Even the most successful advisors appreciate the value of a good sales idea. These are a few favorites from MDRT members:
Basket of referrals
About a month before a client retires, send to their office an enormous gift basket chock-full of delicious treats, such as cookies or fruit. It’s more than the client can eat, so they’ll share with colleagues. The gift basket now becomes a conversation starter about who sent it (that’s you, their financial planner!), wealth management and retirement planning. Depending on the number of clients retiring in a given year, this idea can generate 10 to 20 referrals a year. —Brad J. Myers, South Jordan, Utah, 15-year member
Observe and connect
In starting and building relationships with clients, we know we need to connect on a more personal level. I usually meet with my clients and prospects in their office first. When I get in, I make sure to casually look around. I’m looking so I can get to know the prospect a little better.
First, I understand better what is important to them. For example, I’ll see a picture of the family, so I know there are kids, dogs, etc. I can ask about them without the typical “Do you have kids?” It’s better to go right to: “How old are your kids? When was this picture taken? Looks like you’re on vacation — do you enjoy traveling? What are your favorite spots?” From there I find out so much of what is important, and we can have a conversation that is less like a fact-finder and more like two friends.
I’m also looking at things like diplomas, sports memorabilia and awards to give me more things to talk about in our meeting, and plenty of “excuses” to email or call later. —Adam Blumberg, CFP, CLU, Bellaire, Texas, 7-year member
Insurance as a gas tank
For a 100-mile round trip in your car, would you fill your gas tank completely? Fill it halfway? Or pump $20 and cross your fingers? In my car, I could do the round trip almost twice on a half-tank. With a full tank, I might be able to complete the trip four times. However, with $20 of gas, one false move — construction, traffic, the GPS sending me in the wrong direction — and I’ve got a big problem. So which one would you choose? Audiences choose either a half-tank or a full tank every time. Make the connection to life insurance:
Full tank — whole life
Half tank — universal life
$20 — term insurance
So, if you would either fill the tank or put in half, would it make sense to fund your life insurance using any other system? —David L. Alarid, Newport Beach, California, 29-year member
See more ideas in Round the Table
Written by Matt Pais, MDRT Content Specialist
very nice idea