By Dan Taylor
Regulators across the country have taken up the banner of protecting seniors from fraudulent claims, nonexpert authors and inappropriate products and services. Advisors who promise too much, try to sell too hard or inflate the value of their products and services will find themselves without a license and without clients. Failure to disclose compensation, surrender charges, risk and volatility will get an advisor in even hotter water.
So, how do you help seniors without ending up in the regulatory soup? It’s easy—focus on their problems instead of the products you have to sell. If you do that first, and adopt a consultative tone, you may end up selling one of your products or you may not. But one thing is certain: You won't find yourself in front of regulators for “the conversation.”
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So, how do you help seniors without ending up in the regulatory soup? It’s easy—focus on their problems instead of the products you have to sell. |
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It all starts with asking the kinds of questions that get prospects to truly open up about their needs and wishes. Your questions should be centered on six key topics: The Big Picture, The Money, The House, The Facility, The Property and The Legacy. To address each of these topics effectively, you need to choose your words wisely. Here are questions to consider asking:
- For The Big Picture, ask: “As you look to the future, and consider the type of support you might want one day, what challenges do you see? What resources do you see to meet those challenges? When it comes to getting older, what would your ideal experience look and feel like?”
- For The Money topic: “Do you foresee any financial challenges that could affect your long-term care preferences?”
- For The House topic: “What do you think about continuing to live in your home and taking care of it, or moving somewhere else?”
- For The Facility topic: “Can we brainstorm about possible resources that would maximize your options and minimize the challenges if you decide to choose a facility?”
- For The Property topic: “Do you foresee any future property challenges in the event of a long-term care need?”
- For The Legacy topic: “If you could describe the ideal legacy you’d like to leave your family, friends and community, what would it be?”
The rest of your interaction then becomes relatively simple: You either have products or services that will help address your prospect’s needs and wishes or you don’t. The prospect will either hire you or he won’t. Asking these questions also provides documentation that you asked first and sold second. So, write your prospect’s answers down, put them in a file and hope you don’t have to use them except to remind the prospect of how well you listened.
Dan Taylor is author of The Parent Care Conversation: Six Strategies for Dealing With the Emotional and Financial Challenges of Aging. He is also the creator of The Parent Care Solution, a coaching program that helps advisors address the issues and challenges of aging Americans and their families. Contact him at www.parentcaresolution.com.
May 2007
A Year of Great Advice
Get Your YAT On
Win Their Trust
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