One of the greatest values a financial advisor or insurance professional brings to the client relationship is their encouragement to take action or “pull the trigger.”
Whether you sell life insurance that protects purchasers against death, annuities that protect purchasers against running out of cash, or health insurance that protects purchasers against pain and misery, clients have a tendency to put off doing what would be in their own best interest.
(Related: Top 15 Excuses Why I’m Not Prospecting Today)
Many clients want to ponder, or to wait for reasons that make sense to them.
How can you make the case for clients to act now?
The Wrong Way
As an advisor, you are on the client’s side.
You want to help them reach their goals.
Too many movies like Glengarry, Glen Ross position people in sales as manipulators. You don’t want to bully or intimidate someone into making a decision; you want to provide logical reasons to act now.
You want to acknowledge their concerns and meet them in the middle.
Here are four ideas about how to do that.
1. Post April 15th
April 15th is approaching. It’s tax day. Many people work with an accountant who prepares their taxes. They are a fresh set of eyes, often providing the client with useful, objective advice. They might tell them they are overpaying in fees relative to the returns they received. More likely, they will provide some broad financial planning advice. Let’s assume almost everyone has insufficient assets put aside for retirement. Their accountant likely pointed this out.
Approach: When talking with your prospect you might ask: “Has your accountant prepared your tax return yet? Did they give you any advice about managing your money? Did they say anything about saving for retirement?”
Rationale: Once people see their tax bill, they are often motivated to take action to minimize it next year if they can. This also applies to following their accountant’s advice in areas like retirement savings.
2. The Tax Return Check