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Growing my practice by 40% in challenging times

Mohamad Manmohan Abdullah, ChFC, CLU

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MDRT member Mohamad Manmohan Abdullah, ChFC, CLU, discusses how the pandemic ushered a new era in consumer attitudes and the impact on his business.

The pandemic, while undeniably challenging and terrifying, has been a period of incredible personal and professional growth for me. It has required a commitment to innovation and adjustments. My biggest shift, however, was becoming a "front-liner" for clients. 

When cities worldwide started shutting down, the other financial advisors in my office and I contacted every single one of our clients to find out how they were coping. We met on Zoom daily to monitor the progress of our clients. This turned out to be a golden opportunity for prospecting and helping people. 

During this process, I came across a gentleman who had about $12 million in business loans. He also was experiencing some underlying health issues and was worried about contracting COVID-19. He thanked me for contacting him and referred to my call as a “divine intervention.” I ended up qualifying for MDRT for the year with just this one new client.  

As for all of my personal clients and their families, to express that their well-being is utmost in my thoughts, I arranged for lunch to be delivered to them. They were touched by this simple gesture. Furthermore, it opened up opportunities both in the recruitment of new advisors and for clients to top up their purchase of more insurance protection in this unprecedented era. 

The value of “no” to good things

The best thing I learned during the pandemic is how to say “no” to good things because it allowed me to say “yes” to better things. As the government restricted non-essential traffic to limit the spread of the virus, I had to think through my movements and ask myself if each task is worth a “yes.” This extra consideration paid off. My business is now at 40% growth, family time has increased in abundance and so has my me-time. 

New consumer attitudes about insurance

Reflecting on the current crisis, it seems that the pandemic has ushered in the dawn of a new era in consumer attitudes. Awareness seems to have found a new meaning. Consumers not only shopped for the necessities during their lockdowns, but they were also anxious to look at their insurance and investment portfolios.  

In addition, as employers started looking at cost-cutting measures, many people began taking online courses to have other income opportunities. Many joined us in the insurance industry to pursue a new career.  

It’s a new world. I’m excited to see how our industry and the world continues to innovate in response to this crisis. 

Mohamad Manmohan Abdullah, of Kuala Lumpur, Malaysia, has been an MDRT member since 1996. Read more from him in the Round the Table article "A four-step plan to motivate during this crisis."  

This originally appeared in the MDRT Blog

 

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