Experts say that if you do this properly, you will sell more! A single sales strategy does not fit all clients and can lead to disgruntled clients or beneficiaries down the line when they realize they do not have the coverage they need. You must make appropriate recommendations that are in the best interests of the client at the time of sale (amount, type and price) to address the client’s circumstances, financial needs and objectives. Using the right approach and positioning needs analysis can make that easier and reinforce the recommendations you have made.

Protecting your business practice is important. You can help do this by documenting your needs analysis. Promote a culture of compliance and ethics within your daily business practices to lend a higher level of professionalism. Selling to a client’s needs is a key component of your code of conduct. As the “advisor”, you must make a diligent effort to obtain full information about the financial and personal circumstances of every client prior to making a product recommendation. Documentation must support your sales strategy. It is important to understand that insurance regulators will be looking for evidence of needs based selling.

There are many readily available industry tools to assist you in meeting your obligations and/or to help you draft your own needs analysis document. Read more about The Approach on HUBLINK or contact your local Business Development Specialist to learn about Your Financial Compass training process.

Remember, 
Good Business is Compliant and Compliance Matters!