The power of planning: A design for success

When I started in the financial services profession, I often struggled and failed. Out of every 10 clients I approached, only one would show interest. I was nervous whenever I met a client because it felt like I had to improvise on the spot. Sometimes, it was even worse; I’d let the client steer the conversation and couldn’t even bring up the points I wanted to make. I felt lost and unsteady.

Then I had an epiphany. When I was growing up, I created a rigorous schedule so I could train to be an elite athlete. I believed that to succeed and be the best, every step had to be carefully designed. Why couldn’t meeting clients have a system too? I started interviewing many top-performing professionals, attending conferences to listen to their insights and blending what I learned from my CFP studies. Eventually, I created my client meeting system, which I call L1.

L1 stands for the first meeting. Whenever I meet a client, whether they’re interested in financial planning, investments or insurance, I go through my L1 first-meeting routine.

These are some of the benefits of the L1 meeting:

• Closing ratios significantly improve.
• Clients are likely to buy more than one product from you. In my experience, my clients purchase, on average, three policies from me, with some having as many as 10. So, my clients are very loyal.
• More referrals are received. If your clients keep coming back and referring you to other clients, you’ll spend less time prospecting for new clients and more time achieving results with less effort.

There are three key elements to a successful L1 meeting. These are to

• Build trust by establishing a bond of trust with the client.
• Fact-find by understanding the client’s financial situation and goals.
• Highlight a need by showcasing the value of insurance and financial planning in addressing the clients’ needs. Without a perceived need, this would be a wasted effort.

Furthermore, mental preparation before successful L1 meetings is important. This means maintaining your confidence and introducing yourself seriously to prospects by talking about your professional licenses and the kind of clients you serve.

Finally, follow up with clients. Besides email follow-ups, I review with clients based on their financial needs, sometimes quarterly or annually. This approach helps generate continuous sales.

In addition to my suggestions, I encourage you to think about your own business model and consider making adjustments based on market factors specific to your target market. Hopefully, with this approach many of you will close at 90% or better! 

Rachael Wong is a five-year MDRT member. This is excerpted from her 2024 MDRT Global Conference presentation. (MDRT member exclusive, Chinese)

For additional ideas to find more clients

• Read “The everyday network”
• Watch “The One-Page Business Plan — moving from start-up to scale-up to sustainable growth” (MDRT member exclusive)