One our newest items now listed in our shop! Excited about adding some color! We are offering this in 10 colors! Not to mention the quote! With all the gems St. Padre Pio has left is with, this is one of our favorites. Especially in such tense times we seem to be living in, the is such a beautiful reminder!
Hey NEW financial advisors, here are 3 TIPS for you to improve yourself today! 💯
1. Make sure you POSITION YOURSELF correctly. 👍🏼 The way you position yourself will affect the way you are PERCEIVED and clients want you to be positioning yourself in the correct light.
2. If you are not spending time on BUILDING yourself, if you are not INVESTING back in yourself, you would have a problem. Would you work with a doctor that is not qualified or a doctor that is qualified? 🤔 Formal or informal, it doesn't matter. But spend time to EDUCATE yourself. Train, mentor, coach, whoever you find, learn from them and UTILISE the KNOWLEDGE to get you to the next level.
3. Make sure you have conversation starters with every single person you meet. 🤝🏻 Not just any basic conversation starter, a conversation starter which can LEAD you to your FINANCIAL PLANNING PRESENTATION.
As soon as you have invested money into your business assets, make sure you have the RIGHT COVERAGE of Business Insurance to protect your business from unforeseen RISKS. ✅
If you are a client reading this and you're curious about how insurance can HELP YOU with your business, speak to any financial advisor around you to find out more. Because insurance is a NECESSITY for every business!
There are two questions you never ask anyone
1. You never ask a woman their age, very rude
2. You never ask a man his income, very rude
You wonder why clients don’t disclose it to you, well the reason is you don’t actually are supposed to ask those questions. So, the simplest way to handle this is first of all you don’t need to ask their real income.
Why don’t you just use the very simple solution which is what I called “The Rule of Thumb”. The formula is what you should share with your client. Mr client, the amount of life insurance you should buy is 10 x your annual income.
It doesn’t matter what your income is, it is 10 x your annual income. If you are earning a million dollars, it is 10 x your annual income.
The amount of income protection that you should buy is very clear, it is 5 x of your annual income. How many years of your annual income do you want me to protect? So if you do fall sick, I want to make sure 5 years of your annual income is protected due to illness, that is the rule of thumb.
So whenever you want to ask a client do the right thing, you use the rule of thumb strategy rather than going around asking them how much is your income. Learn to teach your clients because when you teach your clients
They will also appreciate the work that you do for them, so focus on the Rule of Thumb. This is the right way to sell insurance.
Decide what age you plan to retire at and determine how much you will need to save in order to live a comfortable lifestyle once you do RETIRE. 👴🏻 This is something you will want to reevaluate throughout the years.
(➡️ WHAT SHOULD YOU DO when a critical illness claim is paid out)
After the person receive the claim, do you think it is the RIGHT decision for them to:
- Buy a new Rolex watch
- Go for a long vacation
- Made a down payment to a new house and took the rest of the money for the property as a mortgage
- Buy a new car
Some might say.. well it is their money and they have the right to choose how and when and where they use the money but
Think about it:
1. The person is surely NOT INSURABLE for an income protection ever again.
2. He did make a capital investment into a property but also took on a BIGGER LIABILITY than his investment.. which can't be insured in the event he has another major critical illness and we all know relapse is a possibility.
3. Purchased luxuries from an advance payment of income which they wouldn't have if they didn't get this pay out. (It was not a bonus from work... but it was treated as a bonus)
A lot of families are UNAWARE of what to do in the event they do get a critical illness pay out in the form of a big lump sum of cash.
If you are a client reading this; have this discussion with your family.
If you are an advisor reading this; SHARE THIS with your CLIENTS as they may not be aware of what to do.
Why not have this discussion with them when they are purchasing an income protection plan; in the event they do they this pay out; what should they do with it?
If you believe this is useful information 🙌🏼 please share this with people around you.
Repost from Sanjay Tolani