How to genuinely upgrade your market

I have tried and failed many times. When I joined the insurance industry at the end of 2016, I had just turned 24. I had no money, no network and no expertise in selling life insurance. Then after writing 28 policies in the month of September 2017, I collapsed into bed, too tired to move. And yet, the case size of all my policies added up to less than a quarter of that from a colleague who closed big deals.

That day, I firmly told myself that I must close bigger deals to upgrade my client market. The tips I’m about to share have increased my case size tenfold in just six years, and it continues to rise.

Networking with the high-net-worth

At first, I was unsure of myself in reaching out to high-net-worth clients, but then I found my own way. With my clients, I focused on becoming a friend with whom they can deeply communicate. I also looked for clients who best fit my personality type, preferences and strengths. This allows me to communicate with prospects and clients on an equal footing.

Analyze what you like, and go to places where you will find people who also have those interests. For me, I like reading, writing, listening to music, dancing and traveling, as well as philosophy and traditional Chinese medicine. I am looking for wealthy clients who want to take a break from the cutthroat business world and would like spiritual confidants. Even if they don’t become my clients, we are still friends.

Becoming friends with clients

It’s important to not focus on a huge gap in wealth you may have with your prospects and clients. Those in front of you are ordinary people with their own strengths and troubles. They may also envy you for being young, healthy, highly educated, having time to spend with families and so forth. All you need to do is to deeply pay attention to them, understand them and know their struggles in the business world, their loneliness, the emptiness they feel when mingling with clients or peers and the guilt of not spending time with their families.

After becoming friends with my prospects and clients, I spend time eating, traveling and talking with them. Then, after fully understanding their family and financial situations, I can recognize some of their risks and simply point them out.

This process resembles tai chi in Chinese culture because we’re on the same side. It’s not adversarial, but like yin and yang, we’re traveling with each other. One person happens to be at risk, and you happen to be able to help.

This was excerpted from the 2023 MDRT Annual Meeting presentation “4 market upgrade strategies,” which was originally presented in Mandarin.

Zhang Luoning, of Hong Kong, China, has been an MDRT member since 2018.

For more from the 2023 MDRT Annual Meeting, watch these Main Platform videos:

  • High-net-worth individuals are living in shell,They have their attitudes and they are not easily available, sometimes they are more genius than Insurance Advisor and more analytical minds…They have their own set ups of their financial advisors and hired charted accountants…If he/she is Director or CEO of his/her own stock market listed companies…It is more difficult to approach them in their tight schedules…but only Product knowledge and how your Insurance plans are benefited to Him/her and multiply their investments will attract them to you and of course your personality and what you and your company will deliver to them will create trustworthy relationships…

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