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Your Next Client Is In Your File Cabinet

I am often asked, “What is the best way to get my next client?” My answer is simple: “By generating more revenue from your existing ones.”

I am often amazed how focused advisors can become on acquiring new clients. They spend a lot of time and energy learning new prospecting methods, developing referral networks, attending BNI meetings, and hosting “client appreciation” events where clients are asked to bring a friend. They are frequently looking for their next client. Don’t get me wrong; I realize that everyone wants that next client. The problem is that most advisors tend to overlook the opportunity that is right in front of them.

Over the past 20 years, millions of life insurance policies were sold to consumers who had little or no understanding of what they were buying. After the client bought the policy, the selling agent qualified for their trip and probably never talked to the client again. This has left millions of people with policies that probably are not serving their purpose.

One of the easiest ways to enhance the revenue of your firm and deepen client relationships may not be adding new clients. It may simply be asking your existing clients the following questions:

1. Do you currently own a life insurance policy?

2. When was the last time you had it evaluated to ensure it is doing what you need it to do?

The answer to the first question often is “yes” and the answer to the second question is almost always “never.”  Life insurance has traditionally been seen as a transactional industry instead of a relationship-oriented business that includes ongoing review processes. Because of this, countless people have insurance policies that need to be improved.

Make it a point at your next client review meeting to ask those two simple questions. When your client tells you they have a policy that has never been reviewed, tell them your firm will review it at no cost to them. Then call Brokers Clearing House to do all the work.

The outcome of the insurance review process is clear-cut.  Either your client’s policy is doing exactly what it should do, in which case you spent all of three minutes (because we did all the work) verifying that and giving them a great service; or your client’s policy needs to be restructured, in which case you generate significant revenue through helping a client.

Don’t search for your next client until you can honestly say that you have provided everything that you can to each of your clients. The great Stephen Covey said, “Be more to few, and many will want you.” I think Stephen would approve of our Performance Evaluation process.