Thoughts about Insurance Nominations

Source:https://www.moneysense.gov.sg/articles/2018/11/deciding-how-to-transfer-your-estate

So i chance upon this website (MoneySense) and it's filled with resources that i think alot of us really need to read and understand about because it encompasses all that we need in our working life - Be it in different life stages, or in making key decisions for your family or planning for your financial goals in different key milestones of your life, we need to understand what's best for ourselves without someone telling us what is important.

Too often i find clients and friends while casually chatting sharing with me that sometimes, they plan until they don't know what is it they want already; most of the time advisers do what's best for their clients and talk too much (*I'm guilty about it too early in my Financial Advisory career as well) but we advisers failed to listen and ask client questions about the fade direction or goals they have in life to solidify and help clients to chart the financial checkpoints of life.

So by going through the official fact find form from most insurers or financial advisory firms, we as advisers can cover the base more effectively and thereby understanding more in depth about client's real situations (more often than not we judge based on what we see, but nothing could be further from the truth!) and hence forth, recommend appropriate solutions or adjustments base on client's current financial portfolio and needs.

I mean even for advisers, we are always learning because everyone's needs are different, and as time passes by, our needs and wants changes. Priorities also changes, marital status and family status changes too!!! So all the more we should keep records of our client's discussion securely and yet when we meet up yearly for review, it forms a good spring board to discuss and work towards the IDEAL situation client wishes or wants.

For new advisers out there, if you think you don't dare to ask bold and questions they are too sensitive to talk about, there's a solution to this - keep asking these bold questions to people around you in lieu of survey or you can bold up through street canvassing as a good way to position yourself when you are speaking to your prospects. Personally i find it worked wonders for me. Alternatively, attend courses like NLP (Neuro-Linguistics Programming) courses that you can find to shift your mentality and mindset, because like myself when i just started, i felt really paiseh to talk to prospects or friends about insurance because i feel that i don't wanna appear pushy. But actually, if you just speak freely without an agenda of selling, your prospects will feel it and when you act in their best interest, people will eventually buy from you as a financial professional, not as a insurance salesperson. So take note, there are still alot of people out there with inadequate planning or insurance portfolio are messed up, let's help them review and adjust appropriately so that we can surely know that their portfolio are in good hands!

And don't just stop after finalizing the financial solutions for your customer, go one step further and help them setup their insurance nominations (found on almost all insurer's website) and get your clients to do up the nomination once their policy is in force, and it could be a good chance to know and understand client's family nucleus and social circle so that in times of crisis, you know who are you looking out to help or assist. So maintain good communication and contact with your customer, one good way is to use a FB group to inform them of market updates or news that they can benefit from, and keep the group active so that value are massively provided =) Hope this helps.

Regards

Edward