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Managing Expectations

Updated: Apr 17

Watch the Full Video Here: Managing Expectations

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Oh, wait, wait, wait.

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All right, guys. Nikki and I were scuttling this a little bit last night. So the one thing I do want to talk about this morning is managing our clients expectations. Um, what do you guys think mean by that as far as when it comes to the presentation?

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And I'll take any anybody's response for that.

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Get their families protected.

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Somewhat. But like when we're managing their expectations, like what are we trying to do to make sure that they're not. Delusional about what they can get.

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So this is this is a hard topic to discuss, but it's it's super important. So I'll go into what I mean by it. So let's say somebody says, Oh yeah, how much for the 200,000 and they are 75 years old. What what would be a good response?

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Most people are just trying to take care of their burial expenses. They're not trying to make their families rich. And that's good. And it's also.

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They're not going to get that much coverage. I mean that. Yeah.

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And that would be good because yeah, like actually telling somebody like that, that's an expectation that can't be met. So there's no reason to be like, Oh yeah, we can see what we can do. That's, that's not managing expectations. That's the same thing. I heard it a couple of times yesterday where somebody would hang up on somebody because they did not like the price of, you know, compared to the policy they already have. So I hear a lot, you know, it's like, oh, you know, already have a policy for 10,000 somebody, you know, I've heard agents on this phone on this call say things like, Oh, yeah, I'm sure we can beat that like immediately.

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And it's like, that is not managing expectations because how do you know? It's like if they've had something for ten years, you're not going to beat it. So when you whenever you like, let's go. Based on like what happens normally. Oh, I already have coverage. Okay, great. You know, in the presentation, is that something you've had for a while or is that something you just set up? If they say they've had it for a while, it is now time to manage their expectations by saying something like, okay, is this just for additional coverage? Uh, yeah, just additional.

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Okay. And how long have you had the other policy? Oh, 15 years. And what would be something good to say to them before you even present like that? You know, they've had this policy for 15 years.

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We probably aren't going to be able to beat it, but we could probably if you're looking to add some coverage, you might be able to get some benefits that you're not getting with that other policy.

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That's. Yep. So Vicki's on fire. She knows what's going on. So essentially, you have to say something like that. Like, you cannot just ignore that. Because if it's $50 for 10,000, you know, they're now ten years older and, you know, preferred is $88 for 10,000. You don't want to give them the impression that you're going to try to replace it, beat it, anything like that. So that's why I say, like whenever they say I have covers, I've had it for years, it's it's all about the you need to compliment them and then move past it.

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All right. Well, that's very good. I'm glad you had that already set up. That was ten years ago. So whatever we discussed, you know, going forward, obviously shouldn't beat that price. But I understand that we're looking for another 10,000, so we'll do the best that we possibly can. So that's an expectation. You do not want to ever say, Oh, I got it for this. And you know, you don't want to tell him you can beat something, you know you can't or that you just don't know you can. And the same thing with like their term coverage or basically anything.

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It's like and if they start saying, Oh, I want no, I saw 100,000 for ten bucks a month. You need to address that immediately, though. That's not going to be that price. And if they still are giving you pushback, just get off the phone like some people just do not deserve a full presentation from us. Like, can anybody give me some examples where they they know that they probably shouldn't have kept going, but they kept going. Now they're at the end and they know there's no way to make the sale.

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Blanca. Okay. What happened with Blanca?

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She was that one lady from California.

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What I hear a lot is people. They'll continue to keep going once they hear the person's not working or something and they'll just continue to keep going.

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I mean, that's another expectation. I mean, you have to have money to pay for this. So talking about. Oh yeah, yeah. Well everybody's on fixed incomes, but if they're working in 51 then they're not really on a fixed income. They're on an income of zero because they just don't have a job.

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Right. Like you get the ones, they're like, Oh, I'm waiting on my disability, you know? So it's like, okay, when is your disability going to come in? Because you know, or like, how are you paying? How are you surviving right now? I was like one of my first questions I asked them, you know.

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So another one is like the looky loos, the people who are just looking. And, you know, I've gotten better at explaining like, Oh, well, I'm a consultant. You know, I actually do the shopping for you. So, you know, a good job. You don't have to go through that burden anymore of, you know, kind of, you know, looking at something that you don't really fully understand. So, you know, just something along the lines of that. But then they're just like, you know, as Jordan Belfort put it, they're looky loos, they're just looking. And then you can get them all the way through a sales presentation. And then they're like, oh, you know, I'm going to keep shopping. Even after you've explained that like I'm shopping for you.

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Like, that's what we're doing today. This is the best thing you're going to qualify for with your health And like, this is it, Um, you know, usually I can tell, uh, like, I got a couple.

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Or Tuesday this week. The first thing they ask is, okay, what's this about? Oh, it's your final expense. Life insurance. You wanted some more information about, then go through like a consultant firm. They're like, Oh, okay. How much is that going to cost? Typically, um, I can kind of get a feel for how they say it. If they're just like curious, then, you know, go through like health screening. And then I think one of my sales last week was that actually, you know, one of their first questions was that price. But then, you know, there'll be some people who are more aggressive.

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Um, typically the males I've noticed, um, and they just are like, okay, how much is this going to cost me? And they're just like rude from the get go. They want to know how much it is and they don't want to go through the health screening and they just want like an average price. So at first, my first week, I was just being like, Oh, it's going to okay, well, you're how old, you know, assuming you're in decent health. And then I would just give them a price and then they would hang up the phone. So I've stopped going, you know, skipping through the entire script and health screening because I know they're just looking. It's a waste of my time.

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Yeah. You'll never make a sale by giving somebody a quote immediately and then assuming anything as far as, you know, assumptions a big deal. Want that throughout the rest of it. But we're not going to assume somebody's in good health or tell them anything because that's another expectation. Like, oh, you have you told me it was this well, you didn't tell me your health is completely, you know, jacked up. So sorry.

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What do you do? Like if you try to. Like you try to go through the presentation, but all they care about is hearing the price.

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Oh, hang on. You just have to. Yeah. That. Or, you know, you could do that. Or some of them will, you know, they'll be a little bit impatient. And you could just tell them, Hey, look, I'd love to just go ahead and go over the plans with you right now, but my job as benefits coordinator, this is the process, you know, and just blame it on sales. You could tell them that this is a sales process, you know, but you don't want to spend too much time on those.

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No. And then but Wesley to be mean hang up is actually something would do. But the first thing you want to say is, okay, have you have you already looked into this a bit? Because I want to hear what they say. That's another expectations. Like if they say, Oh yeah, I've looked and all the prices are too high, if if they've looked and all the prices are too high, no matter who they talk to, then of course whatever you say later is going to be too high. So that's managing the expectation. So if they say, Oh, all the prices are too high, it's like, oh, okay, what what kind of prices have you gotten? And then if they say prices like that are going to be very similar to what it should cost them, then of course, like, yeah, that's about what it costs.

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Is that something that's comfortable for you? And like, Oh, no, I wanted it to be this. So, I mean, you can see how it's easy to get off the phone there. Because if they're if they're if they're like, oh, the price is all the prices are too high, I'm getting it. They all want this. Oh, okay. Well, that's that's pretty much across the board about what it's going to be. I have more companies, so I can probably save you some money and get you better benefits. But that's that's really what it's going to be. And then, you know, Oh, well, I can't afford that.

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Okay. Well, you know, thank you for at least being honest with me. And I realized that I don't want to waste your time, and I definitely am not going to waste my.

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Right. And yep. So people have these expectations and like, I'm glad you guys are all mentioning these things. Like if they want price and are very aggressive, first thing I'll say is like, Oh, how much is it? If they're aggressive, it's $1 million for a buck a month. You in. And the reason I'm saying something like that is I got to get them off that. Like if they stick, if they're sticking to their guns and only want the price, then I am done with them.

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Does anybody in. Anybody that thinks that's wrong or would do something different.

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No, I agree 100%, because you have to build some type of report. So if you can get that person that's telling you, I just want the price of the plan. I just want the price of the plan. If you can get them just a chuckle a little bit or something, that could change the whole conversation too.

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Yeah. And then it's just good to ask those questions because it's all about the expectations. If I ask those questions, then they start telling me, Oh, they want this box. It's like, Oh, you know, I'm 82. I can't afford that. And it's like, you mean you can get them off a little bit, but you need to the expert. How do you.

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How do you do that on my bed?

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Well, the expectation going forward has to be, yes, it's going to be expensive because otherwise what's the point? Like you could waste 25 minutes talking about health, trying to build more rapport and then just at the end, it's like, oh, yeah, it's kind of set. At the beginning, I couldn't afford that. And people say that, you know, can't afford anything right now. That's probably not the person like they're telling you right up front. It's probably not the person that you want to keep going with. You probably want to say something like, well, yeah, most plans are between like 50 and $150.

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Would that be in your budget? No. Can't afford anything. Okay, well, you just save yourself a ton of time by not presenting that person. And go. Go ahead. Uh.

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Um. How do you do the million for a buck a month thing? Because, like, whenever I do it, I think I come across as, like, too serious. They're like, really? Like. Like.

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Like, what's like the right tone for that?

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I mean, would just be like, Yeah, it's about a buck per million dollars worth of covers that sound pretty good and like, and then they should be like, they should understand. I

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mean, if they really take you seriously, then say, Oh, I'm just kidding. But yeah, mean do want to find the best plan for you then just keep moving forward.

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Cool. Yeah. You mean if they're not going to laugh, then you need to just tell them. Obviously that's a joke, but yeah, do want to find the best plan for you. So

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sometimes you do have to tell people you're joking because they're not. Most of my jokes don't land either.

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I was going to I was going to say something for Camden to like. When you get to the end of the call, like if you built enough report with your client and they're like just saying, Hey, I'm just looking or just anyone, you know, definitely use that permission of fire. Because if you built enough report with the client and you spent like. A good 40 minutes of your time on the phone. It's always a good idea to use that permission to fire just because sometimes they just need like, they just need somebody to sternly say, like, you know, to say it.

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Yeah, yeah. Completely agree, Nikki.

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Like, hey, how many times are we going to keep looking? You know, like, let me just talk to you, like, you know, so.

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Yeah, that's what I did for my client on Saturday when I came in through my, like, little Gerber one on the weekend. She, you know, it was a webcast. So she called in, you know, got her all the way through. She understood that, you know, I was a consultant for about 16 different companies. And, you know, we got to pricing and plans. And, you know, I was sweating a little and like, you know, don't really, you know, this this is going to be a hard sell. I looped her about six, seven times on the plan. And I was like, what was her name? Dolores was like Dolores, you know, look, you know, I know you want this insurance.

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This is the best you're going to get for your health. You know, like I was telling you, I'm the sales or I'm the insurance consultant, so this is what you qualify for, you know? So kind of what's holding you back today? She goes, oh, the the price. I just don't have the money today. Like, that's completely okay. And just kept looping her. Um, so I just like straight up said like what what's your issue today Because a lot of times I'm kind of passive and I'm like, okay, I'm sorry. And then just keep pushing when I don't really even know what the problem is to actually address it straight up.

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Yep. You gotta you got to narrow down what the actual issue is. Yeah. Good.

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Another expectation.

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Yeah, Yeah.

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And something else I was going to say is, you know, I was thinking about it the other day because when I get to like explaining term and whole life and I'll say, you know, term expires, so what's the point of having insurance if it's going to go or cancel before you go? I'll say like something about like if you get in a car crash next month, but your car insurance expires today, you know, that really hits a lot of people. And then I was thinking and I'm like, you know what? When people call every single other insurance that is available, no matter what it is, they just get quotes Like I called State Farm the other day because I wanted to see if they're going to beat my Geico quote.

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They didn't, but I'm on the phone with him for like three minutes and I already have quote. And then I have to realize that with us it's different than everything else. So we're actually like explaining and teaching the client that we are like, this is not anything that they would do on a regular day. Like this isn't State Farm, this isn't Geico. This isn't getting homeowner's insurance where we can just get quotes like this is very specific to them. So understanding that has helped me a lot in keeping them on the phone and really just hearing me out on the health because a lot of people are, you know, hesitant to it.

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But once they understand that this isn't like, you know, just some car insurance, then it's been working for me. And it just helped my understanding with all of it to.

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Good. And it really is. It's about they have to understand that you're trying to help them, but you're not you don't you don't have time for a bunch of nonsense. And that we are experts if they understand you're an expert and a lot of people just haven't been explaining what is going on with life insurance. So if they're less confused, they're going to have a better opportunity to buy. And so I did tell Nikki last night, like I wanted to have this a little bit of dual training. So at the end, what I hear a lot like of people doing, like when they're dealing with objections they're doing, they're basically just doing too much.

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Like they are reclaiming. And, you know, you know, backpedaling guy could pull some recordings and don't wanna embarrass anybody. But like they'll they'll answer the question and then they'll be like, oh and

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anybody do that. Anybody done that before? Like just got all nervous and started talking too much.

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Do that all the time.

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I do too.

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So when they give you a, like an objection, like, oh, don't like giving that out over the phone for social. What is actually a good response like the first time.

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I understand me either. Please verify your full social.

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Yes, much better then. Well, we're not going to do anything with it. It's just, you know, just then if you if you talk too much after the first response, something like that, you do sound like a scammer. It's like, Oh, okay, so that's going to be do this. And then like you don't need to give them a 16 like two.

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You don't need to. You don't need to explain anything ahead of time. So you can they could say, Hey, Nikki, I don't want to give you my social. I understand. But we needed to verify your information and make sure you are who you are. Please verify your full social. And there could be like 30 seconds of silence, but I'm not going to say anything else after that. I'm not there going to say anything else. I'm going to wait and I'm just going to have my pen in my hand right by the social on the app, and I'm just going to wait for them to say it. And then once they say it, then I'll repeat it back to them.

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One, two, three, four, five, six, seven, eight, nine. Okay, great. We participate in the Fair Credit Reporting Act. Notice all your information is protected by law. I'll go over that with you on the recording and then move on.

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That's savage savagery. And we did not we did not talk this morning about how we handle it, but we handle it the same. Oh, and like if it's like, oh, it's banking or I don't like giving my banking all over the phone, well, I just need it for the application and then I just shut up. If I get more pushback, like the more pushback you get, that's when your responses might become a little more elaborate. But they should not be an elaborate, insane, rambling thing, like right after they say something.

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I mean, you guys have those bottle sheets. Uh, like on the website. And, you know, those are really solid, but those are not. That would not be anybody's first thing. Like, well, the bank account. Oh, I don't like giving my bank account over the phone. Yeah, neither do I. But, you know, you have to give it for things like this. And as long as it sounds confident it's going to work like Nikki, Like how confident the Nikki sound there.

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Crazy. She's the.

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Only confident.

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Like I'm about to put my social on the group chat.

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Have no problem. I've never had a problem getting a social Security number, so I'm very confident with their socials. So but it's just about how you say it. It's just like because you already made the sale, you know, they already like you. So if they want to do business, it's just like, Hey, what's your social? You know, need to verify your social for me, please. I don't want to give you my social. We need it for the application and do the recording. What's your social.

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Can I hear some of Nikki's calls just so I can like?

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Hear that Poor Nikki probably don't have a she probably doesn't have a ton of recordings at this point.

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