What is the selling approach called where an agent assesses a prospect's complete financial needs?

The selling approach where an agent assesses a prospect's complete financial needs is known as needs-based selling. This method focuses on understanding the individual financial circumstances and goals of the client. By doing so, agents can tailor their recommendations to create customized solutions that align with the prospect’s specific needs or gaps in their current financial planning.

Needs-based selling emphasizes a consultative relationship rather than a transactional one. Agents engage in discussions that allow them to uncover the client’s priorities, risks, and long-term objectives, ensuring that the insurance products recommended genuinely support the client's overall financial strategy. This approach not only fosters trust but also enhances client satisfaction, as solutions are more likely to meet their individual requirements.

In contrast, other selling methods, such as premium-based or commission-based selling, focus more on the sales process or the financial incentives for the salesperson rather than the unique needs of the client. Market-driven selling might consider broader market trends but does not specifically hone in on the individual financial situation of the prospect. Thus, needs-based selling is the most effective approach for ensuring that clients receive appropriate and personalized financial advice.