By Edward A. Radosh, CLU, ChFC
Editor’s Note: This is a closing idea that came from a much longer speech that Edward A. Radosh, CLU, ChFC, gave at the 2007 MDRT annual meeting in Denver called, “Unless Your Closing Ratio Is 100%, You Need This Session.” And while you may not be closing on such a large policy—yet, the principles of his reply will serve you well.
Last year, I was just about to close an already approved $120,000-in-premiums contract for a $5 million death benefit. Suddenly, at a meeting, my client’s CPA asked me a question in front of his client and my prospect; I anticipate this question at every meeting, and I was therefore prepared.
“How much are you going to earn on this sale?” asked the Grim Reaper, also known as a CPA.
“$60,000.” said I in a firm, nondefensive voice.
The CPA looked at the illustration his client had just signed. He then said, “That is obscene for you to earn so much money on selling such a simple product.”
I replied, with controlled, rehearsed anger, “You are right on two points: It is a simple product, and if I were being paid $60,000 just to sell that simple product it would be obscene. However, the insurance company is paying me only $5,000 to present and explain the simple life insurance policy.
“They are paying me $55,000 for four things that require great skill: First, for uncovering a $5 million problem of your client; second, for getting your client to understand and accept his $5 million problem; third, to make your client hungry to satisfy his $5 million problem; finally, to relieve your client’s anxiety over his $5 million problem by telling him that he can relax because I have a solution for his $5 million problem, which just happens to be, Mr. CPA, this simple life insurance policy.
“I don’t have an emotional involvement with the life insurance, which is just a tool. So, if you have a better $5 million tool for your client’s problem, why don’t you tell us now?”
The CPA looked like he was going to leap over the table to kill me. Mercifully, my client said, “It looks like Ed earned his money.”
Used with permission from MDRT. All rights reserved.
Edward A. Radosh, CLU, ChFC, of Coordinated Planning Concepts
in
Weston, Fla., is a 32-year MDRT member with one Top of the Table and two Court of the Table qualifications. Contact him at eradosh@cpcweston.com.
June 2007
Bridging the Gap
Staying Out of Trouble, Staying In Business
Referral Radar System
Young Advisors Team
|
