GOODWIN, WRIGHT INITIAL TRAINING
TABLE OF CONTENTS
GOODWIN, WRIGHT WAY
• EXPECTATIONS FOR SUCCESS 1
• SUCCESS AGREEMENT 12
• RULES OF ENGAGEMENT 15
PROSPECTING
• PROSPECTING STEPS & LANGUAGE 18
• PROSPECTING OBJECTIONS HANDOUT 21
• PINPOINT QUESTIONS 22
• FEEDLIST TEMPLATE 23
TELEPHONING
• BADGLEY TELEPHONE TECHNIQUE 25
• TELEPHONING LANGUAGE 30
• TELEPHONING OBJECTIONS 31
APPROACH
• LANGUAGE – FINANCIAL PLANNING PYRAMID 32
• FINANCIAL PLANNING PYRAMID 33 FACT FINDING
• THREE YEARS WORKSHEET 34
• DISCOVERY AGREEMENT 35
• FACT FINDING EVALUATION 36
PREPARATION
• DOUGLAS FACT FINDER 38
• ANNOTATED ILLUSTRATIONS & HOMEWORK 58
CLIENT BUILDING
• NEW CLIENT ACQUISITION CHART 67
INITIAL TRAINING IN REVIEW
• ACTION PLAN 68
• FINANCIAL PLANNING TEAM 70
• GOODWIN, WRIGHT EXPECTATIONS & DEFINITIONS 71
• PACESETTER 72
• NON-RESIDENT LICENSES 73
• NMIS REGISTRATION 74
JOINT WORK
• JOINT WORK RESOURCE GUIDE 77
GOODWIN, WRIGHT INITIAL TRAINING
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TAB FPO
Initial Training – 1 Goodwin, Wright Way
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TAB FPO
GOODWIN, WRIGHT EXPECTATIONS FOR SUCCESS
Congratulations! We are looking forward to a long and mutually beneficial association. Goodwin, Wright is the best place for you to begin your career with Northwestern Mutual. We have confidence you will add to our tradition of excellence. Our experience in developing truly outstanding financial security leaders puts us in the position to recommend activity plans you should follow to reach your full potential.
VISION
To Become a pre‐eminent, world‐class Financial Security Company as measured by Productivity, Culture, and Morale through Attracting, Growing, Developing, and Equipping Leaders.
MISSION
To help people achieve financial security.
VALUES People
Green and Growing
Abundance Thoughts, Action, Life
Focus Follows Fun
Performance
Give more... Expect More
Productivity, Persistency, Retention
Expectations, Standards, Consequences
Pursuit of Excellence
Accountability... Everyone needs a coach
Leadership by Example
Generosity & Gratitude
High Integrity/Do What’s Right
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TEAMwork
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TEAMwork is a comprehensive plan for your development. With mutual accountability as the foundation, TEAMwork drives your development with the end result being high activity and high productivity.
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EXPECTATIONS MATRIX
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The Expectations Matrix is a measurement tool to quickly identify your business status. It incorporates your activity habits and production results to define your current business aptitude.
The Expectations Matrix assists your accountability coaches in supporting your development to Quadrant I as defined below:
Doing It The Network Office Way
Performing at or above GRANUM level activity (300 fact finders in first year, 250 in second year etc.), working your One Card System to produce 690 lives in 5 years, attending all Training, RACE, Mentoring, MetCats Study Group and other development meetings.
Making It
Exceeding minimum financial requirements for your household and on pace for: o MDRT in your 2nd year
o LIVESLEADERSSUMMITinyour3rdyear o FORUMinyour5thyear
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FOLLOW‐UP ACTIONS
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Every month we will plot where you are within the Expectations Matrix. Based upon what quadrant you are currently operating in, the following actions will be taken by the network office:
Quadrant I: Doing it the Network Office Way and Making It
Celebrating and rewarding your hard work at building your clientele and your business.
Challenge you to continue to work toward your true desires.
Quadrant II: Not Doing it the Network Office Way but Making It
Coach you to recognize the consequences of poor to average activity with positive results.
Help you connect your true desires with success habits.
Work to understand your opportunities for improvement regarding your low activity or follow‐ through.
Coach you on the Granum activity mindset and success habits.
Quadrant III: Doing it the Network Office Way but Not Making It
Listen and help you uncover opportunities for growth and set up a development plan.
Diagnose portions of the sales cycle that are inhibiting you from implementing recommendations or prospects from taking action.
Quadrant IV: Not Doing it the Network Office Way and Not Making It
Work to understand your true desires and coach you on creating success habits that will allow you to realize your true desires. Listen and help you uncover opportunities for growth and set up a development plan.
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BUSINESS ACTIVITY COACHING
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Weekly activity coaching is an accountability program in which a Business Coach spends time each week coaching representatives on their daily habits compared to activity, professional and production expectations. Business coaching meetings provide feedback, accountability, challenge and support building success habits that will result in early productivity and long‐term success.
Participation in weekly activity coaching will include two 15‐minute meetings per week. If you have an unexcused absence or you are late to the meeting you receive zero points towards successful completion that day. Accurate, updated activity numbers should be ready to share with Business coach from Blue Book Report and CRM.
Minimum Activity Expectations per Period
3 Appointments kept per day average
150 Activity Points
25 Factfinders
5 PPA’s delivered
30 dials per day for a minimum of 20 days (5 grace days)
5 Joint Work Factfinders with 5 different FRs from the Approved Joint Work List
1st Coaching Period – 2 Submitted Lives * May carry over to 2nd Coaching Period (6 Submitted Lives
in 2nd Coaching period)
2nd, 3rd, & 4th Coaching Periods – 4 Submitted Lives each period*
*For any business submitted through joint work, the split needs to be at least 50:50, to satisfy this requirement (i.e. If one life is submitted through joint work, with 50:50 split, that will satisfy this requirement.)
Failure to meet the activity expectations = Failure to meet expectations of the three of four 25‐day periods.
*A representative’s failure to meet the expectations may result in the discontinuation of his or her contract with the first party.
**FR begins paying for Financial Planning Associate and Rent/Phone expenses immediately.
Failure to meet requirements of the first 25 days = Activity improvement notice or a meeting with FR’s Mentor and Business Coach
Failure to meet requirements of the second 25 days = Activity improvement notice or a meeting with FR’s Mentor and CDO
Failure to meet requirements of the first, second and third 25 days = Discontinuation of his or her contract with the first party. **FR begins paying for Financial Planning Associate and Rent/Phone expenses immediately.
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What you can expect from the Goodwin, Wright Business Coach:
Honest Feedback
High Expectations
Coaching towards your true desires
Challenge and Encouragement
BUSINESS COACHING with CDO
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Business Coaching with CDO is a meeting every two weeks to reinforce and develop sound business practices. By meeting one on one every two weeks with CDO for the remainder of your first year. You will have the support to sustain the strong activity habits you built during Business Coaching and learn how to more effectively help your clients through our sales process.
What the Network Office expects from you
Show up promptly for meetings.
Continue updating Blue Book daily through posting and planning habit.
Update Case Open Inventory List prior to meeting.
What you can expect from the Network Office
Honest feedback.
High expectations.
Coaching towards your true desires.
Challenge and Encouragement.
WEEKLY CLIENT BUILDER
Weekly Client Builder is a weekly study group meeting where you meet with your peers starting in the business to discuss and share sales results and activity. By receiving feedback and support from your peers, you’ll learn methods of improving sales activity and how to manage your monthly Client Builder commitments.
What the Network Office expects from you
Timely reporting of daily activity numbers in CRM.
Consistent, punctual weekly attendance.
Positive energy.
Listen to feedback.
Give honest feedback to peers.
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What you can expect from the Network Office
Honest feedback.
Encouragement.
Role‐play.
AGENT BUILDER STUDY GROUP
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Agent Builder Study Group is a monthly half day session where you meet with your colleagues to discuss and share sales results and activity. By meeting with a peer group to discuss the state of your business and to develop a primary focus for the next month, you should continue to build your client base and measure your progress along the way.
What the Network Office expects from you
Daily tracking of activity numbers via CRM for accurate reporting
Consistent, punctual attendance.
Positive energy.
Listen to feedback.
Give honest feedback to peers.
What you can expect from the Network Office
Honest feedback.
Encouragement.
Role‐play.
MENTORING
Mentoring is a representative relationship established to help you improves your sales skills and continue to grow your business through weekly case consultation. Case consultations are intended to help you with preparation for five‐six closing presentations each week. Scheduling this weekly time with your mentor helps you develop the habit of scheduling preparation time for each case and be confident that your solutions are the best fit for your prospect’s needs. By having a mentor, you will have an experienced, successful role model to offer guidance in growing and servicing your clientele.
What the Network Office expects from you
Consistent weekly attendance.
Be prepared with 2 most recent fact finders and Personal Planning Analysis (PPA).
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What you can expect from the Network Office
In‐depth consultation on case preparation.
Coaching on skill development in all areas of the sales cycle.
Language role‐play in all areas of the sales cycle.
JOINT WORK
The purpose of joint work is to help you leverage the Network, allowing you to approach more advanced markets. Through joint work, you will work with Network Office specialists and other successful, experienced financial representatives to help you gain experience and knowledge through hands‐on, joint case work. Joint work can increase the size of your cases and the premium per life and should be a regular part of your Client Building efforts.
What the Network Office expects from you
10 joint work cases in your first 50 working days in the business is an expectation. We strongly encourage you schedule 4 joint work appointments per week to keep 1‐2 per week to accelerate your learning.
What you can expect from the Network Office
Quality list of joint work partners available to help you grow.
Guidance on appropriate joint work cases. FINANCIAL PLANNING TEAM (FPA)
You will have a partner on our Financial Planning Team to help you navigate your prospects through our sales cycle and provide your clients with excellent service so you can focus on building relationships and your business. Your Financial Planning Associate (FPA) is actively involved in helping you develop solid habits as well as condition you to be a future employer of an Associate Financial Representative (AFR). Hiring and effectively working with quality staff is a key success factor early in your business.
Financial Planning Department privileges are available for 2 years from full time contract date. You will be coached to prepare for hiring own staff during your second contract year through monthly business coaching. If you chose to hire an AFR before 2 years in the business then a stipend to offset AFR cost could be available to FR up to 2 years from full time contract date.
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What the Network Office expects from you
Use proper work order request forms for PPA, LIFE and DI illustrations and provide completed fact finders.
Submit work requests 48 hours prior to the due date.
Follow through on regular communication via email or phone call with FPA.
Constantly delegate to FPA work that falls within the FPA Services.
Leverage technologies such as CRM and Copytalk to increase efficiency and tracking. Copytalk must
be dictated after each meeting or during posting and planning.
Attend and come prepared for FPA/ financial representative meetings.
‐ 0‐24 Months: 2 face to face meetings What you can expect from your Financial Planning Associate
Reinforce the use of proper work order request forms and fact finder completion.
Perform the role as outlined on the FPA sales cycle.
Complete work requests within the 48 hours turnaround time.
Follow through on regular communication with the representatives and clients.
Leverage technologies such as CRM and Copytalk to increase efficiency and tracking. EXPECTATIONS FOR SUCCESS
We are committed to supporting you in every way possible. We believe that an expectation of mutual accountability is the key to success and sustainability in our business. Awareness of our unique interdependence will unleash your full potential.
The leaders responsible for your coaching and development are engaged, talented individuals who have a vested interest in your success.
The purpose of Expectations for Success is to provide clarity and perspective so you can make confident, meaningful choices about your daily activities. The final determination of your success depends on you.
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GOODWIN, WRIGHT SUCCESS AGREEMENT
WORK HABITS (DISCIPLINE) AND ACTIVITY PATTERNS (DILIGENCE)
With all the emphasis placed on activity, it is easy to overlook the need for developing good work habits on which activity patterns are built. A Rep. lives forever with the habits established early in his career. A well- founded pattern of regular and consistent work habits is a critical factor in sustaining a significant level of activity. The following monitoring system is designed to maximize the development of good work habits and adequate activity patterns.
A DAY’S WORK LOOKS LIKE THIS:
1. Arrive at the office (or your first appointment) no later than 7:00 a.m.
2. Spend “one sacred hour” (actually 75 minutes between 8:45 and 10:00) doing nothing but telephoning for appointments. This should generate four appointments per day.
3. Practice “RULE #1”: Between the hours of 9:00 a.m. and 6:00 p.m., I will do nothing but see people or attempt to see people. This should result in three kept appointments per day.
4. Ask everybody you encounter to introduce you to someone. This should result in three referrals per day.
5. Paper is a PRE 9:00 A.M. POST 6:00 P.M. activity.
If you do each of the above, you have maximized your work effort for that day.
This system programs you for success because YOU control each factor. If you deal in uncontrollable (activities where other people must be involved), you are programming for failure. Using this system will force you to PROSPECT, TELEPHONE, and SEE THE PEOPLE daily. To score, you must perform all of these activities – you cannot compromise any of them.
Success in the Financial Security business is virtually guaranteed if you have closing interviews with 20 different people each month. The sole purpose of this system is to find those 20 people per month you can ask to buy. If you maximize your work effort at least four days a week, you cannot fail.
Remember, Dave Hilton says: “Success is not so much talent as it is purpose. It is not so much the will to achieve as the will to labor.”
DAILY WORK PLAN – THE “HOW TO”
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7:00
8:45 10:30 12:00 1:30 3:00 4:30 5:30 6:00 9:00
BREAKFAST APPOINTMENT
(or into the office for development meetings)
TELEPHONING FROM THE OFFICE SECOND SELLING CALL LUNCHEON APPOINTMENT FOURTH SELLING CALL
SEES HEARS ASKS GETS
FIFTH SELLING CALL SIXTH SELLING CALL POST AND PLAN HOME
PAPERWORK AT HOME
THE GREAT ONES
20 7 7 20
PEOPLE (MINIMUM) NEW STORIES PEOPLE TO BUY SOLID REFERRALS
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ACTIVITY
• This is a daytime business – get started by 7:00 a.m.
• 25 - 30 Activity Points, minimum, per week.
• Keep 60 appointments per month, 15 per week.
• Keep the phoning hour sacred. (15 minutes prep and 1hour phoning daily from 8:45-10:00 A.M.)
• Set 5 appointments per day.
• Get 6 Factfinders each week.
• Get 20 favorable introductions each week
• Record Client Builder activity daily in CRM.
• 7 closing interviews per week.
THE FIRST 5 YEARS ROAD MAP
• Graduate from RACE
• 690 Lives in the first 5 years.
• Pass Series 6 & 63 within first 12 months.
• Pacesetter First 40 & Second 60
• CLU
• Become a Northwestern Mutual “Summit” member.
PROFESSIONAL
• Honor your Northwestern Mutual contract.
• Under no circumstances compromise your personal integrity.
• Provide professional courtesy to other Northwestern Representatives.
• Prompt attendance at all agency meetings.
• Participation in all Northwestern Mutual meetings.
• Matriculate with the American College and finish CLU designation by year five.
• Contribute to and draw from the agency environment.
• Make a positive impact on the lives of others.
• Join NAIFA during your first year in the business.
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RULES OF ENGAGEMENT
GUIDELINES FOR PROFESSIONAL CONDUCT
We are a culture of abundance and high integrity. We believe in joint work. We have mutual respect for each other. Our primary focus is the client and always the overall client experience.
Whenever the situation arises that an advisor may be in conflict with the interest of another Northwestern Mutual advisor, within or outside of our Network Office, these guiding principles serve to manage conflict to resolution. The unique nature of each situation makes communication between advisors paramount.
GUIDING PRINCIPLES
1. Immediately inform the other advisor that you have made contact with his/her client or prospect. Explain the circumstances and defer to the judgement of the advisor who proceeded you.
2. Always give the advisor who has preceded you the benefit of the doubt. Put yourself in the shoes of the other advisor to gain perspective.
3. Treat other advisors as you would wish them to treat you.
4. Treat clients with respect and always proceed with their best interests in mind. Proper fact finding is essential to advising and protecting clients and avoids conflict between advisors.
5. These Guiding Principles help manage conflict resolution for people of high integrity and an abundance mentality. If an issue cannot be resolved through these principles the Rules of Engagement should be referenced.
RULES OF ENGAGEMENT
PROSPECT
If a prospect has spoken with a Northwestern Mutual advisor and there appears to be a case open as documented by case notes, agent protection applies to that advisor for 12 months from the date of the case open per the terms in the paragraph below.
Any new business submitted by a secondary advisor within 12 months of the original case open is considered joint work. In this case, joint work splits are assumed 50% for 6 months only, unless otherwise negotiated between parties. Additional sales by the secondary advisor 6 months or more after the initial sale do not require a joint work split.
Additionally, unless agreed upon otherwise, if joint work occurs, all advisory business should be treated separately from the presumption of joint work and revenue should be assigned to the advisor who will be responsible for servicing the client.
The expense allowance split follows the joint work split, unless agreed upon otherwise.
CLIENT
A prospect becomes a client once there is an agreement to do business secured by signature on an application, signature on a comparable IPS/FBP document or receiving of payment. Agent protection (100%) applies to the advisor who wrote the original business. This applies to core risk and wealth management advisors to protect the integrity of our career advisor model system.
Husband and wife are assumed a joint entity unless extenuating circumstances apply.
Additionally, if core business joint work occurs, investment and advisory business must be addressed separately and is not presumed to be split 50/50 due to the ongoing service nature of the IPS platform business.
A non-Northwestern Mutual sale by a non-Northwestern Mutual advisor breaks the relationship. Meaning, the new advisor has control in the client relationship and any communication with the original advisor is a courtesy.
NETWORK CLIENTS
If there has been no case open between the assigned advisor and the network client, then the relationship is not protected.
If the lead is sourced by the CRC then standard CRC splits apply.
If the lead is not sourced by the CRC no split is required.
If a client proactively contacts the Network Office to request an agent change, the Network Office staff will process the change as requested.
JOINT WORK
In all cases where advisors decide to do joint work, it is key that there be a written agreement to avoid misunderstandings.
As previously stated, if mutually agreed upon joint work occurs, all joint work splits are assumed 50% for perpetuity unless otherwise negotiated between parties.
GUIDELINES FOR SPECIFIC SITUATIONS
BUSINESS CASES
In Business Cases, CONTROL is the key factor. If a prospect or client of an advisor is a decision maker in a business acquiring insurance he/she is the advisor’s prospect/client for both personal and business insurance. A business case prospect is determined by a documented case open with the decision maker in the past 12 months, regardless of who in the business is a client.
However, if that advisor never discussed business coverage with the prospect/client, then the company may be approached by another advisor only for the purpose of business planning. As always, the preceding advisor should be notified.
Agent protection does not apply in a business case for a prospect or client of an advisor who is also an insured, but not in control, in a business’s purchase of insurance. The advisor making the sale to the business can take the entire business case. Agent protection does apply to the preceding advisor who was responsible for the insured’s personal planning.
In acknowledgement of the complexity of business cases, if joint work occurs negotiations regarding splits should be mindful of the standard MDRT Commission Split of 5 20’s:
• 20% for Qualified Suspect
• 20% for the Fact Finder/Case Open
• 20% For the Underwriting
• 20% for the Case Close
• 20% for the Post-Sale Service Work
If a business case cannot happen without personal planning it becomes joint work. Additionally, if personal insurance is leverage for business insurance then the case becomes joint work.
NORTHWESTERN BENEFIT CASE
There is a tremendous opportunity in our partnership with Northwestern Benefit Corporation. It is incumbent that advisors exploit and leverage this partnership to the benefit of our prospects and clients, and to the extent that we do not, it is our loss.
An advisor’s relationship to a Northwestern Benefit case is determined by his/her equity in the relationship. Equity in a Northwestern Benefit case is a direct result of a referral from an advisor, documented case notes as proof of introduction to Northwestern Benefit opportunities and ongoing conversation with a prospect or client.
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Additionally, as Northwestern Benefit cases often do not follow the typical Northwestern Mutual sales cycle, an advisor’s relationship to a case remains relevant throughout the sales process as long as the initial decision maker is in place at the time of the sale. The initial decision maker is identified as the original prospect or client at the time the Northwestern Benefit case was first opened.
IPS PLATFORM BUSINESS
The evolving opportunities in wealth management and fee based planning are both exciting and dynamic. Each advisor is encouraged to think intentionally about how they will incorporate these opportunities into their business. If advisors embrace these dimensions of planning they may experience great reward and to the extent they neglect them they may risk underserving clients and losing relationships to other firms.
Incorporating IPS platform tools into the structure of a practice generally involves adding skills, overhead, structure and expertise. Each advisor may elect to participate in the IPS/Planning platforms in different ways and the beauty of the Northwestern model is that no one advisory approach is the correct solution. However, it must be acknowledged that as the complexity of an advisor’s business, partnerships, alliances and joint work practices increase, there will likely be increased opportunity for frictional interactions with other advisors.
Nationally, Northwestern Mutual has established minimum splits related to servicing and providing IPS and Fee Based Planning that acknowledge the different servicing and cost components associated with such planning. These guidelines and the individual business models of the involved advisors should be kept in mind when conflicts arise. Nonetheless, the culture of abundance and integrity in association with the Guiding Principles are expected to be applied and generally sufficient to address conflicts that are instigated due to IPS or Fee Based Planning situations.
SUMMARY
The fundamental principle of this document is that when a client/prospect is engaged with another Northwestern Mutual advisor, that relationship should be honored and given precedence. It is only in extremely unusual or dramatic situations that the circumstances could warrant any other approach. Examples of these circumstances may include changes in a prospect/client’s relationship with an advisor brought about by marriage or dissatisfaction. In such cases the individual should be able to have a choice without pressure from the advisor. As in all cases, when these situations arise, advisors should communicate with one another.
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Initial Training – 2 Prospecting
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PROSPECTING: STEPS AND LANGUAGE
Six Step Prospecting and Three Step Promotion Process
Six Step Prospecting Process
Step
Language
1.
Get the affirmative.
“Now that you have seen the process to this point, how do you feel about it?”
2.
Feed names or give categories.
“Thank you. Glad you feel that way, (Steve). I’m planning to call (Sarah Jones).”
3.
Qualify.
“Could you tell me a little about (her)?”
4.
Ask, “Who else?”
“As you were telling me about (Sarah), who else came to mind?”
5.
Pinpoint.
“Now, think of all the people you know well in the area. If you had to name one person who has the best opportunity to make a mark on his or her profession, who would that be?”
6.
Double-step ahead.
“Based on what you know about (Bob), whom is he likely to know in the area?”
Three Step Promotion Process
Step
Language
1.
Describe how you introduce yourself.
“Let me take a minute to tell you how I plan to contact these people. In the same way that I met you, I will call them on the telephone, ask to meet with them, and show them the type of work I do. At that point, it’s entirely up to them if we meet or not.”
2.
Ask for the introduction.
“When I speak to them, would you have any objection to me mentioning that we’ve worked together?” *
*Because of privacy laws, you must obtain verbal permission to use the nominator’s name. Written permission is required in some states. Contact your director of network office supervision (DNOS) to verify the regulations in your state.
3.
Stress your nominator’s importance.
“The important thing I would like to stress is that it is you and your influence and prestige that are important. Without them, I’m only a stranger. But with your introduction, the probability of my being able to meet these people under favorable circumstances is greatly increased.”
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PROSPECTING: STEPS AND LANGUAGE
Prospecting with Centers of Influence (COI): Process and Language
Greeting
“It’s great to see you, (Tom). How are things with you/your family/your business? That’s great!”
“I know how busy you are, so I want to start by thanking you for taking the time to meet with me today. I’m sure you know how much I respect you and value your input as a fellow business owner/professional. It is because of this that I want to share with you more about what I do and how I grow my business. It is my hope that we can work together to become valuable contacts for one another.”
Approach
“I help clients with financial planning at every stage in life, whether they’re just getting started and paying off student loans, saving for big purchases like a house, preparing for retirement or anywhere in between.”
“To do this, I follow a four-step planning process.”
“Generally it addresses the risks of dying too soon, becoming sick or injured, and having sufficient assets for retirement or other financial goals.”
Transition to Prospecting
“What I would like to do now is tell you how I plan to grow my business. I prefer to spend the majority of my time working with clients to help them achieve their goals, rather than searching for new clients by cold calling or other means. I hope to build my business entirely through word of mouth. By being introduced to other quality individuals through clients and friends, like yourself, I am able to spend the majority of my time helping people achieve their goals. This is where I could use your help (Tom). I want to meet more quality people like you.”
“Therefore, I have done some research on types of people that could benefit from the work that I do – who also have a connection to you or your business.”
Using a Feed List
Use one of the following:
“What can you tell me about (Bob Johnson)?” “Whom from this list would you contact first?”
“Would you circle the names of anyone on this list you think isn’t the caliber of person I should be talking to?”
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PROSPECTING: STEPS AND LANGUAGE
Language for Additional Prospecting Strategies
Affinity Marketing (Nesting) Language
Language to use when introducing yourself to a prospect in an affinity market:
“Hello. This is (Chris Martin). I have the privilege of working with some of your associates at (Bass and Barry), and recently (Rita) mentioned your name. Do you have a moment to speak?”
“Thank you. Well, (Rita) had some great things to say about you and she thought we’d enjoy meeting. I am a financial representative locally with Northwestern Mutual. (Rita) didn’t assume you have any immediate financial service needs, and neither do I. I’d just like to introduce myself and show you the type of work I do to help clients reach their financial plans and goals.”
“I’ll be in your office next Wednesday and Thursday. Which of those work for us to get together?”
“Great, so we’ll meet at your office at two o’clock on Wednesday afternoon. Again, my name is (Chris Martin.) I’m really looking forward to meeting you. Thanks again. Good-bye.”
Feed List Prospecting Language
Language to use when presenting a feed list to a client:
“John, here are some individuals who work in your industry. I’m planning on contacting them. Who on this list do you recommend I not contact?”
“Great. Then can you tell me a little about (Steve)?”
“Who else would you recommend?”
“Could you tell me a little about (him)?”
“Would you have any objection to me letting (him) know we’ve worked together?”
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PROSPECTING: OBJECTION HANDLING LANGUAGE
Most Common Potential Objections and Language to Handle Them
Objection
Language
“I’m not comfortable giving referrals.”
“Let me take a minute to tell you about how I contact the people I’m introduced to. I call them on the telephone, and one of the three things happens.
First, it is a good time for them. We get together and go through the process.
Second, they are busy and can’t meet right then, so they agree to have me contact them later.
Or third, they have a professional they are working with, and I bow out gracefully. Based on that, may I ask you a few questions about (Sarah)?”
“I can’t think of anyone.”
“When we were talking about (your family), you mentioned (Sarah). May I ask you a few questions about (her)?”
“I don’t know anybody who needs insurance.”
“I don’t expect you to know if (Sarah) wants to buy insurance. I’m looking for favorable introductions to people who are (leaders in their community, financially mobile) because I know that they are likely going to review their goals and objectives in the next year or two, and I want them to know me when that time comes. May I ask you a few questions about (Sarah)?”
“I had a bad experience giving referrals, so I don’t give them anymore.”
“I’m sorry that you had a bad experience. Could you tell me more about that? When I call (Sarah), I’m simply going to ask for an opportunity to meet (her) and show (her) the type of work I do. At that time, it will be entirely up to (her) if we meet or not.”
“I want to talk to them first.” OR “Give me your card, and I’ll pass it along to them.”
“That would be great. In fact, I would prefer it if you contact them first and let them know that I will be calling them.”
“I’d rather you not use my name when you call.”
Use one of the following:
“If (Mark) walked in here right now, you’d introduce me to (him), wouldn’t you? That’s all I’m asking you to do here by my mentioning your name when I call.”
“I want to stress that your influence and relationship with these people is very important because without you, I’m just a stranger making a cold call. Knowing you know me simply sets them at ease with my call. They can decide if they would like to meet me.”
Questions to Stimulate Thinking
22
PROSPECTING: PINPOINT QUESTIONS
Use the following questions if your client/prospect is having trouble thinking of referrals:
If you were starting a new business, who are the first three people you would call on to join you as a partner?
Who is the one person you believe will be the most successful or has the best opportunity to make a mark?
Who has recently married?
Who are the most successful people you know?
Who has recently been promoted?
Who are the people you do business with?
Who started a new business or began a professional practice within the past three years?
Do you know anyone who needs assistance with retirement funding?
Who makes more than (insert salary suitable for your market) per year?
Who lives locally that you attended high school or college with?
Who owns real estate or recently purchased a home?
Do you know anyone who wants to form their own business?
Who is self-employed, business with a partner, or is part owner of a family business?
Do you know anyone who works for a Fortune 500 company?
Who (not in the financial service industry) have you recently discussed financial products with?
Who is your spouse/companion’s best friend? Next best friend?
Do you know anyone who has been successful, or noticeably disappointed in the stock market?
Do you know anyone involved in community organizations?
Who is an attorney, accountant, doctor, or dentist you respect?
Who are the people you think of as being professional?
Who has recently become engaged?
Who is your current or previous supervisor?
Who just had a baby or is expecting one?
Who do you supervise at work?
Who are your business contacts?
Who is your best friend? Next best friend?
Who did you work with in the past?
Who are your relatives?
Who do you currently work with?
Who are your neighbors?
Do you know anyone who just moved to town?
Who are your personal advisors?
Do you know anyone who has young children?
Who do you attend religious services with?
Do you know anyone who is new in your area?
Who are the guardians of your children?
Do you know anyone who is a senior executive?
Are you the guardian for anyone’s children? Who?
23
FEED NAME LIST TEMPLATE
FOR USE AT CLIENT REFERRAL MEETINGS
DIRECTIONS
The template on the following page is designed to be used with clients or centers of influence when feeding names for referrals. All of the text shown should be customized.
• Atthetopofthepage,entertheclient’snameandtitle(i.e.,JohnB.Smith,MD–Cardiovascular Associates of Milwaukee).
• UsecharacteristicsfromyourIdealClientProfiletolistthequalitiesofreferralyouarelookingforinthe next section.
• Listthenamesyouarefeeding,alongwiththeirtitleandcompanyinformation.HavetheclientorCOIfillin the best contact information for each name.
• Categoricalquestionsarealsolistedandshouldbecustomizedasappropriateforyourclient/COI.Again, have them add contact information for each referral.
• Finally,besuretoeditthefootertoreflectyourname,mailingaddress,phonenumber,andwebsite.
Our goal is to identify some personal and professional contacts who are just like you:
• PhysiciansatThomasJeffersonHospital(i.e.,cardiology,anesthesiology,neurology) • Family-oriented
• Value having a trusted advisor
NAMES
Do any of the following individuals, like you, fit that profile?
Name Title, Company
Best Phone #
Email
24
JOHN B. SMITH, MD
CARDIOVASCULAR ASSOCIATES OF MILWAUKEE
Cooper Jones
Physician, Thomas Jefferson
Jennifer Allen
Anesthesiologist, Thomas Jefferson
Aziz Patel
Cardiologist, Cardiovascular, Inc.
Ben Tucker
Physician, Mercy Medical
Mindy Huang
Pediatric Physician, Thomas Jefferson
Allison O’Brien
Pediatric Physician, Thomas Jefferson
CATEGORIES
Do you know of any others who could benefit from our services?
Question/Category Name(s) Best Phone #
Email
Who are the most successful people you do business with?
Who are the two most successful people you know and admire?
Who has the best chance to make a large impact on their industry?
Who do you know in the Physicians Association of Milwaukee?
Who would you trust to be there in a time of need?
Successful business owners
C-level executives
We appreciate your help and would fail to impact our community without the introductions we receive from our valued clients. Thank you.
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TAB FPO
Initial Training – 3 Telephoning
3
TAB FPO
25
26
27
28
29
30
TELEPHONING LANGUAGE
Referred Lead
“Hello. This is (Chris Martin). I recently worked with (Rita Ryan), and she suggested I give you a call. Do you have a moment to speak?”
Thank you. Well, (Rita) had some great things to say about you and she thought we’d enjoy meeting. I am a financial representative locally with Northwestern Mutual. (Rita) didn’t assume you have any immediate financial services needs, and neither do I. I’d just like to introduce myself and show you the type of work I do to help clients reach their financial plans and goals.
I’ll be in your area next Wednesday and Thursday. Would mornings or afternoons on either of those days work for us to get together?
Great, so we’ll meet at your office at two o’clock on Wednesday afternoon. Again, my name is (Chris Martin.) I’m really looking forward to meeting you. Thanks again. Good-bye.
Non-Referred Lead
“Hello. This is (Chris Martin.) I am a financial representative locally with Northwestern Mutual. Do you have a moment to speak?
Thank you. Well, the purpose of my call is to introduce myself and see if you’d be interested in getting together so I can show you the type of work I do to help clients reach their financial goals.
I’m not sure if you are familiar with Northwestern Mutual, but we are recognized as one of the leading financial companies across the United States.
I don’t assume you have any immediate financial service needs. I’d just like to share information about my company and the process I follow that my clients find useful for their financial plans.
I’ll be in your area next Wednesday and Thursday. Would mornings or afternoons on either of those days work for us to get together?
Great, so we’ll meet at your office at two o’clock on Wednesday afternoon. Again, my name is (Chris Martin.) I’m really looking forward to meeting you. Thanks again. Good-bye.”
Center of Influence (COI)
“This is (Chris Martin). Do you have a moment to speak? (Jane), as you may know, I recently (made a career change and) joined Northwestern Mutual. I have a great amount of respect for you and consider you a (friend, mentor, confidant). I’m looking for influential people like you who can help me grow my business.
The purpose of my call is to meet with you, show you the type of work I do and determine whom you know that could benefit from my services. I will be in your area Wednesday afternoon and Thursday morning. Which would be better for you?
Great, then we’ll meet at your office on Wednesday afternoon at two o’clock.”
31
TELEPHONING: OBJECTION HANDLING LANGUAGE
Most Common Potential Objections and Language to Handle Them
Objection
Language
“I’m all set.”
OR
“I’m not interested.”
(First objection)
“I see. (Pause.) I had no reason to assume you were in the market for any particular financial product, nor did (Rita) so indicate. However, our planning service has been of interest to many, particularly in today’s economic environment. Will you be in town next week?”
(Second objection)
“I understand. (Pause.) Nevertheless, the reasons for my wanting to stop in are, first, to have a chance to meet you, and second, to review our services and get your thinking on the subject. On that basis, would you object to seeing me next Tuesday at 2:00?”
(Third objection)
“I see. (Pause.) Well, circumstances do have a way of changing. Would you have any objection to my staying in touch with you and checking in again at a later date?”
“I’ve already done this.” OR
“I’m already working with someone.”
“I can appreciate that. However, circumstances have a way of changing, and when they do, I’d like you to think of me. On that basis, would Thursday afternoon at 2:00 be convenient, or would Friday morning at 10:00 be better?”
“I don’t want to waste your time.”
“Based on the nice things (Rita) said about you, it won’t be a waste of my time. I wouldn’t have called you if I thought meeting with you would be a waste of my time. On that basis, would next Tuesday at 2:00 or Thursday at 9:00 be better for you?”
“I’m too busy.”
“I can appreciate your busy schedule. That is why I am calling to schedule something in advance. When is your schedule flexible for 30 minutes?”
“Just send me something.”
“As much as I would like to, without knowing more about you, I wouldn’t know what to mail you. Again, I’d like to simply stop by and tell you about the work that I do.”
“Call me back in the future.”
(Use only on third objection.)
“Great. I keep track of people by birth date. May I have your date of birth?”
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TAB FPO
Initial Training – 4 Approach
4
TAB FPO
Red Letter Language for Financial Security Planning Diagram (formerly the Pyramid of Needs)
I help my clients create financial security for themselves and their families. Achieving financial security means different things to different people. However, it is generally built upon the foundation of three main components: managing risk, accumulating wealth, and preserving and distributing that wealth. Together these components provide a defensive and offensive strategy to help you achieve your goals.
[Point to Managing Risk] The first component, managing risk, protects against the unexpected...such as dying too soon or becoming sick or injured and unable to work. Addressing these risks should always come first and is a necessity to help ensure that my clients’ plans can stay on track even if life throws them a curve.
Once the risks are addressed, I help my clients accumulate wealth [point to Wealth Accumulation] to achieve their goals and dreams – such as helping their children with the costs of school and funding a comfortable retirement.
Success here creates the need to help preserve and distribute the wealth they have worked so hard to accumulate [point to Wealth Preservation and Distribution]. I help make sure my clients are using their assets as efficiently as possible to meet their goals.
Now that I’ve explained what I do for my clients, let me explain how I do it.
My financial planning process consists of four steps. First, I get to know you and learn about your personal, professional, and financial goals [Point to Identify Goals] – as well as what steps you have already taken towards achieving them.
Next [point to Personalized Plan], I take this information back to my office where I review and analyze it. I prepare a personalized financial plan which will allow us to see if you are on track to meet your goals and, if not, what you need to do to get there. This plan contains objective advice and offers options which are unique – because they are based upon the insights and information that I gathered from our initial conversation.
After reviewing your plan with you, we will work together to implement [point to Implementation] the strategies that best help you achieve your goals.
Of course, your priorities may change as you move through life. So the final step of our planning process is to [point to Review] regularly review and update your plan. This way as life changes, your plan will change with it and you can stay on track to meet your financial goals.
29-4724-04 (0414)
FINANCIAL SECURITY PLANNING
REVIEW
IDENTIFY GOALS
FINANCIAL SECURITY
WEALTH ACCUMULATION
RISK MANAGEMENT
WEALTH PRESERVATION & DISTRIBUTION
PERSONALIZED PLAN
IMPLEMENTATION
PRODUCTS AND SERVICES
• Financial Planning • Investment Solutions • Insurance Solutions • Trust Services
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care bene ts) and its subsidiaries. Northwestern Mutual Investment Services, LLC, (securities) subsidiary of NM, broker-dealer, registered investment adviser, member FINRA and SIPC. Northwestern Mutual Wealth Management Company® (NMWMC), Milwaukee, WI, ( duciary and fee-based nancial planning services) subsidiary of NM and federal savings bank.
29-4724 (0317)
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