What Does Your Client Need And Want?

In my thirty-plus years of experience in this business, I've observed that many advisors overlook asking their clients the most crucial questions. The art of data gathering, once masterfully taught in the early days of the career agent, has seemingly lost its prominence. Back then, successful marketing packages led to significant insurance and annuity sales, all rooted in thorough question-and-answer sessions.

The concept remains simple to this day: the more we understand about a prospect and their needs, the better service we provide and the greater the potential for a successful sale. This approach also fosters the development of long-term clients rather than mere customers. So, why do advisors neglect to refine their "fact-finding" skills?

I believe much of our failure in this regard stems from our society's obsession with instant gratification. We often chase trends or follow the latest fads without deeply considering our clients' true desires and objectives. While some clients benefit from a product switch that offers higher interest rates or a more substantial death benefit, is that truly aligned with their financial aspirations? Have they given thought to questions like "How much money do I need?" and "What do I want my money to achieve for me?" Perhaps it's time to revisit this fundamental aspect of the sales cycle. Could there be an opportunity to embrace traditional practices in a modern context? I believe so.

Our prospects and clients are bombarded with information, mostly delivered in sound bites. Many consumers, after making a purchase, find themselves somewhat dissatisfied, despite feeling they've improved their situation. This dissatisfaction leaves them open to other advisors' approaches, making repeat sales and quality referrals harder to come by. As a result, we find ourselves investing more time and money in one-off sales.

So, what's the initial step? Allow me to suggest asking just two questions before completing the client questionnaire:

1. Mr./Mrs. Prospect, what financial needs do you perceive, and why do you feel they're necessary?
   
2. What are your goals for the rest of your life, and how much money do you believe you need to achieve them?

These questions spark open discussions about their financial concerns and aspirations. Armed with this insight, you'll be better positioned to offer tailored solutions for the present while planning for the future. After all, we know that benefits sell better than features.

When clients realize that you genuinely address their needs, wants, and desires, you'll establish yourself as the trusted advisor in your market. This is yet another facet of service: caring. People want to do business with individuals who genuinely care about them.

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Until next time… good selling!
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Raymond J. Ohlson
Founder & Retired CEO
Ohlson Group
​1-877-844-0900