113. Will focusing on HNIs help or hinder you from qualifying to the MDRT?

 

The High-Net-Worth Market - the Holy Grail of insurance agents?

HNIs are wealthy prospects, they have substantial resources coming from their own business or the practice of a profession, some inherits it, and some married into it.

This is the profile of THE "ideal prospect" for most insurance agents.

The reason is obvious... working with HNIs gives us the opportunity to conceptualized, create and recommend creative financial solutions to serve their unique needs, whether to set up a perpetual paying fund for grandchildren, ensuring his business pass on to a preferred offspring, creating a legacy fund to finance the building of a school in their name or simply creating an efficient financial vehicle to ensure the maximum preservation of their wealth.

and if we are successful, the rewards are also substantial! 

I am quite fortunate to know personally some people who belongs to this category, in the early phase of my insurance career, I have worked with some of them and qualified to the Million Dollar Round Table!

SUCCESS BREEDS HUBRIS! Because of my early success, my insurance career workflow became centered on this segment, all I need is two or three large policies per year, and I am home free to the MDRT?

Big Mistake!!

The HNI market is fiercely competitive! it is not unusual for them to be pursued by a lot of agents at any given time, offering them a myriad of products from real estate, fast cars, investment and insurance products just to name a few, most of them would have numerous policies already, the challenge now is how to sell a new policy on top of whatever they already have.

Some other challenges we faced are:

HNIs often have high expectations regarding the level of service and the quality of products they receive. They expect personalized and tailored solutions that cater to their unique financial situations and goals. Meeting and exceeding these expectations can be demanding.

They are very busy!! trying to get them to sit down and meet with us is a constant challenge.

HNIs tend to be well-informed and may conduct extensive research before making financial decisions, we need to be well-versed in our products and services, capable of providing in-depth information and answering detailed questions.

Because of these challenges, the conversion number from prospects to client is very low!!

My "big mistake" is not approaching and talking to a bigger number of prospects! I may have qualified to the MDRT, but I failed to qualify to the Macaulay, why? because I lack the necessary number of unique policies.

What did I learn?

A successful insurance career is not just about getting the production requirements in terms of premiums, it is also equally important in getting the minimum number of policy holders to remain sustainable. 

In conclusion: Focusing on HNIs and thus talking to a fewer number of prospects will hinder us from qualifying to the MDRT, Focusing on HNIs AND building a wider network of prospects will help us qualify!

All the best my friends!!

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