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Practice management: Success during a financial crisis

When financial crisis happens, it's not easy. My strategy is to go back to the basics, like when I first started in the business. I try to be positive myself.

Wednesday, November 4th 2009, 11:40AM

Whenever I talk to people, I hope to touch them with my up-beat spirit. I hope that I bring the sunshine when people see me.

Ever since the financial crisis started, I push myself to make more phone calls, set more appointments and extend better services. I take initiative to visit people, provide them with current market information and update their policy status. I offer to analyse their current financial situation and advise how to turn disadvantage into advantage by spending every penny for the best leverage.

I show enthusiasm at all events and go the extra mile to observe and be conscious of people around me; such as this experience at a wedding:

A couple sat next to me. I told the young lady that she is a lucky lady to have such a gentleman for a boyfriend. The man responded that they have been married for 15 years. I told the woman that I thought she was just a young lady because she is so fit. She said she had three children already. I asked how old they were and was told 12, 7 and 5 years. I said she must have had her first child when she was 18. She laughed and said she was 40. Her husband said proudly that some people think he's the father of four. When I asked his age, he said 45.

From the rest of our conversation, I could tell they care about their family. And I got all their census information: ages, health status, type of business and where they live. We exchanged business cards, and I introduced myself at the right moment. I asked them if they'd mind if I called on them some time. What do you think they said?

The following Monday I had my assistant prepare the whole family's data. I called Mr. Wong and told him that I was accompanying a client who was taking the physical exam for insurance in their neighborhood on Wednesday. Would it be alright if I dropped off some information for them to review as well? Mr. Wong readily agreed.

So, I visited Mr. and Mrs. Wong, introduced my services, the importance of insurance and different types of insurance. Mr. Wong said he was going out of town again and would contact me when he returns. I told him that the nurse happens to be in the neighborhood and that he didn't have to make a final decision today; as long as he signed the application and made the first month's deposit with the physical exam, he would be covered so he could travel with peace of mind. When he returned, the insurance company would have the offer ready, and he could then make the final decision.

Since then, the Wong family has not only purchased insurance; they have also set up a trust.

Everything is possible - as long as we are willing to listen between the lines, ask sound questions, and most importantly, take timely action, even if it's not a big sale. We can accumulate small pieces into big ones.

The pyramids were not built in one day.


Christine K. Young is a 27-year MDRT member with 21 Top of the Table honors. Young's two books, Ordinary Individual - Extraordinary Accomplishments and Developing Unlimitation within Limitation, are used as sales guidelines in Asia. Young formerly hosted a weekly TV talk show, "Who's Who on TV," to interview celebrities, such as the Dalai Lama and the presidents of the United States and China.

« Practice management: Lighten upPractice management: The financial sailboat »

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