sales and marketing
| By Julie Britt
SALES IDEAS
Listen and Learn
Successful advisors offer advice for closing the deal.
If you’re looking for ways to build your practice, try the techniques that have helped other advisors achieve
success. Here are some tips from advisors
who have developed strong careers.
While consumers are warily eyeing
the stock market and other economic
indicators, don’t emphasize investments,
one advisor recommends. “Focus on life
products, like life insurance, disability,
long-term-care insurance and annuities,”
says Patricia Smith Phillips, a financial
representative with Northwestern Mutual
Financial Network in Glens Falls, N. Y.
“Focus on those products because all you
have to do is find enough people who
love somebody and want to protect them
with life insurance so that if something
happens, this person can carry on. Find
people who love someone or have something like a business to protect if they
weren’t here.”
yourself that day and do this policy. The other 29 days of the month, pay our bills, pay your mortgage and pay our car insurance, but on the first day of every month, work for yourself and pay yourself. And save that first day of
work because you’ll be so excited the first
of every month if you put this money up
through a life insurance plan.”
This method works, Phillips says.
“They say, ‘You know, I can save
$150 a month. And if I can do that for
myself the first day of every month,
that’s really cool. I can do that.’”
Cooley says. “I find that
spending time with others
in this industry, attending
conferences and reading really get
me thinking about better, more
efficient and more fun ways to
build sales.”
Solicit referrals
Getting strong referrals is another key
to increasing your sales, but you don’t
have to sit around and wait for your
clients to think of prospects for you.
“To harness the power of the world of
referrals, show up at every client meet-
“ To harness the power of the world of
referrals, show up at every client
meeting with the names of five individuals
you think your client will know.” —Karen P. Cooley
When you find those people, one way
to close a life insurance sale is to break
down the cost of coverage into an easily
comprehensible portion of the client’s
income, Phillips says.
“I call it the insured-savings concept,”
she says. “You sit down with someone and
say, ‘Do some whole life in your life.’” The
client is likely to say he can’t afford the
$150 monthly fee, for example, that you’ve
quoted. “Then you say, ‘how much do
you make the first day you work of every
month? What do you make that day?’”
If the client says, “I make $150 a
day,” Phillips responds with, “Then pay
ing with the names of five individuals
you think your client will know. If
he does know these people, ask if he
would be willing to introduce you to
them. Often when we share names
with our clients, referrals flow,” says
Karen P. Cooley, a Tallahassee, Fla.-
based registered representative with
Park Avenue Securities LLC, a wholly
owned subsidiary of The Guardian Life
Insurance Co. of America.
Networking also serves her well.
“To date, my best sales idea involves
networking with various professional
women’s organizations in Tallahassee,”
Develop listening skills
Sometimes the most basic skills can garner the most success. Even if you have
a clear understanding of your products
and have perfected your presentation
skills, don’t forget to let the client speak.
“Being a good listener is the best
sales idea I have,” says Diana L. Hoverson, LUTCF, a financial representative with Country Financial in Grand
Forks, N.D. “This allows me to actually hear what my clients are in need
of and what is important to them.”
She then tailors her advice to their
needs. “If you don’t listen properly,
you miss out on creating that lasting
relationship with your clients as well,”
Hoverson says.
“Listen to your client,” says Jennifer Alford, vice president and owner
of Creative Financial Partners in
Perrysburg, Ohio. “Have they mentioned a newlywed or the birth of a
new grandchild? If they have, ask to
meet them directly. It’s more precise
than asking to meet their friends and
family. The key to success in this field
is listening and being willing to ask for
what you want.”
»click! advisor Today.com
For more sales ideas, go to
www.advisortoday.com.
54 ADVISOR TODAY | November 2009
