BSMG Blog: Protecting the Future of Families and Businesses

When is it OK for a Financial Advisor to Walk Away From a Client?

You've probably received considerable advice on how to find the right client and which clients are the best prospects. Have you heard anyone talk about when it's OK to walk away from a client? For most financial advisors, this is something they hope to avoid. However, every now and then you'll come across a client that may not be a great fit. Here are some tips on how you can spot them and when to walk away.

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How Successful Insurance Agents Approach Small Business Owners

Check out these tips on approaching small business owners for insurance agents & advisors.

Small business owners respond well to an approach that includes educational information and planning for their future success. They feel their business is unique. If you can teach them something new, they will be more open to meeting with and listening to you.

“Tell me what you’ve done for other small business owners and why it is right for me.”

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Increasing Your Client Retention

Over the last decade, we have seen growth in financial services and life insurance retail options for clients, most notably the explosion of the robo-advisors. More options are available to consumers, meaning buyers can be more particular with whom they do business with. Some businesses are so focused on obtaining new clients, they forget about their current clientele. There is something to be said for providing that extra attention to your loyal clients.

Statistics show that customers care more about service, quality and personalization, than cost. Wouldn't you rather do business with someone who caters to you individually and gives you customized service? Your clients certainly do. So, while other advisors and firms may fall short by focusing primarily on the pursuit for new clients, take the long game by setting up a life insurance sales strategy that includes paying more attention to your current customers. Recognize your current roster and make each client feel like the MVP. This will build customer retention, brand loyalty and make your business stronger.

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[INFOGRAPHIC] Succession Planning for Small Business Owners

Could your client's company survive their loss or the loss of a co-owner? How would such a loss affect the remaining owners and employees? Is your client's business prepared for the future?

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Business Owners - Business Continuation

Do your clients or prospects who own businesses, or are partners at professional service firms, have a succession and retirement plan? Most likely, they need your support to incorporate this plan into their Buy-Sell Agreement as statistics show only 12% of business owners have retirement listed as a mandatory purchase and/or sale event. 

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8 Communication Tips to Attract Clients Who Are Business Owners

Here are 8 Communication Tips for Insurance Agents to Attract Clients Who Own a Business:

  • Use a local phone number instead of an 800 number.

  • The best time to approach owners is Tuesday, Wednesday or Thursday.

  • Send personalized email:
    • Personalized subject lines indicate that the content is relevant to the owner or business, and increases panelists’ likelihood to open an email.
    • Send the email from an individual, rather than a marketing inbox.

  • Send personalized direct mail or letters: Use results-driven language (by doing this, you will get that).
    • Hand-addressed card-sized letters are opened most often.

  • Simplify and speak in terms that are easy to understand.

  • Incorporate messaging about ROI, rather than price.

  • Be sure to follow-up:
    • Follow-up even if you are told no, but provide educational information when you do.
    • The owner may not buy now, but follow-ups may help you get the business later.
    • Advise with frequency tailored to their needs.
    • Use non-evasive regular touches by checking in every 60-90 days after initial point of contact.
    • Perform more of a branding call vs. a sales call: Example: “This is John Doe, from Mutual of Omaha, checking on how your business is doing and reminding you that I’m here if you need me. Would you like me to follow-up monthly, bimonthly or quarterly?”
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Pain Points Revealed: Understand Insurance for Small Business Owners

The Biggest Pain Points of Small Business Owners 

As their business matures, owners’ pain points tend to shift away from cash flow management and revenue to talent acquisition and keeping the customer base consistent. Recently Mutual of Omaha conducted focus groups with small businesses to understand their pain points and what keeps them up at night. They have cited talent acquisition, employee performance, customer satisfaction, cash flow and risk management as some of their biggest pain points. Additionally, most owners do not have a succession or emergency plan in place. Approaching clients with an understanding of their needs is a great ice-breaker for a conversation about life insurance for small business owners.

Check out our field guide to landing "Big Cases with Big Ages"

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Quick Tips for Creating Insurance Plans for Business Owners

Insurance Plan Designs for Business Owners - What to Consider

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