Mdrt Podcast

How should advisors get their teams on the same page while many are working out of the office? What do staff members need from you? In this episode (recorded before stay-at-home orders went into effect), MDRT members shared how they have communicated internally during this recent period of unexpected adjustments. You’ll hear from: David Eric Appel, ChFC, CLU H. Richard Dobson Jr. Julianne Hertel, CLTC Episode breakdown: 0:30 – Communicating expectations right away 1:09 – Creating a practice based on being flexible 2:10 – Setting up necessary technology for team members 3:11 – Being understanding about staff concerns 3:45 – The importance of leading by example Find more resources to help you focus on the here and now: https://rz.mdrt.org/productivity-kit/ Listen to the monthly series, MDRT Presents: @mdrtpresents

How can emails establish necessary connection with clients when they are concerned about changes in the market and the world? How can you make sure your important messaging connects with people? In this episode, MDRT members share how they have reached out to ease client fears during a stressful time for everyone. You’ll hear from: David Eric Appel, ChFC, CLU H. Richard Dobson Jr. Julianne Hertel, CLTC Episode breakdown: 0:30 – Creating different emails for client base and centers of influence 2:50 – The impact of utilizing a strategic subject line 3:54 – Three things to convey in emails to investment clients 4:57 – Do’s and don’ts for advisors and clients when times are tough 8:52 – How video messages can be especially comforting 10:26 – Using a can of tuna fish to add perspective 13:02 – Preparing clients years before a market crash Find more resources to help you focus on the here and now: rz.mdrt.org/productivity-kit/ Listen to the monthly series, MDRT Presents: @mdrtpresents

Do your clients and staff know about your succession plan? How do you take steps to improve communication about issues like valuation and efficiency? In this episode, MDRT members discuss oversights and solutions to improving the plan for their practice. You’ll hear from: Andrew C. Lord, CLU, ChFC Jean M. Mathieu, CLU Dominique Schuh Episode breakdown: 0:28 – Addressing clients’ questions about your succession plan 1:40 – Taking steps to identify formal valuations of your practice 2:06 – Utilizing metrics to determine your efficiency 2:54 – A great under-utilized valuation technique 3:40 – What I’ve done to better address these issues 4:33 – Communicating contingency plans with staff 5:59 – Identifying how individual staff members fit into the plan Listen to the monthly series, MDRT Presents: @mdrtpresents

Do you give clients gifts based on their personal interests? Or create special items that feel right for your practice? In this special mini-episode, MDRT members explain some of the offerings they use to demonstrate their appreciation. You’ll hear from: Terri E. Krueger Mark D. Olson, MSFS, CFP Alain Poirier Episode breakdown: 0:26 – What gifts are offered for new clients 1:04 – Creating your own wine and labeling it with your practice 1:48 – A mix special events and corresponding gifts 2:16 – Documenting client interests and providing gifts accordingly Listen to the monthly series, MDRT Presents: @mdrtpresents

What do you do when you realize you’re over-explaining things to your staff? Or putting your marketing efforts in the wrong place? In this episode, MDRT members share their own challenges (including hiring) and what they have done to resolve them. You’ll hear from: Terri E. Krueger Mark D. Olson, MSFS, CFP Alain Poirier Episode breakdown: 0:26 – Discovering the limitations of different forms of advertising 2:20 – Coping with difficulties hiring and managing staff 3:57 – When you realize you’re doing too much explaining 4:58 – How to adjust and prevent that from happening 6:22 – Coming to a better understanding about the right amount of communication Listen to the monthly series, MDRT Presents: @mdrtpresents

Do you know what’s involved in MDRT Gives Day? Or how to sign up to participate in a service project? In this episode, two MDRT members who currently serve on the MDRT Foundation Board of Trustees share what you need to know about the MDRT Foundation and how you can help yourself and the causes you care about through your efforts. You’ll hear from: Elaine Milne, Dip PFS Ted Rusinoff, CFP Episode breakdown: 0:31 – Many ways to get involved 1:12 – The combination of camaraderie and generosity 1:47 – What you can do right now to get involved 2:28 – The basics of requesting a grant 3:12 – How we got involved 6:12 – Why you shouldn’t be intimidated to volunteer Listen to the monthly series, MDRT Presents: @mdrtpresents

Is your CRM helping you or just causing frustration? Have you used technology to identify which client is the most profitable based on the time you spend on them? In this episode, MDRT members share their experience with technology and lessons gained while going from implementation to maximization. You’ll hear from: Xiao Chen Chad Demarre Maria Josefa Garcia Stacy L. Kahan, CLU, RFC Episode breakdown: 0:33 – The vision required to grow 2:23 – Utilizing technology to save time, not waste it 3:42 – The progressive adoption of e-signatures 5:37 – The new information you need to gather 8:29 – Navigating the challenges of a meeting that doesn’t take place in person 11:06 – Coaching clients through a phone application 13:32 – The importance of knowing your client well Listen to the monthly series, MDRT Presents: @mdrtpresents

Occasionally you don’t choose the right words with clients, whether it’s because of something you wish you said or something you wish you didn’t. In this episode, MDRT members share times when the conversation did not go well and how they adapted their approach moving forward. You’ll hear from: Peter Jason Byrne Danielle J. Genier, CFP, CLU Jonathan Godshall Camacho, LUTCF, MBA Randall D. Kaufmann Episode breakdown: 0:31 – Do not say anything unless you’re sure your client is pregnant 1:03 – When a young advisor learns to treat every client with respect 2:56 – Making sure not to make assumptions about less-engaged clients 5:24 – The complexities of family businesses 7:11 – Struggling to recover from a faux pas Listen to the monthly series, MDRT Presents: @mdrtpresents

Life changes a ton in retirement. Are you talking with clients about finding purpose during these years? In this episode, MDRT members share how they help clients understand the overlooked aspects of retirement they need to think about in advance. You’ll hear from: Travis Manning Angelia Z. Shay, ChFC, CLU Jose Victor Vuilleumier Valdez Episode breakdown: 0:24: “You want to retire at 55; what are you going to do?” 2:03: Giving tough love to express your concern 3:42: Establishing the importance of strategic preparation 6:43: Helping clients recognize the changes they will experience 8:04: Keeping in mind that each client is different 10:29: Sharing stories about successful retirements 12:30: Providing a checklist for a happy retirement 14:01: Acknowledging your “high-five moments” Listen to the monthly series, MDRT Presents: @mdrtpresents

What do you do when clients need you to travel great distances or be there for them in profound, indefinite ways? In this episode, MDRT members share the circumstances that prompted them to rise to the occasion. You’ll hear from: Yakov Baylis, CLU, ChFC Edward M. Burnett, RICP Russell L. Clousing, ChFC, CLU Episode breakdown: 0:32 – Courting early-rising clients in the waste-hauling business 1:58 – Memories from the middle of the night 3:09 – “Going anywhere to see anyone” 5:21 – Utilizing vacation time to see clients in person 5:47 – Helping friends through scary and unknown circumstances 7:48 – Making sure every bill gets paid 10:58 – Understanding portability options for group life insurance Listen to the monthly series, MDRT Presents: @mdrtpresents

It isn’t always easy to know what approach to take with clients who aren’t sure what they want. In this episode, MDRT members explain why they would rather risk overplaying or underplaying their communication, and the client responses they have seen as a result. You’ll hear from: Michael Bibb, BA, DipPFS “Sunny” Jae Lee, IAR Shelley MacIntyre, CHS Elli Schochet, CFP Episode breakdown: 0:33 – The benefits of persistence 1:47 – Preferring to avoid confrontation and address a topic later 2:32 – The guidance from remembering that some coverage is better than no coverage 3:19 – Balancing communication by connecting at their level 5:17 – Identifying the privilege of having options and taking action 7:18 – Inspiring clients to celebrate their own good decisions Listen to the monthly series, MDRT Presents: @mdrtpresents

How do you foster your own strategies and expertise, and how do you communicate that to clients? In this episode, MDRT members share what makes them unique and how it benefits their practice. You’ll hear from: David Braithwaite, Dip PFS Sofia Dumansky, MBA, LUTCF Jonathan Peter Kestle, CLU, B Com Mark D. Olson, MSFS, CFP Episode breakdown: 0:35 – Utilizing specialized knowledge of the tax code 2:21 – The benefits of unique software 4:08 – Gaining prospects from teaching university classes 5:39 – The student/teacher relationship compared to client/advisor relationship 6:44 – Creating your own opportunity on the radio 10:52 – Keeping a moving list of goals on you at all times 14:33 - "Will it make the boat go faster?" 15:57 – The value of tradition Listen to the monthly series, MDRT Presents: @mdrtpresents

How do you maintain harmony among a staff that comprises different ages and responsibilities? What do you do if you realize you don’t want an in-house staff at all? In this episode, MDRT members discuss how they manage their teams and ensure their staff is best suited to the needs of the business (and vice versa). You’ll hear from: Adam Blumberg, CLU, CFP Matthew Joseph Murphy, EPC Ana Sofia Rodriguez, MBA Episode breakdown: 0:28 – Giving everyone in the office a voice 2:12 – Standardizing the onboarding process 3:26 – Making changes quickly to suit younger team members 5:15 – Dealing with differences in generational communication styles 7:06 – Making the decision to outsource staff 9:50 – Communicating those changes to clients 14:27 – Required disclosure to clients about remote staff 16:49 – Further understanding about virtual assistants Listen to the monthly series, MDRT Presents: @mdrtpresents

Maybe parts of a family unit have different views of their expenses. Maybe they don’t have the same understanding of what you’ve presented. Either way, how do you navigate a meeting in which clients are arguing with each other? In this episode, MDRT members share strategies to manage these situations and ensure that everyone reaches a positive resolution. You’ll hear from: Everett Revere Foxx Steven Genoff, CFP Brandon Green, ChFC, CLU Dana Mitchell, CLU, CFP Episode breakdown: 0:34 – The meaning of “The ping-pong concept” 1:42 – Identifying who the couple’s decision-maker is 2:30 – Why it may help for you to leave the room to let clients discuss 3:32 – Managing disagreements about what it costs to run the household 4:54 – Determining how to compromise to make everyone happy 6:14 – The importance of not taking these situations personally 7:06 – Recognizing clients just need space to process information Listen to the monthly series, MDRT Presents: @mdrtpresents

Some clients overspend so people will perceive them as being successful. Others may be reluctant to share the truth about their financial situation. How do you find out what clients actually have and how you can help? In this episode, MDRT members share techniques that have helped them better understand what client assets really look like. You’ll hear from: Peter Jason Byrne Danielle J. Genier, CFP, CLU Jonathan Godshall Camacho, LUTCF, MBA Randall D. Kaufmann Episode breakdown: 0:32 – When someone presents as wealthier than they are 2:04 – Establishing trust so a client will share challenges happening in their business 3:44 – When clients aren’t respectful or forthcoming 5:31 - Meeting with someone who needs to cut back on spending 7:18 – Feeling surprise when prospects have no planning in place 12:44 – Clients who feel responsibility toward finances but don’t know what they have Listen to the monthly series, MDRT Presents: @mdrtpresents

What would you do if a client’s dog starting drinking your tea? Believe it or not, an MDRT member had this experience. In this episode, members share how they handled unusual circumstances and what they learned. You’ll hear from: David Braithwaite, Dip PFS Sofia Dumansky, MBA, LUTCF Jonathan Peter Kestle, CLU, B Com Mark D. Olson, MSFS, CFP Episode breakdown: 0:33 – Sliding up a prominent media figure’s stairs on your bottom 2:25 – When prospects think the state will pay for their insurance 3:15 – When a client’s dog drinks your tea 4:55 – Traversing dangerous conditions, surrounded by wild animals 6:15 – A client choosing between coverage and their spouse 9:48 – Being yourself and being OK not connecting with everyone 10:55 – Making sure you know who you want to work with Listen to the new monthly series, MDRT Presents: @mdrtpresents

With so many demands in your work, how and when can you make sure that family responsibilities take precedence? In this episode, MDRT members share how they have found balance in and out of the office and the surprising results they have seen with clients. You’ll hear from: Brian D. Cichy, BS, CLTC Fred O’Connor, ChFC, CFP Episode breakdown: 0:34 – Working tirelessly to begin your career and lacking balance 1:36 – Never having to choose between an appointment and your family 2:11 – Why clients respond to you prioritizing your life outside the office 4:26 – How balance can be more difficult when starting later and continuing to learn 5:24 – Meeting people by participating in activities with family and local organizations Listen to the new monthly series, MDRT Presents: @mdrtpresents

How do you ensure the best protection for your clients if they dispute the value of insurance? Or if timing or withheld information prevents a policy from moving forward? In this episode, MDRT members share memories of the most memorable and challenging clients when it comes to protecting their income. You’ll hear from: Michael Bibb, BA, DipPFS “Sunny” Jae Lee, IAR Shelley MacIntyre, CHS Elli Schochet, CFP Episode breakdown: 0:34 – The regrets of a client who didn’t believe in insurance 2:22 – How to prevent that result next time 3:35 – The heartbreak of tragic timing 5:05 – A new view of “the ones that got away” 7:29 – Client forgetfulness and unrevealed information 9:37 – Changes to communication and understanding Listen to the new monthly series, MDRT Presents: @mdrtpresents

There are many professional and personal reasons a business plan may change over the years. Yet it can be scary to write down the plan and scarier to adjust it. In this episode, MDRT members explain how they have benefited from identifying their approach and tweaking it over time. You’ll hear from: Adam Blumberg, CLU, CFP Matthew Joseph Murphy, EPC Ana Sofia Rodriguez, MBA Episode breakdown: 0:25 – Do you have a business plan? Does it change? 3:30 – Why the concept of a business plan can be threatening 5:57 – Why my plan in the last few years would have been torn up annually 7:04 – How my business plan today is different than it used to be 8:31 – The importance of recognizing from the start that you’re a business owner 10:11 – If your business plan never changes, you’re doing something wrong 11:46 – “If it’s not broke, break it” Listen to the new monthly series, MDRT Presents: @mdrtpresents

Many clients think that nothing bad will ever happen to them, or simply that they’re healthy enough not to need certain coverage. In this episode, MDRT members explain how sharing stories about clients who have experienced something unexpected helps clients and prospects recognize the need for income protection. You’ll hear from: Everett Revere Foxx Steven Genoff, CFP Brandon Green, ChFC, CLU Dana Mitchell, CLU, CFP Episode breakdown: 0:36 – How specific stories connect the dots 2:15 – Why you should start with planning, not protection 3:58 – Helping a client when the hypothetical becomes the reality 5:08 – Identifying the threats to a client’s plan 5:45 – How clients react to hearing troubling stories 7:08 – When they still don’t want to move forward Listen to the new monthly series, MDRT Presents: @mdrtpresents