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If you were to meet Gerald PR. Sacks today, you would be mesmerized by his rich, radio voice and South African accent. The persona of this 37-year Qualifying and Life Member of the
An agent called Gerry to a little Midwest town to meet with his client Dorothy, her family, her CPA, attorney and her local agent. The client is an 80-year-old widow with children and grandchildren. Gerry created several extensive estate-planning booklets to share with Dorothy, her agent, her CPA and her attorney. She has an
Overcoming the objection
Dorothy’s attorney said the plan Gerry was presenting was all based on forming trusts and buying life insurance. He told Gerry that insurance agents were “just a step above used-car salesmen.” That statement made Gerry angry. Gerry kept his composure and, with resolve and kindness, proceeded with the meeting. The attorney smugly rolled a sly grin on his face, like the Grinch thinking of stealing presents from children. The attorney said, “This is not gonna work because Dorothy is completely uninsurable!”
There was dead silence in the room. Everyone looked at Gerry for his reaction and carefully weighed each of his next words. Wisely and confidently, Gerry replied, “So what?”
“What do you mean?” the attorney asked.
Gerry said, “Dorothy has two daughters and several grandchildren. Those grandchildren also have another living grandmother besides Dorothy. Why not insure both grandmothers with a secondto-die life insurance arrangement?” Gerry proceeded, “Why not borrow a life to make this work?” Both grandmothers had an insurable interest in the grandchildren, and therefore, the policy was accepted by the insurance company underwriting department.
Dorothy looked at her CPA and attorney and asked, “Do you have a better plan?” Neither had anything to say, so Gerry proceeded to get the life expectancy test started with both grandmothers to see what kind of offer the insurance company would give them. They completed the paperwork, took the physicals, and eventually paid the first
When the attorney said that he would draft the documents, Gerry said that would not be necessary, since he had attorneys who could get the job done for Dorothy. Gerry got paid handsomely for his work.
Let’s review the steps that made this sale happen.
1. Gerry was referred into the case.
2. Gerry gathered all the data and created a comprehensive estate plan, complete with pictures that were worth a thousand words.
3. Gerry wanted all of the advisors there with the client and her family.
4. With all the decision makers in one room, they could reach a decision during the meeting.
5. Gerry became the trusted advisor with a solution that made sense to the client, her family and her advisors.
6. Gerry put together a dream team, including his own CPA and attorney, who could draft documents and provide technical support as subject matter experts.
7. Gerry went to the meeting expecting to walk out with the business. He had paperwork prepared in advance to make the process as easy as possible for his client.
On page 77 of Gerry’s book, “Power Phrases, Expressions and Closing Questions” (2000, PSM Marketing,
“The secret is in communication. It is how you say what you say that makes the difference. Talk with your clients, not at them. Don Ï use difficult terminology, keep it simple. Show color charts, not pages and pages of numbers. Show pictures, not scientific equations. Show booklets, not telephone books. Just keep it simple. “
Sacks is president and CEO of the