Create a multi-line practice to maximize business and bonds

If you’re not offering clients a full suite of service, you’re probably leaving business on the table, said Saad Anthony Baksh, Bsc, a nine-year member from Marabella, Trinidad and Tobago,  in his ConneXion Zone presentation at the 2017 Annual Meeting. “If you’re an advisor with a smaller territory or operating in a small country, you’re giving away your clients. We work to turn prospects into clients, so why only do life, annuity and critical illness?”

In Baksh’s multi-line practice, he offers a full suite of products to clients, including pension, house- and car insurance, life insurance, annuities and group health. This provides increasing earnings from current clients and strengthens his relationship with them. “The more business you’re doing with them, the stronger the bond,” he said. “And the more likely you are to be referred to their family and friends.”

A multi-line practice also means a guaranteed income each month, buffering Baksh from slow months. To get started with a multi-line practice, take the following steps:

1. Ask. Make it part of the client conversation. Ask if they’re buying a house or other life events. Keep a record of this.
2. Follow up. If you know this is the year they plan to purchase a house, get married, or any other life event, follow up to see what they might need.
3. Service. Promise more and deliver even more. Be available to clients.
4. Hire competent staff. Your workload will increase, so you have to hire help. You alone can’t do everything in this type of practice.

Written by Liz DeCarlo, Round the Table editor. Posted by Matt Pais, MDRT Content Specialist