Hi - I'm a senior market insurance producer who's relatively new to LTC. I've spent most of time on med supps, dental plans, etc. I hate to admit that I haven't sold LTC yet but have presented a couple times. I recently received a text from my fiance's brother's wife stating that they would like me to recommend a long term care plan to them. What a pleasant surprise! After asking for a little bit of time because I literally just obtained a non-resident license in their particular state and have to look into plans....well tonight my fiance's brother called to inform him that he's going to be asking (me) for assistance with long term care. "Of course", I replied, "his wife has already told me that". My fiance then goes on to say that his brother said he "doesn't believe in doing business with family". Now, suddenly, it seems as though all he wants is my advice. This hit me like a stab in the heart. Supposedly he's gotten a quote from some financial advisor and expects to pick my brain about it. It would take me time to study just to even give him advice about it during my busiest time of year. I can't believe it: this hurts. I guess my partner's brother would rather give his business to some financial guy who's probably already at six figures rather than give someone like me a shot. I can hardly speak right now. Sure enough, I checked my email and this man just sent me a note & attachment of this advisor's long term care quote, supposedly with Liberty Mutual, and wants me to review it, asking "what flags or areas of concern should I look out for because I want to buy this for me and my wife". I do not know how to respond.
I don't do business with "family"
- Thread starter Advensus
- Start date
Be honest.
Tell him you are new to this and not in a position to offer much in the way of helpful information. Then wish him luck.
You have lost the sale already. No reason to try and get it back. This guy is going to waste even more of your time.
If you don't want to be that honest, visit the LTC forum. Ask for feedback on Lib Mu as an LTC carrier. Share what you find out and move on.
Either way it is time to cut bait and move on.
Tell him you are new to this and not in a position to offer much in the way of helpful information. Then wish him luck.
You have lost the sale already. No reason to try and get it back. This guy is going to waste even more of your time.
If you don't want to be that honest, visit the LTC forum. Ask for feedback on Lib Mu as an LTC carrier. Share what you find out and move on.
Either way it is time to cut bait and move on.
"I am sorry but I don't feel comfortable giving LTC advice to family. " and then move on.
Really. If they become disgruntled somehow, he'll get the grief and the other guy gets the money. *** that!
- 11,453
No mutual mystification. I would've ask "What do you mean exactly?" Don't be so eager to fulfill someone else's request without asking questions first.
I don't believe in doing business with anyone who wants my advice for free without providing some form of compensation: a fee or the purchase being made through me so I earn compensation from the company.
Don't respond to the letter.
Respond to his OUTRAGEOUS request that he wants your expertise but refuses to consider paying for it by hiring you.
Address that question first... then you can use all kinds of resources (people and articles) to help you solve this issue.
You are NOT a charity. If you work like a charity, then one day, you'll need the resources OF a charity.
In short, (and I don't know if you're a man or woman), I'm telling you to grab your junk and stand up to this outrageousness and stand up for the abuse of salespeople WORLDWIDE who are eager to share expertise without ensuring that they will be compensated for it.
And yes, I know it's family. If you can do this with family... you'll do it with EVERYONE ELSE for the rest of your career.
This is a career defining moment for you. How you deal with this... will say a lot about you and how you stand up for yourself.
It takes guts to be able to walk away from a situation that isn't a good fit for both parties.
So far, he wants it to be win/lose: he wins, you lose. And the other advisor WHO COULDN'T ANSWER HIS QUESTIONS... wins the commission??? Where is the honor in that?
Start the conversation by saying: "We need to talk" or "We need to have a conversation." You know the tone you need to use. Everyone has used it and/or heard it. Be annoyed on the phone and call him out. Be firm.
At the very least, you will earn their respect by not giving in so easily - even if they get pissed about it.
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- 11,453
Don't spill your candy in the lobby:
- 11,453
After you uncover the issue of compensation and "not doing business with family"...
your next job is to find out WHY are they looking into Long Term Care coverage? What problem are they trying to solve? What PAIN are they looking to avoid?
your next job is to find out WHY are they looking into Long Term Care coverage? What problem are they trying to solve? What PAIN are they looking to avoid?
- 11,453
If they refuse to budge... here's what you say:
"I respect your decision and I hope you'll respect mine. I look forward to seeing you at the family reunion and we'll stay friends on Facebook... but as far as insurance advice goes, I come with my products and I get compensated for helping people understand their choices and making decisions that feel right to them. I am also liable for the advice and guidance I give, which requires that I ask questions, get your data, and make proper recommendations - even if you don't buy from me. But since you've already removed my compensation from the equation, I cannot help you. When you change your mind, we can talk again."
"I respect your decision and I hope you'll respect mine. I look forward to seeing you at the family reunion and we'll stay friends on Facebook... but as far as insurance advice goes, I come with my products and I get compensated for helping people understand their choices and making decisions that feel right to them. I am also liable for the advice and guidance I give, which requires that I ask questions, get your data, and make proper recommendations - even if you don't buy from me. But since you've already removed my compensation from the equation, I cannot help you. When you change your mind, we can talk again."
- 11,453
He's hedging his risks on the financial guy on making a poor decision by asking you. If he didn't feel some level of uncertainty, he would've felt perfectly fine just buying what he recommended.
What is it that he has a concern about? What is his fear that won't be covered by the policy?
Btw, success speaks louder than blood or family. But his uncertainty and desire to hedge his decision-making risk is speaking louder than the other person's recommendation or proposal.
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