Suitability isn't a four-letter word
By Josh Jackson
Zenith Marketing Group, Inc.
I promise you it’s not a four-letter word. But for some, even the very word alone is a cause for high blood pressure, clenched fists and grinding teeth.
When most of us think about suitability, we conjure up mental images of countless forms with client signatures, days wasted waiting for carriers to give the all clear and the possibility of legal action even if we dotted all our Is and crossed all our Ts. At its best, it’s inconvenient, problematic, tedious. But like it or not, suitability is here to stay, and I’m glad that it is. Wait, what?
Let me explain to you why I think suitability as we know it is actually a blessing in disguise.
How well do you know your clients? Let me rephrase that. How well do you think you know your clients? Because I guarantee you, with the exception of a select few, they are keeping information from you. You could know more about them. From beginning to end, the suitability process forces you, as an agent, to dig more deeply than you ever had to before, and this is a good thing. This gives you the perfect opportunity to find out more about your client’s goals, their available assets and what value they are really looking to get out of their relationship with you.
By taking advantage of this, agents are finding more and more chances to cross-sell and up-sell to their clients. At the end of the day, they are better able to tailor products and solutions to fit their clients’ needs — while making more sales in the process!
Why aren't more of us having these discussions? Have we lost sight of the fact that the very foundation of our industry is based on relationships and about the value that we can provide to each other? Regardless of whether that value takes the shape of providing retirement protection for our loved ones, a guarantee of protection for our hard-earned assets or the peace of mind that our children won’t go without after we’re gone, this is why we do what we do. Are you letting a “suitably” golden opportunity go to waste?