(There are no InsMark presentations used in this blog. It is a an informational blog only)
How do you pry loose referrals from an attorney or CPA?
Dennis Dahl, a good friend of mine from Boise, Idaho, has crafted one of the finest techniques I have ever heard for this situation. Dennis refers to it as his “No Name Referred Lead”, and he has used it effectively throughout the U.S.
Here is his description:
I present a hypothetical Case Study to the attorney or CPA that highlights the unique use of a financial concept that is likely to solve a problem common to that adviser’s client base.
After I’ve convinced the adviser that I know what I’m talking about and have some evidence the concept has been well received, I tell them I am not after the names of any of their clients, but I would like to tailor a similar plan for the one client whose name popped into their mind when they heard the concept. 
I stress that although I don’t need the client’s name, I do need some general information so I can put together a pertinent proposal. Usually, the information is freely given; sometimes I get data on three or four clients.
Now it’s up to me to show my stuff. I put together a presentation based on the information gathered, and once it’s reviewed by the adviser, an introduction to a top prospect invariably follows.
In this way, a “No Name” is converted to a real person with the attorney or CPA automatically approving the idea and presentation.
The “No Name Referred Lead” is effective, and you may want to try it.
Thanks, Dennis, for letting me share it with my readers.
InsMark’s Referral Resources
(Put our Illustration Experts to Work for Your Practice)
We created Referral Resources to deliver a “do-it-for-me” illustration service in a way that makes sense for your practice. You can utilize your choice of insurance company, there is no commission split, and you don’t have to change any current relationships. They are very familiar with running InsMark software.
Please mention my name when you talk to a Referral Resource as they have promised to take special care of my readers. My only request is this: if a Referral Resource helps you get the sale, place at least that case through them; otherwise, you will be taking unfair advantage of their generous offer to InsMark licensees.
Save time and get results with any InsMark illustration. Contact:
- Ben Nevejans, President of LifePro Financial Services in San Diego, CA.
More Recent Articles:
Blog #8: The Pothole in Wealth Management, Good Logic vs. Bad Logic™
Blog #7: If You Think Education Is Expensive, Try Ignorance
Blog #6: How To Prove Which Of Your Clients Should Purchase Long Term Care Insurance
Blog #5: It’s Awkward Trying to Sell My Friends
| 3 Reasons Why It’s Profitable For You To Share These |
| Blog Posts With Your Business Associates and |
| Professional Study Groups (i.e. “LinkedIn”) |
Robert B. Ritter, Jr. Blog Archive
Thank you Dennis for these excellent examples. Bob, you should have Dennis speak at the next forum.
Good idea — I just extended the invitation to Dennis for our 2013 Symposium in Las Vegas, November 7 – 10.
Bob
“What are two or three financial concepts that Dennis uses as excellent teasers to spark a CPA’s interest?”
Response from Dennis Dahl:
It depends on the CPA and his/her client base.
For those with wealthy clients, an illustration from the InsMark Premium Financing works wonders.
The “Good Logic vs. Bad Logic” of Wealthy and Wise® is also a real eye-opener (see Blog #8). For those with significant retirement accounts, the Roth IRA conversion logic in Blog #8 is also impressive.
The Charitable IRA approach is always a good one using Wealthy and Wise.
Many CPAs and attorneys are real fans of “buy term and invest the difference” and nobody does a better job of proving this wrong than InsMark (see Blog #4).
If the firm has corporate clients, I use one of InsMark’s great business concepts in the InsMark Illustration System: I really like the Free Dog analogy to an Executive Bonus Plan (see Blog #2), Executive Trifecta, Funding Buyouts with Discounted Dollars, Split Dollar, and sometimes the more advanced concepts in both the Loan-Based Split Dollar System and Leveraged Compensation System. With the individual tax brackets soaring (and further increases likely to come), the Leveraged Deferred Compensation illustration from the InsMark Leveraged Compensation System is outstanding due to it producing tax free retirement cash flow unlike standard deferred compensation plans.
Using InsMark formats has made all the difference to me since they make difficult ideas easy to understand. The key is patience and persistence in your education of the adviser. Open with you best idea in order to earn the right to followup interviews. Then keep showing different concepts over several interviews. Don’t be afraid to spend a lot of time doing illustrations without making any money. As a side benefit, this helps you get better and better at presenting ideas and makes you learn new ideas or new ways to show old ideas.
Check back often to see if the CPA has presented the idea to his client and get feedback. With some attorneys this has worked very well, but unfortunately they occasionally will “borrow” your idea and use it with another agent.
The biggest clients I have came from the No Name Referred Lead concept. It is not for everyone, but it has been very, very good to me.
Very excellent idea. I have used sample cases from Insmark to explain what I do and it has worked very well. I enjoy your blog and I share them with other agents and reps.
Thanks for the comments, Jeff — and particular thanks for sharing the Blogs with others.
Bob Ritter