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 Posted: Sat Nov 08, 2008 4:15 am Post subject: How do you open high net worth market? |
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For insurance agents who like to upgrade their market to have more affluent customers, how do they go about to establish their presence in this market?
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Xoseph
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| Posted: Sat Nov 08, 2008 11:36 am Post subject: |
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What I believe is that networking is the soul of insurance business. Hence, you need to concentrate on developing network through every possible ways.
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fabiana
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| Posted: Sat Nov 08, 2008 11:57 am Post subject: |
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| Quote: | | For insurance agents who like to upgrade their market to have more affluent customers, how do they go about to establish their presence in this market? |
By becoming more affluent themselves.
It also helps if they "know" what they're talking about.
Since most agents, (40%), can't find their assterisks with both hands you can see why this is important.
Also 80% of the business is written by only 20% of the agents. So out of the 60% of the agents who CAN find their assterisks with both hands only one-third of them are productive.
Selling insurance is simple, but it's not easy.
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| Posted: Sun Nov 09, 2008 8:40 am Post subject: |
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I agree....sorta. In order to be successful in that marketplace, you need to be comfortable there as well. You don't necessarily have to be AS rich / successful / sophisticated / etc., as the people you're dealing with, just be comfortable and confident while you're with them.
Gary will probably agree that a level of arrogance exists in that marketplace that one won't find anywhere else. Want to know a couple things that really crack me up? Having dinner with successful people that don't have proper table manners. There should be some sort of unwritten law that states once your net asset value exceeds $5mil, YOU ABSOLUTELY HAVE TO KNOW how to hold your fork when you cut into a filet mignon - it's just a requirement.
The ultra-rich, celebrities, sports stars, pro golfers, put their clothes on just like we do and have the same feelings. For Christ's sake, give them respect but don't cater to them, and don't grovel, beacause that's what everybody else does.
Be confident about who you are, and what you have to offer them. In your mind, put yourself at their level and talk to them as if you've known each other all your lives. Trust me, it works.
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InsInvestigator
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| Posted: Sun Nov 09, 2008 11:57 am Post subject: |
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| Quote: | | Gary will probably agree that a level of arrogance exists in that marketplace that one won't find anywhere else. |
Absolutely, 100% correct!
To expand on my comment above:
"It also helps if they [insurance agents] "know" what they're talking about."
As an agent if you want to play in the affluent market you better know exactly what you are talking about and must be able to show factually where that client's other advisors have not provided the best of service and where there are holes in his/her/their plans.
The first place to start is to plug the holes in your own plans.
How would an agent present an Estate Planning proposal to an affluent client when they themselves don't even have a simple Last Will & Testament? That being said, why would you have a Last Will & Testament as the dispositive instrument if you actually understood what happens after death with those?
There are countless agents out there who routinely name "The Estate" as the beneficiary on Life Insurance or Annuities or who leave the Contingent Beneficiary blank without the first clue of the impact that would have on their client's children when death occurs.
Anyway, sorry for the rant, {  not really } but my point here is if the CLIENT knows more about your business than you, then they certainly aren't going to do business with YOU!
I'm Gary Spicuzza and I approved this message. 
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| Posted: Sat Nov 15, 2008 2:07 am Post subject: |
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| You need to be part of the crowd you run with to succeed in it. It's no different than high school. I'm not saying you have to be wealthy; you just have to come off as that class of person. Do you have similar interests? Can you speak knowledgeably about the financial markets? Do you understand the risk managment concerns of someone with a lot to lose? Are you well educated, well-spoken and well-dressed? Do you live in and understand the culture in the high-income suburbs of the city? |
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OHInsAGNT
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| Posted: Sat Nov 15, 2008 5:35 pm Post subject: |
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OHInsAGNT, Good post.
| Quote: | | I'm not saying you have to be wealthy; you just have to come off as that class of person. |
While an agent is busy trying to fit in and possibly create the illusion they're something they really aren't, they need to be careful not to back themselves into a corner by telling lies to cover up other lies. Can you imagine how difficult it would be to remember which story you told which client? In order to keep your story straight, use the same one every time -there's much less to remember that way. The agent needs to be "who they really are and be proud of it."
I wrote two HUGE life policies a few months ago and have called my new clients almost once week since then. We've been to dinner, I've been to their grandson's wedding, sent the wife a birthday card, made friends with them. They are great people that I think a great deal of and I'm certain they feel the same way about me. Once our relationship has been set in stone, how difficult do you think it will be to ask them for the names of a few friends or family members?
You are absolutely correct in that a good general knowledge of insurance and financial products is a necessity - it isn't, however, the end of life if you don't.
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InsInvestigator
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| Posted: Fri Nov 21, 2008 2:20 am Post subject: |
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Take up golf, buy a late model luxury car and a new wardrobe and join a country club. Let them get to know you before you try to pitch them.
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Gardberg
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| Posted: Fri Nov 21, 2008 3:03 am Post subject: |
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God, why didn't I think of that?
That's the best answer yet.
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| Posted: Fri Nov 21, 2008 2:35 pm Post subject: |
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Thanks to over 40 yrs marketing and promotions of real estate, boats and lots of cars. Read Dale Carnegie's 'How To Win Friends and Influence People'. Learn to look at the big picture of the economy and offer objective thoughts. Ask them their thoughts and concerns. People like to talk about themselves. You have to be cool about it. I joined the Palm Beach County (money) Corvette club. I've mentioned life settlements and the return and they have shown interest.
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Gardberg
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| Posted: Fri Nov 21, 2008 4:41 pm Post subject: |
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Gardberg, that was an excellent suggestion.
When I got out of the Air Force in 1989, my ego, along with the huge chip I carried on my shoulder, wouldn't allow me to be a regular human being. My grandmother bought me that book one day and I would have never read it if it hadn't been given to me by grandma. I can honestly say that Dale Carnegie's 'How To Win Friends and Influence People' made a very significant difference in my life and I still review it from time to time.
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Please feel free to go to my website at www.markcolbert.com or, if you have a specific question, you can email me directly. I hope I can answer any questions you might have. If not, I can certainly find an answer right away. |
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