MFPC Vol.03 2016

PPP Academy founder and CEO Chris Chan shares his secret on how to use his “Referral Revolution” model which has helped many financial professionals to not just achieve business breakthrough, but also make millionaires out of them. More than 600 testimonials have proven that this model works.

Chris, Asia’s #1 Referral Revolution coach, says in an interview the conventional insurance industry has been focused on mass recruitment for the past 10 years. He believes that the next wave will be more on productivity and retention.

“The key to success is productivity and retention. Recruitment has no meaning when there is no productivity; productivity has no meaning when there is no retention.”

Chan laments that many insurance companies have been pursuing fast growth at the expense of quality where anyone can be promoted to a managerial role for the sake of recruiting more people to join the industry.

Chan, who has gone through the ups and downs in his career, joined the financial advisory industry at age 24. “I was not doing well and after six months, I wanted to quit from the industry.”

His first breakthrough came when he learnt the key to professional excellence was to read and learn from the best
practices and acquire the right knowledge and skills. This learning process changed his mindset when he realised the value of his work and found the real meaning in life.

“This business is not about asking people to support you. This is a profession that helps people organise their financial resources in a better way.”

Chan restrategised and put in more efforts into a client-centric consultancy approach. Instead of hard selling the product, he focused more on the clients to better understand their needs.

Interestingly, he made more business with this new approach and learnt a crucial skill, that is, to make acquiring referrals a system and attract quality referrals from prospects and clients.

Another breakthrough

Chan’s second breakthrough came when he was 30 years old and promoted as manager. “I was not ready then and was immature to lead the team. I lacked the ability to transfer what I have learnt and create similar success stories for those who had joined me.”

Realising this, he began to develop a proper training and coaching system to pass on his knowledge and skills in the form of a mentorship programme for his team members. The referral system played a crucial role in the restructuring and expansion of his team.

Within a short period of time, his team grew from four to 14 members. It later expanded into two teams with 70 members. More than 90% of them joined after receiving a referral from the team consultants.

“More importantly, one out of three of them qualifies to be a MDRT member. This is a very encouraging benchmark and milestone for me but also an unprecedented record for the insurance industry,” Chan declares.

With the referral system unleashing his team’s full potential and productivity, his team’s premium revenue surged by 10 times within four years while the retention rate was maintained at an all-time high with about 80% of his first year full time consultants remaining in the team.

A referral system for all

Chan’s cutting edge “Referral Revolution” model has been developed into a programme that trains financial practitioners to garner clients more effectively, attain professional excellence, and achieve business breakthroughs.

In the two-day referral transformation programme, He introduces the “Self Sustaining Success” business model – which comprises four key components. Part one, Attraction Communication Mastery, aims to reprogramme a salesperson’s language to attract prospects and clients.

Part two, Referral Mastery, focuses on the ability to attract and generate high quality referral from prospects and clients while part three, Professional Prospecting Mastery, is on how to approach them as a professional.

The final part, First Fact Find Consultation Mastery, teaches how to make clients see tremendous value in their first consultation meeting via a seven-step process.

“When you do a great job in the first meeting, the clients will be more willing to refer people to you. This is called self-sustaining success,” quips Chan, who reiterates that his referral system is suitable for all, in particular new financial advisors who want to build a strong foundation.

It is also for established advisors who need a breakthrough to revive their career, adds Chan, who had seen many MDRT advisers quit from this industry after 10 years after their business became stagnant.

Chan’s second breakthrough came when he was 30 years old and promoted as manager. “I was not ready then and was immature to lead the team. I lacked the ability to transfer what I have learnt and create similar success stories for those who had joined me.”

Multiple ROI

“In PPP Academy, we provide a return on investment (ROI) based training programme for financial practitioners. We also mentor agency leaders and empower financial consultants. Any trainer we bring on board must have solid track record and can transfer results.”

The programme equips the salespersons to be more entrepreneurial and professional in getting their desired results. The clients can also profit from every ringgit invested should they decide to master the skills under its referral system.

He adds, “For the referral system to be effective, it must be put into practice in your daily work. The result will be enhanced significantly when leaders hold their advisers accountable and when there is a referral culture in the team.

“These two elements are very important in order to see the significant breakthroughs of more than 100 referrals per adviser on a monthly basis.”