Defining “we treat you like family” for clients

Doesn’t everyone want to be treated like family? As an insurance agent or financial advisor, you likely position yourself as a resource within your extended family. What does it mean professionally though?

When a prospect asks, “What do you mean when you tell me that you will treat me like family?” What points might you bring up?

1. Confidentiality. You’ve heard the expression, “Keep it in the family.” You will be learning a lot about clients while completing account opening documents, and you will not talk to others about what you learned. This aligns with client confidentiality you would maintain regardless of the relationship.
2. Family resource. You may have noticed that people do business with their other family members. For example, if someone in the family is a jeweler, everyone goes to them to buy jewelry. You want to be accepted as the insurance agent for the client’s family who everyone goes to.
3. Fair pricing. You have heard the expression, “friends and family rate.” It’s the rate you charge your friends. They agree not to try talking you down in price because you’re giving them a preferential rate. Most insurance products have fees built into the product and are non-negotiable. No problem here.
4. Long-term commitment. People return to the family jeweler and refer them to their friends. Family members seek a long-term relationship, not a transaction. That is a long-term commitment. You want to see your client thrive and succeed. You intend to stick with them, becoming their “go-to” person for insurance.
5. Treat as an individual. You know what it is like when you have a problem with your credit card and call customer service. You want to be considered somebody, not a nobody. When they call, they want to get the right person on the phone. They want to feel important. That is how a family behaves. Your client wants to be treated that way, bringing you into their inner circle.
6. Helping others. This can be great for referrals. Within a family, there are times when someone needs advice, given on a pro bono basis. If your client has a friend needing advice, you will step up.
7. Honesty. Many people associate people in sales with people who will do or say anything to get the sale. Family knows you make your money through sales. They accept that but want to know they will be treated fairly. Regardless of if you are related or not, you will treat clients fairly.
8. Concern about educating the next generation. Families place a high priority on children. Families want the next generation to have the best lives possible, and they will sacrifice to make this happen. You may not be related, but you’re concerned about clients’ children. So, you understand college savings accounts and their advantages.
9. Protection of the previous generation. In certain cultures, many family households are multigenerational. Grandparents provide child care. Money is passed down generation to generation. You understand how estate taxes work, so you can caution clients and suggest lawyers who can give advice. You understand how life insurance and long-term care insurance fit into the picture.

Even if you are not a member of the family, you can deliver and define the statement, “We will treat you like family.”

Bryce Sanders is president of Perceptive Business Solutions Inc. His book “Captivating the Wealthy Investor” is available on Amazon.

For more ideas to build client loyalty and connection:

• Read “How to build a client-centric culture for your practice”
• Watch “Strategies to foster client loyalty” (MDRT member exclusive)