During the Conference of African American Financial Professionals held in Washington, D.C., several NAIFA members provided a wealth of information attendees could use to build and protect their practices.
From NAIFA member and past Four Under Forty Award recipient, Esylfie Taylor, attendees learned what they need to do when failure in the business is not an option for them. Taylor is the founder and president of Taylor Insurance and Financial Services in Pasadena, California, and serves as a financial advisor to individuals, business owners, and HNW families.
As advisors meet with their prospects and clients, they should not try to sell products; instead, they should highlight and focus on their value proposition. “That is what they will buy,” he said.
Also, since many successful people already have other financial advisors working for them, Taylor shared an approach that will give those looking for business a chance to offer their own services to these highly sought-after clients. To enhance their chances of working with them, they can use the following sentence: I will never undo the good work you have so far. But I will give you information that you can use to make educated decisions. Let’s get started.
In addition, to be successful, advisors should always have the word “CHANCE” top-of-mind:
H: Hard work
N: No excuses
As he addressed the audience, Taylor stressed the fact that the agency workforce in the U.S. is shrinking while the population is growing. This creates a tremendous selling opportunity for advisors who are willing to work hard. “Remember that life insurance is sold, not bought,” he said. “So, don’t be afraid to quote a big number, prospect up, try to replicate your “A” clients, focus on being a problem solver, and expect people to buy from you.”
In addition, they should never give up on their dreams of providing financial services to the millions of Americans who need them. “If you do, you will never know how close you were to success,” he said.
And from another NAIFA member Northwestern Mutual’s Timothy Radden, CLU, CLTC, AEP, ChFC, attendees gained some critical insights on how to enhance the financial performance of their practice. Radden is a wealth-management advisor with a nationally-recognized practice and a frequent guest lecturer on wealth-management and financial-wellness topics.
To grow their income, advisors need to do two things: think big, and then add a zero, he said. But, to carry out these seemingly simple tasks, they must do the following and do them consistently:
*Start acting like a business owner.
*Put systems in place and set goals.
*Master the art and science of client-building.
*Look for people with problems and for those with the money to solve those problems.
*Give clients and prospects the best options available.
*Look for a problem, not for a prospect.
*Sell the problem, not the product.
Last but not least, Radden reminded the audience that as they work to grow their income, they should always remember that “the best interest of the client is the only interest to be considered.”
Protecting the industry
From NAIFA Trustee, Delvin Joyce, The Prudential Insurance Company of America, and Diane Boyle, NAIFA’s Senior Vice President of Government Relations, attendees received some timely information on why they should participate in the political process and how building relationships is key to good public policy. For example, NAIFA-built relationships have produced significant accomplishments in the areas of tax reform, the DOL’s fiduciary rule, and the $enior Safe Act. The two executives then demonstrated various ways in which attendees could get involved in the political process.