The Subconscious Mentality of Chad’s Process | 7 Figure Annuity Sales Podcast | Ep. 262

All right, if you're an agent, one of the things you need to make sure you're not doing is over explaining or overselling the annuity. Welcome back to this week's podcast. This is Seven Figure Annuity Sales. I'm Caleb North. We've got Chad here, the annuity sales coach. Chad, we're going to talk today about something I'm calling the subconscious mentality of your process. The subconscious mentality of chat process.

You're assuming it's subconscious.

I'm assuming it's subconscious because there's a couple of things specifically that we're talking about that I've noticed in your process that I don't know if you think about doing them or if they just happen naturally, but I think they have profound impact. But before I jump into those two things, I want to share a couple of things that I notice agents doing. It's not uncommon at all for agents to over explain or try and oversell the product.

Even before questions arise. So they'll go into all kinds of things about the product, not even tied to benefits to the client. Like all these different features and functions and all this stuff. Client hasn't even asked a question about any of it yet and they've completely complicated it to them. The second thing is that a lot of times agents will operate with the mentality that they need to convince the client to like what they do or what they use, rather than assuming that if they understand it, the client will like. So those are the two things that I've noticed in your process is you operate with the under the kind of the underlying assumption that when your clients understand what you do and what you use for them, they will like it. And then the second piece to that is you don't over explain or oversell. You allow the client to ask questions or come up with objections that allow it the conversation to go deeper, but it's only out of necessity.

Yeah, I find the first one when you're trying to over explain things often is on the first phone call. And it's an overcompensation for a lack of confidence. Honestly, that's what it comes down to. You're not confident enough in your product generally. Now, all these statements I make are general statements, but if you sit there and explain everything about the product because you think that's what they need to get the appointment, then you don't understand the importance of why you need to meet with them in the first place. So in other words, if I go into the basics, do you want to plan for living or plan for dying. Why do I need to go into all the detail about the product when I'm on the phone call? I don't. Because I'm finding out, okay, this is their concern. If I know their concern, then I address that based off of some questions. Questions I'm asking them, of course, which we go over directly in our mini fact finder and our full fact finder. But if you're over compensating by information, it often will put a paralysis on that listener. Whether that is in, in face to face or that is on a zoom call or that's just a phone call. You're over emphasizing your importance or your expertise or your knowledge to thinking that's why they're going to meet with you. And the reality is, don't flatter yourself that much. They're not going to meet with you because of that. They're going to meet with you because they have a problem. And if you have a solution, they'll meet with you. It's that simple.

Yeah. That's good. So you don't over explain it. You don't try and oversell it. That's one thing that you, you go into the depths as it's necessary for the client to understand based on their questions or their objections. Which is kind of interesting. Right? Because I think a lot of times agents will try to over explain or go into all the weeds of a product because they're trying to mitigate objections. You actually look at objections as an opportunity to create clarity and increased confidence rather than something to be avoided. So it seems.

So what's better? Is it to present, you know, so much information or so much information about a product that you even know they're objecting to in the first place or to wait till they express the objection and then you address it there? I mean, it's, it's common and often I even see marketers do that as well. Marketers will sit there and explain, explain, explain, explain about how a product works, what it does. I'm going, wait a second. The agent never expressed a concern about what you're talking about. Just zip the lips, listen to what the client or the agent has to say and then address it. And it's notorious in our industry to think we have to overcompensate with information.

Yeah. And to go back to the first thing too, I love the way that you operate. The confidence that you go into a phone call with or into an appointment with is as if you have this underlying assumption that once that client understands what you do and they understand what you're using, they're going to want it. It's not.

Well, it's actually, I'll be even saying it's not underlying, even remotely. It's a fact in my mind. Once they understand it, it's not. I hope it's not underlying. It's not. It's. I know for a fact if they understand how this works, they will undeniably say this is what they need to do. Does everybody do that? No, but that's my assumption every single time I talk to someone.

Right. So it impacts the confidence that you carry. It impacts your knee jerk kind of involuntary response to objections when they arise. Because at that point you're going into that thinking. The only way that they try and resist purchasing this is if they simply don't understand it.

There's nothing too big to realize that they can't control what they're doing. I mean, that's. Honestly, I've had that conversation. So it does. Because they're like, well, if you can do I hear clients say this all the time, well, tell me what they're actually in. And I'm like, what? So you think you can mirror that? They're like, well, yeah, if I know what they're in, then I can do it myself. And he said, you really think they're going to give away the secret sauce? Because if they did that, every single insurance company out there could copy exactly what they're doing and then their product no. No longer becomes the top product.

And by the way, if you knew what you're doing right now, we wouldn't even be meeting because you wouldn't need me and you would be worth millions and millions and millions of dollars. So.

So in other words, they're asking what insurance companies are actually placing the money in to generate returns.

Yeah, they are, Yep.

Interesting.

That's actually a pretty common scenario.

Really. Don't you typically go into your. Well, they've got money that you and I don't have and they can tie it up for longer than you and I can. So they can. And create guarantees that you and I can't create. Yep, for sure. Volume. Yeah. That's good. Well, one of the things I want to note is that even though you're not necessarily over explaining, you're not preemptively going into all this depth and detail. You're finding the problem, you're finding the best solution and you're communicating how that solution actually solves the problem in the best way for them. So you don't need to go into all the detail about the function or the features of the product because you're explaining the benefits of what it does to the client, how it actually benefits.

How many times do I talk about that? Yeah, I talk about all the time. Stop selling. Features, features, features. It's the benefits, that's all they care about is how does it benefit them. Because you can even use features to explain the benefits, but the net root of the solution to every person's problem and the net decision is based off of how does it benefit them. Period.

Now, and one of the things I've noticed in your process is that while a lot of times agents that tend to over explain or go into all the weeds, oversell, whatever, they think that they're, they think that they're benefiting the client. Even though you don't do that, you're not passive, you're not unengaged, you're not unintentional, you're still very much active, you're present, you're engaged, and you're ready to go into whatever depth necessary. But that's the key part is necessary. So how do you, it's quite simply just a matter of waiting for them to ask questions that actually probe it deeper. How do you navigate that?

Yeah, I mean part of it though is you only answer questions that are addressed. Because I will have people sometimes say, well, what question am I missing? And then that's an invitation for me to say, well, you know, we need to go over surrender schedule or we may need to go over time frame, we need to go over the purpose of money. But honestly when I do the fact finder, I'm already finding that out. I'm already knowing this is what they want or this is their concern. So that's why I think if you do a very thorough presentation, a lot of questions aren't even asked because you already answered them during the actual presentation. Sure.

When you're presenting the benefits and it seems like the only time, so I guess to simplify it a little bit, you have features, the different things of the product, the bonus, the roll up rate, the index strategies, the par rates, the caps, the spreads, the income payout percentage, all these different things, additional benefits of the product, features, and then you have the way those features actually impact the client. And that's what we would call the benefits. You are explicitly selling benefits unless a question arises that is answered with a feature. So you really only go into features to the extent that they're tied to benefits. Unless they specifically ask about something else.

That's exactly it. But all features, if it's addressed as a question, would be a benefit once you answer them.

Correct, Correct. So the perception that they get now they think they're throwing out an objection or they think that they have some. Something and then it quickly gets handled with, well, this thing actually covers you there. Now they're, oh, correct. And they've got another one. It's, well, this thing actually. Oh, and now all of a sudden their confidence is greater. But you haven't wasted time, you haven't confused them. You've actually explained everything to them in a way that it was based on their concern, based on their need for understanding in the areas that they needed to understand it. That's pretty good.

So if you're listening, I mean, just an example, try and give me an example of a feature, when answered correctly, is not a benefit to the client.

Well, I would, I would argue way.

Too long of a pause.

I was going to say surrender, but that.

I was going to say anything, Anything, quote, unquote, disadvantageous. So anything that you could, you could look at that and you could say, well, that's, that's a problem. I don't like that surrender charges, rider fees.

Anything like that. Liquidity concerns.

But the surrender charge allows you to get extra benefits you normally would have gotten without a surrender charge.

Sure. It's the cost.

So if you explain it that way. Yeah. The reason why there's a surrender charge is because they tie up their money while you're drawing your money, which gives you more benefits, which they're going to reward you for benefit.

Right.

I mean, I think it's really that simple. Too many agents, I think, you know what I used to do, because I've done sales training for many, many, many years and list what is the feature and what is a benefit? What is a feature? What is a benefit? And you just do two columns. And then when you start to realize, how do I turn this feature into a benefit? That's why people buy. I mean, it's that simple. I'm going to stress that over and over and over and over again. The number one reason why people buy something is how does it benefit them or someone they love? Because, I mean, even when you sit there, you know, well, I want it just to benefit my kids. Okay. Is that not a benefit to you? Well, yeah, it would be. Because if I know my kids are taking the benefit taken care of, that means the benefit to me is I have a peace of mind that knowing if I'm not around anymore, my kids are taken care of. So is that selfish? Well, no, not really. But if you think about it, all of our own desires are self directed from the standpoint of it makes us happy in one way or another, it makes us satisfied in one way or another. So me wanting to make sure my wife is taken care of internally makes me go, you know what, I'm doing my job as a husband and a provider. I'm doing my job as a protector. So therefore it is self satisfying. But there's a lot of things we can do selfless. In other words, we spend a little extra time with the client knowing that it may not turn out into a sale. Well, that's selfless, but it's still self satisfying because I know I helped someone.

Yeah, that's good. One of the areas I see this all the time, Chad, it seems, is agents explaining, oh, well, this product has a 20% benefit based bonus, or this product has a 12% roll up to the benefit base, or this product has a 7% payout factor for you or whatever. And it's like those are the features that culminate to create an income benefit. You focus on the income benefit. And these other agents are talking about these. Exactly what are they actually getting? That's really good. So to summarize, one thing I want.

To say though, wait, this is real interesting. So we've moved to this format where we're both on microphones in a separate format. We're, we're doing this in preparation for when I moved to Colorado. But the funny thing is, is you sound like the sleepy guy at night time when you're talking on the radio. When we're not face to face, you're not as energetic. What's going on, man? Drink some stinky.

I've had two coffees today. Maybe it's because I'm in my comfy chair and I have these noise canceling headphones. So I think I tend to talk a little bit.

You sound like that person that comes on at 11:30 at night going, this is Caleb north and we're talking to you about annuities.

That's funny. Well, don't be passive. Be engaged. Be active. Be attentive, but also be confident that when your client understands what you do and what you use, that they will want it and ultimately explain things simply from a benefit standpoint, not just the features. So we'll see you guys in the.

Next podcast and if you're having a hard time sleeping at night, just listen to Caleb north on our podcast and he'll put you right to sleep.

I'm sorry. I didn't even realize.

Have a great day. Happy selling. Okay, bye, everyone.

Sam.