Consultative Broker Briefing - V. VI, No. 11 - Stand Tall with Stewardship Reports

The Consultative Broker™ Briefing
Volume VI, Number 11
A Free Publication of C.R. Ekern & Company
888.670.1177
www.crekern.com
Copyright, C. R. Ekern & Company, 2004

Stand Tall with Stewardship Reports

Stewardship is one of the most important techniques practiced by Consultative Brokers. It ties together all of the firm’s tools and client service focus with its Value Proposition. This client focus, combined with your firm’s Value Proposition, answers a number of questions that are critical to the successful retention of clients for years to come.

While many brokers accept the fact that Stewardship Reports are critical, very few do a good job of presenting them. In most cases these so-called Stewardship Reports are nothing more than a claims or service review. They do not answer the client’s most important questions, such as:

What impact have you had on my costs in the past?
Why should I continue to business with your firm?
How do I know that you are doing a good job?

And… that most dreaded broker question: I am thinking of inviting in several other brokers this year. Why shouldn’t I do this?

Without a well-prepared Stewardship Report, a broker is left dangling on the hook of price and commodity. The only parachute they have is that overused phrase from the 70’s… “We give good service.” But how does a client judge this without quantification?

Another of the well-worn phrases of our industry is: “We provide Value Added Services.” I remember the first time I used this one in front of a client in the mid 80’s. I was leading a team of people and had called on a large account. During our discussion I focused on the fact that our firm was a Value Added Organization. At that point I watched everyone’s eyes become dreamy and wistful. The term Value Added was like a narcotic.

While driving away from the client’s office, one of the team members exclaimed excitedly, “Attaboy Rob, that Value Added deal was great. What does it mean?” Do you know what? I couldn’t tell him!

Up until the C.R. Ekern & Company development of the Ekern TCOR Methodology in the late 90’s, the term Value Added simply meant more services. At no quantifiable benefit to the client! No wonder this overused term is considered meaningless by successful Consultative Brokers. These so called Value Added services are simply features, not client benefits.

Well today, because of the Ekern TCOR Methodology, we do know the meaning of the term. But, value is not added, client costs are reduced! Stewardship Reports are the vehicle by which successful brokers steer their clients to their Value Proposition. It provides them with a unique perspective that cannot be duplicated by unknowledgeable brokers.

It is the successful presentation of Stewardship Reports that allows a Consultative Broker to “stand tall.” They do not fear their clients or renewal dates. They know that they have provided their clients with quantifiable value and have already demonstrated it. It allows them to spend their efforts on new business, client projects and professional development. Not protecting their back against their own clients!

Best regards to all Consultative Brokers,

Rob Ekern
President
C.R. Ekern & Company

Consultative Broker Briefing Main Menu

Consultative Brokerage® Techniques are utilized by agents and brokers across North America in the development and retention of upper middle market revenues. The Consultative Broker Briefing is delivered electronically free of charge to selected agents, brokers, and other insurance professionals across North America. To subscribe to The Consultative Broker Briefing, please click here.

Please click on our Strategic Partners' logos below for more information on their organizations.

Thank you.
C.R. Ekern & Company