'Make People Feel the Best:' Tips for Building Your Agency and Reputation

In addition, while some professionals fall in love with their insurance company, I fell in love with my clients and will do anything within my power to serve them.

What income planning products or strategies have been working especially well, or especially poorly, over the past year?

We strongly believe that clients should secure guaranteed income streams into retirement.

We use a combination of assets to secure a baseline of guaranteed retirement income. Products such as income annuities, private placement life, and overfunded, accumulation-focused life insurance programs work to provide a tax-efficient income stream to our clients.

In addition, many of our clients come to the table with cash-flowing real estate, dividend-paying stocks and bond portfolios that help to provide retirement income.

We believe that a client has a predictable retirement income will have:

Less stress
More enjoyment
The ability to invest other funds in growth-oriented assets
Less of a desire to sell equities at the bottom of the market
More time to live the retirement of their dreams
More assets used for legacy and multi-generational wealth

We have found that UHNW families who believed market volatility only works on the upside were sadly disappointed with their 2022 investment performance and are rethinking their strategy.

They are now understanding our belief in making sure clients have a predictable income stream in retirement.

What effect, if any, have you experienced as a result of the COVID-19 pandemic and the recent upheaval in Europe?

We believe that if a family did not rethink their planning during COVID, they never will.

During COVID, we all had time to reflect on our economics, financial planning, estate planning and heath goals. Many of our clients are now more concerned with providing a financial legacy for their children and grandchildren.

We never know what the future will bring, but it’s reasonable to think the future may be more difficult than the past.

It’s reasonable to think that providing a significant nest egg for the next generation will provide additional security in the event of a recession, a pandemic or a war.

COVID affected everyone; however, the HNW and UHNW were affected less than the working class. The HNW and UHNW had choices to stay home, take a leave of absence from a position or even retire.

Although we did pay several UHNW death claims from COVID, the bulk of the mortality was in the middle market or below. This is because wealth allows people to make choices to protect their health when other people who are less financially fortunate did not have those choices.

For you, what have been the most effective ways to get new clients?

Here’s how I built my reputation with UHNW client and advisors:

I always try to do the things that other people don’t want to do.
I try to know more about my product and service than any of the competition.
I work on becoming an industry leader by investing the time required to support and lead industry associations.
I try to provide exceptional service, always.
I strive to work harder and smarter than my competition.
I always do what I say I am going to do, show up early and say thank you.
I always attempt to make people feel the best when they’re with me.

And I work in a collaborative way:

I meet and support all of the other providers specializing in my chosen market, such as CPAs, attorneys and consultants.
I ask my clients and other advisors for help when needed.
I found great mentors that I can count on and ask for help.
I partner with other advisors and professionals whenever possible.
I have developed an efficient way to work.
I selected markets that I love to work in.
I block time every day to focus on how I can help a client, advisor or prospect grow their business.
I believe and invest in myself.
I use social media and the internet as my billboard and make sure I am adding value with my social media posts.

In addition, I make sure my prospects and other advisors understand the business:

I communicate in simple ways what the focus of our business is and what it is not.
I publish articles and speak about our practice.
I use social media to enhance my reputation and share important information.

What thoughts do you have for a financial professional who’s trying to start or expand a practice now?

Here are some ideas:

Make sure you are fishing in the right ponds.
Evaluate the markets you are serving and make sure they are growing, sustainable and appreciative of your services.
Interview other successful practitioners so you can learn from them and build your confidence.
Think nationally. Zoom and Teams has broken down geographic barriers.
Become the expert. Speak, publish, post about your expertise.
Ask for referrals from satisfied clients, always.
Research the client before the meeting.
Embrace technology to make your practice more efficient.
Invest in staff early and not only when you are bursting at the seams.
Live your profession.
If you sell financial security, live a financially secure life.
Protect your confidence and work on your grit every day

Photo: Howard Sharfman. (Photo: MDRT)