3 ideas to strengthen client connections

You’ll experience better client retention when you relate well with clients. Try one — or all — of these three ideas from MDRT members to connect better with your clients.

The right character for the stage

I spend time trying to understand the client’s personality first and then bring to the table the advisors from our team who match their needs, interests or goals. We always use a lot of analogies because clients get confused very quickly. So, we say that this is their stage, and we’re only going to bring to the stage those characters who have a role in their play. There’s no point in over-complicating the stage or stuffing it just to show how powerful you are. It’s really the right character at the right time to make sure that the play you’re putting together for the client works. In that sense, my business was built by finding the right people who can serve the client in the way we like to.

Elke Rubach, LL.M., CLU, Toronto, Ontario, Canada, six-year MDRT member

The QUIRK system

To provide clients with everything they need to make informed decisions about their policy upgrades, I follow what I call the QUIRK system.

Q is for questioning correctly and appropriately. We want to do our research while asking clients the right questions. This way we can easily gauge their readiness for an upgrade and make them feel we are looking after their best interests, not just making another sale.

U is for understanding the client’s current situation, which includes reviewing their policies, revisiting their cash flow and assessing their risk tolerance. This helps us identify areas where their current policies might not be adequate or perhaps where they can reallocate part of their budget.

I is for identifying potential gaps that could leave them vulnerable to financial loss. This may include areas such as income protection from illness or injury. 

R is for recommending policies to fill these gaps. This may include adding riders to cover specific risk or increasing the amount of coverage in certain areas to mitigate risk exposure. We also take into consideration the client’s budget and financial goals, getting them the coverage that they need at a price they can afford.

K is for knowing your clients and maintaining a good relationship with them. Follow up with your clients regularly by staying in touch with them and providing personalized advice.

—Roneliz Tolentino Flores, Marikina City, Philippines, one-year MDRT member

Seasonal client meetings

In the corporate market, you must have a tool that makes it possible to continue contact. For existing corporate clients, I have a process that pushes me to meet them at least four times a year: In January, I provide them with the newly revised tax law and ask them about their business plan for the year. In March, during corporate tax adjustment time, I check in to make sure they didn’t miss any chance of tax deductions or tax reduction. In June, I review their change in assets and current net income based on the result of final accounts (statement of financial position and statement of profit and loss) and inquire about the trend of their first half of the year. When you keep track of these materials, you can show more than 10 years of corporation data on a piece of paper. Finally, in November, on the basis of the year’s cost-benefit analysis, we decide together whether to take more bonus in December or to pay out dividends next year and adjust the table of purchase and sales.

—Jong Soo Lee, Seoul, South Korea, 15-year MDRT member

This was excerpted from the January/February 2024 Round the Table article, “Maintain lifelong learning and long-term relationships with clients.”

  • In India,There are broad spectrum Financial Advisors are in Field and Community.. Chartered Accountants,Insurance Advisors, Family Friends,Intermediate Agencies (Policy Bazar),Banking Industries, Actuaries and Personal Financial Managers,Stock market oriented investment advisers etc…So customers and Clients are misguided sometimes…if we suggest best solutions for their Risk cover and Multiplication of investments with Health Insurance or retirement planning with Tax benefits,still our clients insist for second opinion of their financial advisors or chartered Accountants..only Firm product knowledge and sharp Data analysis with Gauranteed Bonus or Gauranteed Income plan with higher Returns will create trust of clients in Insurance advisors…Our Body language and confidence will create Trustworthy relationship…

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