The premium is the solution

Clients and financial advisors have different perspectives. Even if a product is fantastic, a prospect won’t buy it if they don’t realize they even have a problem. As financial advisors, it’s our job to educate them and motivate them to act. Our products are the solution to those problems. The premium is not the problem – it’s just the price tag for solving the problem.

Train yourself mentally to understand that and then relay that information to the client. That’s when you become a true professional because you’re solving problems that your clients don’t even know they have. 

Second opinion

If a prospect doesn’t seem receptive at first because they believe they have everything taken care of as far as estate planning or business succession planning, ask them if they would be willing for you to give them a second opinion for free.

I did that with one prospect, and he handed me all his documents to review. They were all at least two years old and stamped on top in bright red “draft.” He hadn’t implemented anything.

Educating clients

I said, “We’ve got a problem.” I explained what the price tag would be for doing nothing and asked if I had permission to talk to his attorneys to see if we could get this straightened out. That developed into an exceptionally large case, which included multiple family members. The insurance premiums were significantly less than the problem’s price tag and doing no planning at all.

Marvin Feldman, of Palm Harbor, Florida, USA, is a 50-year MDRT member and an MDRT Past President. See more in his video “Educating clients: Why the premium is the solution.”

For more ideas about how to move clients forward, watch this MDRT member-exclusive content:

• “How to motivate a client to take action”
• “The language of the heart”