While most of your clients readily accept the need for auto, home, and health insurance, selling them on the idea of life insurance and investment products can be more challenging, especially during tough economic times. Successful selling depends on keeping customers engaged, effectively handling objections, and trying new sales tactics. Getting assistance from a financial sales consultant can also help.

 

To that end, Farm Bureau has added Sarah Phillips, a Regional Financial Consultant with Farm Bureau Financial Services, to its sales team. Sarah works exclusively with Idaho Farm Bureau agents to help them uncover needs and overcome obstacles in life insurance and financial product sales.

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THE ROLE OF A REGIONAL FINANCIAL CONSULTANT
“I have a dedicated role to serve Idaho Farm Bureau agents exclusively,” Sarah says. Agents can work with Sarah on individual questions or cases dealing with life insurance and investment products. Sarah’s areas of expertise include wealth management, estate planning, buy/sell agreements, and various other financial and insurance strategies. “My role is blended with the agent’s,” Sarah explains. “How an agent and I work together can be customized depending on what the agent and their clients need.” Typically, this working relationship falls into one of three categories.

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THE JOINT APPROACH
“90% of what I do is a joint approach with agents,” Sarah says. “The agent and I meet together with a client who may have not been open to life insurance or investment products.” In these situations, Sarah is positioned as a member of the agent’s team who is there to consult and provide expertise. “The agent and I have a partnership. We work together as a team to develop an action plan for the customer. This adds value to the customer‘s experience with Farm Bureau Insurance and moves the opportunity forward in the process.” 

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DEVELOPING STRATEGIES
Another way Sarah collaborates with agents is by helping them develop strategies to uncover and create opportunities for their clients. After a plan of action is mapped out, the agent can feel more confident about contacting clients and opening up discussions.

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SEMINARS
Sarah also works with individual and multiple agents to present life insurance seminars. Whether it is facilitated in a multi-agent or single-agent setting, this can be an attractive opportunity to position Farm Bureau to provide expertise and education on an expanded level. These initiatives can also be a great door opener for clients who may not yet be ready to discuss their situation or needs on an individual basis. Sarah has access to a variety of topics such as farm (or business) succession, retirement planning, and estate planning.

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AGENT SUCCESS STORY – MIKE ASKER
“I have never had this much [life insurance and investment product sales] done this early in the year before,” says Grangeville agent Mike Asker. “I’ve worked on $50k with Sarah and have $15k more in the hopper. I wish I would have taken more advantage of Sarah’s expertise in 2017, but now I have her on the schedule every couple of weeks.” Mike and Sarah use the joint approach, with Sarah sitting in on all the client meetings. “I start all the meetings,” Mike says, “then Sarah comes in with grace, tact, and a lot more knowledge than I have.” Mike even brought Sarah in on several large policies he’d already sold. “I thought it might be a waste of time, but when we were done we had sold twice as much as a team than I had sold alone. And the client was much happier too.” Mike says Sarah has also helped him think out of the box. “I won’t bother her with small things now. But for large, family-owned businesses and farms, I consider her help essential.” Mike says he used to be one of those agents who thought he could do everything on his own but never did. “Agents need to let go,” Mike says. “I did, and I’ve been extremely pleased.”

 

AGENT SUCCESS STORY – MATT ANDERSON
Matt Anderson in Driggs also works with Sarah using the joint partnership approach. First, they schedule meetings with clients, usually two or three weeks in advance. Sarah then drives to Driggs to attend the meetings with Matt, either in the office or at the clients’ homes. “Sarah is people focused, not product focused,” Matt says. “In meetings, she is professional and easy-going right out of the gate. She make clients comfortable, and this allows her to get a lot of information from them that helps us identify their needs and risks.” After identifying these needs and risks, Sarah and Matt schedule a follow-up appointment to discuss products and solutions. “I’ve had great success working with Sarah,” Matt says. “For example, I had one business that had a single life insurance policy in place. After Sarah evaluated the business, the client added several additional policies that were a better fit for them.” Even if a client doesn’t end up purchasing a policy, Matt says, it’s still a win because they learn Farm Bureau offers these products and services. “Plus,” Matt adds, “by listening to Sarah and watching how she works, I learn something as well.”

 

If you would like more information about working with Sarah, please feel free to contact her directly. She would be happy to answer any question you have. Sarah can be reached at: 208-484-8259 (cell), or sarah.phillips@fbfs.com. 

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MARKETING TOOLS

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