4 effective communication strategies

Advisors know that communication is hugely important in a relationship business. These approaches have been successful for Top of the Table-qualifying members:

Lapse letters

If a client lapses a policy, I mail an empty registered envelope to the beneficiary of the policyholder. If it’s a personal policy, it usually goes to the spouse, or if it’s business coverage, I mail it to the chairman of the organization. The recipient calls me to find out what should have been enclosed in the envelope, asking why it’s empty. I respond with, “Well, that’s exactly what you’re going to get from the policy.” I explain that my client — who is likely this person’s spouse — is planning to lapse the policy, but it has not lapsed yet.—W.W. Hankinson, CLU, CFP, Augusta, Georgia, 46-year MDRT member

Positive wording

Don’t use the term “risk profile” with prospects or clients. We think of risk profile as the level of fluctuation — the higher the risk, the more fluctuation. But, to our clients, it can sound negative, as to them, “risk” means “loss.” Instead, try using more positive words, such as “comfort threshold” or “sleep-well index.”—Tony Gordon, Bristol, England, 40-year MDRT member and 2001 MDRT President

Monday market bulletin

Each Monday, I email my clients a market bulletin, which addresses all market activity during the previous week. Clients receive this every week, keeping them informed. As a result, I have a lot less clients calling, panicking or worried about the markets. It’s a technique that doesn’t take me a lot of time, but helps me foster a high-touch relationship with my clients, as I am reaching out to them every week. —John T. Cross, Hertfordshire, England, 40-year MDRT member

Weekly communication report

In my office, we use a weekly communication report. Every Thursday, my entire staff receives the template via email, and by Friday at 2 p.m., we all — me included — must complete it. The topics capture the market news of the week, the wins of the week, current and future challenges, clients contacted and updates that need discussing. This tool gathers all the information we need to set an agenda for our Monday-morning meeting. —Jason L. Smith, Westlake, Ohio, 12-year MDRT member

Read more communication ideas in Round the Table

Written by Matt Pais, MDRT Content Specialist