Intrim Consulting fee vs commission till client buys.

Dear Ted, hope your day is well.

I'm one of your e-newsletter subscribers and have been enjoying from your great insights. I'm a financial consultant in Toronto, Ontario and I have both licenses for mutual fund and life insurance. Since I'm currently compensated by commission, I found it in a lot of times I have been providing consultation service to my clients, but could not get compensated unless they are making purchases. I'm considering to charge my clients by hourly rate, and if they do need me to manage their investments or setup an insurance policy, I will reimburse their fee. (Given that the asset size has met my pre-set minimum.)

May I know what's your view in this?

Thanks for your time.

Best Regards,


Samuel

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Some ideas and thoughts re Consulting idea
by: Ted Wolk

Hi Samuel;

Glad to hear from you. Hope all is going well.

In reference to your question, you should first check with your state/territorial insurance licensing dept. When I was selling, you could do one or the other. However, if you are reimbursing them back, that might work.

When I was selling, I use to run into the same situations. In the long run, what it amounted to was that I had other agents make sales for me, and I made sales for them.

Eventually I started to using the following scenario:

On my presentations, I would go just so far. In other words, I would end with some type of power statement or power phrase, so that they would want to hear more, if you came back.

As an example: Mr prospect, there are many ways to maximize your financial goals. Things like a reverse mortgage, creating tax deferred accounts and so on, along with some of the ideas we talked about. (Use some of your own ideas)

So far, I think you liked some of the ideas I shared with you, is that right?

(Wait for response.) In that case, I would be glad to develop some more concepts and ideas to help you accomplish the financial goals we talked about, but before we do, I need to ask you a question.

"If I did show you some ideas and concepts that you really liked, and decided to implement, do you have a family members or another person or place that you intend to purchase your financial products from, or will you purchase them from me and become my client, if you like what I work up for you. ( If they say yes..)

Can I have your word that?

I ask that because there is a lot of time that I put into developing a personal program for each individual client, and if I am not doing the best job for you, you can fire me at any time.

Then see what they say and go from there.

Remember, in my confidential questionnaire, the last question I asked before even starting any presentation was,How much money could they set aside if they liked what I showed them. Unless they can answer with a definite amount, I would close my books and tell them that there is no sense for us to start talking about anything till they can commit to an amount. Here is that page link > http://www.an-insurance-agents-career.com/ConfidentialQuestionaire.html

Hope this helps...Ted

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