12 Ideas For Advisors To Thrive Despite COVID-19

Advisors can choose not to participate in the negativity stemming from the COVID-19 pandemic, Tom Hegna told members of the National Association of Insurance and Financial Advisors.

Hegna, who is retirement income expert, author and speaker, gave a rundown of ways advisors can find opportunities in the current environment. He spoke to NAIFA members at an online Town Hall Meeting Wednesday.

He presented a list of 12 ideas for advisors to thrive, not just survive, while COVID-19 forces millions of Americans to stay home and the stock market takes investors for a wild ride.

Those 12 ideas center on three themes, Hegna said. Those themes are:

1. You must get your mind right.
2. You must maintain a level of activity different from your normal activity. For all the people having bad times right now, some are having boom times right now. How can you serve them?
3. Personal development and training. Now is a good time to sharpen the blade and get better at what you do.

Hegna’s 12 ideas for advisors to thrive during this time of social distancing are:

1. Make a movie night for your clients and prospects. Fill a bucket with DVDs that would inform your clients and prospects, and add some snacks and beverages. Deliver the bucket to their home.
2. Drop off books for your clients and prospects to read. This is a good time for people to read about ways they can improve their finances. Let your clients know you are available for any follow-up discussions or questions.
3. Run virtual appointments every day. Call clients and ask how they are doing.
4. Use this time to sharpen your blade. It’s a good time to learn, study and train.
5. Keep a positive attitude. Clients don’t listen to their advisors during good times; they only listen during bad times. Increase your activity and accountability. Put your planned activities on a calendar and you will be more likely to execute them.
6. Start doing webinars.
7. Study the products you sell. Know how your products work. Study your competitors’ products too.
8. Develop a library of disinterested third-party references. Use books, articles and white papers.
9. Read and share the book, Power Of Zero, by David McKnight.
10. Work on your questioning skills. Telling is not selling. Listening is selling. Asking is selling.
11. In times of uncertainty, people crave certainty. Emphasize the guarantees of insurance products.
12. Let your clients know you sell life insurance. Companies haven’t stopped selling life insurance because of COVID-19.

Hegna also told NAIFA members to recognize the two emotions that motivate clients: fear and greed. Clients who are motivated by fear need you to reassure them of the guarantees of insurance products. Clients who are motivated by greed need you to talk to them about the performance of insurance products.

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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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].