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Category: Leads · 3 min read

Change How You Approach Beneficiary Meetings

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on January 9, 2020

author profile photo

on January 9, 2020

A couple going over a document with their financial professional

Do you do regular beneficiary reviews with your clients? It’s a pretty standard practice that gives you more face time with your clients. Plus, you can make sure everything’s still going okay with their plan, and nothing major in their life has changed or thrown the plan off-course.  

But I think you could to take it a step further. What if you asked your clients if they’d like to have the beneficiaries join them in the meeting? What if you all had a conversation together about how the process works if your client passes away? This decision is totally up to your clients, but it’s worth suggesting. In fact, I think it can make a real difference in your client meetings. Let’s talk through why.  


Five Reasons Why  

Having the beneficiaries in the room for a beneficiary-review discussion is important for five reasons: 

  1. It gives them awareness of what may happen. Many beneficiaries know they’re a beneficiary, but they may not know the details of what that really means. What are they entitled to? How much? What will the process be like? These are all things you can address and explain.  
  2. They see you helped their family. Beneficiaries see you helping their loved one or close friend, and they may want you to help them, too.  
  3. It’s an easy introduction. You meet new people, introduce yourself, and get to explain to them what you do. That’s a win.  
  4. It helps you connect with the entire family. This strengthens your ties to your client, and shows that you’re loyal and committed to helping them all. 
  5. It’s an easy way to reach the next generation. If your client unfortunately passes away, what happens to your relationship with their family? Meeting with the beneficiaries now can help you reach the next generation of family members and establish a relationship, so you have a solid foundation to draw on when you need to work together to manage the inheritance.

It’s your clients’ choice whether or not they invite their beneficiaries. If they don’t, you’ve still re-connected with your clients, and that’s huge. 


What to do in the Review  

This kind of beneficiary review is easier than it may sound. All it takes is asking and doing these two things:

  1. Ask if there are any changes your clients want to make to their beneficiaries 
  2. Ask if they have any questions about the process 

This may seem simple, but it can have a bigger impact than you realize. It can make your clients, and possibly their beneficiaries, view you as credible, confident, and in control. It can provide you with new connections to the beneficiaries, which could be helpful in the future. Make sure your clients know their beneficiaries are welcome at the meeting if they want them there. See how much of a difference it can make.


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Written By

Mark Williams

President and CEO

Mark Williams is the President/CEO of Brokers International. Over his more than 25 years of financial services experience, Mark has been both a producing independent agent in the field and a home office leader consulting to agencies and field marketing organizations. Currently, Mark is focused on the future of the insurance industry, from the disruptions of InsurTech and robo-advisors to the changing demographics and needs of customers. He also is an avid mentor, helping financial professionals navigate the industry.

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