Taylor Method vs. Traditional: What Sets It Apart for Advisors?

 

Why spend precious time reinventing the wheel when it comes to growing your insurance and financial services business?

The truth is, there's no need to.

Take a good, hard look around…

Successful advisors understand that they need not be the next Einstein to thrive in this competitive field. Rather, they follow a proven path - one paved with tried and true selling methods that have stood the test of time.

But that’s overly simplistic.

When it comes down to it, let's be real with ourselves:

The reality of selling insurance and other financial products or services is far more complex than simply reciting features and benefits. It is a science that requires a deep understanding of human psychology, communication strategies, and more.

And if we're being honest, the Taylor Method is the perfect example of how to do it right. 

In this article, we aim to compare the Taylor Method with traditional approaches, shedding light on what sets it apart and why many industry insiders swear by it.

Common Ground: A Crowded Marketplace Rife With Opportunities

Let us kick things off with the silver lining:

IBISWorld confirms that between 2018 and 2023, the financial planning and advice market in the US has seen a faster growth rate of 2.1% per year compared to the overall economy. As a result, the industry is expanding, creating an abundance of opportunities for insurance and financial advisory professionals. However, to capitalize on these opportunities, advisors must be well-prepared and employ effective strategies to navigate this dynamic landscape. 

If you ask us: It's a promising sign for anyone who wants to establish themselves in this field or is already operating within it.

The “not so good” news?

The industry is cutthroat. A shark tank of competitors - both humans and robo advisors all swimming toward the same prize - your prospect; your next client; and ultimately your financial freedom.

With about 30,500 advisors expected to enter the workforce each year according to the Bureau of Labor statistics, we're at the point where even with a unique offering or niche, there is likely to be significant competition. Striving to “stand out” is no longer enough. To survive, you've got to show off your fins and make a splash. It's all about mastering the right way to sell what you're offering. Because if you can't you're chum in the water.

But we tell you, it's not impossible.

And luckily for you, most advisors are trudging down the beaten path.

Picture this: you're at a party, and everyone is dressed in black. If you wear a white shirt, you may stand out, but you might not make a lasting impression. On the other hand, if you wear a neon green shirt, that's going to catch everyone's attention! 

The same principle applies to your business. You need to be the neon green shirt in a sea of black shirts. Want to find out how? Read on.

The Taylor Method - Breaking the Mold of Conventional Differentiation

The Taylor Method (TM) In a nutshell:

• An ‘objection-free’ sales process developed by Eszylfie Taylor - an ACTIVE, MDRT top-of-the-table producer (top 1% of financial advisors worldwide).

• A sales system predicated on shifting your mindset to solving problems vs selling products, resulting in fewer objections.

• A field-tested, proven system that has helped thousands of financial advisors around the world thrive!

• A deep library of content to help you address each pillar of the sales cycle effectively.

Before we proceed any further, let's set the record straight:

If you think this is a cookie-cutter sales training program, you're in for a letdown.

As countless case studies have proven, the crux of success lies in a repeatable system that provides advisors with the tools, mindset, and language to establish a million-dollar practice with relative ease. In other words, as an advisor, if you want to consistently fill your pipeline with warm qualified leads, expand your clientele, and carve out a niche as a trailblazing leader, The Taylor Method is truly a game-changer.

Of course, we know you're all champing at the bit to find out why? 

Here you go:

What Sets The Taylor Method Apart From The Traditional Approach To Selling Financial Services And Products?

The Verdict Is In: It Works

No need to look any further than the evidence before your very eyes.

• David Hausdorff, VP of New Organization Development Lifetime Growth, skyrocketed from Top 500 to Top 11 in just 90 days at his previous carrier. 

• Johnathan Burgess, Founder of Big Money Management, experienced a 13x boost in life insurance production in less than 2 months.

• Andrew Mortenson achieved a 6x increase in overall production in less than 6 months and finally made Top of the Table for the first time in his 9 years career. That's what you call a game-changing transformation.

• Anthony Navarro quadrupled his average case size and tripled year 1 production in just 3 months. 

We are not just throwing numbers around. David Hausdorff, Johnathan Burgess, Andrew Mortenson, and Anthony Navarro are living proof of the effectiveness of a winning strategy that pays off big.

However, it’s important to understand what makes it work so well for them. Here are some pointers:

The Sales Cycle Is Addressed As A whole

Aristotle first said, "the whole is greater than the sum of its parts," and that is a philosophy upon which the Taylor Method is predicated.

Let us explain:

Think of the sales cycle as a puzzle – each piece is essential to complete the picture. Thus, neglecting even one stage can leave a gap and ruin the outcome.

So even if your sales pitch is sleek, you’ll struggle to break free from the rat race if your prospecting sucks. Same thing with having the best product or a pipeline of leads bursting at the seams - neglect any stage and it will render all your hard work useless. 

Unlike the traditional method of product-centered marketing which focuses on “selling the product” and often at the detriment of other aspects of the sales process like understanding the needs of the client,  the Taylor Method addresses each pillar of the sales cycle effectively by focusing on “selling the solution,” resulting in a reduction of objections and an increase in sales.  

Do You Prefer To Get Leads Or a Consistent Stream Of High-Quality Leads?

Both approaches recognize leads as the sine qua non to the success of your business. And they provide varying solutions to ensure your name-flow never runs dry. However, the Taylor Method takes lead acquisition a step further.

The Taylor Method understands that you make as much money as the clients you serve so it does an incredible job to set you up with prospects in the high-income bracket. For example, it teaches advisors the art of “prospecting up.” For the most part, referrals are good, but prospecting up ensures your clients refer you to people that are more successful and by extension, will yield the bigger deal.

Additionally, the traditional sales programs teach you to ask for referrals at the close of the deal. Sounds reasonable, right? Except it’s not required.

Now compare that to what the Taylor Method advocates, that you ask for referrals from the onset, which increases transparency and frames the mind of your customers to oblige your request.

That's not all:

As an advisor imbued with the old way, your subconscious forces you to only be in a business frame of mind when you are in a suit or business attire, behind your desk in your office. The Taylor Method rips that script apart by leveraging “personal observation” to acquire leads from any daily activities such as taking your kids to the park or by sitting next to a stranger at a baseball game. The point is, this is a relationship business and the Taylor Method teaches you concepts that allow you to capture business at any moment throughout your day. 

Finally, let's face it - the old-fashioned way of networking is tired, formulaic, and ineffective. To break from the mold requires that you network differently. 

The traditional approach to networking = print out enough business cards, assume a demeanor and share your cards with as many people as possible. The Taylor Method takes a different route - it is rooted in the principle of reciprocity - givers get! By cultivating genuine relationships, adding value to others, and giving back to your community you'll create a network of supporters who will help you achieve your goals. The former will get you leads for sure, but with the latter, you’ll win more goodwill and even more business opportunities.  

The Traditional Approach Pits You Against The Customer, But The Taylor Method Turns Them Into Lifelong Advocates

At first glance, the sales-centric approach that characterized the traditional tactic seems the easiest option - after all, when a prospect walks in the door, you just have to sell them the product or service, right? 

But the problem with this approach is that it assumes that the advisor knows what the client needs without taking the time to truly understand their unique situation and goals which often leave clients feeling manipulated, pushed into making a decision they didn't fully understand, and ultimately unsatisfied with the experience.

On the other hand, the Taylor Method prioritizes the client's needs and goals over the salesperson's commission. And this is where the “fact find” comes in.

The fact find is a proven process that guides you through fact-finding interviews and objection-handling, ensuring that you can quell any fears, uncertainty, and doubt before they even arise. With this strategic approach, you'll have the upper hand in any sales situation, and your prospects will be begging to share their problems with you. 

It is a fact:

When you prioritize the potential client's needs, you'll build trust, be better informed to provide a fitting solution and establish a long-lasting relationship that benefits both parties in the process. 

Additionally, the TM's emphasis on building trust and rapport with clients can lead to more sales opportunities in the long run. Clients who feel understood and valued are more likely to recommend their financial advisor to others and may also be more receptive to additional sales opportunities down the line.

So why not say goodbye to pushy sales tactics and hello to a more effective and ethical approach that delivers results? Get started here.

You'll Uncover Twice As Many Opportunity For A Sale

Fun fact: Most advisors have sales opportunities sitting pretty right under their noses.

The only problem?

They often fail to recognize these opportunities for what they are and many advisors miss out on potential sales that are right in front of them. It's a shame, really - because by taking the time to identify and nurture these opportunities, advisors could significantly boost their revenue and enhance their clients' experience. 

To put it bluntly, this stage of the sales cycle is where the Taylor Method truly shines.

Let's compare both approaches:

The greatest flaw of the traditional approach is that the advisor is fixated on their product - what they perceive is the right solution for the client. Well, would you blame them? It’s how their company trained them - to sell their company’s products.

By contrast, the Taylor Method is more intuitive - you take a step back and simply become a facilitator of solutions, not a salesperson.

By shifting the focus away from pushing their product to meeting the client's needs, advisors come across as genuinely empathic and also forced to think outside the box to provide custom-fit solutions for the client.

For example, a client may be crying for a retirement plan when during the fact-finding process you discover they could save on their mortgage. What do you do? Rather than just ignore that piece of info and push for your business, you could refer them to a mortgage broker in your network to help them with their mortgage, thus providing value beyond just selling them a product. You provided a solution - they saved money on their mortgage that now frees up additional capital to invest with.

So instead of offering an off-the-shelf solution like most of your colleagues to the client in the example above you're able to offer a tailored solution that saves them money on their mortgage, enhances their trust in you and solidifies your position as their go-to advisor - even beyond the scope of your initial engagement. With this level of personalized attention, the decision to buy becomes a matter of when not if.

You Can Seal The Deal With Both, But It Is Easier With The Taylor Method

It would be dishonest to say that the traditional method doesn't get results - after all, it has been around for a long time and has proven effective in many situations. 

However, it's important to note that the traditional approach was developed in an era before the internet when clients were less informed and less demanding. In today's world, clients have access to a wealth of information and expect a higher level of service and personalization than ever before. 

The Taylor Method, on the other hand, was specifically designed to address the evolving needs of modern clients and the changing landscape of sales. As such, it places a greater emphasis on consultative selling - a process that involves taking a deep dive into the client's unique situation, identifying their specific needs and goals, and then tailoring a solution that gets clients to act.

Done right, it makes the close a walk in the park because…

Clients tend to be less receptive to a one-size-fits-all approach and are more likely to appreciate a tailored, individualized proposal that truly meets their needs.

TM effectively proposes a solution, two at most. The client is not overwhelmed or develops cold feet thinking the advisor is only guessing. With a clear and concise proposal in hand, the client is more likely to move forward with confidence and make a decision that benefits them in the long run. 

This is in stark contrast to the traditional approach to sales which often revolves around commission-based selling, which can incentivize advisors to push a list of solutions onto clients to maximize their earnings thus arousing suspicion about the advisor's motives. 

Final Words

As the old saying goes, "success leaves clues." And if you're looking for clues to help you build a thriving practice, The Taylor Method is the ultimate blueprint for insurance and financial services professionals to achieve optimum potential. With its proven track record of success stories, this system equips you with the necessary mindset, methods, and language to attract and retain high-end clients, generate new leads, and establish yourself as a top player in the industry. Sounds like what you want, right? Book your spot now.