Charitable life insurance

I have been asking clients to tell me what charities they are passionate about or work with and then I just let them talk. When they are done, I simply ask, “If you could leave (X charity) a bequest rather than paying a final income tax bill, would that be something of interest to you?” This opens up the conversation about estate surplus and taxation, which has led to both insurance sales and asset consolidation to my firm.

—Michael Joseph Haggerty, CPCA, CFP, Fredericton, New Brunswick, Canada, 16-year MDRT member

Daily miracles

My team is made accountable to each other through a scorecard that we review as a team every Monday. Included on that scorecard are intangibles like a goal of performing five “minute miracles” each day. We all take three minutes each day for reaching out to someone to compliment, congratulate or just communicate good thoughts. With a six-person staff and five days a week, 30 miracles are coming out of our little office each week.

—Vanessa Y. Bucklin, MBA, CLU, Conrad, Montana, USA, 11-year MDRT member

Admin manual

I collaborate with a graduate in communication design to write a manual or walk-through document on all administrative matters, using categories such as “payments,” “underwriting” and “medical appointments.” The manual has been very helpful in onboarding and training new staff to assist with administrative work and bring them up to speed as soon as possible. It is updated constantly with “Accurate as of MMYYYY.”

—Naomi Chua Yi-shyan, Singapore, 11-year MDRT member

Differentiate long term and medium term

I find a lot of my clients really don’t know what they are truly saving each year. They have a checking account and then a savings account. I teach them to think about their money in three durations:

• Short term – Any regular expenses (groceries, cell phones, mortgages, etc.)
• Long term – Money that is put away for retirement
• Medium term – Anything that isn’t for retirement but also isn’t a regular expense — think a vacation, a new car, a water heater, etc.

Most people lump the medium-term and long-term savings together. But money moves in and out, and it is hard to see what is really happening. So, I have them separate the two. The money that goes into long-term savings can only come out for other vehicles used to save for retirement. The medium-term account is for those one-time expenses.

Some people put money into the medium term regularly and use it as a budgeting tool. Others like a certain amount of money in there and replenish as needed to keep that amount. But by doing this, we see what they are really saving for retirement, and it makes for easier and more sound planning.

—Jennifer P. Mann, MBA, CFP, Chicago, Illinois, USA, 20-year
MDRT member

Financial planning pyramid

My theory is that earning money is important, but managing money is more important. Two big goals in life are early retirement and financial freedom, and being able to manage money wisely is a basic element of a happy life. However, in my experience, many clients are completely clueless about managing money. Therefore, I often use the financial planning pyramid to help them understand. I start with lower-risk investments, like insurance, as the foundation and move up to the next layer with products for savings and wealth accumulation, and finally, to the peak with higher-risk investments. The pyramid shows the different allocations available to prepare for retirement and makes the concept of financial management easier for clients to understand.

—Pecky Wong So Ping, Hong Kong, China, 32-year MDRT member

90-day action plan

To ensure my team remains on course, we participate in an accountability group. Every 90 days, we report back to the group and provide updates on the three to four projects we’ve been pursuing based on six criteria:

• Why: The rationale behind prioritizing this project
• What: The activity or the project that’s being undertaken
• Who: The designated project champion
• When: The deadline for project implementation
• Goal: The intended achievements resulting from this project
• KPI: The metrics used to gauge progress and outcomes from the project

We limit ourselves to three to four projects to ensure sustained focus. These projects span various business categories including leadership, secret sauce, marketing, new revenue, client experience, delivery, support, people, management, risk management, succession readiness and better business practices.

—Adam McCann, CFP, DFP, Adelaide, South Australia, Australia, 16-year MDRT member

Gain the trust of community leaders

Involvement in service organizations thrusts you into the limelight of community leaders and influencers who hold sway over the opinions and decisions of the community. By actively participating and demonstrating your commitment to the betterment of the community, you earn their respect and trust. Their endorsement isn’t just a passing recommendation; it’s a stamp of approval resonating with authority. When individuals value the community’s judgment, they are far more likely to turn to you for their insurance needs because you come with the highest endorsement. Actively engaging with community leaders opens doors to collaborative initiatives that can have a lasting impact on the community, whether it’s organizing educational workshops or spearheading community service projects. These joint endeavors not only strengthen your relationship with leaders but also position you as a dedicated advocate for the well-being of the community.

—Neha Prasad Doiphode, MBA, Navi Mumbai, India, 13-year MDRT member

Helping them buy

I don’t sell anything. I help people buy. My role is to be a subject-matter expert on the topics that the client needs to hear about to educate them, to inform them, to help them think about what they are trying to accomplish, what their goals and objectives are, and the easiest path to achieve those objectives. Once we’ve done that, if there is a product that I know about, I can apply for it. If there is a planning technique they can use, I’ll share it with them. If I can deliver the solution to their goal and objective, I’ll help them acquire that easily. Have I sold anything? No. I’ve just informed them and made it available.

—Mark J. Hanna, CLU, ChFC, Walnut Creek, California, USA, 36-year MDRT member and MDRT Past President

Beyond writing a book

Establishing your credibility through writing and publishing a book is the first step, but how to fully leverage it is rarely discussed. There are limitless opportunities to promote yourself as a leader to your clients and prospects. Here are a few suggestions:

• Hand out not one but two copies of the book to clients, and ask the client to give the second one to a colleague.
• Quote excerpts from the book in social media posts and link back to your webpage.
• Put QR codes in chapters that bring readers to your site to hear your comments, which allows you to track and obtain their contact information.

—Adrian George, CFP, TEP, Calgary, Alberta, Canada, 14-year MDRT member

Big bucket

If we know that rain is going to fall and we need to collect rainwater for later use, what should we use as a container for the rainwater? A glass? A bucket? Or a water tank? Our hearts are like the container we choose for collecting rainwater. The bigger our heart is, the greater our success will be. Success is as large as the heart itself.

—Tham Wongsankakorn, Bangkok, Thailand, six-year MDRT member

No expectations

When meeting a client for the first time, it is crucial to arrive without expectations. Sometimes prospects drive a big car or dress fancy, giving the appearance that they are wealthy, but we don’t really know how they are doing financially. Maybe they’re showing off, and the luxury car and clothes are all they have left, leaving little money available for savings. There is also the other side of the coin. When we see prospects dressed super simple and driving an inexpensive car, that can mean they have a lot of saving capacity.

—Gerardo López Strozzi, Saltillo, Mexico, five-year MDRT member

Observe first

I am an impatient person. I used to interrupt clients when they were trying to express themselves, which made me miss the opportunity to listen to what they really wanted to express. However, through the study of psychology courses and further training, I learned to first observe clients, including their facial expressions and nonverbal signals, which allowed me to avoid interrupting clients and better understand their real needs. In a relaxed gathering, I can observe clients’ reactions to me as a financial advisor, and I can feel whether they are resistant to certain topics, and then I can adjust my communication strategies to avoid direct sales pressure and instead stimulate their curiosity.

—Pei-yi Shih, New Taipei City, Taiwan Area, seven-year MDRT member