The biggest challenge in the insurance industry today is finding individuals who know what they're getting into and then wanting to get into it, according Stephen Stoltzfus, expansion director of Dallas-based insurance brokerage firm Global Financial Impact. There’s often a negative perception of the industry, especially regarding life insurance, and many people see insurance as a high-risk or low-reward venture, he said. The ones who do make the cut need to have a lot of mental strength. "The challenge you face here is not something your manager can take on, so you need fundamental fortitude, and have the ability to figure things out," he said. Having started in the industry just three years ago, Stephen is a dynamic figure in the insurance sector with an inspiring story of perseverance, growth, and success. After pivoting from the construction industry, he opened his own insurance agency after an agent reached out to him on social media. His company aims to help people gain financial independence and control over their finances. For Stephen, the toughest part of starting his own business was developing mental toughness to persevere through difficulties. "It’s always harder than you think it will be," he admitted. The journey required more resilience and persistence than he initially anticipated, but overcoming these mental hurdles was key to his success. A big part of growing a business in a sector like finance, he said, was education and trust. There are a lot of misconceptions about insurance which need to be addressed. "Most people, for example, don't understand that insurance can grow tax-free, and it can grow with a higher interest rate than 401k," he said. Stephen has a policy of never diving into business in the first meeting. Instead, he uses them to educate the client and ask specific questions that lay the foundation for the next meeting. To retain trust, he follows up with quarterly and annual financial reviews, ensuring that clients stay on track with their plans. "Your client will feel the energy you release," he said. People also tend to underestimate the role insurance can play in long-term financial planning until they take a closer look at their expenses and budget. As someone who hires and works with agents, when someone comes to work for Stephen, he gives them a list of ten books to read. "You need to self-develop to give yourself the best shot," he said. He also believes that agents who embrace the commission model over a steady paycheck have a better chance of making it big in the sector, as the former means you write your own paycheck. "In the commission model, some people's numbers will be better because they are in a better market...I wasn't, and so I created my own market. That's how you grow," he said. New agents, he said, should focus on completing their first 1,000 interviews, as this will give them the experience and confidence needed to thrive in the industry. "Success in this field is really more about 'will' rather than 'can'." In the next five years, Stephen aims to have 5,000 licensed agents in his network. Over the next year, he plans to recruit 10 people each month, with a goal of teaching them to recruit one person monthly as well. His revenue goal for the next year is $1.5 million. Additionally, he is committed to maintaining a high level of productivity, noting that the key to success in this industry is maintaining a large volume of recruits and maintaining a strong show-up rate, especially during the holidays when attendance tends to dip.