The Dream Team: You And Your Life Insurance Wholesaler

Bringing a wholesaler into an estate planning conversation can help you uncover other assets that your client may have. It’s not unusual for affluent clients to rely on multiple financial professionals; therefore, you may not be aware of all the assets your client owns. Part of the fact-finding process for estate planning is detailing all of a client’s assets, including investments, real estate, business interests, art, collectibles and other valuables in order to accomplish a complete life insurance needs analysis.

In many instances, a wholesaler will gladly ask questions that you may have felt uncomfortable broaching. It may be awkward for you to inquire about other assets your client may own. However, it is important for you to ask about other assets to complete a life insurance needs analysis. And your wholesaler needs to explore these issues to help create an appropriate life insurance plan.

One question your wholesaler should ask is, “If there were no tax laws, how would you distribute your assets?” Listen to your client’s answer carefully because it can help reveal larger goals and objectives that you might otherwise miss. Those observations can be instrumental in helping you and your wholesaler collaboratively craft a life insurance plan for your client.

Your knowledge of your client, combined with your wholesaler’s technical prowess, should allow you to hit the mark and create something of long-term value for your client. But before you make the presentation, rehearse your roles together. As your client’s trusted financial confidant, you should lead the presentation by providing an overview of your client’s goals and objectives.

Let your wholesaler take you and your client through the details of the life insurance proposal. Once the presentation is complete, nine times out of 10 your client will ask you, “So, what do you think?” Your client already trusts your professionalism on financial matters so it’s only natural for him or her to solicit your opinion on life insurance, as well.

But what if your client doesn’t like the proposal? What happens if your client believes you’ve missed the mark? How can you keep the ball in play and still pull out a win?

Not to worry. One of the unspoken advantages of working with a wholesaler is that you simply can tell him or her to go back to the drawing board and address these concerns that your client has expressed. Or, in some instances, you can simply bench your wholesaler. In short, if your client likes the proposal, it’s the result of your hard work. If your client dislikes the proposal, it’s your wholesaler who failed–not you.

Like the Chicago Bulls, every player on your insurance team has a role to play. In this instance, you are your team’s Michael Jordan–the star, the leading scorer and All-Star performer. Your wholesaler, like the Bulls’ Scottie Pippen, is your foil, a talented player who is supporting your success.

Forming a team with a capable life insurance wholesaler can add tremendous value to both your financial practice and your clients’ financial futures. Make sure you take the court with the best of the best. Be a player whose goal is to help your clients and their families secure a bright financial future and to help you shine in their eyes.