MDRT annual meeting update: Best practices attract the masses

Roadblocks to family wealth planning and their solutions What’s on the mind of one of Canada’s most experienced insurance advisors? (June 27, 2003) Arguably one of the most popular breakout seminars at the Million Dollar Round Table annual meeting belonged to Toronto-based industry consultant Norm Trainor, whose “eight best practices” session attracted 1,600 delegates, 100 […]

By Sheila Avari | June 27, 2003 | Last updated on June 27, 2003
4 min read
  • Roadblocks to family wealth planning and their solutions
  • Canadian advisors find value in conference’s non-financial elements
  • And the survey says… income affects attitude
  • Best practices attract the masses
  • BONUS TOOL: Advisor.ca time management worksheet Back to MDRT Annual meeting coverage main page

    5. Create “client capital.” Client capital is the true value of an advisor’s business. “This cannot be found on a balance sheet,” Trainor explained. “Capital includes the depth of the relationship which is best measured by the number of products the client buys. It also includes breadth, which is measured by the number of people they refer to you, and it includes loyalty, measured by how much they call you during significant life events.”

    6. Obtain introductions. Don’t bother with referrals. Instead, get introductions, Trainor suggests. What’s the difference? “In an introduction, the client provides the leverage,” he explains. “The client is the one who actually makes the appointment allowing you to hitchhike on the credibility the nominator has with the nominee. In a referral, you may have a lot of background information about that individual, but you have to make the appointment. When you get an introduction, your success ratio is much higher.”

    7. Delegate. Average-performing advisors get bogged down in $20 to $40 an hour activities when they should be working on $500 an hour activities. Every minute they spend on a low value activity is costing them momentum. “It’s difficult to find the profit formula for your business when you are working below your capacity,” Trainor said. “Top advisors optimize their talents and skills by constantly working at their optimum capacity, delegating lower value activities to employees and technology.”

    8. Utilize resources. Top advisors leverage the time, talents and skills of consultants, suppliers and other professionals to optimize their efficiency. For example, Trainor said, choosing the best contact management system helped one of his clients run a more profitable and effective practice.

    These practices are expanded in Trainor’s book The Eight Best Practices of High Performing Salespeople (John Wiley & Sons).

    • • •

    Filed by Sheila Avari, Advisor’s Edge, savari@rmpublishing.com.

    (06/27/03)

    Sheila Avari

  • What’s on the mind of one of Canada’s most experienced insurance advisors?
  • Roadblocks to family wealth planning and their solutions
  • Canadian advisors find value in conference’s non-financial elements
  • And the survey says… income affects attitude
  • Best practices attract the masses
  • BONUS TOOL: Advisor.ca time management worksheet Back to MDRT Annual meeting coverage main page

    5. Create “client capital.” Client capital is the true value of an advisor’s business. “This cannot be found on a balance sheet,” Trainor explained. “Capital includes the depth of the relationship which is best measured by the number of products the client buys. It also includes breadth, which is measured by the number of people they refer to you, and it includes loyalty, measured by how much they call you during significant life events.”

    6. Obtain introductions. Don’t bother with referrals. Instead, get introductions, Trainor suggests. What’s the difference? “In an introduction, the client provides the leverage,” he explains. “The client is the one who actually makes the appointment allowing you to hitchhike on the credibility the nominator has with the nominee. In a referral, you may have a lot of background information about that individual, but you have to make the appointment. When you get an introduction, your success ratio is much higher.”

    7. Delegate. Average-performing advisors get bogged down in $20 to $40 an hour activities when they should be working on $500 an hour activities. Every minute they spend on a low value activity is costing them momentum. “It’s difficult to find the profit formula for your business when you are working below your capacity,” Trainor said. “Top advisors optimize their talents and skills by constantly working at their optimum capacity, delegating lower value activities to employees and technology.”

    8. Utilize resources. Top advisors leverage the time, talents and skills of consultants, suppliers and other professionals to optimize their efficiency. For example, Trainor said, choosing the best contact management system helped one of his clients run a more profitable and effective practice.

    These practices are expanded in Trainor’s book The Eight Best Practices of High Performing Salespeople (John Wiley & Sons).

    • • •

    Filed by Sheila Avari, Advisor’s Edge, savari@rmpublishing.com.

    (06/27/03)