How to find Rich Clients

The four categories of rich clients for insurace.

Hi guys this is techworldsports and in todays article i want to take this chance to share with you about the four categories of rich clients and hopefully by the end of this article you will gain clarity as a financial advisor on how to sell insurance to richer clients you see when i started in this industry everyone told me sells to richer clients and you will make more income but what they didnt tell me is that there are actually many different types of rich clients and all of them will react differently to different presentations so i struggled to talk about insurance rich clients simply because i wasnt presenting the right product offering and not exactly identifying the concern and the pain points correctly i honestly dont want you to go through the same exploration stage that i did thats why today i want to teach you something new that i came up with to help you understand the insurance high net worth market needs by the way so that i know my content is giving you great value in your journey as an advisor okay there are millions of ways to break down rich clients ill be personally breaking down rich clients according to whether they are employed self employed running a family business which they have inherited or they are self made this gives rise to four categories of clients which are commonly seen by advisers hopefully you will have a better glimpse on.

 This the four categories of rich clients.

  1. How  do you ever wonder.
  2.  how you should deal with rich prospects.
  3.  how you should talk to them?
  4.  how you should position yourself?.

well in this Artices we will explore the different categories of rich clients and  how you should view your rich prospect so now heres a picture of an overview of the four categories of rich clients category a people who are selfemployed and have a family business this usually refers to an individual who has a family supporting them in whatever they do they might be running a family business or running their own business or even wealthier clients you will expect them to have a family office managing their funds when dealing with these type of prospects do expect them to consult their family members or family office before they get back to you on their decisions this also means that you need to invest in getting the trust of those key decision makers in your prospects family or family office remember if the money is not going to come directly from your prospects then you need to spend time convincing those gatekeepers along the way the good news is you can expect to sell insurance to your prospect and he trusts you enough you will be even able to go an extra mile to sell insurance to his whole family business personally i like to sell life insurance and key man insurance products to this type of prospect if his family has a few businesses i would even suggest providing key man insurance to all the senior title holders and set up a retirement plan for them category b are people who are employed and have a family business as well this may refer to individuals who do not want to carry on the family business and have their own passion they decide to work instead of running the business for these type of individuals if they are wealthy enough there is a possibility that they might be a beneficiary of a trust or others of the family members carrying on their family business if you base your financial planning based on the income you might undervalue them for example if youre offering them life insurance and you try to sell them life cover which is ten times of their annual income it might not be most accurate reflection for them therefore i usually base my financial planning based on their level of estimated net worth and allow the client to make the decision for example ill estimate their clients net worth to be lets say $ million and offer them % life cover on their net worth which is $ million in this scenario category c are people who are self employed and start a business from scratch now this refers to evergreen business owners these are people who started from scratch and your product offering and financial planning would pretty much be dependent on their business size at that point of financial planning and their personal network category d is people who are employed and self made this refers to employees who take up a standard salary your financial planning should be based on the individuals income level for you to close a big case in category b you will need to find high paid employees who might be key stakeholders in a company you can later on try to offer key man insurance to his employer as a part of protection for the company so now the question is how do you deal with businessmen now lets take a closer look at how you interact effectively with business owners in category a and c remember this every businessman believes that the business is what makes the most amount of money so whenever you talk about investments or returns or risk they will always compare it to their business they will say i would rather put the money in my business because it gives me higher returns when we understand this requirement and thought process that they have it will affect the mindset we use to approach them and our product offering it is important you spend time understand the following number one how is the business like as an asset number two how to plan for a cash flow for a business number three what do business owners think about exiting number four when did they start the business number five at what level that business has reached is it a new business is it a mature business is it a competitive market is it a non competitive market these are simple things that you should be aware of do a little market research be an advisor to them when you are an advisor to these types of clients it naturally adds value and positions you as a credible adviser when you give good genuine advice these business owners will start to open up to you and might even help you to get recommended to other business friends how to deal with people with a family business im referring to people in category a and b prospects who have a family business or inheritance will usually have a support system assisting them in life for example they will have a trust giving them income they will have properties that give them rental income or they might have businesses that give them dividends and the list goes on you get the idea if you want to close a big case with these type of prospects you can offer to provide financial planning to their support system this might be selling business insurance to their businesses or converting their rental income into saving plans or even assisting them with estate planning for the next generation in summary you now have a better understanding of the different categories of rich clients and how you can potentially support them spend time looking at your current client portfolio and try to categorize them and see if you can open up potentially big cases for yourself this year i hope you enjoy learning about the different categories of rich club now i have a quick announcement to make for the big case closer family members if youre watching this article after three years of coaching and preparation we are finally ready to upgrade to big case closer there are two major changes that will happen to the btc family now the major change one will be i will be organizing my first ever offline mastermind session in singapore on six and august this will be a two full day mastermind where i will be showing you how to craft your own compelling insurance high net worth concepts so that you can target one of the four categories of rich i will go in depth on the four categories of rich where ill be showing you the exact presentation i use for each category how i structure my rich clients portfolios and how you can copy paste the same thing for your clients and start making some good income in so make sure you make an effort to come down so the whole bcc family can learn together now the second major change is we are upgrading our membership program over the last three years we have almost done two to three big case closer meetings every month and im proud to say that we now have a large library of resources in the next few months or so the bcc tech team will be creating a new membership portal for current members to access all articles and pdf resources in the form of a meaningful category to provide a better experience to aid your learning so expect to see learning tracks on topics like key man insurance estate planning premium financing asset management family office management corporate financial planning risk management i cant wait to get the new bcc membership portal ready for you guys for those of you who are not in the big case closer family dont worry you can read up more on the mindset of the big case closer and the bcc mindset playbook.

Also read Please:

What is Insurace How insurace Help you in life.



Leave a Reply

Your email address will not be published.