Number of clients x case size = MDRT

Its the time of the year when financial advisors all over set their targets for the year, whether its the setting of personal or team targets, it helps to focus on two key measures to track progress

A lead is just a "name" that may or may not avail of our services, to convert a lead to a prospect, there has to be some interest in the part of the "lead" to bring the conversation to the next level

Financial advocacy is freely sharing ideas and that may be relevant to somebody aiming for financial security, approaching a lead with insightful ideas on how to maximize the benefits of financial planning without any commitments on his part may create a desire in the "lead" to request for more information, this could pave the way for a follow up meeting which would increase the chance of the lead to turn into a prospect

Contrast this with the typical sales approach when a "lead" is placed in a situation where he has to categorically decide "yes" or "no" to a proposition, a negative response effectively ends the possibility of follow up meetings

Activity is number driven - the more people we talk to, the higher will be the chances of getting prospects. Adapting an advocacy approach minimized call reluctance due to rejections and increase the number of people we talk to

The lead that turned into a prospect and eventually to a client may start with the "minimum" to test out the validity of our ideas, next step would be to build up case size which is function of financial advisory skills

The basic foundation of financial advisory skills is an extensive understanding of the financial planning process, mastery of available products and the ability to match these products to an identified need

To make 2022 your best year ever!

1. Talk to as many people as you can using your "advocacy narrative"
2. Continuously enlarge case size using your "financial security narrative"! 

All the best my friends!

#acgadvice

The famous "X-curve", why young breadwinners need life insurance

One of the benefits of working with distribution channels is the opportunity to imbibe different contexts of financial principles. One such principle that had a profound impact in my own development as a financial advisor is the "X-curve" which I first encountered while working with the International Marketing Group (IMG)

This principle states that breadwinners - at an early stage may not have much savings but already have huge financial responsibilities to their families, this can be addressed by a life insurance product with investment component (typically a VUL) where the life insurance coverage may be able to mitigate possible lost income if something happen to the breadwinner while the investment component will start building up long term savings

As regular premiums are made over time, financial responsibilities may lessened as other members of the family may start contributing to family income, the principal breadwinner may then decrease his contribution to the life insurance component and shift more to the investment side to accelerate fund growth - this could be intended for retirement funding, build-up of a medical fund or provisions for other important life goals

This makes the case for the income replacement benefit of a life insurance policy and its importance to a breadwinner's family during the early stages

just sharing, all the best my friends!

#acgadvice