Successful Savings Plan

Editor's Notes

1. STEP 1: RAPPORT-BUILDING AND OPENING “Good morning, Mr. Prospect! How are you today? (Build rapport by doing some small talk and then transition by…) I am now with Pru Life UK as a Financial Consultant. Here’s my business card (if available). As I mentioned over the phone, I am here today to share with you what I have learned from Pru Life UK and to conduct a short survey. Before I do, let me tell you about our company and about my role as your Financial Consultant.”
2. “Have you heard about Pru Life UK? Pru Life UK is a wholly owned subsidiary of Prudential plc in London. We are over 160 years in business and have significant operations in the UK, US and Asia. Prudential plc insured 324 people aboard the Titanic and paid significant claims as a testament of our commitment to the public. In the Philippines, we pioneered unit-linked products which are insurance plans packaged with investments. We were established in 1996 and now we have grown to become a trusted brand in the financial industry.
3. “Mr. Prospect, my role as a Financial Consultant is to help you better understand where you are now, where you want to be and how you are going to achieve your financial goals.”
4. STEP 2 : ESTABLISHING THE NEED FOR SUCCESSFUL SAVINGS AND FACT-FINDING “Today, I am here to present to you an idea that has benefited a lot of people. It is about how to achieve successful savings.” “Mr. Prospect, do you think it is important to save? Why do you think people save? (Allow prospect to respond to both questions and then …)
5. You’re right, Mr. Prospect. People save for many reasons. Based on studies, a lot of people save to provide money for medical needs, education, retirement as well as for major purchases in the future such as buy a house, car, start a business, etc.” “How about you, Mr. Prospect, what do you want to save for?” (Allow prospect to respond and follow up with…) (If education…) Where do you plan to send your child to school? How much do you want to save for? (If retirement…) When do you plan to retire? How much do you want to have when you retire? “That’s very interesting, Mr. _____. Thanks for sharing that information with me. If I may ask, Mr. ______, is there anything that can stop you from achieving your savings goal? (Allow prospect to respond and then…) Whether we like it or not, dying too soon or getting too sick can stop anyone from achieving his goal. Do you have any idea what is the #1 cause of death in the Philippines today? (Allow prospect to respond and then…) You are right, Mr. Prospect or You are very close!
6. Based on research, the leading cause of death is critical illness such as: cancer, stroke and heart disease. Do you have any idea how much it will cost to undergo treatment for any of these diseases today? (Wait for prospect’s response and then…)
7. It costs at least 1M pesos to undergo treatment for these illnesses. Here’s to give you some examples. (Mention costs of liver transplant, chemotherapy, dialysis, etc.)
8. “How do you think people provide P1,000,000 in cash instantly for a major medical expense?”
9. “Based on studies, most people withdraw from their savings, sell their property and other assets (often times at a loss), and even borrow from friends and relatives. Suppose you needed 1 million today to spend for a medical emergency, what would be your option? (If prospect’s answer is the same as above…) Do you really want to do that Mr. Prospect? … touch your hard-earned money for a medical emergency/ liquidate your assets/ be a burden to your friends and relatives (choose appropriate response)
10. Allow me to illustrate to you an idea. Mr. Prospect, do you save in the bank? (yes) What bank do you save with? (response) Suppose you save P5,000 every month, how much would you have in your savings account at the end of 1 year? (A: 60,000 + interest) Let’s just say 1 year down the road you got very sick and your doctor told you that you’ve been diagnosed with cancer … so you need to undergo a medical procedure that costs P1 million. How much money will be available in your savings account? It’s the amount that you had the time to save, which is not even enough. Then you end up with a closed account. Let me show you how another type of savings. It’s the successful savings plan and this is how it works. Suppose you set aside 5 thousand pesos every month, and if you needed P1million to undergo treatment for critical illness at the end of 1 year, here’s what you can get. An emergency fund of 1M available after 90 days; If you beat the odds and don’t need to use the funds for critical illness, you can keep the money intact and by the end of 16 years, you will have P500,000 which can serve as an education fund At the end of 35 years, you can have a retirement fund of over 8 million pesos In case of premature death, God forbid, P1 million will be available to your family immediately TIRAL CLOSE: Mr. Prospect, which of these 2 options do you think is better?
11. The good news is, the successful savings plan is available in Pru Life UK! SECOND TRIAL CLOSE AFTER FACT-FINDING: Would you be interested to look into this kind of savings plan? ASK FOR PREMIUM COMMITMENT: How much can you comfortably set aside every month? (If prospect responds with a certain budget, use the Pre-Computed Rates. Otherwise…) Can you save 5,000 per month? Let me show you what saving 5,000 a month can do for you. (Complete the Successful Savings Solutions Sheet to present your solution. Refer to the Pre-Computed Rates for the benefits at 3K, 5K and 10K a month.)
12. STEP 5 : ASKING FOR REFERRALS “Mr. Prospect, what do you think of my presentation today? Good! I’m glad you feel that way. Before I leave, may I know who are the people close to your heart whom you would like to benefit from this idea?” (When the prospect starts giving you names, keep the names flowing until the “well runs dry”. Obtain 3 referrals at the very least. Once you have the names, get information on each referral. Continue with…) Can you tell me more about Mr. _____. Is his single or married? Any dependents? How old is he? What’s his occupation? May I have his contact number? (Repeat the process for each referral.) Concluding the Meeting “Thank you for sharing these names with me. When I call them, I’d like to mention that you and I have done some work together. Would that be alright? I’ll let you know the results of my call. So, have a great day! I will see you again on ______.”
13. Prepare 3 proposals: Plan A : Exact amount – premium agreed in the last meeting Plan B: Higher premium Plan C : Lower premium And summarize these benefits using the Successful Savings Solutions sheet for maximum effect. RE-ESTABLISHING RAPPORT “Good morning, Mr. Prospect! How have you been since our last meeting? Great! As promised, I have now the official quote for your savings plan…