By Lucretia DiSanto Jones and Maggie Leyes

MDRT Shares Secrets to Success

The Career Conference—Motivation, Education, Fun

MDRT Shares Secrets to Success
In just an hour, convention attendees walked away with million-dollar ideas.

Million Dollar Round Table member John Milam, CLU, gave a moving presentation Tuesday morning as part of NAIFA's main-stage MDRT Hour.

First, he introduced a straightforward sales technique with prospects that he said has helped him make MDRT Top of the Table. Milam put it like this: "I like to start with a simple approach. I say, 'I'd be remiss if I didn't bring something to your attention.'" With this he is able to highlight what may be wrong with a client's current financial plan—or lack of it. He then follows with a sentence he learned from industry giant, Ben Feldman. "I then say to my client, 'Let me put something together and you take a look.' Saying that practically guarantees a second appointment because no one is going to object to that," he said.

With this bit of advice, he went on to tell a poignant story of how he used this technique to help his father preserve his business, and later to help his 10 brothers and sisters protect their families. He asked attendees to do the same: "The essence of what I want to share with you is to remember your own family's financial security. … Bring the concept of life insurance back to its roots—protect your family."

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The Career Conference—Motivation, Education, Fun
Experts offer tips on everything from wooing clients with the right words to LTCI.

The NAIFA Career Conference, which moved into its second day of educational workshops on Tuesday, has been the ideal opportunity for learning new techniques from the experts and networking with colleagues. Speakers covered a range of topics from annuities ("How to Double, Triple and Yes, Even Quadruple the Sale of Variable Indexed & Fixed Annuities" with Van Mueller) to long-term care ("The Long-Term Care Specialist: It's All in the Details" with Nancy Morith).

Magic words
The words you use in the selling process can make or break your ability to persuade a prospect to buy. Mandy Bass, an international speaker who has helped over 1,000 financial services professionals grow their businesses, believes there are five critical steps in the persuasion process. She shared them during her workshop, "How to Cast a Spell of Influence (and Magic Words That Sell)."

1. Set your intention and clarify your outcome. To do this, Bass suggests, craft a statement using this formula: My goal is X, because X.
   
2. Bonding and building rapport. You must do this, Bass says, before you can find out what people want.
   
3. Find out what the other person really wants in order to discover their magic words. You need to use the words your prospects do to compel them to buy. Listen to their vocabulary, and "parrot" it back to them as you sell.
   
4. Connect your product, service or idea to what your client really wants.
   
5. Solidify and close.

Be unique
In his session "Complete Planning: Planning Beyond Products Sales for Today's Sophisticated Clients" Scott B. Gordon, J.D., ChFC, CFP, explained that in this increasingly complex and "commoditized" marketplace, with more a discriminating clientele, you need to differentiate yourself. To find out if you are differentiating yourself, he offers a list of questions:

• Are you being introduced in a prestigious way? It's the axiom: First impressions do matter.
  
• Are you establishing professionalism in the first meeting? Professionalism begins with how you carry yourself and project your image.
  
• Can you succinctly articulate your value? You need to be able to tell clients in two minutes or less exactly what it is you do.
  
• Do you reply to each objection without hesitation? Preparation is critical. There is no substitute.
  
• Do you have a process to work with the affluent? If you want this to be your target market, you have to have a working method already established before you approach them.
  
• Are you compensated for the value you provide? Fees or commissions—that is not important, you just need to make sure you are getting paid for the work you do.
  
• Does you process take into account taking care of clients over the long-term? That's how you build a business—by establishing long-term relationships with clients.

There will be extensive coverage of the educational sessions and main-stage speakers in the November issue of Advisor Today. Until then … signing off from Kansas City.

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For coverage on Monday's events in Kansas City click here
For coverage on Tuesday's events in Kansas City click here

Convention Preview: Interviews and Articles

A First Timer (9/03)
Angela Mann, a NAIFA Convention first-timer, tells us what she hopes to take home from Kansas City.

Secret Benefits of Attending the 2003 NAIFA Convention and Career Conference (8/03)
Sometimes the best learning experiences happen off the convention floor.

It's All in the Details (8/03)
Workshop presenter Nancy Morith details what it takes to become a long-term care insurance specialist.

Do You Have Influence Skill? (7/03)
Main-stage speaker Bill Bachrach discusses building trust and emotional investment in your clients, not just closing the sale.

Likeability: The Key to Successful Recruitment and Retention (7/03)
Educational workshop leader Jim McCarty provides tips on attracting—and keeping—high-quality salespeople.

Words of Influence (7/03)
Mandy Bass will present "How to Cast a Spell of Influence With Magic Words That Sell," during the convention. Here she offers a sneak preview.

Three Characteristics of Top Producers (6/03)
Bill Bachrach believes that top producers are all seekers, investors and implementers.

NAIFA to the Rescue (6/03)
Convention speaker Jim McCarty tells AdvisorToday.com how NAIFA helped save his practice and how the association helps all insurance and financial advisors.

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