Updated October 6, 2023, at 10:46 AM
When it comes to your segmenting your book of business, a little organization could help you build stronger relationships and ultimately grow your book of business.
A good independent marketing organization should be able to help you identify new opportunities within your existing book of business. Consider doing this exercise to help you find ways to maximize and grow your firm’s value.
Categorize each of your clients into one of the four areas below:
- Wealthy family
- High income earner
- Business owner
- Family planning
Now, keep in mind that some clients might fall into more than one area.
Once you’ve categorized your clients, identify which area you want to focus on first. Your decision could be based on maximizing opportunity or simply having a strong competency in a certain area. Either way, focusing on one particular area is a good place to start.
Within that focused area, utilize the resources at FIG to help you become an expert in that area by equipping you with the tools and resources available to our partnered financial professionals. Let’s break down the four areas.
Ways to Segment Your Book of Business
Wealthy Family
Characteristics:
- Over $2 million net worth
- Family or charitably inclined
- 55 or older
Questions to ask:
- How do they plan on leaving a legacy?
- Where is their “smart” money?
- What will they do if they have a long-term care event?
- What are their IRAs intended to do?
High Income Earner
Characteristics:
- Professional
- Six-figure income
- 55 and younger
Questions to ask:
- How are they protecting their family’s lifestyle?
- Do they have a secondary retirement plan to provide flexibility at retirement?
- What are their plans for paying for their child’s college education?
Business Owner
Characteristics:
- Has a mature business (over three years)
- Positive cash flow
- Any age and any business sector
Questions to ask:
- Which of their employees are the hardest to replace?
- Do you know how to protect ownership?
- What will happen to their business when they retire, are unable to work, or when a team member leaves?
Family Planning
Characteristics:
- Over $2 million net worth
- Family or charitably inclined
- 55 or older
Questions to ask:
- How do they plan on leaving a legacy?
- Where is their “smart” money?
- What will they do if they have a long-term care event?
- What are their IRAs intended to do?
Your Next Steps
Our sales professionals are experts in their field that can create exceptional sales opportunities for you and your firm within your focused quadrants. We can help you outline which questions to ask, what information to gather, and how to approach your clients in each quadrant. Are you ready to boost your bottom line?
