Conceptualizing the True Value of the Work Financial Advisors Do

There’s a misconception that financial advisors are money hungry, commission driven people who are out for themselves. While that may be true of some, I have found that my peers and I are all good-hearted people with a genuine desire to help our clients. Let’s not forget, this business is really tough. We sacrifice our time, needs, and health to constantly be out there protecting individuals, families, and businesses. We hear more “NOs” than we do “YES,” and we still keep going even though we fail 70% of the time – and that’s if you’re good! 🙂

So, while many think we are just in it for a commission, let’s think about what it means for the client.

Consider this… if I sell an insurance policy or another financial product and make $5,000, that’d be great! But if I don’t make that sale and miss out on that commission, my business and my family will still be ok because I can get back out there and try again.

Our clients, however, the very ones who sometimes question our motive, may not have that luxury. If there is an untimely death, long term illness, or disability, how will that affect that client’s family? If that client hasn’t saved enough for retirement or created a well balanced investment portfolio with guarantees of income and protection of principal, how will they deal with significant market corrections, taxes, hyper-inflation, and longevity?

If something were to happen, the family might need to take drastic measures and sell the house, pull their kids from private school, or liquidate their business(es).

I’ve seen it happen many times.

So while that commission represents a fraction of my total earnings, the work we do represents 100% of our client’s nest egg.

Always keep this in perspective because it will change the way you prospect and the clients will hear the sense of urgency and confidence in your voice.

Why is this so important for us advisors to keep in mind?
If you manage a team of advisors like I do, then you know prospecting and booking appointments are the biggest challenges your advisors face. I find that for the advisors who are struggling, it all comes down to their mindset.

If they don’t believe in the service they provide, neither will the prospect.

Imagine this… if you saw someone who was about to walk off a cliff, would you softly tell them, “Uhh, hi, there’s a cliff there. Be careful.” Or, would you yell at them, “Heyyy!! Watch out!!”

This is the mindset and level of urgency I teach my advisors to have when they are meeting with prospects. If they are not protected and essentially heading for the edge of their “cliff,” it is our job to let them know what’s about to happen. Whether we make the sale or not. At the very least, the prospect should leave with the information to make educated decisions.

So the next time you or your advisors have call reluctance, remember the true value of the work you do.

Bonus tip to keep things in perspective: The Value of Scheduled Appointments – what do you make each time you book and appointment, whether it was a no show or a cancellation?

Related Videos:
Dealing with the Negative Perception of Life Insurance
Name Flow, Referrals, and Converting Friends and Family
The Approach: Booking Appointments

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Eszylfie Taylor is the founder and president of Taylor Insurance and Financial Services and the Creator of The Taylor Method, his online sales system for financial advisors. He attended Concordia University on a basketball scholarship and graduated Magna Cum Laude with a Bachelor’s Degree in Business Management. Prior to founding his own brokerage, he was a standout financial advisor at New York Life, finishing his career there as the highest producing advisor in the history of the African American market.

Mr. Taylor has been a Million Dollar Round Table Top of the Table producer since 2011, which places him in the top 1% of advisors worldwide. In 2015, he was the recipient of NAIFA’s Advisor Today Top 4 Under Forty award. Today, as an active advisor, he continues to build on the sales language, concepts, and tips that contribute to the curriculum on The Taylor Method.