Perspectives Q4 2022 Perspectives Q4 2022 | Page 25

Client retention
That segways easily into retention . I think with the word retention , we often think of retention of staff and that ’ s possibly a struggle with so much of the workforce changing career paths . What I ’ m referring to is retention of clients . This is critical for your book of business . Growth comes from retention and adding new clients . Doing annual reviews is one way to maintain your client ’ s loyalty . Not to belabor the health license but with disability income , Medicare , critical illness and long-term care insurance , these solutions really should have a review . Not only doing an annual review but it will also uncover some potential gaps in vital protection for your clients . All you can do is explain the purpose and why it ’ s important , your clients will tell you if they want to purchase the insurance . But if we fail to open their eyes to potentially solvable risks , that ’ s on us . Presenting all solutions at one time isn ’ t the most prudent thing to do , and especially if you are selling during the Medicare Feeding Frenzy ( AEP ), you must be aware of what can and can not be talked about . If you think about it , by selling DI , CI , LTC and Medicare , you are setting yourself up for renewability and renewable clients . I ’ ve written an article in the past titled :
Go F #*% Yourself , talking about how GoFundMe is a form of charity and not a form of insurance .
With DI and CI , you are potentially selling to a younger demographic and staying in touch with them allows you to help them transition into the other solutions as life needs change like LTC and Medicare .
I lovingly tell prospective recruits that I would like to set them on a path to success rather than have them chase parked cars .
Prospecting for recruits
The hardest thing for most people is Recruitment . I like to call it Prospecting . Where do you get new prospects ? Are you someone that likes leads ? Are you established enough that you work on referrals ( everyone ’ s goal !)? Are you great on the phone and setting appointments ? There are many ways to prospect . I personally like to visit with the agent and find their natural market ( s ). I lovingly tell prospective recruits that I would like to set them on a path to success rather than have them chase parked cars . Nice image , huh ?!
Some folks that I work with have books of business , maybe they are a Property & Casualty agency , and they just need a trusted agent to come in and work their book for certain product lines . This sounds like a goldmine but remember , there is a lot on the line here and they don ’ t just let anyone in . For the most part , these have to be independent P & C agencies . I have had some luck with captive agencies that are allowed to sell outside their carrier ’ s products if they don ’ t offer them . Again , typically Medicare , disability , and long-term care insurances . The RIA fee only space is something that I see emerging more often . With that , they are letting their insurance license expire but still want to round out and offer important insurance solutions to their clients as they see fit . Again , long-term care insurance being the top of that list . They look to me to help them find the right fit for their advisors that they can refer their clients to and monitor that progress .
I think with everything mentioned above , how closely do you work with your BGA / FMO ? They are approached weekly from agents wanting someone to buy their book , to work with and split commissions , or just keep your name top-of-mind so that when an opportunity arises , your name comes to mind !
Measuring success
I hope the fourth quarter of 2022 finds your year as being successful in however you measure success — renewals , retention , or recruitment .
Happy Selling ! www . nailba . org 25