had it all, then I lost it all.
You have grown your FFS business so much since then. How do you prospect so effectively?
Anyone who is brand new out there, master these six steps. The very first step is identifying who you think could be either a client or a recruit. The next thing is simple: all you have to do is invite them to an opportunity.
The third step is presenting. Okay? If you know how to present yourself as a leader, you present the business opportunity yourself. If you do not know how yet, then leverage your upline. Share with your leaders. Say, “I have a prospect, I invited him. Can you help me present the opportunity?”
Step four is following up. Say, “How did you like it? It is fantastic, right?” They are going to tell you whether they like the product, they like the business, or both, right? Simple as, “Did you like it?” Then, Step five is start-up. Get them signed up. Show them how to get licensed, show them how to get certified. If they just want to be a client, run some illustrations and show them the benefits you can provide for their family.
Last, but not least, is to duplicate. You just showed them everything. Teach them how to duplicate for the next person. Then, back to step one. There is a Chinese proverb which says, “The journey of 1,000 miles begins with a single step.” For us, that first step is prospecting.
The journey of 1,000 miles begins with a single step. For us, that first step is prospecting.
I worry that many people might look and think, “I could never be Shirley Luu.” We do not want you to be Shirley Luu. We want you to build your own business from who you are, because every one of us brings a different talent to the table. To be honest, I am so spastic all the time that sometimes, the client requires someone more calming than I can be.
Just being about to identify that piece of the puzzle is important. You cannot lose them, anyway. They are either going to be a client, or they could be in the business. Every person you talk to gives you some kind of benefit. It’s only when you do not open your mouth that you do not gain anything.
Every person you talk to gives you some kind of benefit. It’s only when you do not open your mouth that you do not gain anything.
Listen to our full conversation with Shirley Luu for more valuable insight on the power of life insurance and running your own business.