​What is the fourth huge mistake advisors are making today?

By Lew Nason

Insurance Pro Shop

This series of articles is based upon the assumption that you want a net income, after expenses, in excess of $200,000 annually, and that you want to work 40 hours or fewer per week. It assumes that you want to be home most nights with your family, and you want to have a lot more fun.

So far, we have covered the number one mistake, along with the second and third mistakes, keeping most advisors from reaching their full potential in this business. Let's quickly recap.

Mistake #1: Believing that your IMO, insurance company, organization, manager, recruiter or broker-dealer is going to provide you with the tools, tips, training and coaching to be successful in this business.

Solution: If you really want to succeed today, then it is up to you to get the life insurance and annuity systems, tools and training that you need.

Mistake #2: Relying on someone else for your sales leads.

Solution: Learn and practice the basics of attraction marketing. It's as simple as working to become well-known and respected by the people in your local community for the work you do.

Mistake #3: Not staying in constant contact with your current clients, friends, neighbors, family, prospects and everyone you know.

Solution: One of the easiest, most affordable and effective ways to stay in constant contact with the people you already know is to send them a monthly newsletter. By sending them a monthly newsletter, you're demonstrating your expertise in the best possible way, building more trust, confidence and credibility.

Have you ever thought about how people can sit around and talk about all the amazing things they want? The cars they want, the clothes they would buy and the awesome house they would have, if they ever had the money. They dream and talk about all of the things they want, but they’re missing one important thing to getting them. They never dream or talk about how they’re going to take action to get these things. When did dreaming become the stopping point? Why aren’t you going after what you want? What's stopping you? When are you going to take action?

Are you ready to learn mistake number four?
The fourth huge mistake advisors are making today is jumping into the solution before the client recognizes and truly understands the problem — whether it's a problem they are facing now or one looming in the future.

Most agents, advisors and planners believe they understand their prospect’s problems and that they can provide the solution. And they probably do. So, the minute they find a problem, they jump right into trying to make a sale. However, what they don’t realize is that most of their prospects don’t fully understand the depth of the problems they face and all of the consequences of not solving those problems today. Until your prospects fully understand their problems and the consequences, solving those problems receives a low priority.

If you want to close more sales, then you must get your prospects to talk about the problems they are facing. You must ask questions to get them to tell themselves what will happen. You must have a real conversation with them to get them emotionally involved. If you tell them they have a problem, then you are just a salesperson trying to make a sale and they may not believe you. However, if you get them to tell themselves they have a problem, will they believe it? Yes. And now they’ll see you as a trusted advisor who is there to help them get what they need and really want for themselves and their family.

See also: How asking the right question can influence your clients' decisions

Like I've stressed before, people buy based on emotions and justify their decisions based on logic. I'll give you an example. Would you agree that most people know they need life insurance? But, is it a high priority today? Do they want it today? No. Why? Because they believe they have plenty of time to get it. They feel they don’t have the money right now. They believe they have more pressing needs and wants.

Most agents, advisors and planners tend to tell their prospects why they need life insurance, instead of asking questions to get them to discuss the consequences of not having the life insurance they need. Does anyone like to be told they should or must do something? Do you like to be told you must do this or do that? My guess is probably not.

So, if you really want to succeed today and finally make the money you are capable of, then you must learn how to get your clients emotionally involved so that they want to set better priorities and take action on your recommendations, right now.