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Say hello to Mr. Patel
Mr. Patel is a businessman. He is a major distributor of Ayurvedic Drugs. He lives in the Cuffe Parade of Mumbai. He drives a Toyota Corolla. His children study in a Residential School. How much premium do you think Mr Patel can pay? Mr. Patel can pay ___________________
Who is a HNI?
HNI stands for High Networth Individual. A HNI client is a client from can afford a regular premium of at least 1 lac. A HNI may be a businessman, an entrepreneur, or may be a well paid executive. Why is a HNI client different?
The professionalism of the IA plays a very important role in HNI Sales. . The HNI wants full information on various facets of the investment. He wants to know exact details of how his money will grow. The HNI generally invests in consultation with a CA of some other professional.The HNI investment process.
will you be more successful? How can you do that? Sell in the HNI market.Aiming HIGH What is the Average commission you earn per customer? How many customers will you have to sell so that you can earn 5 lakhs annually? If you can increase the Average commision to three times. .
Advantages of Selling to HNIs Larger premiums mean more commission. The Indian HNI market is big and growing rapidly. The chances of a resale are high. The references of an HNI are generally strong references. . once you have gained the trust of a HNI.
Where do I begin? .
The HNI Search Ramesh. who worked as secretary to the CEO of KBC Pvt Ltd. . a BSLI agent wanted to sell in the HNI market. When he was looking at his list of contacts he found a friend Kumar. Krupesh was talking to his CA when he realised he had many small and medium sized companies as his client. He was looking for some one who could refer him.
Brokers. Talk to other professionals like CAs. etc to find references to HNIs. Look for HNIs who reside in your local neighbourhood Look for contacts who reside in HNI residential areas. Accountants.The HNI search Begin Close to home Search your natural market to find contacts who can give references to HNIs. .
CEOs. Architects Interior decorators Actors ± Successful Corporate executives Managers earning Rs 10 lacs and above. AVPs. CFOs etc . ± Successful Businessman Distributors Wholesalers Retailers Brokers Importers Exporters Hoteliers ± Successful Entrepreneurs Owners of Small and Medium service / Manufacturing units Industrialists owning multiple manufacturing / Service units ± Successful Professionals Doctors / Surgeons Chartered Accountants / Financial Consultants Clearing and Forwarding Agents Consultants.The HNI Search You find HNIs amongst«. VPs.
we need to focus on these areas.The HNI residential areas Most HNIs are concentrated in certain pockets of the city. While prospecting for HNIs. . The HNI residences are usually located in up market areas of the city.
Where can I find HNIs Malls Premium restaurants Premium car dealers Premium Health clubs Pubs and Discotheques International Travel Agents .
The First Approach .
Who can refer you? ± CAs. Cold approaches must be strictly avoided. The focus of the first approach must be to get yourself referred. etc . Employees. Colleagues. Doctors.The first step« The first approach to HNIs must be through references only. Architects. Subordinates.
This will help make the first approach effective . Building a rapport with the referrer will go a long way in helping you make the first approach effectively.The power of the referrer The referrer plays an important role in the approaching the HNI. The most effective first approach is when you have already been recommended to the HNI by the referrer Try to find details about your prospect from the referrer.
The first approach The main purpose of the first approach is to secure an appointment. Calls may be routed through the Secretary ± If you have the Mobile number then this may be avoided. ± The general procedure is to say that it is a personal call . One of the main challenges with HNI customers is to access them directly.
Use the interest / benefit hook ± The referrer can help you formulate a effective hook. ± The generic hook will be to ³offer financial solutions for the customer and his family ³. Introduce with your name and say you are calling from BIRLA Sunlife. Mention the referrer and how you know the referrer.What to say? The purpose of the first approach is to fix an appointment. . Handle objections with the FFF and AIR approach. Then use alternative times close to fix the appointment.
He asks you to meet his CA ± Highlight the need of his presence. Try to fix an joint appointment with the CA and the customer. . ± Highlight the need of customized solutions based on the customer¶s needs.Specific Challenges during the first approach He asks you to send across the documents / brochures.
The First meeting .
Preparations for the first meeting Try to gather as much information as possible about the prospect ± Gather as much information from the referrer. Make your self upto date with current stock market and debt market scenarios Revise all your basics about various investment instruments (Mutual funds. PPF.etc). Finally look at BSLI plans and see how you can offer them as SOLUTIONs. .
Check your sales kit if the following are there ± ± ± ± ± ± All brochures Fact Find sheets Current Investment Report of BSLI Application forms Notepad Laptop (with AMS) if available . Wear a tie Shoes must be polished.On the day of the meeting Dress in an appropriate professional attire. Keep a mint or a mouth freshener handy.
If you are meeting at the office. Plan your travel so that you can be there for the appointment at least 15 minutes before it is scheduled.On the day of the meeting DO NOT reconfirm the appointment on phone. ensure that you reach there only five minutes before the appointment (Spend some time at a nee by eatery or café) . wait in the visitors area till 5 minutes before the appointment If you are meeting at the prospect¶s home.
Compliment some aspect of the surrounding. Don't forget to ask for referrals . Then offer him a firm handshake. first greet the client. Follow the BSLI sales process and scripts. Sit only when asked to do so.Etiquette When asked to meet the client (you will usually be ushered in by some one else).
Customer is from the financial sector / has deep knowledge of finance ± Emphasize on the benefits and not on the features. ± If you feel you don't have enough knowledge about a certain issue. tell the customer you will get back to him with clarification in the NEXT MEETING .Specific Challenges during the first meeting Comparison with Mutual funds or stocks ± Emphasize on the risk-return relation. Also stress on the security that life insurance offers to his family.
Specific Challenges during the first meeting ³Let me discuss with my CA´ ± Try to fix an joint appointment with the CA and the customer. Offer him two alternate times for the next meeting If the customer still doesn¶t agree. Thank him Ask either your AM or BM to call up the customer as if to check out customer satisfaction. ± ± ± ± . ³I will call you back´ Thank him for being so gracious. ± That will be another opportunity to fix up the second appointment.
The Second Meeting .
Prepare illustrations for the solution. Just prepare a comprehensive solution.The preparation« Analyze the fact find sheet and decide on the SOLUTION. . Solution for Reema¶s Marriage) Don't speculate on the premium paying capacity of the customer. Personalize the illustrations by mentioning the clients or family member¶s name. (Solution for Riddhesh¶s education.
Ask for references. . Close the deal Take the cheque and fill the form.The second meeting Present the solution on the whole. Handle any objections with the FFF and AIR methods. not individual plans Use STEPPING STONES.
preferably in writing.Some important tips« While filling the form. The documentary requirements must be made clear to the customer . . must be filled carefully after discussing with the customer. the part where the customer decides his fund where his investment will go.
The follow up« He follow up is the one of most important part of the HNI sales process. Explain to the customer clearly as to the type of tests that will be done. Any clarifications must be addressed ASAP . Arrange for medical examination in good centers. Ensure all the documentation is proper.
Post Sales Service .
After the sale. NAV etc. . Remind him the you will be in touch with him regularly and keep him posted his fund value. Remind the customer that you will be available to him to answer any queries or to solve any problems that may arise with the solution. What is to be done? After the customer has received the policy document. visit the customer and appraise him of the contents of the document. Seek references to help Build your business.
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