Please consider the difference, the HUGE positive difference in outcomes, attitudes and referrals to you when you HELP people BUY insurance instead of SELLING them insurance.
Tip 1 Talk with the client
To place insurance in force advisers will first of all need to establish a relationship and trust with their client. This comes from talking with them (The Past, The Present and The Future) and finding out their circumstances and personal needs.
Tip 2 Ask questions and talk about immediate needs
It is important to ask questions and bring the risk into the present. Ask the client , what if questions.
Emotional issues aside, what would happen to your family (business) had you died yesterday? Or you became half dead (T P D) or could not work for 6 months due to illness?.
Advisers should also become astute fact finders. Ask questions to determine if the client needs the insurance, can afford it and is physically able to buy insurance from providers (age, health, occupation and pastimes will affect eligibility in the underwriting process).
Tip 3 Listen to the client
Advisers need to become good listeners and hear what the client is saying. (2 ears, one mouth). A common stumbling block can be for advisers to do all the talking and try to impress the client with their knowledge. However, this is where that old adage comes in to play. The client does not care what you know until they know that you care!. By listening to the client, the adviser can begin to understand their circumstances.
Tip 4 Interpret what the client is saying
People do not always say what they mean and a skilled adviser will listen to the client and question what they really mean.
Bill, you must have a reason for saying that you do not believe in Insurance, may I ask why?. The adviser should interpret what is really implied by the answers.
Tip 5 Develop empathy
A good adviser will empathise with the client and understand what they are feeling (Do NOT just stand in their shoes, WALK in them) Bringing past experiences (become good at story telling) to discussions can help. It may be that the client is in a situation that is similar to a past experience and the adviser may be able to draw on this to gain an understanding.
Tip 6 Tap into emotional triggers
Insurance provides the client with the economic and emotional security that everything will be taken care of.
Tapping into the emotional motivators for insurance will help the client understand its importance. This can be achieved by describing an event and making it personal. The client will be able to see in their mind what would happen if a spouse or business partner died, evoking certain emotions. They will then realise the benefits of insurance.
Tip 7 Know the product
It is all very well to be empathetic and stir up emotions but clients also need to be reassured that advisers know their material. Good technical knowledge of the products on the market is necessary. It is important to know the features of products and which ones suit a particular problem. Honesty is also important. If advisers do not know an answer it is better to say so, do NOT bluff. The client will be able to pick up this, compromising the credibility of the adviser.
Tip 8 Make time to evaluate
After conducting a thorough fact find and assessing the assets, liabilities and other requirement, do the figures. Clients will buy insurance but the adviser needs to make time to evaluate what strategies suit their client. People like to be given a choice so it is important to consider all the alternatives.
Tip 9 Follow through on actions
Walk the talk. Follow through on promises and do what you say you are going to do. Promise a lot and deliver MORE.
Tip 10 Conduct regular reviews
Life changes and so too will insurance needs. An initial plan might have included the correct amount of insurance for the client at that particular juncture, but adjustments may need to be made. The cost of living and replacement values change over time. As people age their need for insurance will drop as assets start to outweigh liabilities. It is vital advisers review requirements on a regular basis, at least once a year.
Thank you very much ladies and gentlemen. Any questions please?
Carlos Banhelyi is a Certified Financial Planner based in F N Q (Far North Queensland) Australia. "Ordinary people will tell you why it is NOT possible, while successful people will tell you why it IS possible" Carlos believes that 'if you have ONE idea and he has ONE, you each only have ONE each ... BUT when ideas are shared, then you both are RICHER, because you both now EACH have TWO ideas. http://www.myspace.com/banhelyi Carlos is available as a guest speaker, reach him via email: financialandwealtharchitect@gmail.com Hungarian born to Hungarian parents, Carlos & family moved to Venezuela when he was aged 2. His father spoke English to him from birth until the family moved to Australia when Carlos was 16. His mother spoke Hungarian to him and Spanish at school. |
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