1. Fact Find
The fact find. The policy survey. The confidential assessment. My team and I have used many different forms of this strategy and called it different things. When you begin to put them together, use what you are comfortable with, but it is extremely important during the first appointment that you get all of your prospect’s information and that your prospect has all of their financial and insurance documents, statements, and/or policies and values available for this process.
One suggestion here: Don't just make this fact find about all of their assets. Take this time to get to know your client. My coach has always told me to find out the prospects' hobbies
, anniversary, how many years they have been married, and where they grew up. Then on those different special occasions, send them a card or gift or even take them to dinner. Once your clients see you as
their friend instead of just another salesman, it makes your relationship better and makes it much easier to work together in the future.
2. Goals and values
This is one of the most imperative steps, and what separates a salesman from an advisor: Finding out what is important to your clients today, tomorrow, and when they pass away. What is their risk tolerance
? Are they worried about outliving their income? How much do they need per year to retire? How do they feel about inflation, taxes and liquidity?
All of these questions help you get to know your client even more, and put you in a better situation for the next few steps because now they know you care about what they want, and you can correlate that with what they need.
3. Commitment to a second appointment
Setting a second appointment seems pretty simple, right?
I usually end the first appointment with, “Mr. and Mrs. Smith, we have gathered all of your information and it looks like you have some areas where I can help you reach your goals and have your retirement plan work the way you would like. What I would like to do now is go back to my office and put some different scenarios together for you to review on our second appointment. If you agree it makes sense to put those together, we can go ahead and set up a second appointment right now.”
4. Second appointment and plan implementation
This is where all of the fun and excitement takes place for you and your clients. Why, you ask? If you did your homework and prepared everything properly, this is where you get to show your clients your recommendations on how they can reach their retirement and financial goals based on their values
I usually make sure everything is in black and white, and I make three copies of the plan: one copy for the husband, one for the
wife, and one copy for myself. Also, I use tabs to earmark pages every time we come upon a different product suggestion that would fit their needs so no one gets lost during the presentation. Once this is done correctly, you have earned the right to be referable, so don't be afraid to talk about it.
For additional information or to share your own ideas, take a minute to comment below. I’d love to hear what has worked for you!