In the insurance and financial services business, there’s no shortage of ideas, tools and resources for helping increase sales. Entrepreneur Richard Branson may have said it best: "Business opportunities are like buses, there’s always another one coming." From more targeted lead programs to innovative sales strategies, it’s your job as the agent to figure out what works in your practice and what doesn’t.
Often times in my days at the wirehouses, I’d notice professionals so focused on using one top-of-mind strategy that they’d forget about everything else that’s worked in their practice. As I became more familiar with the annuity business and watching sales strategies evolve, I realized that getting down to basics can be one of the best ways to connect with both existing and potential clients. The next time you’re meeting with prospects or revisiting a relationship with clients, consider asking them one simple question that could dramatically impact your future success: "Who’s your annuity with?"
BUT I DON’T HAVE ONE
Although the question is very straightforward, think about the implications. First off, this isn’t some "yes" or "no" question they can answer and move on. It requires thought – potentially about something they haven’t really thought much about before. Let’s say the first few prospects you ask don’t own an annuity. What might be going through their minds? They could be wondering why you assumed they have one, if that means most other people have this kind of asset in their portfolio, and if this indicates they might be missing something important. Once they’ve told you they don’t have an annuity, this opens up a world of possibilities, one where you can position yourself as a credible expert looking out for their best interests. Of course, it’s good to have some expertise in annuities to have this conversation.
This is a great opportunity to let your prospects and clients know that annuities can offer the safety and guarantees if they are interested, combined with potentially better interest rates and an ability to capture the market’s upside potential with no downside risk. Perhaps some of these individuals tell you they don’t have one because (excuse of choice) , where the blank is filled in with their misconceptions about what an annuity is, how they work or the benefits they provide. Again, you’re in an optimal position to tell them about how annuities have evolved over the years and the truth about the benefits these products offer today. From lifetime income and long-term care protection to enhanced death benefits, you have a great opportunity to sell a variety of strong annuity features that could help them achieve their retirement goals.
DO I HAVE THE RIGHT ONE?
Okay, so the scenarios that could play out when clients or prospects admit they don’t own an annuity seem pretty easy to build on. What happens in the minds of those individuals you ask who do own annuities? Maybe they don’t even know what company their annuity is with, or much about the product at all. Or, it’s possible that these clients will know the answer to your question, but question themselves about whether they know the whole story. It’s very possible you could hear, "Why do you ask?" Again, the stage has been set for you to uncover assets you may not have known existed and position yourself as an annuity and retirement expert.
If clients bring up assets you haven’t discussed before, you can talk to them about providing them a comprehensive retirement picture with a program like the Income Maximizer (IMAX). Let them know you could show them exactly when they might run out of money given their current strategies in place, and that you can help them make that red line disappear by discussing solutions better fitted to their needs. Some prospects and clients will have purchased annuities from other professionals they’ve worked with in the past, and need to sit down and review their assets given their current retirement outlook. Again, you can always let them know you asked because you want to be sure they’re aware of even the newest features and benefits annuities offer. The conversation can quickly turn into future appointments and increased sales.
Although you’re seeing "a number of buses drive by" as you work to craft your messages with clients and win over prospects, don’t forget that some of the simplest strategies can produce the best results. Finding ways to get in the minds of clients and create meaningful dialogue about their needs, objectives and goals can dramatically impact your business’ bottom line. I challenge you to try it with 10 clients and see how it works. I think that nine times out of 10, you’ll be pleased with the outcome. Call your Annuity Sales Consultant for additional sales ideas and "back-to-basics" strategies for working with clients.
FOR AGENT USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. 12168 – 2012/1/27
Guarantees provided by annuities are subject to the financial strength of the issuing insurance company; not guaranteed by any bank or the FDIC. Guaranteed lifetime income available through annuitization or the purchase of an optional lifetime income rider, a benefit for which an annual premium is charged.
Jeff Gleason
Internal Wholesaler, Liberty Life Insurance Company
Jeff graduated from Shippensburg University with a degree in finance and has 14 years of financial sales experience. He began his career with PLANCO in the home office in the Philadelphia area. After a year and a half, Jeff was promoted to a field wholesaler for Hartford covering the wirehouses and regional firms in Ohio and Western Pennsylvania. In 2003, he joined Lincoln Financial covering the same territory before moving on to a hedge fund in 2007. He joined Liberty Life Insurance Company, an Athene holding company, in 2011.