Insurance agents get a bad rap. they aren't treated too kindly on TV either. Agents and advisors with a few years under their belt have gotten that call from a brand new client who decided to back out or "reneg" on the transaction. What can you do to minimize the possibilities?

Why does this happen?

The sales profession attracts lots of Type A personalities. These are brash, larger than life and often considered pushy. On TV they are also portrayed as people who get prospects to "sign here." Many members of the public think of sales as a zero-sum game: There's a winner and a loser. The insurance agent who pushes, pushes and pushes until the client agrees, then hurries out the door reinforces this stereotype. If there's a winner and a loser and the broker just ran off smiling, it's pretty obvious who the winner is. The client assumes they are the loser. They look for a way out. It's probably why the cooling-off period was developed.

A different way to leave the scene

After speaking with successful agents and advisors, I learned they have some good, ethical strategies. Here are six:

1. Positive reinforcement. As soon as they have committed, congratulate them on making a good decision.

2. How it all fits together. Remind your new client why they have bought this product(s). They had a problem. This helps solve it. Review the reasons. How? Why? This is useful in case they are explaining what they bought to family and friends.

3. Read back the order. Spell out what you are going to be doing. There shouldn't be any confusion about what your client is buying, how much money is paid now and how much later. You want to be nice and clear.

4. What happens next? It's also known as "Life after the investment starts." This might be an insurance or an investment product. They are going to get mail. How often? What will it tell them? You are preparing them so they don't get confused. Some of those packets will be pretty thick.

5. Call and confirm. You might be tempted to sit and hide until the cooling-off period ends. Bad move. If they got mail on a Friday and couldn't reach you until Monday, they could be pretty upset. If "They have to for looking for you" it gets them thinking "transaction" or "one and done." When you call and let them know their money has been put to work, it reinforces this is the start of a relationship, not just one sale of many you did that week.

6. Call at statement time. Monthly statement and reports can be confusing. Imagine if you got paperwork you didn't understand, showed it to a friend or even worse, a direct competitor and said "Please explain this to me…" As their agent or advisor, you want to anticipate this need. Call at the start of the next month, when their statement likely has arrived by mail or you can access it online together. Walk them through it. Be patient. Answer questions. This reinforces the long-term relationship you told them about.

You want long-term relationships with clients who do lots of business. Buying one product gets them through the door, but you need to build that relationship. Years ago, when municipal bonds were very popular, when I handed in the new account paperwork my manager would say: "This person isn't a client yet. They are a prospect who has bought a bond." There's more work to do in building the lasting client relationship.

Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book, "Captivating the Wealthy Investor" can be found on Amazon.

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How to leave the scene after you make a sale

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