We all learned that the shortest distance between two points is a straight line. Well, it appears that some advisors take it literally when selling life insurance to the affluent prospects. “Just let me get in front of well-to-do prospects and I’ll take it from there.”
Therefore, some advisors fail when attempting to break into the affluent life insurance market.
(Related: Novel Coronavirus Disease and Life Insurance Underwriting)
They dream of getting face-to-face with affluent prospects and walking away with signed applications. This rarely comes true.
Advisors who want to be successful in the affluent market space, unlock the door to winning large cases by using three keys.
1. Take an indirect approach.
There was a time when mothers told their daughters the way to a man’s heart is through his stomach. So, they learned to cook. The same strategy works when prospecting for wealthy clients. In other words, advisors should consider implementing an indirect, collaborative approach if they want to capture well-to-do prospects.
And here’s why. To put it bluntly, affluent prospects don’t want to see life insurance salespeople. They’re too busy, too engaged in their business or professional obligations and are generally skeptical. That’s not all. They have trusted advisors who advise and protect them, including accountants, lawyers, financial planners, and charitable donation experts, among others. If you want to reach affluent prospects clients, the way to do so is getting to know their advisors.