Question: How can I be more effective and less frustrated getting meetings with business owners whether cold calling or when I’m calling on their place of business?
Congratulations on your direct efforts to make connections with a new market. While many advisors take an indirect route like creating and promoting amateur social media videos, advertising products or concepts online, or starting another podcast - as if we are short of self-promotional podcasts, you are going at it the right way. The direct way. I love that initiative and optimism. It bodes well for your future success.
Not many advisors take this approach. There is a lot more marketing (leading a horse to water) than there is prospecting (getting them to drink) in all insurance markets these days.
I reference the old proverb “You can lead a horse to water, but you can’t make him drink” because it applies. Marketing is “leading the horse to water” or the product. Getting them to “drink the water” is when they buy.
Getting the horse to drink and getting more meetings requires “Salting the oats” and make the horse or prospect thirsty. Marketing generates leads. Prospecting converts leads into meetings by making them thirsty for what you offer.
The right questions make the business owner thirsty – or WANT to talk to you. Wouldn’t you rather they want to meet with you than just agree to hear you out to see if you can get their attention?
Here’s what to say on a cold phone call; in their reception area; or even at a networking event so that THEY WANT to meet you.
Remember, no approach works all the time. Anyone who says differently has never made cold calls. For the record, I have. A good script improves your odds, but it isn’t perfect.
This script works with cold calls and even not-so-cold ones. Use it verbatim. If the businessowner asks questions, steer them back to the script and ask for meeting – it’s your only objective.
There is no mention of life insurance or even that you are an advisor because it’s not necessary.
Hi [Prospect], it’s [Your name]. [Optional: We met through [introducer] or at [Event]. or, you’ve done some work for me… Remember? … Do you have a minute? (sure)
…Great.
Bob, we are doing some of our best work these days helping business owners like us pay a lot less income tax now and later. May I ask… Do you think that taxes will go up or down in the future? (Up!)
…Me too.
Could they go up a lot? (Absolutely!)
… You’re right.
Do you want to pay those taxes? (No!)
… Me neither.
If I could show you a structure that could reduce or even eliminate the taxes you pay on retained earnings or when you sell or pass your business to the kids, [Optional: or eliminate the CRA as a major beneficiary in your investments or estate] would it be beneficial to know what it was, even if you couldn’t take advantage of it today? (Can you do that?)
… Yes, we can.
Our firm specializes in just this tax-saving idea. With tax-savings in mind, when in the next couple of weeks can you find 30 minutes to see if you and your business qualify for the structure and if it makes sense for you?
(How do you do it?)
- Did you know that you can move retained earnings from being “always taxed money” to being “never taxed money”?
- Or that you could eliminate the CRA as a one third partner on your investment gains?
- Or that you can slash the tax your family will pay on the family cottage when you’re both gone so it can stay in the family?
- Or that there’s a way to discount the tax payable by your kids and grandkids when you leave them your RRSP or RRIF?
- Or maybe you’d rather be known for the size of your charity rather than the size of your tax bill?
- Did you know you can disinherit the tax man by adopting your favourite charity and keep your family whole? (Wow. I have to hear this…)
… I knew I could get your attention.
Great. when in the next couple of weeks can you carve out 30 minutes to see if you and your business qualify for the structure and if it makes sense for you?
… Excellent. We’ll see you at your shop then. What’s your cell number so that I can text to let you know if we are a few minutes late? Thank you.
The key to any script is practice. Lots of practice. Practice means standing up and reading it out loud a hundred times. It means testing it out on your spouse or prospects who already said no, lots of times. It means making the calls and learning to adapt it, so it works for you.
And it will work. So long as you do.
This column by renowned advisor coach Jim Ruta was first published in the December 2024 edition of Insurance Journal magazine.
For more information on the tools to use to build your brand, check out www.advisorcraft.com/solis
Jim Ruta’s mission is simple – to preserve, promote and propel the financial advisor business. A former insurance advisor and executive manager of a 250-advisor agency, Jim is a highly regarded coach, author, podcaster and keynote speaker. He has spoken 4 times at the MDRT Annual Meeting including the Main Platform. Jim Ruta is an Executive Coach and Keynote speaker specializing in life insurance advisors and leaders. He works with top advisors around the world and re-energizes audiences with his deep insight and passion.
If you have a question for Jim, you may send an email to [email protected]
