Taking part in a longstanding tradition and recharging professionally, MDRT members gathered from around the world in Nashville, Tennessee, USA, for the 2023 Annual Meeting, which was held from June 25 to 28, to share best practices and tips. Here are a few of those ideas excerpted from Round the Table.
Sell the appointment
It’s very important that I do not sell or give a presentation to my client’s friend during the introduction meeting with the client and friend, whether it is at a restaurant, coffee shop or in a Zoom meeting. During this meeting, I only sell the appointment to the client’s friend for our next meeting. Even if the client’s friend asks me about my product and services, I deftly deflect the query and fix another mutually convenient time to discuss this. During the recommendation meeting, the client recommending me should ideally be talking about me to his friend and talk about his friend to me.
—Sudhakar Gabriel, Kilpauk Chennai, Tamil Nadu, India, eight-year MDRT member
Behave your practice
Top advisors who integrate behavioral finance into their practice report they increased production and revenue and acquired more new clients. There are five steps to introducing behavioral advice to clients:
- Build rapport. Rapport is defined as a relationship of mutual trust or emotional affinity that is necessary when discussing one’s behaviors.
- Set the stage. Conversation with clients about behavioral finance.
- Assess financial beliefs and behaviors. Explore underlying assumptions or beliefs about money.
- Values exercise. Discuss what are their values and what is important to them.
- Put it in writing. Keep a list of their values in the client’s file and what the plan will be in anticipation of future situations. Outline the behaviors that the client is likely to experience in writing.
—Pamela J. Sams, CRPC, Herndon, Virginia, USA, four-year MDRT member
We must strike a balance between servicing existing clients and creating new business, but there is only so much time in a day, and advisors can be torn between these two challenges. But we can accomplish both by using our current clients to bring in new ones. By plowing deeper into our client relationships to understand their needs, we can generate passive referrals. The highest level of plowing, or cultivation, is acquiring our client’s network of contacts, which will make recruiting new business easier.
—Poon Wing Chi, Kowloon, Hong Kong, China, four-year MDRT member