Taking ownership and responsibility is a great deal in business, relationships and other aspects of life. If we want to make things better, it is our responsibility to do so. It reminds me of an old saying, "If it's meant to be, it is up to me.”
When our marketing consultants are making calls to contracted advisors and our good prospects, we often hear the same refrain. The answer comes after we ask if we can be of service, work up a case, assess or provide info. We often hear... "Nothing is cooking right now.” We then will ask, "When do you think you will have something cooking? Something where we can vie for the business?” Sometimes, they don't know. When we ask about their marketing plans, many don't have a plan nor do they have any budget towards it. When we ask how they feel about next year, many will speak of feelings of dread and fearing the ends of their careers. I am still scratching my head! We have the products that Americans need. We have a dwindling field force and most of the competition is in our minds. So, what should advisors with this attitude do? Simple, take responsibility. I recently read a quote by an unknown author regarding responsibility. "The power to fulfill our dreams is within each of us. We alone have the responsibility to shape our lives. When we understand this, we know that nothing, and no one, can deny us greatness. We are the ones pushing ourselves forward or holding ourselves back. The power to succeed or fail is ours alone.” Call me a simpleton, but that actually sums it up. I knew this from the time I started selling life insurance on a straight commission basis while in college. Talk about competition! There were agents on every corner. But I went to meetings, read motivational books, had a schedule, developed a regular prospecting program. Then I replicated this when I built an agency, and then later served as president of US life companies in America. It is simple, but hard. If this commentary is hitting you right between the ideas, don't feel as though you are alone. We have some answers. There are no quick fixes, but plans that have worked for hundreds of advisors and agents across America. If you want some solutions, please call us and speak to one of the marketing consultants. But, if you are not ready to take ownership and responsibility, then we wish you a happy retirement... for some an early retirement. I want to leave you with one other quote that I have always liked, by Ralph Waldo Emerson, "No one can cheat you out of ultimate success but yourselves." Thanks for your time and your business. Until next time... good selling!
0 Comments
When asked this question, some people may feel as though they needed a change and aren't seeing the answers to the problem in the status quo. You see, we are asking this same question to agents and advisors across America, but we are prefacing that question with a few others.
How about we all take a look at the following questions before I ask you, "What do you have to lose?"
I could go on and on, but let me ask a couple other questions before I go in for the close...
Okay, that was enough questions. If you are not lathered up by now... you never will be. But for those of you ready to make your business great again, I suggest you give us a call and have a 20 minute exploratory meeting with one of our marketing consultants. Let us show you what we have done for hundreds of agents and advisors across America. We have answers if you have the aptitude and the attitude. Okay, here it comes! Give us a call... "What do you have to lose?" except the potential for a lot more money and a lot more fun. Until next time... good selling! As clients age, they can find themselves in an enviable position: Their insurance assets have done what they were designed to do: Provide protection for their loved ones. In the process, they often amass significant policy cash value. As the client’s needs change, however, this insurance asset may not be flexible enough to meet their current needs. In most cases, client’s needs evolve from simple income replacement to a more diverse set of objectives as shown in Figure 1, below. The Challenge On the surface it seems rather simple: Reposition the cash value from the current insurance into new solutions that more closely match the client’s updated planning objectives. The reality is that there is no singular product that can accomplish all these objectives, and “splitting” the cash among multiple solutions typically involves a full surrender of the existing policy, triggering what can often be a rather sizable taxable event. The Solution Fortunately, there are a handful of insurance companies that offer “all seasons” product portfolios and the ability to “split” incoming 1035 exchanges upon receipt. This ability allows them to allocate funds to three separate solutions that can effectively transform the client’s insurance assets into a portfolio that matches their current needs far better than a single policy solution. In this instance, a 57-year-old male with a $1.5MM policy with $352,176 of surrender value was repositioned as shown in Figure 2, below. The total death benefit coverage inclusive of both the Protection IUL and Asset-Based LTC policy should the client not need care during their lifetime is $627,402 with no additional premium outlay. The annuity provides guaranteed income of over $322,000 over the client’s lifetime. If the client needs care and exhausts the LTC benefits, “total coverage” including income is $1,429,632. The contents of this document should not be considered as tax or legal advice. Any information or guidance provided is solely for educational or informational purposes and should not be relied upon as a substitute for professional advice. It is always recommended to consult with a licensed financial or legal advisor for specific guidance related to your individual situation. * Income begins at age 66, $10,741/yr guaranteed for 30 years Want More Life Sales Ideas?In today's digital age, our cell phones have become our lifelines, serving as the primary means of communication with friends, family, and businesses alike. With the convenience of smartphones and the demise of long-distance fees, many of us have forsaken traditional landlines in favor of the versatility of our mobile devices. As a result, we often retain our phone numbers even when relocating, sparing ourselves the hassle of updating contacts and notifying acquaintances. However, while the area codes of personal phone numbers hold little significance to us, the story takes a different turn in the realm of business phone numbers. 1. Establishing Trust and Familiarity Consumers frequently screen incoming calls, instinctively favoring those bearing local area codes. The inundation of spam, robocalls, and persistent telemarketers has cultivated a wariness of unfamiliar numbers. A local area code, however, serves as an immediate indicator of relevance, triggering recollections of past interactions with local businesses. This association fosters trust and familiarity, prompting a more receptive response from potential leads. 2. Enhancing Accessibility Despite the prevalence of virtual business transactions, the appeal of in-person assistance persists. A local phone number reassures customers that physical interaction remains an option if needed, instilling a sense of security from the initial outreach. Even if the area code does not precisely match their locale, a phone number with a state-specific area code can evoke a perception of locality, given the commonality of intrastate relocations. This perceived accessibility helps build trust and establish credibility of your business. 3. Cultivating Personal Connections Shared experiences and mutual understanding form the foundation of interpersonal connections. By aligning with local culture and customs, businesses wielding local phone numbers can easily exchange small talk… which honesty small talk is very underestimated. Discussions about traffic woes, upcoming festivals, or recent local news resonate deeply with customers, fostering a sense of camaraderie and mutual understanding of the community. These interactions nurture relationships to help both you and the lead develop a better understanding of one another. Three Paths to Acquiring a Local Phone Number
In Conclusion, Local Phone Numbers: Bridging Gaps and Boosting Sales The adoption of a local phone number can substantially increase contact ratios and foster meaningful connections with potential leads. Studies suggest that this simple yet impactful strategy can elevate contact ratios by up to 20% or more, translating to increased appointments and ultimately, higher sales figures. By leveraging the power of locality, businesses can carve out a niche in their communities, earning trust and loyalty one call at a time. Want More Prospecting Tips and Help?The conventional approach to designing accumulation-focused Indexed UL strategies involves minimizing the death benefit. Often, this is combined with using the maximum AG49 compliant illustrated rate to squeeze every dollar of projected income out of the product. While that can produce a compelling illustration, it may not be the most effective approach in the real world. That thought process is often the reason for things like stress testing or reducing the illustrative rate, even if it results in a reduced illustrative income. The truth is there is another, perhaps more meaningful alternative design that can deliver more consumer value from virtually any Indexed UL product. This more balanced approach to case design can deliver:
What's the Bottom Line?An additional $248,387 in coverage, an increase of over 61% versus a traditional design. The product includes a Chronic Illness ABR that is now based on a 61% larger face amount, putting more cash at the client’s fingertips when they need it most:
Over $14,000 in additional funding capacity per year. Remember, all the testing that limits how much premium you can contribute “rolls” forward. By the 10th policy year there is a whopping $140,000 of additional funding capacity. What's in it for the Advisor?As the face amount increases, so does the Target Premium. Using this consumer value packed approach increases Target Premium by 61%. What Products Work with this Approach?This strategy likely works with the majority of accumulation focused IUL products. Case design will be a manual process. Increasing the face amount from a maximum accumulation solve by 50% might be a good starting point. Need a hand creating illustration examples for your prospects? Contact the Life Department at Ohlson Group. We will help put your case together and provide supporting marketing material and case submission / and underwriting assistance. Download a Male 45, Preferred Non-Tobacco PDF FlyerWe all know that FIA’s provide tremendous upside potential and protection from downside risk. We have all (rightfully so) preached to our clients and prospects that “zero is your hero!” What if you had an FIA product whereby you could tout, “Four is Your Floor?” A new hybrid MYGA/FIA product is now available and allows you to provide a minimum guarantee of four percent with an S&P 500 strategy that gives your client a 90% participation rate. Pretty amazing story to tell your clients. Oh yeah, that participation rate is locked-in for seven-years… What a great way to start a conversation with a prospect or an existing client. “Mrs./Mr. Client, I have a financial vehicle that allows you to participate in 90% of the S&P 500 for seven-years and participate in NONE of any losses that may occur. In fact, the worst-case scenario would be a 4% annual return!” Ladies and Gentleman, today’s annuity rate environment may be as strong as we’ll ever see. Virtually any existing client or annuity owner is a hot-prospect. Asking for a meeting to discuss Refinancing their Retirement has been netting great results with several of our agents. Even if the prospect’s existing annuity has surrender penalties, many carriers are understanding and realize that most clients that purchased an annuity during the low interest rate environment could fare much better by switching to a newer FIA with better rates and more upside potential. Need help presenting this concept? Have questions about a case you’re working? Contact Ohlson Group today at 877-844-0900 and let’s talk! To say that we live in interesting times would be an understatement. The public has so much access to information, and there is such a push for transparency. Are there easy steps you can take to amplify your business? The answer is yes. You must get a little introspective and make a commitment to follow a mini-plan. Let’s take a look at these steps:
STEP 1 - Find a specialty that you really believe in, excel in, and are ready to commit to. To say that you are in the “financial services business” may just be a little too general, as everyone is in this arena. If you establish credibility (believability) as a retirement income professional, then we have narrowed things down. But maybe you should be a financial services specialist, focused on the retirement income and maintenance needs of Americans. Specialists make more sales, make more money, and obtain more referrals. STEP 2 - Add to your product mix. Maybe it’s time to offer index annuities with lifetime income benefits, MYGAs, and Wealth Transfer/SPL with chronic illness benefits to hit the top 3 needs of baby boomers. STEP 3 - Get online. If clients and prospects cannot find you online, you will have a rough time convincing them that you are the “go-to person” we described in step 2. An IMO should have the resources to assist you and give guidance in this area. If they don’t, then try googling insurance marketing organizations or field marketing organizations until you find a firm that can help you. If your “favorite” IMO does not appear on the first or second page, then, as the song says, “You better shop around.” STEP 4 – Have a website that is truly… a different experience for the consumer. Make the site a place full of useful information that your prospects and clients enjoy visiting. Have videos, whitepapers, and consumer info sites available. Sound like a tall order? It depends on what IMO that you work with. STEP 5 – Get involved in your community. Sponsor a ball team, have a booth at an author’s luncheon, be seen at places where your target prospect goes, and do educational meetings. Let them know, through membership in the Safe Money Places Agent Network, that you have the support and assets of a large National organization while remaining an independent advisor focused on the needs of your clients. Sort of like “think global, act local.” In summary, this can all be done rather quickly if you are working with the right IMO, have the desire to “step it up,” and are serious about improving your practice. Some agents always seem to be successful, while others struggle to keep their heads above water. This occurs regardless of the economic climate, product line, or market segment.
Are they superhuman? Were they born lucky, or do they possess extraordinary sales skills? Do they know something you don't? Well, they might have some special skills and talents, but that's not the secret. What is the secret? The main difference is having a plan—not just a marketing plan, but a business plan as well. Successful advisors run a business and a financial services practice. They are not merely product salesmen who thrive when markets are favorable. They have a plan and understand their past and future trajectories. However, yesterday's successes are over, and it's time to move forward. Successful advisors are NOT product salesmen. Product salesmen are successful when things are hot. They are attracted to low hanging fruit. They are not professional business planners. The pros, on the other hand, know where they are going and where they have been. That may be the most important part of the planning process. Successful advisors embrace turmoil and this is when great advancements are made. Anyone can make good money in easy times. Turbulent times bring out the best in the top producers. They do two very important things. They listen and learn. They listen to the public’s needs and concerns and seek out ways to satisfy these challenges. They read, attend classes and develop new strategies. They become counselors as opposed to sales people. They refine their skills and prioritize fundamentals, setting them apart from their competition in the long run. In conclusion, most never made claims as to how they can have you triple your business in one year. Most advisors spoke to their constituents about staying in the game, building a business that would stand the test of time, and most importantly, doing it with credibility and integrity. So, after this diatribe, what am I suggesting to be the answer to success? Hard work is of course a primary ingredient. People skills are extremely important. But, at the foundation of success is the plan and the people that help you develop and implement your program. In short, “plan your work and work your plan.” That’s what we are doing right now. Any agent that has been selling annuities for even a short period-of-time knows that not all first-year index strategy rates are what they seem. Many an agent have horror stories of carriers providing a shiny first-year cap rate – only to have their stomach drop a few years later when opening a renewal statement showing a 30%-50% drop in their client’s cap rate. The worst part is having to go back and explain to the client why this happened. Now, this is the name of the game – that is what many in the industry have told me. However, that does not have to be the case any longer. We have a carrier that has a cap lock guarantee. Meaning, on anniversary, the carrier is contractually guaranteed to renew the cap at the initial cap rate you sold your client. That cap rate is 10%! That is 10% today and 10% for the entire length of the surrender-charge-period. Often, I ask myself, “why isn’t every agent in America selling this product?”. I looked in the mirror and realized I am not getting the message out clearly enough. So here it is – as simple as I can put it … Lock It in At 10%! Give us a call and we can turn your renewal rate nightmares into sweet dreams for you and your client base! Until Next Time – Good Selling! In my thirty-plus years of experience in this business, I've observed that many advisors overlook asking their clients the most crucial questions. The art of data gathering, once masterfully taught in the early days of the career agent, has seemingly lost its prominence. Back then, successful marketing packages led to significant insurance and annuity sales, all rooted in thorough question-and-answer sessions.
The concept remains simple to this day: the more we understand about a prospect and their needs, the better service we provide and the greater the potential for a successful sale. This approach also fosters the development of long-term clients rather than mere customers. So, why do advisors neglect to refine their "fact-finding" skills? I believe much of our failure in this regard stems from our society's obsession with instant gratification. We often chase trends or follow the latest fads without deeply considering our clients' true desires and objectives. While some clients benefit from a product switch that offers higher interest rates or a more substantial death benefit, is that truly aligned with their financial aspirations? Have they given thought to questions like "How much money do I need?" and "What do I want my money to achieve for me?" Perhaps it's time to revisit this fundamental aspect of the sales cycle. Could there be an opportunity to embrace traditional practices in a modern context? I believe so. Our prospects and clients are bombarded with information, mostly delivered in sound bites. Many consumers, after making a purchase, find themselves somewhat dissatisfied, despite feeling they've improved their situation. This dissatisfaction leaves them open to other advisors' approaches, making repeat sales and quality referrals harder to come by. As a result, we find ourselves investing more time and money in one-off sales. So, what's the initial step? Allow me to suggest asking just two questions before completing the client questionnaire:
These questions spark open discussions about their financial concerns and aspirations. Armed with this insight, you'll be better positioned to offer tailored solutions for the present while planning for the future. After all, we know that benefits sell better than features. When clients realize that you genuinely address their needs, wants, and desires, you'll establish yourself as the trusted advisor in your market. This is yet another facet of service: caring. People want to do business with individuals who genuinely care about them. |
Archives
May 2024
Categories |