I am going to present to you the ABCs to building an MDRT clientele base.

We will start with an overview of the system before going through the ABC components, where I pay more attention to the cultivating part, where hopefully you can pick up a thing or two to implement in your practice immediately. Let’s get started.

This is an interlinked system where each component depends on, and thrives on, one another. Acquiring adds names to our database, branding filters the database, and cultivating the right-fit client helps in acquiring more right-fit contacts. So, it is important to get each component right to have the maximum positive effect on our business.

Let’s jump right in to A:

A

There are three modes of acquiring:

1. Hunter. This is where we actively seek out who we want as a prospect. This is usually done through direct referral.
2. Fisherman. We use the attraction game for this method. We put out relevant content, we are in the place where our desired prospects are, and we wait for the connection to happen.
3. Farmer. This is essentially growing the relationship with our current prospects. It is providing the right environment to gain the trust and confidence with the objective of subsequently having the business relationship.

Knowing whom to prospect depends dearly on our next component:

B

Branding is about knowing whom we are looking to work with. First, describe your right-fit clients. Second, determine what they need or will be interested in and where to find them. Last, why should they work with you?

C

Grouping

We split the people in our contact list into four groups: 1, 2, 4 and 8. The group number indicates the frequency of contact. For example, you contact Group 1 every week, Group 2 every two weeks, and so on. Group 1 consists of people who are COI or prospects who are considering proposals. You want to keep them hot, and that is the reason for the very high frequency of contact. Group 2 are prospects who are warm and whom you may have a chance to do business with within the next three months. Group 4 friends are lukewarm while Group 8 are purely acquaintances or cold.

Consistent connecting

Dedicate time to do this. We typically spend less than an hour to complete the exercise. Here are the rules of the game. We send out a text message to at least six contacts a day. Some of us do up to 20 to 30 persons. The rule is simple: You can talk about anything under the sun to all four groups, but only business talk — sales and referrals — is allowed for Groups 1 and 2. If there are any replies, you can choose to engage and have a conversation or wait till later. And here is the most important part of the process: closing the conversation. At the end of the dedicated one hour, close the conversation regardless. An example can be, “You must be busy. Let’s catch up again some other time. I need to leave for my seminar. Talk again soon.” It is essential as it gives the prospects a chance to reply when they have a chance to. And even if they don’t, it will make it less awkward the next time you send them a text.

FAQ

• Do we switch the prospect between groups? Yes, we do, based on the relationship or proximity to business. The challenge is always how do we move them from Group 4 to Group 2. Our reference is when the prospect starts to contact with us emotionally. What do we mean by that? When prospects start to use words describing how they feel, for example, “like,” “love,” “dislike,” it is an indication to us that we can initiate the business invitation: “Can we get a chance to talk to you about your retirement or investment portfolio?” The other shifting of groups’ trigger is a combination of both the depth of the relationship and the proximity to business.
• Can it work for recruitment? Yes, but it is not as complex, and it is just a one-group system.

This is simply a weighted system of consistent engagement that helps to instill the discipline, and it gives us a guide on how much time to spend on the various groups. It brought a systematic approach to our engagement with our prospects and clients, and I hope it does for you too.

Cheng Huann Yeoh, ChFC, CLU, has been in the financial services profession since 2010. His clients consist mainly of professionals, civil service personnel and business owners, where the focus is planning for retirement and family needs. In addition, Yeoh’s experience in agency management has helped several of his team members also qualify for MDRT.