Auckland-based financial adviser and MDRT member for the past 20 years, Emily Tsai of Asia Insurance Advisers shares insights on how to keep your clients happy and loyal.
Long-time Million Dollar Round Table member, Emily Tsai, recently attended the association’s first Global Conference held in Sydney. Speaking to an audience of over 7000 delegates, Tsai shared her knowledge of how to keep clients happy and therefore, loyal.
Along with these tips, RiskinfoNZ asked Tsai why she values being a member of MDRT, how she qualified for the esteemed Court of the Table and the challenges facing advisers ahead.
Q: How do you keep your clients happy and loyal?
Tsai: I split tasks into two categories which were described to me by David Whyte when we worked together at AIA New Zealand in 1995. There is Client Service which is based on the expectations of the clients and Client Management which creates new experiences for the clients.
Client Service includes tasks such as:
- Updating contact details
- Chasing overdue payment
- Policy alteration
Client Management includes:
- Birthday greetings
- Exclusion review & re-assessment
- Availability of built in and optional benefits
- Special benefits promotion
I have found that fulfilling tasks in these two categories ensures that clients enjoy more benefits and are happier because of it. This then leads to more referrals for the adviser and more time for their business and themselves.
Q: Why do you value being a member of MDRT for the past 20 years?
Tsai: I think MDRT is the Oscar Awards of the insurance industry and that every adviser should aim to be qualified at least once as long as he or she is practicing as an insurance adviser.
MDRT is recognised worldwide, so no matter which country you visit in the future, everyone will know what it means. It also brings advisers around the world together to share their knowledge and experiences.
At every MDRT event, I learn something new to improve myself and my business. I also learn something I may have already know but this confirms that what I am doing is correct.
A quote from James J Silbernagel stood out to me during his presentation at the Sydney Global Conference, when he said, “As an adviser, I don’t sell insurance; I am helping a client buy insurance”.
Q: Describe your experience in reaching Court of the Table qualification?
Tsai: I reached Court of the Table in 2002 and what helped me achieve it was my mindset, direction and determination. I had worked very hard in the year 2001 and had almost fully booked appointments. I had made a strong decision to myself to achieve it and my target was very clear. I told myself that I must achieve this qualification at least once in my life while I am an adviser.
Q: What are the main challenges facing you as an adviser today?
Tsai: If you ask anyone, they will probably say regulation is the main challenge today and I agree. I always treat it as an important and urgent task. But my approach is, if there is a new rule to be applied, just adopt it immediately as it will only be harder to achieve later on.
I also think that more new advisers are needed in the industry to provide correct financial advice. The CRM system is also very important to me. I started to use a CRM system in 1999 and it does work well for me but I want to learn more of the built-in functions.