2 ideas for taking the pressure off of clients

When a client or prospect feels pressured, they can often back away from the assistance you’re offering. Try these two favorite ideas from MDRT members for helping clients see the value in financial planning.

Take the pressure off

Don’t be scared to ask for more from a client, even though sometimes we doubt ourselves in pushing too much. We created a comprehensive document that demonstrates all the ideas we recommend covering: protection, investments, mortgages, pensions, etc. We then ask the client to indicate which areas they would like us to go ahead with. It takes the pressure off you in terms of sales and allows the client to regain control. They control what they wish to go ahead with, and on most occasions, it’s much more than you’d expect. We often have clients go ahead with 90% to 100% of our recommendations in one meeting.

—Harpreet Singh Atwal, Dip FA, Bsc (Hons), Solihull, England, UK, 9-year member

What you want vs. what you need

After I explain my strategy for an exempt insurance account to a client, I state that although I’m recommending that they have an insurance account to address this issue, the fact is they do not need it. I go on to explain that it’s not required because they have assets that are attracting tax means, so they will still have an estate in a positive position. However, they should want this account because of its uniqueness with regard to asset diversification, tax-deferred growth, etc.

It’s been very interesting to see how clients react when they are told they do not need something. They react positively when I recommend that they have it and list the benefits. They usually seem to understand it and ultimately want it to be part of their portfolio.

—Peter J. Leonard, Brockville, Ontario, Canada, 19-year member

This was excerpted from “11 great ideas from MDRT members” (MDRT member exclusive) in the September/October 2021 issue of Round the Table. You also can read the magazine online.