I guess what I mean is , where do you find the clients ? This is just another level that I am not on .
Million Dollar Whole Life Declined :-(
- Thread starter Lainey
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I guess what I mean is , where do you find the clients ? This is just another level that I am not on .
///MJay
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- 96
That is the magic question. This business is equal parts a quest for knowledge and a quest for people that are in need of and open to hearing that knowledge. Start with a study of who would need or benefit from a case like that. Then you can identify where to find them. Then you can test different ways to approach these individuals to see what works for you. But you can't afford to chase these all day. Just like singles win baseball games average cases pay the bills. Home runs and grand slams are more exciting but they don't happen in every game. I worked that case for over a year and ultimately lost it. You could argue I would have been better off having never worked it at all. I learned a lot as I went and even more when it was over as I looked back. It was an expensive education but I am a better professional as a result.
- 717
He said he would find out why and let me know but he also told me he would email me a copy of his paramed results several weeks ago and I haven't received them yet either. He's always on the go and I'm guessing I'm not too high on his list of priorities, especially now that he knows he was declined. lol
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Wow! That's even worse. I would have been devastated too if it played out like that. Ouch! I was already a little nervous about having such a big premium paid so far in advance (he wanted to pay 5 years in advance, though I never even found out if it would be allowed). A charge back on something that big could be catastrophic!
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Thanks! I'm considering other options. I really need to find out why they declined him. Hopefully I can get that soon. I'll check out your pinterest page too.
If he was declined for medical reasons, it's either a medical condition that he is fully aware of but didn't tell you, or something came up in the lab results. What insurance company did you apply to? It doesn't necessarily mean he is a decline with all companies....it could be a good case if you work it, not to mention the sibling cases that may be available to you.
- 711
Well the commission was $375,000? You can get the accountant taken care of for about 5 G's down at the flea market
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OK that was a joke people.
You have to ask who else is involved in the decision making process up front. There is nothing worse, to me, than dealing with the hanger on's who always have an opinion but never help pay. Accountants are glorified hanger on's.
( I sold cars one summer out of college and had to learn how to deal with the "advisor")
They are the people screwing up a car deal because they think "they can do better" and their friend ends up not getting the car he wants. That is what the accountant is only for the almost big time business owner.
I would demand to meet with the accountant and try to get him on my side. If he was being an ignorant a$$ I would look him straight in the face and ask what he thought. When he made it clear that 1. He has no idea what he is talking about and 2. That he isn't the one paying, his authority in the case would be diminished.
I would then start making some recommendations and asking the accountants opinion in order to help his ego and make him agree with me.
I swear I have no idea why life insurance agents are in awe of accountants. They are mostly average individuals in every sense of the word. They are dorks. Put them in their place and let them know that if they act right they might be invited to the table with the cool kids.
But yes accountants screw up sales all the time. My dad who sells to almost big time business owners, regularly deals with these guys but he uses kids gloves. No idea why.
If you really want to hurt the accountant, ask for the tax return ( you should already be asking for it). Find an area that the accountant screwed up as there is always one and then call the accountant in front of the business owner and ask if you can get this straightened out.
The business owner will ask you for an accountant and then you can refer one of your friends who knows better than to try and screw you over.
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It appears that is what happened in this case, and was curious as to how he would handle this in the future.
I can't say that accountants have screwed up sales for me (I'm sure there are a lot that would given a chance), but I've actually gotten biz from established accounting firms.
Financial advisor is the one that I look out for, and the first mention of one, I'm ready to hang up. A couple of times I've had them steal the deal, with the same product/carrier, once the client took my suggestion back to them.
- 477
Well the commission was $375,000? You can get the accountant taken care of for about 5 G's down at the flea market
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OK that was a joke people.
You have to ask who else is involved in the decision making process up front. There is nothing worse, to me, than dealing with the hanger on's who always have an opinion but never help pay. Accountants are glorified hanger on's.
( I sold cars one summer out of college and had to learn how to deal with the "advisor")
They are the people screwing up a car deal because they think "they can do better" and their friend ends up not getting the car he wants. That is what the accountant is only for the almost big time business owner.
I would demand to meet with the accountant and try to get him on my side. If he was being an ignorant a$$ I would look him straight in the face and ask what he thought. When he made it clear that 1. He has no idea what he is talking about and 2. That he isn't the one paying, his authority in the case would be diminished.
I would then start making some recommendations and asking the accountants opinion in order to help his ego and make him agree with me.
I swear I have no idea why life insurance agents are in awe of accountants. They are mostly average individuals in every sense of the word. They are dorks. Put them in their place and let them know that if they act right they might be invited to the table with the cool kids.
But yes accountants screw up sales all the time. My dad who sells to almost big time business owners, regularly deals with these guys but he uses kids gloves. No idea why.
If you really want to hurt the accountant, ask for the tax return ( you should already be asking for it). Find an area that the accountant screwed up as there is always one and then call the accountant in front of the business owner and ask if you can get this straightened out.
The business owner will ask you for an accountant and then you can refer one of your friends who knows better than to try and screw you over.
Not sure why you hate accountants so much but let me just say you usually will not get the sale without their blessing. Your dad must know this that's why he uses kid gloves. Most business owners live by what their CPA tells them and there is no way a life insurance agent is going to change their mind.
How many times have you seen an accountant screw up a tax return? How can you tell they even screwed it up without all the clients tax forms?
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Been down that road before....the lesson on big cases is that you have to know all the parties involved from family members, lawyers, accountants. I would then do a sit down with my client, and let him know that this case is going to pay me a lot of money, and let your client know that on past cases of similar size, the amount of money involved tends to make some accountants and lawyers act strangely....and it would be best if we did 1 on 1 calls with each of these parties now to clear the air and get everyone on board. It works well to keep that accountant and lawyer from trying to go to the client behind your back because it makes them look foolish.
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The best way to BLOW a big case with a business owner is to "put the accountant in their place".
There is a damn good reason your dad treats them with kid gloves.... because they are vital to making the sale!!
Not only that, but if they have one client that has a need for what you do.... then chances are they have multiple clients who have a need for your services. So "putting them in their place" is ruining a potential referral and networking source for you.
But most importantly, the business owner did not sit the two of you down together to fight. When you go into the situation hell bent on confrontation, then you will lose any respect and trust the client had in you.
And trying to find a mistake that they made to call them out about?? That is extremely unprofessional and extremely transparent from a "sales" standpoint. You will absolutely lose most business owners at that point. If there is indeed a mistake, then you point that out privately.
None of this has anything to do with "being in awe" of CPAs. It has everything to do with the fact that in most situations, the business owner has trusted that accountant for a hell of a lot longer than they have even known you existed. It is also about doing business in a professional manner. If the accountant gets rude or confrontational, then by all means defend yourself. But you going in there with that mindset is disastrous.
When dealing with a CPA, you make friends, then you make your case in a logical and professional manner. When you go in with an attitude then you have already lost the case...
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A tip for dealing with CPAs and accountants... ask the client if its ok for you to contact the CPA so the two of you can discuss the clients situation and needs. Have the client tell the CPA it is ok to disclose info to you. Then invite the CPA out to lunch to discuss the clients situation. Tell them "I just want to get your opinion about this and make sure that we can present a unified recommendation to OUR client".
The client appreciates you being proactive and doing your due diligence.
The cpa appreciates being involved and does not feel left out and is less likely to derail things. Especially if you two can gain some consensus about insurance options during your lunch meeting.
- 711
Okay I guess people are not understanding what I said.
The guy we are talking about lost $375,000 because of a CPA and had lots of tax problems on top of that. Whatever he did obviously didn't work.
I said: Find out who is in on the decision. If an accountant or CPA is in on the decision then you have a right to talk to him.
If he is not cooperating then you have to have a trick up your sleeve. Ask him point blank questions if you know he doesn't know what he is talking about. This will scare him.
That is why next you ask his opinions in order to help his ego and get him on your side.
If the accountant is out to get you, often times because they want someone else to get the sale, you need another trick up your sleeve. That is why I recommend finding something the accountant missed. Call him up and ask if it can be fixed. I didn't say to curse him out.
And the reason you know the accountant missed something is because you know your client. A lot of these business guys have had their CPA's for years and the CPA is lazy, takes the client for granted, and are really semi retired.
I then said you can replace the CPA. I should have said that you only should try to do this if the CPA is really an ***. So my bad there. You shouldn't go around trying to get CPA's fired.
The guy we are talking about lost $375,000 because of a CPA and had lots of tax problems on top of that. Whatever he did obviously didn't work.
I said: Find out who is in on the decision. If an accountant or CPA is in on the decision then you have a right to talk to him.
If he is not cooperating then you have to have a trick up your sleeve. Ask him point blank questions if you know he doesn't know what he is talking about. This will scare him.
That is why next you ask his opinions in order to help his ego and get him on your side.
If the accountant is out to get you, often times because they want someone else to get the sale, you need another trick up your sleeve. That is why I recommend finding something the accountant missed. Call him up and ask if it can be fixed. I didn't say to curse him out.
And the reason you know the accountant missed something is because you know your client. A lot of these business guys have had their CPA's for years and the CPA is lazy, takes the client for granted, and are really semi retired.
I then said you can replace the CPA. I should have said that you only should try to do this if the CPA is really an ***. So my bad there. You shouldn't go around trying to get CPA's fired.
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