Hegna's Hotseat

3 Steps to Improving Clients' Wealth


number of companies asked me to create a presentation about financial wellness, and during my research for that, I found some pretty powerful information. I learned how financial, mental, and physical wellness are all connected. However, the words "financial wellness" just sounded boring, so that's where I came up with the title, "Help Your Clients Become Millionaires!". You see, if you help enough clients become millionaires, you too could become a millionaire by default! Let me show you three simple steps you can take right now to get there.

First, work on your words, language, questions, and stories. You've heard me say that before, but here's what I mean. When someone asks you, "So, what do you do?" how do you answer? Many people say something like, "I'm a life insurance agent," or, "I'm a financial advisor." Work on your 30-second elevator pitch to use here. Here's what I used to say to this question: "I help people become millionaires. You tell me how many million you want, and I will help you do what you need to do to get there." What that did for me is it put me on their side psychologically - right away, I became part of their team to become a millionaire instead of selling them something.

Second, run a life insurance illustration to solve for what they need to become a millionaire. The slide below shows an example of what a 25-year-old female would need to have $1,000,000 at age 65. What it's showing is that she would have to put $14,000 per year into the policy to become a millionaire. I don't know how many 25-year-olds you know who can afford $14,000, but the ones I had didn't have that.

So, the third step is to show them a time-value money calculator. The slide below continues the example from above. It shows that the box on the left shows that if you could get a 6% return, which I think is very doable over the long-term, you would only have to put about $500 away. The box in the middle shows that if you could get a %9 return, you'd only have to put about $200 away. The box on the right shows that if you could get a %12 return, you'd only have to put about $100 away. Basically, if you can earn a higher rate of return, you don't have to put as much away. If you have a lower rate of return, you have to put more away. That's a very simple concept, but I'm telling you that most people don't understand this. You might know that higher interest rates result in either lower amounts of savings or higher amounts of accumulation, but many of your clients don't.

Now, what do these do for a client? I've shown you three simple steps you can share with clients about becoming wealthy, and if you do that, you'll be providing them with value. When you provide clients with education, and they apply that knowledge, they can become millionaires. Improve your own knowledge to share with them. Join me for a 60-minute presentation where I'll give you even more illustrations like this that you can use to provide value to clients. Choose a complimentary session to attend or watch a replay here.

I hope to see you there,

-Tom Hegna

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