Advisor Today - May/June 2015 - (Page 57)

SALES & MARKETING PROSPECTING By Elie Harriett Work for Free -and Make Lots of Money Doing It! By tossing aside immediate concerns of pay and helping his clients, this savvy advisor greatly enhanced his financial practice. A nyone who is just starting off in this business knows that acquiring a portfolio of clients is the hardest thing to do. But not all prospecting is the same. My business is Medicare-related insurance. The old tried-and-true method of prospecting for clients in this area is direct mail advertising. Cold-calling prospects by phone is expressly forbidden by the rules of Medicare, so we have had to innovate. In searching for a way of prospecting for new clients, we hit upon a gold mine that we have been using to boost our book of clients and our sales. And the strangest part about our method? We get paid practically nothing to do it! You might ask why we would do such a ridiculous thing, contrary to all good business sense. Allow me to explain. Any of our clients who have prescription drug plans or Medicare Advantage plans get locked into their plan for one year. At the end of the year, the plans change- sometimes a lot. As a result of these changes, a few things happen. First, clients become very dissatisfied with us if we don't help them make changes in time. Second, they would go to other agents, who would then change all our insurance, even though most of it had nothing to do with prescriptions. Putting the plan in action So, we decided, when this annual change period came up, that we had to take charge, contact every client, and guide them to any changes, if necessary, every year. Our motivation was horrible: If we got paid at all, it was only about As everyone knows, one referred client leads to another referred client, and the chain continues. $20-$25 per person. The amount of work and liability we had as a result of this seemed more than the compensation we received. Also, we lost other potential sales for doing this work instead of gaining new clients. The first couple of years we did this, things were very routine. For the last two and a half months of the year, we did a lot of work and very little selling. Our compensation was light, and our stress level was high. But then something amazing happened: Our clients started expecting us to work with them each year. It's amazing when clients you have had for several years put you down on their calendar for these reviews. But then something even more amazing happened: These prescription plans, while having practically no monetary value to an insurance agent, are some of the most important things in the world to some of our clients. And their friends put an equal amount of value on them, as well. The right questions Now, every year when we see our clients, a great many of them greet us in their home and surprise us with their friends and siblings who would like us to look for a new plan for them, too. And after a little more questioning, we find that they are dissatisfied with other aspects of their insurance. Depending on where the dissatisfaction lies, we cont'd on page 58 May/June 2015 | ADVISOR TODAY 57

Table of Contents for the Digital Edition of Advisor Today - May/June 2015

From the Editor
New Products
Investing with Purpose
Ascending to Greatness
DI Insurance Saves a Family—Twice
Hack-Proof Your Social Media Site
A Unique Asset That Is Often Overlooked
How I Sell Whole Life
When Being Wrong Is Right
Selling Life Insurance Today
Retirement Planning for Today’s Boomers
Repotting Your Career
NAIFA Government Relations
After the Sale
Marketing to Millennials
How to Win the Hispanic Market
In Step with a Winner
Work for Free—and Make Lots of Money Doing It!
Creating a Center of Influence
Lighter Side
Advertiser Index
Back Page

Advisor Today - May/June 2015