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I have to admit, it IS a lot for the prospect to agree to. That's one reason why I like the Insurance Pro Shop's methods. They keep it REALLY simple and it takes FAR less time than LEAP or Circle of Wealth.
Life Insurance - The Whole Story Part 1
- Thread starter Larry Tew
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I've been digging a little deeper into COW and one thing that I will say is that it is no where near as long a process as LEAP.
Still trying to decide if I want to pull the trigger though.
Larry I just downloaded your article and will comment on it after I read it a little later.
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I want to make sure I understand what you're saying... WHAT exactly is a lot for the prospect to agree to?
As to the time of the COW planning cycle, you can be taking apps at the end of the 2nd meeting if you want to. It doesn't have to be needlessly drawn out. The 8-10 open-ended questions at the beginning of the first real meeting will tell me almost everything I need to know about priorities and pace. Now LEAP is another story. I never figured out how to make it anything but loooooong,
I'm going to be really annoying (because I really don't have a good solution to the problem I see) but the piece is a tad meandering to me.
I get what you're doing, and I understand why the information that is there is there.
I think...and this will stun most of you...you're far too detailed with the information.
Though I also think that if you are giving this to slightly more sophisticated people who are willing to read through it, it could be useful as is.
The ERR part is excellent.
I get what you're doing, and I understand why the information that is there is there.
I think...and this will stun most of you...you're far too detailed with the information.
Though I also think that if you are giving this to slightly more sophisticated people who are willing to read through it, it could be useful as is.
The ERR part is excellent.
- 11,277
First, if something is working, don't fix it.
I have A.D.D. I know the majority of the population doesn't, but I do. If I can't see how I'm benefiting, or helping you understand what's going on in my financial life... then you may lose my attention. I'm always thinking "so what?".
That's a very detailed meeting including "homework". You're probably doing most of the talking. It sounds very dry this way. I know you're not, but in reading the written text, it sounds that way.
To me, the fact-finder "homework" may not be necessary, if you do a fact-finding session with the client. Ask good questions about what they have going on, and you can "fine-tune" the details later with supporting documents or statements.
I have a tendency to want to be understood, before seeking to understand (Habit 5 of 7 Habits of Highly Effective People.). I think the majority of life insurance agents may feel that way... because of the perception of negativity towards a product we love and can change lives. We are trying to 'convince'... instead of helping client to lead them to draw their own conclusions.
But if I'm doing most of the talking... am I boring my prospective client? The sooner I'm getting into what they want, and get out of my own way... the easier it gets to get the prospect to want what's good for their situation.
Personally, I don't like the idea of using a computer program in a meeting. I met Phil Cavender at an ONFS meeting a couple of weeks ago. He doesn't use the computer with a client either. He keeps it simple and keeps the client engaged with his "story". (His is rather "wordy", compared with what I have been taught to use, but you can't argue with Top of the Table success!)
Again, if what you're doing works... DON'T fix what isn't broken. I'd rather communicate to the heart, show some simple diagrams of how effective we can be with their financial strategies... and let them decide what they'd like to do.
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Larry, I just had another thought occur to me.
We have a difference in age (and in hair color). For me, I certainly know a lot, but most people don't care how much I know. I don't LOOK like I know much based on my age. (I kinda have a baby face.)
You have a distinguished look about you. I think this adds to people's interest in what you have to say - particularly if your clients are in your similar age or younger.
I think Case Studies are one of the better ways to help a prospect "see" what your trying to convey, the idea in action.
I am surprised COW doesn't have a marketing piece for this very function
I am surprised COW doesn't have a marketing piece for this very function
- 11,277
I've been following a former 'termite' financial author John Cummuta (author of "Debt Free and Prosperous Living" and "Turning Debt into Wealth"). He's now heavily promoting permanent life insurance.
Here are two quick video segments on how he's illustrating the concept to potential clients that get the point across fast:
Buying a car - John Cummuta - YouTube
Here are two quick video segments on how he's illustrating the concept to potential clients that get the point across fast:
Buying a car - John Cummuta - YouTube
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While most of the population doesn't have ADD, they are still thinking, "So what? What's in it for me?"
Now, I haven't read Larry's piece. Mostly because, "What's in it for me?" Excluding engineers and analyticals, most people really don't care about the process, they just want the results.
But as DHK, don't fix what works.
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- #20
I'm not sure why you think your comment is annoying. I'm tightening the language from what I posted so as to throttle back on both the meandering and detail. I appreciate your input.
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Great points. The initial meeting usually takes one hour unless they want to go deeper. The first 20 minutes they are doing 90% of the talking. The next 20-30 minutes it's a guided conversation, probably 50/50. The first 15-20 minutes of the 2nd meeting is 90% them too.
The fact-finder is only 3 pages for them to complete along with compiling the supporting docs. It's essential to the process. For me it's a major weed check. If after our first visit they aren't willing to do the questionnaire, we part friends.
I agree with you regarding "guided discovery" (drawing their own conclusions). My favorite "Coveyism" is "Think Win-Win".
I assume you know Phil is no longer in production. He was the "rainmaker" for a long time and handed off the prospects and clients to another guy in the office (forgot his name).
I appreciate the thought you've put into your critiques.
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