Mastering LTD Conversations

The natural question to ask after learning how important active listening is: What is the best state to be in to be a good active listener?

We can start by asking : What are the best activities for attaining that state? What neuro-chemicals and chemical cascades  associated with this emotional state? Which activities release which of these chemicals?

In this podcast, we dive into all that encompasses what's involved in reaching an Ideal State for Active Listening. Enjoy!

Listening is a crucial aspect of communication, and it plays a major role in building trust and influence in interpersonal relationships. Studies have shown that effective listening can lead to increased sales for salespeople, as well as stronger connections and better outcomes in various other contexts. While increased sales do not matter as a fee-only CFP, the ability to increase your influence so that a client listens to your recommendations does.

So, once you have permission to continue the conversation despite an initial no, where do you go now? Well, the fact that they rejected exploring a disability policy from the initial conversation indicates that there is something else - expectations of price, coverage, or prior personal experience - that is causing them to want to hold off.

Let’s face it. While the prior blog article is effective, not everyone you believe as being a proper fit for a disability policy is going to say yes based on following a version of that conversation. However, it should be known that a first objection is not a final no.

Sometimes it can be a struggle just to start the disability conversation. Oftentimes there can be a gut feeling that it is a simple waste of time because people have said no so many times in the past or the client has said things or fit a profile that makes you feel like they do not want disability insurance.

If you were to think about the most valuable conversations you have had in your life, it probably involves someone you trusted changing the way you think or behave regarding a specific issue. Inherent in these life-changing conversations is that the way you thought prior to the conversation was fundamentally different from how you thought after the conversation. An exchange of information, clarification and correction of prior false premises and beliefs to more correct ones are what made the conversation valuable.

If you have read a lot of our articles, you would have seen a lot of strategies. At the end of the day, there is not only one lever to pull when talking to your client about disability. You may want to talk about it in a certain way because of your relationship with the client – friendly and casual vs strictly professional. Perhaps you want to talk about it in a certain way because it makes more sense and seems more authentic to you. It is important that we bring up a lot of different options to see what resonates with you and your clients.

A good financial plan is evaluated based on evidence and a sound strategy – not by looking back at the 1-, 3-, or 5-year performance and comparing it to other portfolios. Just because some people win the lottery, does not mean that buying lottery tickets is a good strategy.

In the first part of this article series, we learned why it is important to have effective disability conversations for your business and the well-being of your clients and those who depend on them. In the second part, we discussed how we know there is a problem with having impactful disability talks with clients and learning how embracing how to frame these discussions (i.e. sales and persuasion techniques) is admirable rather than shameworthy. Now we will focus on the specific tools and conversations that work and do not work when discussing disability.

There is a massive gap between people who believe they need disability insurance and who actually have a policy. “LIMRA research shows only 1 in 5 consumers own disability insurance despite almost half (48%) saying they believe they need it – a drop of 11 percentage points from 2012. The most frequent reasons consumers give for not buying disability insurance are a lack of knowledge and indecision.” The other major complaint is cost.

This series of articles put into action can make a dramatic difference in improving your business and the lives of your clients and their dependents. It is a culmination of 8 years of personal experience of speaking with clients, 1000s of conversations, and techniques and ideas brought together mainly in the fields of study of positive psychology, behavioral economics, and sales and negotiation strategies.

Most people mistakenly feel they are good listeners due to their overconfidence. Being overconfident in your listening skills impedes you from fully understanding your client’s motivations.

Have you encountered yourself in a business meeting questioning how to lead the sales negotiation in the direction you desire without making everyone aware of this?

We know that disability coverage conversations are amongst the hardest you have with clients. Let NGI help you make them easier and more effective.