Benjamin E. Mays once said that it’s not failure but aiming too low that is life’s greatest tragedy.
I have his words as my guidance and have chosen the high-net-worth market since the very beginning as a financial advisor. It takes deliberate effort to find and engage high-net-worth clients in our business. We all know how difficult it is to be qualified as MDRT. However, the high-net-worth segment can easily speed up the process. It is possible that one client can pave the way to MDRT, Court of the Table or even Top of the Table!
Here are my secrets:
Cast fear away from your heart
Fear breeds doubt, and nothing crushes your ambition as much as self-doubt.
Wealthy people are also human beings — never forget this. Don’t be afraid to approach them or someone else with more courage will. If you are truly ready to fly, expand your circle of friends, and pick up new hobbies that wealthy people love and you also enjoy. Join clubs, associations or charity groups where they frequently gather. After you decide which activity to join, make sure to do it persistently. With time, you will harvest solid friendships. With friendship comes trust, and trust is the key to big business. There is an old Chinese saying: “Friendship first, business second.”
I am a huge fan of the arts, and for many years I went to auction previews. It was at these events that I met most of my well-to-do friends, some of whom later became clients.
Simplify, simplify, simplify
Be focused on the products that solve the problems of affluent prospects. Usually they are more concerned about estate tax planning and family wealth succession. Realizing that I could not be an expert to all clientele, I simplified my product line to jumbo universal life, critical illness insurance with big coverage and savings plans with a very long maturity date.
It’s also important to simplify your presentation to them: only one page with simple words. Remember, they have limited knowledge of insurance like your other prospects. They just need a clear and straightforward benefit for them to make a decision.
And last, but not the least:
Insure yourself before advising anyone
The best way to sell a product is to patronize it. You will be able to relate with your prospects on all levels because you also wear the shoes.
I have myself properly insured, and I make sure that my prospects know that. For every presentation to my wealthy prospects, I will have my personal policy ready beforehand, but with a much smaller sum insured, of course. Many times after my presentation, they will ask if I also have the same plan. By taking the action first, I can reply with confidence, “Yes! I have done this for my family. How about you?”
After the 2014 Annual Meeting, when I first heard about critical illness insurance, I bought one for myself right away, which helped me close quite a few cases afterward. That was mainly because I own policies that work for me, so I can sell them without mincing words.
Five years later this March, a big claim check was delivered to me after I was diagnosed with stage 1 cancer. It is five times of all the premium I have paid. Now I can sincerely share the true feelings with my clients about the magical moment when receiving a critical illness claim check. You will forget about the danger of cancer and forget if you are dying. You simply feel so great as if you have hit the jackpot, not once, but twice!
Let me emphasize what Benjamin E. Mays says: It’s not failure but aiming too low that is life’s greatest tragedy.
So, set your goals high. There is no better time to get started than right now. Catching the big fish will help you harvest your MDRT, Court of the Table and Top of the Table goals. Reach out and find them!
Hsiao Wen Hsiung Veronica is a six-year MDRT member with one Court of the Table and three Top of the Table qualifications. She spoke at the ConneXion Zone at the 2014 MDRT Annual Meeting. An agent for FWD Hong Kong, she has set four company records. The Distinguished Agent Award by LUA Hong Kong was presented to her in 2017.
