Five Power Closing Techniques for Insurance and Financial Advisors

Author:

You have now made it to the end of the prospecting process. You have made cold calls, sent mass mortgage mailers and invited people to your coffee-sponsored seminars. Now you are qualified as serious prospects and have scheduled the appointment.

What now? Now what? These are five closing techniques that will help you close the deal and get the sale.

1. Quality demonstration – Take the time to listen to your client’s needs. It is not a good idea to explain variable life insurance, all the cash options, and disability waivers, only for them to find that they have $50 per month. Listen to their needs and tailor your presentation to fill that void. Don’t get too wordy. The most powerful demonstrations are short and simple, but they are extremely poignant.

2. Small-closes – Throughout the demonstration, you should try to get occasional “buy-ins” and acknowledgements that your efforts are progressing towards meeting their needs. Ask them for their opinion, and ask open-ended questions. Engage the potential client. You can make small sales closes during the sales process so that when the time comes to submit the application, they won’t be surprised or taken by surprise. Re-state the question when they ask you a question. It does two things. It lets potential clients know you are attentive to their concerns and it also reiterates to them what they just stated is their need. When the time comes to discuss solutions such as term insurance to pay the mortgage or a wraparound disability income policy to replace the rest of their income, they can’t back down and claim that it isn’t a concern.

ALSO READ  Insurance Sales - How to Overcome the Top Three Objections

3. It’s between 1 and 10. This is one of the most powerful closing lines. It’s easy to do and forces potential clients to sell themselves. After your demonstration is over, simply ask your client: “Between 1 to 10…10 being ‘I’m ready to fill out this application and never worry how my family will survive if anything should happen or 1 being I wish you would leave your house ‘….where are you?” No matter what they say, you always answer “Really, a “#”??” Why is it so high? You can’t believe they are telling you that it is a “4 “….”. You thought you’d be a 3. But you were too busy to listen and seemed uninterested in what I had to say. You are so high! Why did you choose to go with a 4?

Let them answer. Even if they have a small number they will still point out the ones they like. They will highlight the best solutions. You can also ask them what they disliked. You can offer them alternatives if they are turned off by the price ….them. Tell them about B and C shares if they are turned off by A-share mutual fund’s fee structure.

ALSO READ  Car Insurance Quotes - Understanding Policies, Conditions and Buzzwords

4. Suggest/Recommend – This is not a closing technique. It is a phrase that will set you apart by making you the expert. This phrase is a common one that you’ve heard others use. Most large oil change stations will recommend that you either flush your steering fluid or use fuel injector cleaner after their “12 point inspection”. This is what happens: They recommend it to you. Contrary to someone telling you, “You MUST do this.” This phrase is a turnoff. “I don’t need to do anything!” After you have completed your demonstration with your prospective client, and they agree that they need to start a college savings plan or invest in a life insurance policy, your next words should be “As your Financial Representative I recommend we get started with …..”” or “I recommend we …..”..” This sets you up to be the trusted professional they trust.

5. You can’t take the sale away. This phrase is not what you want, but instead of chasing people for the sale, ask them for it. You might say, “I don’t know if you are eligible for this …. why don’t we fill in some medical questions to determine if we should proceed with underwriting.” If they refuse to pay the initial deposit for annuity or college plan, you can say, “You know what?” You might be right. The college plan is not the best fit for you to cover the cost of your kids going to school ….why not check out state savings plans through your bank? I believe the enrollment period begins in 6 months. The person thinks, “Well, what’s wrong with me?” I want to be accepted, I want belonging. Pushing something moves it away ….when pulling the same item it comes towards your. You can also make another move: If someone claims that the premium is too high, you can say “you know what? Maybe you are right. But let’s go ahead and get underwritten to see if your premium is even low enough for you. Once you have been approved, we will be able to determine which policy is best for you.

ALSO READ  Use Insurance Marketing Professional Or Brokerage Staff For Insurance Broker Services?