Secrets from the Top of the Table

A laser-like focus on your client’s best interests may be all that you need to become one of the best in the business.

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By Thomas Young and Danny O’Connell

What do top producers know that others don’t? What drives them to get to the Top of the Table and stay there, year after year? For answers to these thought-provoking questions, we recently spent some time with a few of these high-performing producers. What a couple of them shared with us should inform your thinking as you look for ways to enhance your practice and move closer to the Top of the Table.

From Thomas Young, CLU, ChFC

Key to an Advisor’s Success: Focus on Your Client’s Best Interests

One of the most effective ways you can sustain a high level of production and success as an independent advisor is to shift the focus away from your bottom line and toward your clients’ best interests. Your clients’ financial wellbeing and literacy should be your chief concern. Aim to educate them and build meaningful relationships. With a focus on client service, the goal will be their success, which, in turn, can bring you success, as well.

True success in the financial-services industry likely hinges upon passion on both sides of the relationship.

True success in the financial-services industry likely hinges upon passion on both sides of the relationship. As an advisor, you’re passionate about helping clients protect their finances. Likewise, most people are just as interested in attaining financial security, especially those who work with an advisor. People from many income levels generally have the same financial concerns—they face the same financial problems and obligations that track salary increases, houses getting bigger and cars getting more expensive. Show potential clients that their financial goals are within reach with the right tools to get their attention.

Client education is the first step to a strong, lasting relationship. Once clients understand money management basics, you can work together to find money they lose out on unknowingly and turn it into a stream of retirement income. Key concepts like efficiency of money and cash flow can help them take control of their financial lives on a granular level.

I help clients approach their family finances in the same way a CFO tackles his company’s balance sheet. It may be in everyone’s best interest to get rid of debt. I don’t believe there’s such a thing as “good debt.” Not only does debt draw funds away from retirement plans every month, financing costs also further drain purchasing power. Once all debts are settled, money previously budgeted for monthly payments can be funneled into financial planning and retirement. From there, clients will be better capitalized to potentially secure their futures with the products or investments that make the most sense for them.

Thomas W. Young, CLU, ChFC, is a NAIFA member and a 24-year MDRT member, with Court of the Table and Top of the Table qualifications. He is the founder and president of 1st Consultants Inc., and a certified life coach and human behavior consultant.

From Danny O’Connell, MBA

Key to Success: Relate to Your Client’s Concerns and Needs Passion and the pursuit of what you love are the cornerstones of success in business. I let passion guide me to open my own practice and develop my support system. The tactics we used to achieve our preliminary goals have scaled practice growth and are instrumental in creating a continuous referral pipeline. Similar methods can be adapted and applied to any growing practice.

Success itself isn’t the most important thing; rather, it’s the meaningful impact you make on people’s lives.

Start with a targeted goal as your primary focus. Identify a niche market segment or geographic focus area as a way to streamline your energies. For example, I targeted my new practice to serve small businesses in the greater Dallas area. I provide employee benefits like 401(k) plans, life and disability insurance to locally-based businesses with five to 100 employees.

Tailor communication to clients’ unique perspectives. It helps to put yourself in their position and view products through their eyes. To attract entrepreneur as clients, I address their most common concerns, like cost control, employee retention and their competitive edge in the market. Employee benefits are a cost-effective way for them to add value to the bottom line and operations. Once identified, articulate your key differentiator in a way prospects can understand. Help them comprehend the basics of your services and earn their trust as a partner who is looking after their best interests.

Cultivate a supportive culture within your practice and work with your team to achieve a defined mission. Share your passion and goals with employees and let them know how they fit into your overall plan. It’s best to connect one-on-one to discuss goals and motivate growth. Your staff will look to you to maintain the culture, and over time, you’ll need to make changes and investments to stay on track. Once the team has bought into your vision, they will be instrumental in helping you achieve success.

As your practice and team grow, you’ll find that you are making a positive difference in the lives of your clients and employees, and in your community. I’ve learned that success itself isn’t the most important thing; rather, it’s the meaningful impact you make on people’s lives.

Danny O’Connell, MBA, is the CEO of Next Level Insurance Agency, which focuses on employee benefits, life, disability, and retirement planning. O’Connell works jointly with agents all over the U.S. He has served on the NAIFA-Dallas Board since 2013 and on the NAIFA-Texas Board for the past two years. He is also a Life & Qualifying member of MDRT, with 7 Top of the Table Qualifications and 1 Court Of the Table.