The Fact Finder will tell you how a prospect feels. The feeling answers found in the fact finder will show you the need. The need could be inflation concerns, income, safety and security, guarantees, almost anything can be transformed from a feeling to a need.
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There is an old story about selling that explains the "need to know the need." It is about a young salesman who was learning the craft from an older professional. The young salesman said after an observation of the older salesman. "You are so good you could sell ice cubes to an Eskimo!"
The older pro responded: "That is unrealistic because an Eskimo would have no need for ice cubes. The real need for an Eskimo would be a portable heater."
In that simple explanation lays the whole concept of "needs" selling. We as agents are so eager to explain our newest product that we misplace the concept of what need the prospect really has. We might want to explain the benefits of the latest and greatest equity linked indexed annuity when the need may be for life insurance or a 3 year fixed interest annuity.
You must know the need before you can provide any recommendation. Typically needs will fall into one of three categories. These categories are based on how a person's life interfaces with their assumed goals. In other words, someone who is 60 and still hasn't accumulated enough retirement money may have a greater concern for safety than further accumulation.
Accumulation needs are defined as a savings goal to accomplish a future financial goal, such as saving in an IRA for retirement income. The motivation to accumulate funds for future use could include children's education, buying a car, retirement or many other choices. Accumulation needs do not have to be long term as an example saving for a new car would be less than long term.
Retirement needs could be defined as a financial need to provide a fund to support life after retirement. When we retire, our pension or social security benefits begin but our earned income ceases. The cost of working at a job decreases but medical expenses could increase.
Protection needs can be defined as financial obligations that need to be fulfilled upon death or disability. These could include probate expenses, wills, trusts and income and health concerns that could arise from disability.
The factual side of needs is learned in the Fact Finder and the attachment of those needs to the personal feeling of the prospect must be developed and understood.
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