RICS - Risk Insurance Communication Skills

RICS - Risk Insurance Communication Skills Risk Insurance Communication Skills

Dear industry colleagues, MDRT members past and present,It’s been over two frustrating years since we were able to hold ...
06/05/2022

Dear industry colleagues, MDRT members past and present,

It’s been over two frustrating years since we were able to hold a face-to-face MDRT event in NSW. Finally, we can!

Hoping you can come along and enjoy an afternoon of incredible learnings, shake hands, and catch up with other human advisers-not via a screen!

Following on from the last successful event-Lessons from the legends, this event will showcase 4 amazing advisers with a combined 180 years of experience. Get your mind into learning mode as there will be a barrage of lessons that could transform your business and your mind.

I promise there will not be a word about compliance….

This event is designed to help get you back to your “Why ” and I promise it will inspire and allow you to remember the basics of why we do what we do.

I encourage you all to share this message and invite your non-MDRT affiliated adviser friends and in particular, support staff or young advisers. They need these soft skills now more than ever.

To register simply click the link below. There is a minimal cost to attend to help with catering:

https://www.eventbrite.com.au/e/nsw-mdrt-catch-up-tickets-320392912827

Also, please join us for dinner afterward. Please contact me directly if you would like to join the speakers for a chance to catch up, pick their brains, and really get to know them.

Cannot wait to see you again.

- Terry Johnson, Director/Adviser, and Chair-MDRT NSW

12/01/2022

Advisers must ask questions that will establish empathy between them and their prospects or clients. But how do you learn empathy? You learn by listening through the ear of the heart. Let me repeat that: you learn empathy by listening through the ear of the heart. In other words, by putting all self -serving motives behind you and focusing on how you can help that person. If their problem was your problem, what would you want to be done about it?

To learn more about Russell, please visit www.rics.com.au.

05/01/2022

Asking penetrating questions in the initial meeting is one thing, equally important is that you listen attentively to the answers and then record the answers in an orderly manner. When you listen attentively to people, you’re able to develop empathy with them, i.e., the ability to see where they are coming from. The more you understand the way your prospects and clients think, the greater your ability to communicate with them and solve their problems.

The most important question a Risk Adviser can ask in every initial meeting with a prospect is this: What would you regard as your most valuable asset? The answer is their ability to earn income. But to have its biggest impact, this question needs to be asked in the context of discussing assets and liabilities.

To learn more about Russell, please visit www.rics.com.au.

29/12/2021

Good preparation for the initial meeting with a prospective client requires that you select from your list of questions the most appropriate penetrating questions for the person with whom you are meeting.

Penetrating questions are those that require people to think before they answer as opposed to just giving a “yes or no” answer.

For example, “How big an income reduction could you absorb in the event of a temporary or permanent disability?” “How important is each spouse’s income to your current standard of living?” “Are you financially responsible for others outside of your immediate family – for example, children of a former marriage?”

To learn more about Russell, please visit www.rics.com.au.

22/12/2021

When people meet with you for the first time, they expect two things of you: first of all, that you are competent, and secondly that you could put together an insurance schedule or an investment portfolio, or both. But beyond that what else do you bring to the table? What else that will separate you from your competition? In other words what you say after you say “hello” will lay the foundation for a long-term business relationship. So it’s very important about your opening comments because they set the tone for the rest of the meeting.

To learn more about Russell, please visit www.rics.com.au.

15/12/2021

The primary purpose of the initial meeting with a prospective client is to build a relationship; secondarily its purpose is to gather information. So communication is the key and this is enhanced if you are well prepared for the meeting, rather than turning up, opening up a templated fact finder document and then clinically proceeding through the questions. Good preparation enables you to move from a typical Q&A -type meeting into a relationship-development meeting.

To learn more about Russell, please visit www.rics.com.au.

08/12/2021

Every Financial adviser should treat each initial meeting with a prospective client as a job interview – they're being interviewed for the role of “trusted adviser”. In that meeting, these people subconsciously need to have four questions answered. They haven’t thought about these questions in advance but they cross their mind during that meeting. And these are the four questions:

• Do I like you?
• Do I trust you?
• Are you competent?
• Are you the sort of person that will put my best interests before your own?

And if these questions are answered in that meeting, this will not only ensure that there will be a second follow-up meeting but also presents the immediate opportunity to start building a long-term relationship.

To learn more about Russell, please visit www.rics.com.au.

01/12/2021

Don’t get caught up in the financial media’s ongoing criticism of Financial Advisers professionalism. Professionals are defined not by the business they’re in but by the way they’re in business. Let me repeat that: professionals are defined not by the business they’re in but by the way they’re in business.

Successful risk advisers have an unshakeable belief in the value of their products and their power to persuade will always be closely aligned to their integrity.

Never recommend anything to a client or prospect that you would not consider buying for yourself in comparable circumstances.

To learn more about Russell, please visit www.rics.com.au.

24/11/2021

You may be in the financial services industry but you are in the people business. That’s why you should never stop developing your communication skills.

Being successful in the risk insurance area is understanding that the process is 95% people knowledge and 5% product and technical knowledge – but you better know 100% of the 5%!

Developing empathy with people means that your focus is on their problems, not your solutions; on their dreams, not your remuneration. The role of advisers is to serve not to be served.

Your real value to your clients is directly related to the size of the problems that you solve.

To learn more about Russell, please visit www.rics.com.au.

17/11/2021

Communication is an art not a science. People buy what they understand and they don’t buy what they don’t understand.

In the risk insurance area, there are two methods of communication: transactional and relationship. Transactional focuses on the product and relationship focuses on the person i.e. developing the relationship first and then dealing with the transaction last.

It’s important for financial advisers to be aware that their role is to communicate their knowledge to their clients in such a manner that their clients will both understand and act upon.

Your remuneration is not based on how much you know about risk insurance products; it’s based on how well you can communicate with people who know nothing about risk insurance products.

To learn more about Russell, please visit www.rics.com.au.

10/11/2021

We are consistently told that there is an underinsurance problem in Australia. And yet financial advisers have access to the only product that will change expectations into certainties/ and promises into guarantees: life insurance.

Life insurance is an intangible product that answers a need or a purpose for others, rather than for oneself.

Every life insurance company’s actuarial tables guarantee that the chances of every Australian dying are 1:1 – it’s never a matter of, if only a matter of when. That’s why the role of Risk Insurance Advisers is so important.

Risk insurance advisers realise it’s up to them to introduce the topic of death into the economic equation of their client’s lives. To talk about the high cost of dying rather than the high cost of living.

People don’t buy life insurance because they’re going to die; they buy life insurance in order that others might live. Therefore, it’s a character purchase! These people are going to pay premiums for years knowing that they will never witness the legacy that they’ve provided.

To learn more about Russell, please visit www.rics.com.au.

Address

PO BOX 862
Mona Vale, NSW
1660

Website

Alerts

Be the first to know and let us send you an email when RICS - Risk Insurance Communication Skills posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Shortcuts

Share