Life Insurance Brokers - Critical Mistakes Mistakes To Avoid In The Life Insurance Business
Life Insurance is one of those business sectors where there's a fine line between success and failure.
As there really isn't much information on the internet for aspiring financial planners, I've decided to compile a list of potentional pitfalls which you need to know about and give tips on how to avoid them.
Put these in your daily practice and your path to success should be set - follow them and you'll have nothing to worry about.
Trying to make the quick dollar - Be upfront with your client at all times.
Don't enter life insurance without a long term commitment in mind.
You're dealing with other peoples finances and trust, so if you see any potential problems that might result from opting for a policy which isn't in your clients best interest, explain them, even if you lose the immediate financial benefits that would result from the contract being signed.
Not keeping accurate notes from your client meetings - Learn to rely on facts and not only your memories.
Take detailed notes during the client meetings and organize them with care.
This will save you a lot of trouble in the end and you'll avoid embarrassing moments that might come up later.
Not following up with existing clients - Do not drop the focus from your existing clients.
Following up thoroughly (sending post-meeting notes, scheduling annual meetings and inviting them to client appreciation events) will result in you being remembered as an exceptional financial planner.
Referrals will come very easily and you'll find yourself being more successful compared to the situation o focusing on seeking new business opportunities alone.
Not spending enough time studying - This is a mistake which is sadly made by many novice agents and spreads negative information about the industry.
You need to understand the materials you're presenting and you have to constantly keep up with the recent advances, products and related background information.
If you're working as an independent broker, you have to pay extra attention to this step as it affects you more than captive agents, in comparison.
Not setting up alliances with other professionals - Strive for being a specialist in your area and keep on learning while creating alliances with other experts.
They can help you in many oblique ways you wouldn't think of at first.
On the top of that, you'll be able to make highly useful recommendations for your clients who will be very thankful for your advice later.
Not being punctual - In everything that relates to finances, being precise, organized and punctual is the very basic requirement to master.
If you have trouble with this point, surround yourself with people who have these qualities and be hard on yourself until you internalize all the beliefs and routines associated with this mentality.
Developing good habits takes a lot of time and effort, but it's a very rewarding experience and certainly one to keep an eye out for.
Not living up to your promises - As a basic rule of thumb, learn to underpromise your clients expectations and then overperform.
Many novice financial planners make unrealistic assumptions of their work time and have trouble delivering results.
Not making this mistake at the start will help you gain a good momentum.
This is often what makes one career.
As there really isn't much information on the internet for aspiring financial planners, I've decided to compile a list of potentional pitfalls which you need to know about and give tips on how to avoid them.
Put these in your daily practice and your path to success should be set - follow them and you'll have nothing to worry about.
Trying to make the quick dollar - Be upfront with your client at all times.
Don't enter life insurance without a long term commitment in mind.
You're dealing with other peoples finances and trust, so if you see any potential problems that might result from opting for a policy which isn't in your clients best interest, explain them, even if you lose the immediate financial benefits that would result from the contract being signed.
Not keeping accurate notes from your client meetings - Learn to rely on facts and not only your memories.
Take detailed notes during the client meetings and organize them with care.
This will save you a lot of trouble in the end and you'll avoid embarrassing moments that might come up later.
Not following up with existing clients - Do not drop the focus from your existing clients.
Following up thoroughly (sending post-meeting notes, scheduling annual meetings and inviting them to client appreciation events) will result in you being remembered as an exceptional financial planner.
Referrals will come very easily and you'll find yourself being more successful compared to the situation o focusing on seeking new business opportunities alone.
Not spending enough time studying - This is a mistake which is sadly made by many novice agents and spreads negative information about the industry.
You need to understand the materials you're presenting and you have to constantly keep up with the recent advances, products and related background information.
If you're working as an independent broker, you have to pay extra attention to this step as it affects you more than captive agents, in comparison.
Not setting up alliances with other professionals - Strive for being a specialist in your area and keep on learning while creating alliances with other experts.
They can help you in many oblique ways you wouldn't think of at first.
On the top of that, you'll be able to make highly useful recommendations for your clients who will be very thankful for your advice later.
Not being punctual - In everything that relates to finances, being precise, organized and punctual is the very basic requirement to master.
If you have trouble with this point, surround yourself with people who have these qualities and be hard on yourself until you internalize all the beliefs and routines associated with this mentality.
Developing good habits takes a lot of time and effort, but it's a very rewarding experience and certainly one to keep an eye out for.
Not living up to your promises - As a basic rule of thumb, learn to underpromise your clients expectations and then overperform.
Many novice financial planners make unrealistic assumptions of their work time and have trouble delivering results.
Not making this mistake at the start will help you gain a good momentum.
This is often what makes one career.
