DHK is awesome!
Here's an example: I do investments as well as insurance, but I tell them that my philosophy is to protect first, THEN invest. You've worked hard to get where you are, let's make sure you don't lose that, then we can move on the goals. Does that sound good to you?
Invariably, even if they don't realize it, that's what they are thinking. So, one couple said they wanted to teach their daughter to save, and that a deb-free education is their number one priority.
I sat down, not intending to sell anything, saying this is a "getting to know each other" meeting. I came out of it with a starter account for the girl, finding out about two IRA's that need to get rolled over, they need to start Roths, they have $100,000 set aside for education and whatever else afterward if any is left over (car on graduation, law school, whatever) that can't be lost so they need a guaranteed plan for that money, and they have paid off their house in the last couple of months, so that payment that was going for a mortgage can go to life insurance to cover their income for the next 15 years so the education fund is never touched, no matter what, and cover any taxes that a death could involve so what they have so far accumulated would go to the girl and not get eaten up by the IRS.
They have disablity, but not long term care insurance. You don't need to be old to need long term care, especially someone in a manual labor job that leads to a gradual breakdown of joints and back, but every year it costs more. So I have started that discussion.
On the next appointment we will finalize all those items with specifics. But I didn't lead with any particular product. It was "what are your biggest concerns? How have you been preparing for those things on your mind? Have you taken into account what would happen if one of you weren't working? Let's take a look at what your income would reduce to if one, or both of you couldn't continue to work, for whatever reason.... "
Those kinds of questions work better than "How are you sure you have enough life insurance? When was the last time it was reviewed, because I might be able to save you money if I take a look at what you have" that I was advised to lead with by longtime agents. Those questions led nowhere in six months.
Open-ended questions asking about THEM often leads to a surprise you hadn't thought of, especially as you build trust and gradually they let you in more. Most of the time, they don't think in terms of "I have this problem", but in terms of "I know I need to prepare for retirement" that is vague, which is why they are stuck.
As you talk, you find out together what they are really thinking about, and then how you can best get them there. Be prepared to have your initial thoughts derailed, as together you head down a different road. Don't get locked into one idea, because everyone is different, with different priorities, and different circumstances.
And that's what you are selling -- ideas, not products. The products are just a means to an end, and that means is variable.
Here's an example: I do investments as well as insurance, but I tell them that my philosophy is to protect first, THEN invest. You've worked hard to get where you are, let's make sure you don't lose that, then we can move on the goals. Does that sound good to you?
Invariably, even if they don't realize it, that's what they are thinking. So, one couple said they wanted to teach their daughter to save, and that a deb-free education is their number one priority.
I sat down, not intending to sell anything, saying this is a "getting to know each other" meeting. I came out of it with a starter account for the girl, finding out about two IRA's that need to get rolled over, they need to start Roths, they have $100,000 set aside for education and whatever else afterward if any is left over (car on graduation, law school, whatever) that can't be lost so they need a guaranteed plan for that money, and they have paid off their house in the last couple of months, so that payment that was going for a mortgage can go to life insurance to cover their income for the next 15 years so the education fund is never touched, no matter what, and cover any taxes that a death could involve so what they have so far accumulated would go to the girl and not get eaten up by the IRS.
They have disablity, but not long term care insurance. You don't need to be old to need long term care, especially someone in a manual labor job that leads to a gradual breakdown of joints and back, but every year it costs more. So I have started that discussion.
On the next appointment we will finalize all those items with specifics. But I didn't lead with any particular product. It was "what are your biggest concerns? How have you been preparing for those things on your mind? Have you taken into account what would happen if one of you weren't working? Let's take a look at what your income would reduce to if one, or both of you couldn't continue to work, for whatever reason.... "
Those kinds of questions work better than "How are you sure you have enough life insurance? When was the last time it was reviewed, because I might be able to save you money if I take a look at what you have" that I was advised to lead with by longtime agents. Those questions led nowhere in six months.
Open-ended questions asking about THEM often leads to a surprise you hadn't thought of, especially as you build trust and gradually they let you in more. Most of the time, they don't think in terms of "I have this problem", but in terms of "I know I need to prepare for retirement" that is vague, which is why they are stuck.
As you talk, you find out together what they are really thinking about, and then how you can best get them there. Be prepared to have your initial thoughts derailed, as together you head down a different road. Don't get locked into one idea, because everyone is different, with different priorities, and different circumstances.
And that's what you are selling -- ideas, not products. The products are just a means to an end, and that means is variable.
