Bob Ritter's Blog #29: Accessing Upscale Prospects | Bob Ritter's Blog, ideas for financial service professionals

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Continuing from last week’s Blog #28, “Notes to Those Beginning to Sell Financial Products” . . .

Last week we discussed a good qualified prospect is one who:

Has a need for your product or service;
Has the funds to acquire it;
Is insurable (if insurance is involved);
Will see you on a favorable basis.

There is a fifth attribute that creates a perfect prospect:

Has a need for your product or service;
Has the funds to acquire it;
Is insurable (if insurance is involved);
Will see you on a favorable basis.
Has considerable assets and disposable income.

Sometimes you can establish a superb career connection where perfect prospects are plentiful – like partnering with a Bank that needs your skills. Then the cold prospecting calls go away as these will be warm to hot calls to current Bank customers. Now it’s up to your selling skills.

You might try to join a CPA firm that offers financial services. Sponsored interviews set up by CPAs are invaluable because you will know so much about the overall financial status of these clients of the firm. Check out this website to learn about such firms: AICPA.

Consider aligning with a property and casualty (P&C) insurance agency that wants to grow its life insurance department (or doesn’t have one now). A P&C firm that specializes in commercial accounts is ideal.

But – and it’s a huge (But) – you won’t make a Bank or CPA or P&C connection unless you can come on-board with a good background of product training and selling experience. So assuming you can turn your first couple of years of prospecting into a successful referral base, you’ll likely need another two or three years of top productivity before these firms will be interested in working with you. (You may find that, after that time, you’re doing just fine where you are.)

Where can you get the best sales training if you are new at your career? Always get suggestions from fellow producers, but I also recommend the following resources:

A successful general agency of a top life insurance company that specializes in the type of sales that interest you. (Google “Life Insurance Training” to find resources);
Producer affiliates of broker-dealers that specialize in the type of activity that interests you. (Google “Financial Training Adviser” to find resources);
An Independent Marketing Organization (IMO). They may have a staff opening that could provide terrific initial training, but IMOs can also lead you to producers in their organization that are looking for new producers. (Google “Independent Marketing Organization” to find resources.)

Somewhere in here is an idea or two that will work for you. Good luck, and good selling.

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