Doing a multi-product sales review is easy.
1. Collect your sales data for the last twelve months.
2. Fill in the number of sales by product line, as noted below.
3. Look at how many sales you’ve made in each product category.
4. Finally, consider how many clients you have and what products you haven’t talked to them about.
|Critical Illness # of Sales||Disability # of Sales||Long Term Care # of Sales||Seg Funds # of Sales||Annuities # of Sales||Group # of Sales|
|Life Insurance||# of Sales||Life Insurance||# of Sales||Life Insurance||# of Sales|
|Universal Life||Term to 100||20 Year Term|
|Whole Life – Life Pay||Term to 75||15 Year Term|
|Whole Life – Pay to 65||Term to 70||10 Year Term|
|Whole Life – 25 Pay||Term to 65||5 Year Term|
|Whole Life – 20 Pay||40 Year Term||1 Year Term|
|Whole Life – 15 Pay||35 Year Term|
|Whole Life – Quick Pay||30 Year Term|
|Whole Life – Other||25 Year Term|
Here are some ideas to make this chart even more useful.
- placing a product list or chart like the two above in each client file
- asking your client to put a check mark beside the products she owns
- placing another symbol beside products you’ve discussed with the client, but they’ve chosen not to buy (yet)
- noting the products on the list clients have bought from other advisors or institutions
- explaining that these products are also available through you
- mentioning that these products are also available to members of their family
- saying that like a family doctor, you refer clients when an insurance specialist is required
- planning to have all your client meetings with this new process eight months before each client’s birthday
A multi-product sales plan need not be any more onerous than a gap analysis supported with a strategy and tactical plan.