Top 5 blog posts for 2019

When you stop learning, your business stagnates. Take a few minutes to read our MDRT Blog readers’ five most-read posts in 2019 and keep learning and growing in 2020!

5) 3 Top of the Table sales ideas

“Every May, we invite all of our clients age 55 and over to a senior prom dance, and we encourage them to bring another couple or two. We hire a photographer and a band that plays old Bobby Vinton songs and big band music. In addition, we provide dinner. It’s an expensive event, but you can get some of that money back from wholesalers. At the last event, 250 people attended, including an 80­-year-­old woman who said, ‘My husband went away in World War II a week before our senior prom. This is the senior prom we never had.’ We picked up a $5 million brokerage account as a result of a dance.” Read more. 

4) 7 things I wish I could tell my younger self

1. Surround yourself with good, ethical professionals. Avoid those who don’t share your values.

2. When faced with a difficult decision: Pause, reflect, seek wise counsel, and imagine both the short- and long-term consequences.

3. Always put the client first, and remember that all parties should benefit from any transaction for it to be a good one. Read more.

3) How to impress high-income clients

High-­income clients are unimpressed with the tried­-and-­true — any advisor could do that for them. They’re looking for what sets you apart.

The late John O. Todd, CLU, 1951 MDRT President, found this to be true. He recalled early on in his career, “You try to make your thinking so fundamental that it would fit 75 percent of the circumstances you encounter, and you leave the other 25 percent for others to close.” High-income clients, however, have often already heard all the conventional life insurance ideas. Read more. 

2) The differences between a financial advisor and a salesperson

The value of a financial advisor is not in selling products or selecting investments. Your value is in “all you can do to help clients accomplish a goal not based on a portfolio,” said David M. Blanchett, CFA, CFP, the head of retirement research for Morningstar Investment Management.

“Retirement income is incredibly complex, however, you can do things that help clients create more income and think about these different risks,” Blanchett said. Read more.

1) Find prospects without cold calling

With prospects answering the phone less and less often, advisors can always use opportunities to engage with people in person. Consider this approach: Arrange small business breakfasts for eight people who have something in common. If you have a particular client you want to clone, this is a great idea that is easy and not expensive. Read more.