Case Study: This Right Fit Client Didn’t Buy From Me But…

I’ve got an unusual little case study to share with you today.?

Typically, the cases I share are about clients who have $180 million estates to protect or case studies about how a critical illness policy saves the day - twice!

This one is different. It’s about a client who we get along with great, and although they often lean on me for advice, they won’t buy from me…?

But because I operate my business from a place of forging lifelong connections, I have never dropped this potential client. And I’m grateful, because look how things turned out!?

This potential client is a perfect fit for our services. We've been chatting with them for a while now, hoping to build a long-term partnership.?

But the client can't commit to working with us, not because they don't want to, but because they're emotionally attached to their current financial advisor and life insurance agent. Even though the client admits their current advisor might not be the best fit, their family ties and long history make it tough for them to switch. It's a sticky situation.

The client's relationship with their current advisor goes way back - decades.?

So, even though the client knows that this advisor is constantly trying to sell them stuff, even policies that don't fit their needs, they're still loyal. The advisor is also trying to push mass-market products on this client, who is clearly an ultra-high-net-worth individual. They're basically just recommending whatever they can sell, regardless of whether it's a good fit or not.

The client and I get along great, but he says he can't work with me as long as his old advisor is still around. This is a tough one because it's out of my hands.

Over the years, this person has consistently sought my counsel. Whenever he receives a proposal from his old advisor, he turns to me for evaluation and improvement. I've consistently provided him with solutions, guiding him on whether the proposed plan aligns with his needs.

Thanks to this strong rapport, he not only values my expertise but also actively introduces me to high-caliber individuals whom he believes would be an excellent match. He has never sought anything in return—no referral fees, no gifts, expressions of gratitude, or other expectations.

This genuine connection led to valuable introductions, one notable instance being the introduction to Siddharth. The introduction was framed around Siddharth's need for precisely tailored life insurance.

The introducer said to us, “Siddharth needs insurance coverage, but he's clueless about how to go about it. He's been agonizing over this decision for ages. Can you help him out?”.

And he told Siddharth, “Forget your bankers and other advisors. Just talk to Rickson. He's the right guy. He'll take the time to explain everything in a way you'll understand.” So, the introducer connected us with Siddharth in June of last year. We started from scratch, educating him about the different insurance options, carefully evaluating his needs, and crafting a plan that's perfect for him.

The introducer advised us that this would be a time-consuming process, and Siddharth indeed took his time to deliberate. He was right. It wasn't until a year and a half later that he completed all the necessary paperwork and documentation, finally taking the plunge and securing his life insurance policy of US$5 million. Now, this cover is below Siddharth’s need and affordability. We are confident in building a long-lasting relationship and helping them achieve the right level of protection over time.

I share this story for two reasons. First, it highlights the importance of building trust and rapport with clients. Rather than treating every interaction as a mere transaction, strive to establish long-lasting relationships. Instead of focusing solely on products or revenue, prioritizing the quality of interactions with individuals can lead to significant long-term success. The potential revenue generated from this relationship could be substantial and ongoing.

Second, by dedicating time to thoroughly understand Siddharth's needs and preferences, we established a level of trust that extended beyond this specific transaction. This resulted in Siddharth consulting us before purchasing a similar insurance contract for his brother in Singapore, too - another $5 million policy.?

This commitment to building genuine connections has not only contributed to the growth of my business but as an individual too.?

It is the difference between a short-term, transactional mindset and a long-game player’s approach. The long game isn’t about winning every single time -in fact, is detrimental to the long game. The long game is about showing up and serving, cultivating that trust, those relationships so that you can enjoy long-term sustained growth rather than a quick flash, a winning streak that lasts a few weeks or months.?

The question is: Which one are you playing? Are you in this for the quick win or the long game??

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