María Teresa López Alcalá’s target market of families with young children can be narrowed even more — some of those families have twins or triplets. As a single parent to 5-year-old twins, Alcalá knows what it’s like to parent multiples.
“I understand the need for protection and savings when you have more than one child of the same age,” said Alcalá, a five-year MDRT member from Mexico City, Mexico. “Parents in this market know I have twins, and I understand that although they represent a high demand of your time, they also require important protection at this stage of their lives.”
Alcalá, who has been a financial advisor for seven years, focuses on clients between the ages of 25 and 40 because their demographics match her own. Most are raising children and worrying about things like saving for their children’s education.
Recently, a client told Alcalá he was receiving $10,000 because a savings plan for his son’s education was coming to an end. The client was going to use the money to pay for his son’s schooling.
“I met with him, and he didn’t want any more insurance policies. All he wanted was just to be done paying,” she said. Alcalá talked with him about having protection in place to ensure nothing would interfere with his son being able to finish his education.
The father also had twins, and ended up buying four new educational policies and two variable life insurance policies.
Alcalá’s experience as a working mom has also made her aware of the needs of families. She has seen more of the women she works with combining motherhood with being a professional. She has faced the challenges and opportunities of this combination in her own career. Alcalá’s first three years as an advisor were marked by growth and improvement. In her fourth year, she went through a divorce and things changed dramatically.
“Being left alone with the responsibility of two 1-year-old children and going to work looking for income was the biggest challenge,” she said. “I was also looking to give good service to my clients and not give up. I cried a lot, but it helped me to rethink things and brought out the best in me. It helped me reach goals I thought were unattainable, such as selling 31 life insurance policies in a month.”
Now, Alcalá provides comprehensive financial services with insurance as a fundamental part of her plans. “We work on medium- and long-term savings goals, patrimonial succession, educational projects, retirement plans and any other life goals that are achieved by emphasizing protection.”
Alcalá emphasizes relationships in her planning. When she is creating the financial recommendations, she adjusts the plan to be what her clients are looking for. “This is usually not centered on one goal,” she said. “It is a family project.”
Connecting with clients
Because she works with young clients, Alcalá uses social media to connect and to position herself as both a successful businesswoman and full-time mom. “I can combine being a mom with being a professional advisor, and that is what I convey,” Alcalá said.
Many of Alcalá’s clients are her friends on social media. “We follow each other, and I am aware of what is going on in their lives,” she said. “Prospecting occurs naturally because when people are happy and they see me doing well, they recommend me to family and friends. It really is a continuous flow of names.”
I understand the need for protection and savings when you have more than one child of the same age.
She has seen the results of these close relationships.
Recently, one of her clients died from a heart attack. “His widow called me and even though she was in deep pain, she was grateful she will receive more than $250,000 to take care of their children’s education,” she said. “In that difficult moment, she thought of me and the difference I made by insisting on this policy. I get excited thinking about those children getting to university and seeing how their father accompanies them through this act of love.
“As an advisor, this doesn’t take the pain away, because they became my friends over the years, but I am sure my work benefits others,” Alcalá said.
Alcalá spoke with the client’s widow, who asked her to continue planning for the family. “She told me she trusted me to advise them on what to do with the compensation because I know their goals and want to see them done,” she said. “To be able to continue working with them is the best gift I can receive for the enormous trust we generate.”