Putting it in writing?

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Jul 3, 2009 5:06 pm

Met with a prospect -- couple, mid-40s, saving, 500k in assets. They wanted to know if they can retire at age X and if they can send their two kids to private school. I went through the calculations with them, in an effort to show value so I can manage their accounts. Then I walked them through generally what they need to do -- insurance protection, better asset allocation, tax efficient investing and how I can help them do it.
At the end the wife says, 'I should have taken notes. Can you put that in writing -- just four or five bullet points we need to address?'
I think that makes sense; for example, we can start with insurance and it will keep them on track to actually address their concerns. Once they solve insurance we can move on to the next thing.
Do any of you put these things on paper -- either just sum up what was said in a meeting or in a bigger sense to put their goals down on paper to keep everybody on the same page.



Jul 3, 2009 5:29 pm
buyandhold:

Met with a prospect -- couple, mid-40s, saving, 500k in assets. They wanted to know if they can retire at age X and if they can send their two kids to private school. I went through the calculations with them, in an effort to show value so I can manage their accounts. Then I walked them through generally what they need to do -- insurance protection, better asset allocation, tax efficient investing and how I can help them do it.
At the end the wife says, 'I should have taken notes. Can you put that in writing -- just four or five bullet points we need to address?'
I think that makes sense; for example, we can start with insurance and it will keep them on track to actually address their concerns. Once they solve insurance we can move on to the next thing.
Do any of you put these things on paper -- either just sum up what was said in a meeting or in a bigger sense to put their goals down on paper to keep everybody on the same page.





Tell them that when they become clients and move the assets, you'll make sure they've got some stuff in writing. Why didn't you close on that appointment?

Jul 3, 2009 5:33 pm
Alice Cooper:
buyandhold:

Met with a prospect -- couple, mid-40s, saving, 500k in assets. They wanted to know if they can retire at age X and if they can send their two kids to private school. I went through the calculations with them, in an effort to show value so I can manage their accounts. Then I walked them through generally what they need to do -- insurance protection, better asset allocation, tax efficient investing and how I can help them do it.
At the end the wife says, 'I should have taken notes. Can you put that in writing -- just four or five bullet points we need to address?'
I think that makes sense; for example, we can start with insurance and it will keep them on track to actually address their concerns. Once they solve insurance we can move on to the next thing.
Do any of you put these things on paper -- either just sum up what was said in a meeting or in a bigger sense to put their goals down on paper to keep everybody on the same page.





Tell them that when they become clients and move the assets, you'll make sure they've got some stuff in writing. Why didn't you close on that appointment?

 
It makes me ill to say this, but I would have to agree.  The meeting with the prospect is a "decision" meeting, not a "we'll think about it" meeting.  You should have established the result of the meeting dependant on the content before the presentation.  Yes or no should be the only outcomes 99% of the time.
Jul 3, 2009 5:48 pm

[/quote]

Tell them that when they become clients and move the assets, you'll make sure they've got some stuff in writing. Why didn't you close on that appointment?
[/quote]

Good question. The answer would be a) I usually close a big account like this on the third meeting, and b) Maybe I need to close these prospects faster.
This particular couple told me what they wanted from their advisor was a big picture approach they weren't getting from their current advisor. They've got a major insurance shortfall so my plan is to get that addressed and the accounts will follow.




Jul 3, 2009 6:24 pm

You should always close on WORKING WITH YOU in the first meeting 100% of the time.

 
You can close on a specific solution/recommendation at a later meeting.
Jul 3, 2009 8:00 pm

I'm curious how you guys close appointments? What do you say to close?

Also, what is your response when someone says "we need to think about it"

Jul 3, 2009 8:54 pm
voltmoie:

I'm curious how you guys close appointments? What do you say to close?

Also, what is your response when someone says "we need to think about it"

 
The close happens before the meeting.  "If I can show you a plan that meets your needs, are you prepared to make a decision, yes or no, today?"
 
If you get to the meeting and you hear "I want to think about it", say "We discussed before this meeting that if I was able to show you a plan that met your needs, you would do business with me today.  By saying 'let me think about it'  you are telling me that the plan is insufficient or I have not given you all the information you need to make a decision, whether that be yes or no.  What concern do you have that  I have not addressed?"
Jul 4, 2009 11:55 am
voltmoie:

I'm curious how you guys close appointments? What do you say to close?

Also, what is your response when someone says "we need to think about it"




If you're doing things right there shouldn't be a "close." The whole process you've taken them through is one long closing process.  The decision should be the solution to their concerns and should be the obvious decision for everyone involved.

Jul 4, 2009 1:34 pm
BerkshireBull:
voltmoie:

I'm curious how you guys close appointments? What do you say to close?

Also, what is your response when someone says "we need to think about it"




If you're doing things right there shouldn't be a "close." The whole process you've taken them through is one long closing process.  The decision should be the solution to their concerns and should be the obvious decision for everyone involved.



That's what I think, too. I didn't get them to open an account, but they are scheduled for another appointment. I will type up some talking points from our meeting yesterday for their review and we will start by getting them underwritten for life insurance, which is need No. 1.


Jul 5, 2009 11:08 am
buyandhold:
BerkshireBull:
voltmoie:

I'm curious how you guys close appointments? What do you say to close?

Also, what is your response when someone says "we need to think about it"




If you're doing things right there shouldn't be a "close." The whole process you've taken them through is one long closing process.  The decision should be the solution to their concerns and should be the obvious decision for everyone involved.



That's what I think, too. I didn't get them to open an account, but they are scheduled for another appointment. I will type up some talking points from our meeting yesterday for their review and we will start by getting them underwritten for life insurance, which is need No. 1.




Glad to see I'm not the only one that feels this is the top priority and logical starting place.  I like to mail them an article of interest to sortof "bridge" between meetings but your summary might be a good idea as well.

Jul 5, 2009 11:38 am
buyandhold:

Met with a prospect -- couple, mid-40s, saving, 500k in assets. They wanted to know if they can retire at age X and if they can send their two kids to private school. I went through the calculations with them, in an effort to show value so I can manage their accounts. Then I walked them through generally what they need to do -- insurance protection, better asset allocation, tax efficient investing and how I can help them do it.
At the end the wife says, 'I should have taken notes. Can you put that in writing -- just four or five bullet points we need to address?'
I think that makes sense; for example, we can start with insurance and it will keep them on track to actually address their concerns. Once they solve insurance we can move on to the next thing.
Do any of you put these things on paper -- either just sum up what was said in a meeting or in a bigger sense to put their goals down on paper to keep everybody on the same page.




 
I do that.  The only difference is that when we discover the need for insurance, it is being done immediately.   A phone call will be placed on the spot to set up the exams.  All of the recommendations will be extremely generic, but I'll have them immediately transfer the assets. 
Jul 5, 2009 11:58 am
anonymous:
buyandhold:

Met with a prospect -- couple, mid-40s, saving, 500k in assets. They wanted to know if they can retire at age X and if they can send their two kids to private school. I went through the calculations with them, in an effort to show value so I can manage their accounts. Then I walked them through generally what they need to do -- insurance protection, better asset allocation, tax efficient investing and how I can help them do it.
At the end the wife says, 'I should have taken notes. Can you put that in writing -- just four or five bullet points we need to address?'
I think that makes sense; for example, we can start with insurance and it will keep them on track to actually address their concerns. Once they solve insurance we can move on to the next thing.
Do any of you put these things on paper -- either just sum up what was said in a meeting or in a bigger sense to put their goals down on paper to keep everybody on the same page.




 
I do that.  The only difference is that when we discover the need for insurance, it is being done immediately.   A phone call will be placed on the spot to set up the exams.  All of the recommendations will be extremely generic, but I'll have them immediately transfer the assets. 



Are you underwriting the insurance prior to deciding what type and how much?

Jul 5, 2009 12:21 pm

[/quote]

Are you underwriting the insurance prior to deciding what type and how much?
[/quote]

I'm interested in that answer, too. Doesn't that also mean determined the insurance company right away?
Also curiious if Hartford underwrites me term at Standard Non-Tobacco, can I go to Met Life and get a solid quote based on that, even if permanant is now the need, or do I have to get underwritten again by Met Life?



Jul 5, 2009 1:27 pm

anonymous is with a major insurance company.  (That much is evident based on his posts.)

 
If his company declines or has "rated" the applicant, then he can still shop the application through MANY more companies.
 
So, yes, the company is determined up front.
 
Also, it's my guess that he probably does the application for the maximum that makes sense for the prospect.  The actual policy can be adjusted prior to delivery and acceptance by the client - adjusted for face amount & premiums that the client is committing.
 
Hope that helps.
Jul 5, 2009 3:51 pm

Are you underwriting the insurance prior to deciding what type and how much?


I'm interested in that answer, too. Doesn't that also mean determined the insurance company right away?


Before underwriting, it is impossible to know the right combination of type, amount, and company.  That is why it doesn't make sense to make a decision until after a policy is approved.   
 
I'll have it underwritten for the greatest amount of coverage that might be purchased.   I'll take an educated guess on which company should be used.  We will apply to that company.  At the same time, my client will sign a HIPAA authorization that allows us to shop the coverage to many other companies. 

Ex. Buyandhold is my client.  I think that Hartford is the best company for him.  He comes back standard when I expected him to get preferred with them.  I can give Met all of the information and they'll underwrite him without Buyandhold having to do anyting.  If Met is the better company for him, I will then have him fill out a Met application.  At the time that he fills out the Met application, I will know what their rates will be since it's already been underwritten by Met.
 
It makes no sense to talk life insurance specifics before underwriting.  If someone needs coverage, apply today.

Jul 5, 2009 4:03 pm

What product(s) do you like for permanent insurance/accumulation anonymous?

Jul 5, 2009 4:11 pm

Anon, Ominous -- good info, thanks.

Jul 5, 2009 5:08 pm
BerkshireBull:

What product(s) do you like for permanent insurance/accumulation anonymous?


 
I'm not sure how to answer this question.  The advantage of permanent insurance is a lifetime guaraneed death benefit.  It doesn't get used as an accumulation product.
Jul 6, 2009 9:12 am
anonymous:
BerkshireBull:

What product(s) do you like for permanent insurance/accumulation anonymous?


 
I'm not sure how to answer this question.  The advantage of permanent insurance is a lifetime guaraneed death benefit.  It doesn't get used as an accumulation product.



You don't use overfunded universal life then I'm assuming, you're a whole life guy?  What WL or guaranteed universal life products do you like?  (Not trying to be a smartass here, I'm really curious what others like to sell)

Jul 6, 2009 10:17 am

Berkshire, I don't want to out myself.  I like term insurance.  I like WL.  I like GUL.   Very seldom do I find UL that's not GUL to be appropriate.  I still can't figure out a single scenario where VUL is the best for the client.

 
With term insurance, I'm primarily looking at price if the policy won't be converted.  If it is going to be converted, I want the client to buy term insurance from the company that sells a quality whole life product.
 
With GUL, I'm primarily looking at price. 
 
With WL, I think that the client should buy a participating policy from a highly rated mutual insurer.
 
With disability income coverage, the contractual provisions is what is most important.  Price is much less important.
 
With LTCi, it is a case by case decision.   I just need to point out that if someone buys LTCi from a stock company, they should be expecting price increases.