How to help your clients get comfortable with your team approach

In the financial services industry today, brokers not only specialize, they sub-specialize. This is because products have become more and more complex. Let’s take the life insurance marketplace for example. Can you really explain fully a whole life illustration? How about universal life? How about indexed universal life? When you consider the vast variety of products in the disability insurance and long-term care insurance marketplaces as well, you can appreciate the overwhelming complexity of the product lines we sell.

In truth, most brokers can’t explain any of these illustrations fully. To make the situation more complicated, we now have more products with more bells and whistles. Critical illness riders. Long-term care riders. We even have hybrid products with both a living long-term care benefit and also a survivor death benefit. The trend towards increased complexity will only continue as more and varied distribution channels are developed. Already, we have to help clients integrate their online shopping and purchasing experiences into their consultation with us.

It is practically impossible to become a master of all these products and deliver the highest standard of expertise and competence your clients deserve. Insurance sales has really come down to a referral process in which you as the broker bring in the right specialist for the specific need your client has. Fortunately, many wholesalers have product specialists on staff. There are also brokers who have become expert in a certain product line or niche. For example, I have specialized in impaired risk life insurance for decades.

The function of the insurance sales person person has really become that of a team builder and manager. You recruit and maintain a team of specialists that could include other brokers, as well as personnel with your general agent and wholesaler. You bring each specialist into play as needed. Your job becomes one of facilitating the work of the specialists as part of the overall portfolio development process. It’s very much like the role of a general contractor in a building operation.

Educating your client about this team approach is key to gaining their cooperation. Here are the talking points you need to make for them to understand and appreciate how they will benefit:

  1. Financial products are highly specialized, and a product specialist is needed to shop for and recommend the appropriate product for your client.

This is a familiar concept. Consumers have been working with specialists in the medical and legal fields for decades.

  1. The specialist works for you.

They are a member of your team and are accountable to you. The medical model is typical. Your general practitioner is responsible for overall care, and coordinates the efforts of specialist physicians.

  1. You work for the client.

Your number one concern is client satisfaction. This adds a very productive dynamic to the whole purchase. In essence, you sit on the “client’s side of the table” and say, “let’s make sure my guy does his homework and gives us a real solution to your problem.” This reassures the client that their interest is the priority, and gives them confidence in the team approach. They know you won’t let them down.

This week’s seminar will take place on Thursday, March 22ND, 4:00 p.m. to 4:30 p.m. EST.

A sales seminar with Steve Kobrin, LUTCF, principal and founder of The Kobrin Agency.   Steve helps brokers, advisers, and financial firms across the country utilize his organization and become a primary resource for the insurance needs of their own clients.

“How to refer clients to a specialist broker: what to say, and how to say it.”
This seminar will give you the talking points you need to help your clients feel comfortable working with the specialists on your team.

Dial-in Number:       515-739-1245

Access Code:          240970

At the scheduled date and time of the meeting, dial in to the conference line. When prompted, enter the access code followed by hash (#).


Come join our LinkedIn group!

“How to make your strategic insurance partnership hum with activity!”

This group is for brokers and advisers who have formed a strategic partnership with the Office of Steven H Kobrin, LUTCF/The Hardersen Group/Crump. It is also for financial professionals who want to learn more and potentially join us.

Strategic partnerships among sales people, general agents, and wholesalers are the wave of the future in our industry. Together we can bring the best products and services to more insurance consumers than ever before. This group will provide you with ideas and insights on how to do that. 

Simply click this link to join the group!
If you are a Linkedin member, just click the link and login.  If you are not a Linkedin member, you can join after clicking the link.