When clients don’t understand legacy planning

When clients don’t understand what you can offer them and object, they’re not saying no to you. Instead, they’re reacting to their biases. As a financial advisor, you can ask clients questions and discover the bias behind their objections.  

Find out how these MDRT members ask questions that challenge clients’ assumptions about passing on generational wealth and legacy planning.  

Not thinking big enough

I focus on clients who are self-made business owners. They want insurance, and they think they know how much insurance they want before I meet them. It’s usually too little, so I ask them how they arrived at the amount of insurance they think they need. I’m usually able to sell them more. I’m not scared of numbers and giving clients a large number for insurance coverage. I ask them who they want to leave a legacy for. Also, many wealthy clients don’t think their wives can be insured, but they can. Their wives can leave legacies, too. I tell them that through insurance, they can create a lot of wealth for the next generation.

Leena Parwani, Cert CII, MBA, is an 11-year MDRT member from Dubai, UAE. She’s also a Top of the Table member. 

Believing property ownership is sufficient financial planning

I ask clients what they know about insurance, and I ask about their expectations and hopes when they retire. So sometimes the clients have a lot of property but not enough liquidity for the property to be maintained when they pass it on.  

I’ll also analyze their tax reports to make sure I understand their finances and can provide them with proper coverage. I’ll ask them, “When you die, do you want to rest in peace or rest in problems that you left for your family?”

Billy Tegar Pradipta, is a seven-year MDRT member from Jakarta, Indonesia. 

To learn more client questions that will help you learn more about clients, read

• “Transform client relationships by asking better questions”
• “Questions to convert suspects to prospects to clients”