The 3 ways advisors can build client relationships

A gap exists between where you are and where you want to be. Jim Effner, founder of P2P Group, discussed how advisors can bridge that gap during a session at the National Association of Insurance and Financial Advisors Apex conference on Wednesday.

Effner described the life insurance industry as “designed to be one of complete abundance.”

“It’s one of the few industries where you can have it all as long as you sharpen your skills and work hard.”

Effner described the two types of people who can reach their potential.

The first group – about 10% of the population – are those who have a strong purpose and are willing to do the difficult things needed to achieve that purpose. These are people who have a vision and a purpose as well as a skill set they can turn on.

The remaining 90%, he said, are people who are hungry and want to fulfill their purpose but don’t now how to achieve it.

To help those who want to achieve their potential, Effner outlined a three-dimensional approach: 1) mindset and beliefs; 2) sales skills within a proven system, and 3) language.

“The biggest speed bump standing in the way of your achieving your potential is the fear of what other people think of you,” he said.

Effner said most agents “talk too much and sell way too much.” Instead, he advised, “You must become a master of asking great questions.”

He outlined the three ways to build client relationships.

1. Clients must trust you implicitly.
2. Clients must believe you truly care about them.
3. Clients must believe “that you know your stuff.”

Effner said that his first question to a prospect is: “What was the first thing you remember about money from your mom or your dad?” The answer to that question provides insights of what money means to the prospect.

When dealing with a couple, Effner said he asks, “When you discuss financial issues with your spouse and if I were a fly on the wall, what would I observe?” The answer provides insights of how each partner views money.

Susan Rupe is managing editor for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected]. Follow her on Twitter @INNsusan.

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