The importance of sticking with established processes while teaming

The process of partnering can yield a lot of benefits, but it is not always smooth. Albert E. Gibbons, CLU, AEP, a 29-year MDRT member from Villanova, Pennsylvania, specializes in estate planning and life insurance for high-net-worth individuals, business owners and corporate executives. He receives all of his business from referrals by attorneys and trust companies
and is usually brought in when lawyers recognize a client’s need to review their existing insurance and consider new insurance.

While Gibbons’ approach of partnering with accountants and attorneys has led to 17 Top of the Table qualifications and a spot in the Hall of Fame for the National Association of Estate Planners & Councils, problems can arise from his strategy.

Learning from experience

Recently, he worked for the first time with attorneys whose clients weren’t sure about the proposed coverage and wanted Gibbons to collect their relevant medical information and obtain tentative projected underwriting ratings before they would agree to take insurance physicals. Once Gibbons negotiated favorable underwriting offers, the clients took the physicals. However, some of their doctors took so long to forward the medical information that one of the clients became uninsurable before the new coverage could be placed and utilized.

Gibbons said he regrets not insisting on following his usual, preferred process of requiring clients get insurance physicals first as he simultaneously collects medical files. But he recognized that because he hadn’t previously worked with these attorneys, he didn’t push, wanting to please the partners who were struggling with a difficult client. The message, he said, is that while occasionally he will need to be flexible in the interest of moving a client forward, it is best to stick with an established process and not veer too far or too often from what works.

Read more about the benefits and challenges of teaming in the July/August edition of Round the Table

See more about how working as a team provides better service to clients

Written by Matt Pais, MDRT Content Specialis