2017 MDRT Annual Meeting e-handout Material. How to Attract Quality Clients and Differentiate Yourself In Today s Competitive Market

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1 2017 MDRT Annual Meeting e-handout Material Title: Speaker: How to Attract Quality Clients and Differentiate Yourself In Today s Competitive Market Louis J. Cassara, CLU, ChFC Presentation Date: Tuesday, June 6, 2017 Presentation Time: Session Room: 2:00-3:00 p.m. CC - S310 The Million Dollar Round Table (MDRT) does not guarantee the accuracy of tax and legal matters and is not liable for errors and omissions. You are urged to check with tax and legal professionals in your state, province or country. MDRT also suggests you consult local insurance and security regulations and your company s compliance department pertaining to the use of any new sales materials with your clients. The information contained in this handout is unedited; errors, omissions and misspellings may exist. Content may be altered during the delivery of this presentation Million Dollar Round Table Million Dollar Round Table 325 West Touhy Ave. Park Ridge, IL USA

2 The Premise For An MDRT Advisor Trust Question For MDRT Advisors Louis J. Cassara, CLU, ChFC How to Attract Quality Client and Differentiate Yourself in Today s Competitive Market If you want something you have never had, you will have to do something you have never done. What is it that you care about, needs your attention, or you want to focus on that if we were able to help you accomplish in 2017, would make you feel happy with your progress? 1

3 Capture The Opportunity Talented insurance agents are the dominate financial professionals in the upscale markets. Other top financial and legal professionals also work with upscale clients, doing an exceptional job and prospering, but when they are compared with the very best producers in the insurance industry, the insurance agents dominate. Without question, there are sensational stock brokers, attorneys, accountants and bankers, but the best of the best among these professionals are no match for the best of the best of the insurance industry. This conclusion is based on more than a decade of empirical research on the upscale markets... there is no group of professionals more gifted, dedicated, client-focused, and innovative than high-end - Russ Alan Prince insurance agents. Winning the War for the Wealthy The 3 Biggest Industry Challenges To Eliminate The Three Biggest Challenges You Face In Your Career LEADERSHIP FATIGUE 87% of clients leave professionals and companies because of the relationship - not product performance LACK OF CONNECTIVITY 66% of current clients are considering changing relationships. High tech has produced low touch. Clients are overwhelmed with options and do not know how to interpret or implement solutions DECLINE OF TRUST 35% of people feel others can be trusted. There is a high cost disconnect between the value promised and value achieved resulting in lost performance and profitability. Challenges of Building Your Business What is the single biggest challenge you have when it comes to building your business? 1. Increased Complexity of The Selling Process 2. Rapid Commoditization 3. Competitive Forces 4. Escalating Client Requirements 5. Differentiation In The Market Place 2

4 The Case For Change Formula: D+V+P > C Dissatisfaction + Vision + Process > Cost of Change Your Future As An Advisor CHOOSING SIDES VS COMMODITY SALE COMPLEX SALE A Key Thought MDRT advisors create and develop their own markets and processes. They create their own playing field, rather than follow the crowd. 3

5 Something To Think About You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete. - R. Buckminster Fuller The Optimal Business Model Equipping champion advisors to become skillful cultivators of productive and profitable client relationships The Client Creator Process The principles and patterns to attract, connect and commit to significant client relationships 4

6 How The MDRT Advisor Prepares ATTRACT CONNECT COMMIT HOW DO I COMMUNICATE MY VALUE? HOW DO I UNDERSTAND AND ACTIVATE THE EMOTIONS IN OTHERS? HOW DO I EMPOWER MY CLIENT TO TAKE ACTION? MDRT Advisor Premise For Their Business Change the way you look at your business and your business will change. Ask Yourself Am I constantly chasing after, or allowing my schedule to be filled with, mediocre prospects or misguided schemes for success; effectively holding off truly exciting opportunities for outstanding achievement? 5

7 ATTRACT The Attraction Principle QUESTION Why would someone work with me? PREMISE If you do not place a value on yourself, someone else will TOOL The Personal Value Statement RESULT Attract vs. Chase A Case Study The Personal Value Statement For over 30 years, entrepreneurs and business professionals have chosen to work with me because I am passionate, dedicated and committed to being a resource for their financial security. What this means is that I show a genuine interest in what you care about and share a process that will help you protect and preserve your lifestyle, assets and loved ones. The real benefit is that you will have the clarity, confidence and capability to honor your agreements to yourself, and the people that matter most to you. Never Forget To be truly successful, it is necessary to operate from principles that produce success, not just imitate the actions of others. People buy from people based on how they feel about them and not by what they think about them. In order for you to be hired, in almost every case, someone else has to be fired. 6

8 Something To Think About The problem with communication is the illusion that it has been accomplished. - George Bernard Shaw CONNECT The Connection Principle QUESTION What would your client walk the plank for? PREMISE Talk to someone about their life before talking about their money TOOL The CORE Conversation RESULT Connect vs. Confuse A Case Study CONNECT The Connection Principle THE TRUST QUESTION What is it that you care about that if I was able to help you focus on and accomplish over the next 12 months would make you feel happy with your progress? 7

9 Never Forget People love to be served and dislike being sold. You may talk yourself out of a sale, but you will never listen yourself out of a sale. Answers are only important when you ask the right questions. Something To Think About Knowing is not enough; we must apply. Willing is not enough; we must do. - Goethe The Commitment Principle QUESTION How do I empower my client to take action? PREMISE To get a commitment, you must make one first. COMMIT TOOL The Intention Transformer RESULT Commit vs. Close A Case Study 8

10 Tool: The Intention Transformer INTENTION GOALS TASKS RESULT A direction, aim or purpose that comes from within you A feeling of desire and inspiration driving your goals A compelling reason that powers your intentions into actions A feeling of happiness when accomplished A necessary element of a goal that needs to be done A feeling of relief when completed A plan with the necessary tasks that need to be done The outcome when actions are aligned with intentions Never Forget Knowing why you do something empowers you, not how to do it. In every meeting a sale is made and a lesson learned. If you want something you have never had, you will have to do something you have never done. The Mindset & Skill Sets of an MDRT Advisor MINDSET SKILL SET MINDSET SKILL SET MINDSET SKILL SET When the agent is ready, the client will appear Create & communicate a statement of value Your process is your product Have a relevant and meaningful conversation You get paid to bring value to the marketplace Help clients move forward on their intentions 9

11 so The Moment of Truth Yesterday I was clever I wanted to change the world Today I am wise So I am changing myself. - Rumi An MDRT Advisor Vision You will have unlimited abundance when you do what you do so well, that when others see what it is that you do, they will want to see it again, and bring others with them to see what it is that you do. - Walt Disney 10