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Point of sale - financial planning software selling tips
Each agent will eventually find their success formula through trial and error. Even though these computerized financial needs analysis can be done right in front of the client, I would never try to use it to make a sale in that initial first interview.
I would always gather up and enter as much information as possible from the prospects, and based on the answers they provided me in their confidential questionnaire. I would then take that information back to my office and do a complete workup.
One of the best features that I liked (in the financial needs analysis program I used) was the colored graphical data I was able to print, which would show a year by year cumulative snap shot of all the years.
Many times, when I would make my presentation and show the client and spouse their colored pictorial outline of what their financial picture looked like.
I would say "Mr/Mrs prospect, these green and red areas represent your income picture during the years you will be raising your children, as well as the blackout period when social security stops till the spouses age 62. It is based on the current amount of money you have saved as well as any life insurance proceeds. The green parts show how long your money will last and the red parts represent your income shortage."
were many times when I was
showing the printed presentation, and explaining
the red and green parts of the cash flow
chart that the lady
of the house would
say,” I want you to turn all
areas to green
After getting all the accurate data, I was able to help them turn that red to green.
As always, you need to give people a choice when closing on them. I always tried to have two presentations with me. Plan A and Plan B. Depending on how the interview shaped up, I would start out with (plan A) the one that provide some equity, cash accumulation and if that was not going to fit their budget, drop back to (plan B) a smaller annual premium.
In doing so, I locked my client into me for lifetime. A good financial needs analysis program will provide accurate data and information for you and the client. It also keeps the competition out of the house, because the clients knows exactly where they are in relation to their financial life and that their life insurance portfolio is up to date. Financial planning software
Interaction, the fun part.
were many times, after I
completed the sale, I would let the prospect start plugging in numbers
like interest rate and inflation changes so they could see the instant
changes. It created an interactive situation and they looked foward to
doing the same in our next interview.
Based on what a family could afford, I would always try to complete the money needs and if I had to use 100% term insurance, I would do so. Once you make them your client, you can convert policies later on with whole life/Universal life, etc.
My number one goal was to make their financial program, in the event of an early death, all green. This always locked out the competition, as the prospect would tell any agent calling that they are covered for everything. (Mortgage, Final Expenses, Education fund, Income Replacement, etc.)
I use to work on a two interview basis.
would never try to use the software program to make
in that first interview. As I mentioned, I would always gather up and
enter as much
as possible from the prospects, and based on the answers they provided
their confidential questionnaire.
And then, I would then take that information back to my office and do a complete workup. I would then print it all out and prepare their personal presentation back at my office and put it in a booklet form, to be presented in a formal and professional manner to them.
this does take more time and work than a single purpose one
interview type sale. However, the average size premium was larger and
it made you their Life
insurance agent and not just another
My best lead in question i used to set up an appointment with a new prospect was to ask the prospect:
“ Mr. prospect, has anyone actually ever sat down with you and done a complete financial analysis of your entire financial life. As an example, have they actually tied in your social security benefits to your financial plan or shared with how to use blocks of money to retire early? If not, then maybe we should get together. Mr. prospect, usually my first interview with anyone is to mutually decide if we have anything in common that would warrant a second interview. Are daytime or evening appointments best for you. (Always a choice)
Computer software programs made my life easier and locked in my clients and increased my persistency. Over time, I would add to their retirement, education fund, etc.
The degree of success you will enjoy is based on how well you can relate to people and make them understand and realize what their financial life is all about.
I hope these Financial Planning Software Selling Tips will help you when you start using one of the financial plannning software programs.
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