I would like to share something that had a big impact on me when I first started some 15 years ago. I was working with a young couple who wanted to buy life insurance. It was one of my first sales, and I was excited when the application was approved — so I left a message with them to let them know. When I reached them, I learned that the wife had died suddenly, because of a blood clot. In fact, she actually died the day after the policy was approved. Thankfully, John Hancock honored the death claim and at age 24 I delivered my first claim check. It was incredibly difficult, but it made me passionate about the business we are in and how we help people.
One way I have built my clientele is through centers of influence, primarily estate planning attorneys. I develop these relationships through my fact-finding with clients. As I take clients through the fact finder, or in our early conversations, I always ask about other advisors with whom they are working. Have they had their wills done? Do they work with an accountant on their taxes? Who insures their auto and home?
Then, I ask: “Are you happy with the service? Did you have a good experience?” If the experience has been good, I ask the client for the advisor’s contact information. I explain to them that I am always looking for good professionals to refer to my other clients who may need their particular brand of expertise. I also might ask the client to make an introduction for me with the other advisor. If the client’s experience with the advisor has been poor, I then refer one of my preferred centers of influence to assist the client.
After you get the new center of influence referral from the client, you now have a reason to call and create a relationship with the other advisor. This will help you expand your client base. That’s because if you act as a referral source to other centers of influence, they will almost always reciprocate for you. In fact, most of my larger cases come from centers of influence who know me or have heard of me through my work with various attorneys.
I have found attorneys particularly strong referrals because they are serving many of the same client needs we are: estate planning and protecting assets. The attorneys often need insurance expertise to help them help their clients implement their plans and recommendations. They will turn to you as their expert if you have put the time into developing a relationship with them. For more sophisticated cases, I may also participate in the meeting with the attorney and client. Other times, an attorney will meet with a client and provide me with beneficiary information that I incorporate into the client’s insurance policies.
The point I drive home to clients is that the best plan includes the expertise of different professionals. The beauty of being a center of influence to centers of influence is that it snowballs. If you work hard to earn their trust, your reputation will flourish and you’ll find it easy to get in the door of centers of influence in your markets. I tell my clients and centers of influence that if we all work together, we all win.
*Offering John Hancock insurance products. Securities and investment advisory services offered through Signator Investors, Inc., Member FINRA, SIPC, a Registered Investment Advisor, 197 Clarendon Street, Boston, MA 02116.