{"id":52066,"date":"2020-09-11T09:08:07","date_gmt":"2020-09-10T23:08:07","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=52066"},"modified":"2020-09-15T14:29:05","modified_gmt":"2020-09-15T04:29:05","slug":"provide-dignity-rather-than-insurance","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2020\/09\/11\/provide-dignity-rather-than-insurance\/","title":{"rendered":"Provide Dignity Rather Than Insurance"},"content":{"rendered":"

\u201cWhat we do is provide people with dignity when it matters most,\u201d is how Shane E Westhoelter<\/strong> described the financial advice profession during his presentation at the MDRT 2020 Virtual Event<\/a> in August.<\/p>\n

\u201cI help clients understand the difference between financial planning and quality of life planning,\u201d he says. \u201cDignity \u2013 not insurance \u2013 is what I have focused on for the last 30 years of my career.\u201d<\/p>\n

Westhoelter, the CEO of US-based Gateway Financial Advisors<\/a>, says when advisers provide dignity and stop selling products, people will refer family and friends to them.<\/p>\n

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Shane E Westhoelter, …advisers should provide dignity \u2013 not products.<\/figcaption><\/figure>\n

\u201cQuality of life planning is more than just financial planning; it brings in a comprehensive holistic approach, needs-based conversations, storytelling, and resources,\u201d he says.<\/p>\n

When it comes to the all-important marketing, he has organised client events, is a frequent guest on radio talk shows, and has fronted educational workshops \u2013 including for high school students where he has covered basic money management.<\/p>\n

\u201cWe use social media, community events, and marketing ideas that are engaging,\u201d he says.<\/p>\n

He also makes a point of saying that the complimentary services or gifts his firm provides are not promoted as \u2018free\u2019 to clients.<\/p>\n

\u201cI now say \u2018at my expense\u2019 so there is implied value in what we offer.\u201d<\/p>\n

He also recommends delivering value-added services to clients. For example, his firm provides online storage for archiving clients\u2019 photos and legal documents.<\/p>\n

Answer the \u2018why\u2019<\/strong><\/p>\n

Westhoelter says financial advisers should understand their \u2018why\u2019 \u2013 the reason they choose to work in the sector.<\/p>\n

\u201cFind your \u2018why\u2019 and your passion, and then you will not work another day, but you will enjoy bringing that passion and \u2018why\u2019 to others,\u201d he says.<\/p>\n

\u201cOnce you know your \u2018why\u2019 you need to package it and share it with others so that they \u2018get it\u2019 and can tell others for you.<\/p>\n

\u201cThis will bring people to you. In turn, you will no longer be asking for referrals but accepting referrals and doing business with people who understand and relate with your \u2018why\u2019.\u201d<\/p>\n

\u00a0\u00a0\u00a0 … find your \u2018why\u2019 and your passion, and then you will not work another day\u2026<\/p><\/blockquote>\n

In essence, he encourages financial advisers to set themselves apart from the pack by building their career and marketing on why they are in the business.<\/p>\n

Westhoelter also says financial advisers should focus on helping clients take the \u2018if\u2019 out of their lives.<\/p>\n

\u201cWhat if I live?\u201d he says. \u201cThis is about longevity planning and having the money you need to live the life you want to live with dignity until the day you die.<\/p>\n

\u201cWhat if I linger? This is about providing proper coverage if you become sick, hurt or disabled. Can you get the quality of care you desire to keep your dignity?<\/p>\n

\u201cWhat if I leave? This is about the two big Ds: death and divorce. Will your assets transfer as you desire to those you care about? Will you be able to keep your dignity, even after you pass?\u201d<\/p>\n

Finally, he says, words matter. For example, he talks to clients about \u2018protection against the unexpected\u2019 rather than \u2018insurance\u2019.<\/p>\n