NAIFA Speaker Offers 5 Tips To Get Stronger Referrals – InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Top Stories
Topics
    • Life Insurance
    • Annuity News
    • Health/Employee Benefits
    • Property and Casualty
    • Advisor News
    • Washington Wire
    • Regulation News
    • Sponsored Content
    • Webinars
    • Monthly Focus
  • INN Exclusives
  • NewsWires
  • Magazine
  • Free Newsletters
Sign in or register to be an INNsider.
  • INN Exclusives
  • NewsWires
  • Magazine
  • Free Newsletters
  • Insider
  • About
  • Advertise
  • Editorial Staff
  • Contact
  • Newsletters

Get Social

  • Facebook
  • Twitter
  • LinkedIn
Advisor News
Top Stories RSS Get our newsletter
Order Prints
August 19, 2021 Top Stories No comments
Share
Share
Tweet
Email

NAIFA Speaker Offers 5 Tips To Get Stronger Referrals

Artificial intelligence could provide a big boost to the IMO sales process.
By John Hilton

A young Stephen Mathieu began his financial services' career by finding a smart guy who could teach him the business.

That guy was named Bill Walsh and he had qualified for Top of the Table the previous year. Walsh eschewed Mathieu's lunch offer, instead inviting his protege-to-be to join him on a 5 a.m. run on the Villanova track in Philadelphia.

Walsh was 65 years old at the time and could run a mile in under 9 minutes, recalled Mathieu today during the NAIFA Performance + Purpose virtual convention. The older man delivered a lesson without a word about life insurance, annuities, or any financial discussion at all.

"I thought I was in pretty good shape," said Mathieu, president of Legacy Financial Solutions in Manchester, N.H. "But I gotta tell you, there was a lot of huffing and puffing going on."

When the runners finally did get to the shop talk, Walsh explained how hard work equals success in financial services. It's the "law of large numbers," he told Mathieu.

"Even if you're an idiot, he says, if you're persistent and you keep going you've got to make money sooner or later because the law of large numbers dictates that you're going to get some hits here and there," Mathieu said.

Referrals Needed

Mathieu, who ran an unsuccessful auto parts store in Trenton, N.J. before changing careers, spoke about the need to get referrals. As any good agent knows, the line between long-term success, or short-term failure is often the ability to generate referrals.

And it is hard, Mathieu conceded.

"I know sometimes you feel really squeamish about doing it," he said. "I think, for me, the toughest part of my job is asking for it. There were a number of times where I walked out of the house and I was kicking myself because I didn't ask for the referrals."

Ideally, you want to target your 10 best clients for referrals, Mathieu said. To be successful, he shared a few things he has learned in 35 years in financial services:

First impressions. A seamless onboarding process makes a huge first impression on a client, Mathieu noted. Asking the right questions, being professional, and making the client feel comfortable are all crucial.

"It's pretty critical that all these things are done right the first time," Mathieu explained. "And if you do them right the first time, it's extremely helpful. And it creates a great lasting impression."

Ease of doing business. Can clients access their accounts online? Or schedule meetings with you online? Are you generally easy to get ahold of in their time of need? All of these things fall under common sense, customer service. But those things matter when people talk about you to other people, Mathieu said.

Create a wow factor. Mathieu gives out a quart of maple syrup to every client. It's something they cannot forget if they tried. As the old saying goes, "people don't remember what you say, but they remember how you made them feel."

"I can't tell you how many times people come in and say 'That maple syrup was awesome. It's all gone,'" Mathieu said. "And I'll say to my assistant, 'Hey, go to the closet and get him another jug of maple syrup.'"

Have a team trained in customer service. Mathieu has two offices and five people and he preaches customer service to all team members.

"When somebody walks through that door, whether they do business with me or not, I want them leaving better off than they were before they walked in," Mathieu said. "I can't tell you how many times we've had referrals from people that never did business with us simply because we treated them with decency and respect."

Deliver what you promise. If you don't know the answer to something, tell people you don't know, Mathieu said, but you will find out.

"Always be honest with them," he added. "Always be accountable for your actions or whatever recommendations and be that valuable resource for your clients."

'Strong Self Image'

Those tips must be accompanied by a "strong self image," Mathieu said. Breaking into financial services and building that book of business take time and it is a hard road. As Bill Walsh told him, the young advisor will be "grossly underpaid" for the hours he or she puts in.

Later on down the road, however, the advisor is "grossly overpaid" for their work, Mathieu said.

The key is believing in yourself and augmenting a strong self image by reading and listening to mentors through books, podcasts and other means, Mathieu said. Likewise, you want to associate with industry people who have been there and made themselves successful, he added.

"You really have to have passion, and you have to set goals for yourself," Mathieu said. "If you don't have the passion, and you don't set goals for yourself, it's not going to happen. You've got to realize that I want to achieve something."

InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected] Follow him on Twitter @INNJohnH.

© Entire contents copyright 2021 by InsuranceNewsNet.com Inc. All rights reserved. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com.

Older

Four Steps To Become A More LGBTQ+ Affirming Advisor

Newer

CFP Board Adopts 5-Year Strategic Plan Framework

Advisor News

  • What Rising Prices Could Mean For Your Clients’ Retirement Plans
  • 38% Of Investors Pulled Money From Stock Market In The Past Year
  • Financial Focus: Retirement Money Management
  • Americans Spread Their Money Across More Firms, Survey Finds
  • Now Is A Good Time To Buy This Inflation Savings Bond
More Advisor News

Annuity News

  • LibertyMark Freedom Fixed Indexed Annuities Launch
  • Nationwide Adds BNP Paribas Global H-Factor Index To FIA
  • Transamerica Launches Structured Index Advantage Annuity
  • Recommending FIAs: Start With The Client’s Objective
  • NC Man Wins First $5 Million Prize In Scratch-Off Game
Sponsor
More Annuity News

Health/Employee Benefits News

  • AHIP’s Policy Roadmap Aimed At Increasing Health Care Access, Affordability
  • Don’t Fall For Joe Namath’s Ads
  • Health Insurance Can Now Help Some Californians Find Housing
  • $2.7B Settlement In CalPERS Long-Term Care Insurance Lawsuit Is Canceled
  • Virginia Poised To Review Eligibility Of 2 Million In Medicaid ‘Safe Haven’
More Health/Employee Benefits News

Life Insurance

  • The 5 Secrets To Retaining Financial Sales Professionals
  • Life Insurance Activity Continues Dip In April But Still Stronger Than 2021, MIB Reports
  • Transamerica Adds Execs To Annuity And Life Insurance Team
  • Northwestern Mutual Invests $5M In Black-Led Financial Institutions
  • Protective Life Closes On AUL Acquisition
More Life Insurance

- Presented By -

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

FEATURED OFFERS

Get Linked INN to your industry Connect with INN on LinkedIn to be first on all the news and insights that matter to your industry.

Press ReleasesAll press releases

  • OneAmerica Commits $1 Million Toward Financial Literacy
  • Transamerica Structured Index Advantage Annuity Offers Investors More Certainty with Upside Growth and Downside Protection
  • Senior Market Sales Creates First-of-Its-Kind Lead Acquisition Platform
  • Growing financial services firm Kuvare opens Des Moines office in East Village, continuing expansion in Iowa
  • BetterLife Selects iPipeline® to Digitally Transform Its Business & Better Serve Future Generations
Add your Press Release >

Topics

  • Life Insurance
  • Annuity News
  • Health/Employee Benefits
  • Property and Casualty
  • Advisor News
  • Washington Wire
  • Regulation News
  • Sponsored Content
  • Webinars
  • Monthly Focus

Top Sections

  • Life Insurance
  • Annuity News
  • Health/Employee Benefits News
  • Property and Casualty News
  • AdvisorNews
  • Washington Wire
  • Insurance Webinars

Our Company

  • About
  • Editorial Staff
  • Magazine
  • Write for INN
  • Advertise
  • Contact

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2022 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • Sitemap
  • AdvisorNews

Sign in with your INNsider Account

Not registered? Become an INNsider.