Separate yourself from the herd
Too many advisors fall into the trap of taking orders. When a client says, “We need a benefits plan” the order-taker responds, “I can get prices from all the insurance companies and get back to you.”
This default answer is what everyone on your block is doing. By merely filling a request instead of identifying a need and providing options, you risk blending into the crowd.
The value of advising
Instead, shift the conversation to highlight what you can do differently.
As we know, Group Benefits are not a one-size-fits-all solution. So position yourself as someone who brings innovative ideas to the table and give your clients options they may not have thought of (might we suggest going the self-funded route with an HSA or EHB?). It shows you have expertise, you stay on top of the changing industry, and you're willing to go the extra mile to find solutions that work.
Does this actually work?
Absolutely. Here's an example:
A few years ago an advisor told us they tried this very tactic. Their usual efforts to quote on a plan, present a spreadsheet, and award the business to the lowest cost provider weren't bringing in retainable clients.
So, this advisor tried something new. They said, "Here are the quotes for what you asked for, but look at this self-funded option too. It gives you the coverage you're looking for, but can help control your costs."
When it came time for a decision their client said “I don’t know which type of plan I’m going with, but one thing I do know is I’m moving ahead with you."
It turns out, they interviewed three different advisors and all of them gave the same run-of-the-mill solution. They all came back with over-inflated health and dental quotes from the major insurers that, if you covered up the names, all looked identical.
This advisor, who showed an alternative solution, was able to stand out from the crowd.
Showing your willingness to advise and act as an expert makes prospective clients feel heard, understood, and cared for. All things needed to secure a sale.
The takeaway
The next time you’re presented with an opportunity, remember that you’re not sitting at a drive-through window. You’re here to advise, it’s in your title!
Embracing your role will help you sell more, create stronger relationships, and retain more clients.
And keep in mind, if you aren’t thinking outside of the box – someone else is.
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