CHRISISM #24 - Keep It Simple, Stupid

06 September 2016

I was fortunate to be recruited into the life insurance business via the client box. Back in 1978 I had 2 meetings with a life insurance broker at the end of which I became a client. I bought some income protection, some whole of life insurance and a savings plan and to me it was just plain common sense. Spend less, save more and protect your income along the way – how can you argue with that?!

When I joined the company of which I became client some 9 months later it was because I suddenly realised the difference between a job and an opportunity (see Chrisism#4 ) and that is control of your income, because every time I convinced someone to take out the same common sense policies that I had taken out myself, I knew I would earn a certain amount of money and so the amount of money I earned over any period of time would simply be a function of my activity, and that was something over which I had control.

What I also realised very quickly was that financial planning isn’t rocket science – it’s common sense, so ever since I started in the business I have been on a mission to keep things as simple as possible for my clients – K.I.S.S. That way I was always able to avoid confusion on the part of my client, which would otherwise have prevented business being done.

Typically, there are 2 main reasons potentially why business doesn’t happen when it could and should. Firstly, it could be because your client doesn’t have enough information on which to base an informed decision. This is highly unlikely given that what we are recommending our clients to do, as already identified, is hardly rocket science. However, some clients crave more technical information than others and in this instance we can simply provide whatever additional information our client requires so that business can be done. Therefore, the issue of our client not having enough information is easily recoverable, as all we have to do is provide more information until they have enough on which to base their decision.   

However, the other main reason for business not happening when it could and should (which is much more common than the first one) is that you have given your client too much information (otherwise known as information overload) and this has resulted in confusion and a confused client will never do business. So this situation is not recoverable, because you can’t take back information you have already given – game over, I’m afraid!  

If the content of this Chrisism resonates with you, then I think you would benefit greatly from attending my “Sales Skills for Financial Planners” workshop in your capital in November. You will receive details of dates and venues very soon from my website if you are already one of my eNewsletter contacts. If you’re not, then email me at [email protected] and I will make sure you are added to my eNewsletter contacts.

The Risk Workshop by Chris Unwin

Are you a financial adviser who would like all of your clients to have appropriate types and levels of personal protection? But perhaps you feel you need a more structured and client friendly engagement process?