NAILBA Perspectives 2021 Q1 | Page 35

SALES STRATEGIES

The art of the question : Unlocking the key to communication

Instead of advising your client to consider their children ’ s priorities , ask them , “ After you ’ re gone , will your children talk to each other ?”
Simon Singer is founder of the Advisor Consulting Group and has more than 50 years of experience in financial services . A 37-year member of MDRT and Top of the Table , he specializes in wealth preservation , wealth accumulation and simplifying the complex .
We often hear the old adage , “ Communication is key ,” in reference to successful relationships . But we don ’ t always think about how it can apply to our profession , even though communication can be the key to gaining more prospects , more money and more fun . To excel in communication , the keys lie in the art of questioning , answering objections and collaboration .
In between the lines , not on the lines
Turning compelling statements into questions will help you build rapport , gain confidence , and collect more — and better — data about your prospects . For example , rather than simply stating estate planning options , ask , “ Have you analyzed which asset to distribute when and in what order to increase the value to your children ?” By driving the conversation to a philosophical place , you ’ ll learn deeper qualitative details — perhaps you ’ ll find your client has reasons for not wanting to evenly distribute their assets among their children .
I call this getting in between the lines , not just on the lines . Instead of advising your client to consider their children ’ s priorities , ask them , “ After you ’ re gone , will your children talk to each other ?” We ’ ve all seen situations in which families fall apart because the parents didn ’ t consider what was important to the kids . As I tell my clients , “ It took a lifetime to build your estate ; doesn ’ t it make sense to take a few moments to preserve it ?”
Managing objections Sometimes the best way to communicate is to not say anything at all . Just because your client has an objection does not mean you have to respond . Instead , hear their concern and think about what you learned when you got between the lines . If , for example , a client who has demonstrated they value taking care of their family expresses concern about the cost of coverage , you can listen , then return to that value . Remind them what they said about taking care of their family , then illustrate the cost of the alternative .
To support a family after death , you could liquidate your assets at a cost of 300 %, withdraw cash in a bank account at 150 %, borrow from the bank at 200 %, or you could obtain a policy at 30 %. Ground your examples in a way that you know will resonate with your client , and objections will be resolved naturally .
Collaborative questions
General questions are the best route to getting between the lines . I start each client meeting by asking why they ’ re here . They may say their CPA recommended a meeting , they ’ re getting sued , or they ’ re interested in estate planning or income tax planning . Then , I need to know what that means to them , what they ’ ve accomplished so far , what they like or dislike about how they ’ ve been planning . And , if we ’ re to meet one year from today , what would have had to happen during the year for them to look back and be happy that we met ?
You can learn everything you need to know to build a successful relationship with clients and prospects before you even launch into your presentation . If communication is key , the key to communication is simple : just ask . www . nailba . org 35