When a good idea sticks

The past few years have been a time of major transformation for many in the profession. MDRT members blazed new trails after trying a temporary fix that was so effective it became a permanent part of their practices and personal routines. Check out how they adapted and see what they’re doing to stay on top of their game.

It takes two
At the start of my career, too few of my prospects became clients, and I realized that was because I allowed them to take control of the process. There seemed to be this subconscious thought that We need them more than they need us, and yet I now know the opposite is true. I got so disillusioned at being rejected and by prospects procrastinating that I stopped focusing on the outcome. Instead, I simply started saying that while I accepted it was for the prospect to decide if they wanted to work with me, it was a mutual decision, since the quality of the relationship is key to a good outcome. The moment I did that, and the prospect knew there was a chance I might reject them, the dynamic completely changed. It prompted me to develop a short script, which has led to first- and second-meeting conversions more than 97% of the time.

—Alessandro M. Forte, FCII, CFP, Bawtry, England, UK, 26-year MDRT member 

Create a health check
During the pandemic, I was on a journey to find out how I could improve my practice and client servicing skills. I started sending my clients feedback forms after each meeting so I could identify areas to improve, my unique selling point and their overall satisfaction rate. This form was meant to be a short-term health check for my practice, but I soon realized that my clients’ comments about me can have a positive impact on my practice in the long term. I began to spend more time on this feedback system, built a website and filled it with client testimonials, so prospects can conduct their own reference checks on my experience as a financial advisor before meeting me. Since I started this feedback system, my referral rates have also increased significantly. 

—Karyl Phua, Singapore, three-year MDRT member

Online policy reviews for the win
During the pandemic when in-person meetings were restricted, I started conversations and policy reviews via email. The approach was unconventional, and I thought temporary, but it allowed me to stay connected with clients and address their needs. I was able to specifically focus on cases involving changes in income, job transitions, marriage, new additions to the family or updates in beneficiaries. By doing these reviews by email, I was able to meticulously cover all relevant scenarios, scrutinize existing investments and insurance coverages and ensure that each aspect was considered comprehensively.

The results led to additional business opportunities. The thoroughness and attention to detail through this email process not only addressed the changes in clients’ circumstances but also uncovered opportunities for further financial planning and protection. Even though we are now back to face-to-face meetings, I still conduct email policy reviews. The diligence resulting from these reviews enhances overall business signups and solidifies client engagement.

—Seema Nair, Mumbai, India, 10-year MDRT member

This was excerpted from “When a good idea sticks” in the March/April 2024 Round the Table magazine. Read the entire article with more ideas that made a difference.