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There are 2 halves to a retirement income plan: do you address both with your clients? Much like a sports game, the first half is when clients are striving to get that ball, score points, and accomplish a tone for the game. They have a known source of income, and ideas about where they want to see themselves in retirement. Until halftime….. we know that in any sports game the first half doesn’t always dictate the outcomes in the second half and certainly who wins in the end. The second brings many unknowns: will health allow the client to continue to work and earn, what will inflation be, will they live a long time and run out of money………
How do you, as their financial advisor coach them through both halves? How do you talk with them about:
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Longevity- you have no idea how long your second half will last, and life expectancy is increasing.
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Inflation- If you are stand still, you may be falling behind.
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Health Care Costs- Injuries or illnesses in the second half can be financially devastating.
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Consumption- For many retirees, consumption don’t drop as much as we think.
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Social Security- What is the strategy? When should that first check be started?
Annuities don’t stop working when the client stops working. As a financial advisor, are you presenting annuity ideas to your clients or do you have reasons not to? Where is their retirement check coming from to address the above issues? Eschels Financial Group has a long experience through many different economic climates utilizing annuities and most importantly watching them in action when the time comes to start that retirement second half. The game has changed, planning has changed, but life doesn’t change. Let us be your coach as you coach your clients through this every- changing retirement game.
We speak with new agents regularly from all over the country and their concerns and experiences are almost identical: they want help with growing their life insurance and annuity businesses, but have had promises made not kept in the past so how do they choose what firm is right for them? There are a few key points when evaluating marketing organizations:
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Present a case (life insurance and annuity) to several marketing organizations (FMOs, IMOs, BGAs) and ask them for a case design, not just the application packets, but a real case design. Ask them for a phone meeting to walk you through the ideas and coach you as to how to present it to your client. Do they follow through for you? The sales support behind the initial promises are crucial.
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Ask for some history on their track record for challenging life insurance cases. Do they aggressively shop life cases that have been rated by other carriers?
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Do they bring new ideas to you once you are contracted with them or just continue to give you what you already know?
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Ask them for a few names of agents currently working with them for references. A great marketing organization should be proud to provide a contact for you to talk with an agent currently working within that firm. This is a very effect way to evaluate a marketing organization.
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Do they make themselves available when you are presenting something new to a client for support via the phone when you are in that meeting? This allows you to have a better chance to close the business right there, rather than having to get the client’s questions answered and make appointment #2.
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Do they provide various training opportunities to expand your knowledge of annuities and life insurance?
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Do they have knowledge of the wide range of choices clients have for their financial needs? Is the firm also experienced in or have background in the securities (non-guaranteed) side of money?
Each agent and advisor has a different length of time in this business and has different needs. Some truly just need administrative support: applications and brochures emailed, contracting with carriers accurately completed etc. Some others recognize the ever-changing platform of retirement planning and life insurance and in order to remain competitive in the market place, they need additional support. Can an independent agent carve out the time to learn about all the available carriers and what makes each one special? Perhaps, but not likely…. that is when a great marketing organization becomes the partner for that agent and is invested in the agent’s success, like hiring a staff of people for whom you can rely upon but don’t have to manage. FMOs/IMOs and BGAs are not all the same. If you ask the questions, and the answers are seamlessly given, it may be the next best place for you to hang your hat.
Upcoming Events
Fall Workshop at Eschels Financial Group: A rare opportunity to have both Protective Fixed Indexed Annuities and Variable Annuities on
Thursday, September 15th from 10am-11am. Angel Tepe and Jeff Lindeman from Protective Life will share their compelling ideas for utilizing both annuities for clients in securing a safe retirement plan and to participate fully in the upside of the stock market.
If you are a Registered Representative, you owe it to yourself to join us and discover the ease of splitting the ticket to create the strongest presentations for your clients. If you are a traditional insurance agent, you owe it to yourself to join us to learn of Protective’s progressive income rider stories, and ways to present a secure paycheck for a client after they stop working.
When: Thursday, September 15, 2016
Time: 10am-11am EST **** light breakfast served at 9:30am****
Where: Eschels Financial Group Conference Room, 555 South Old Woodward Ave, Birmingham, Michigan
To reserve a seat: Call us at 248-644-1144
We look forward to seeing you then!
How can Fixed Indexed Annuities help clients retire on schedule?
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Fixed annuities, with their guaranteed interest rates and guaranteed return of principal (less any withdrawals of interest or principal) can help preserve client’s assets, potentially softening the impact of a choppy stock market on their accounts.
- A conservative approach….. provides the client with safety of principal, tax- advantages, liquidity, and legacy planning.
The Next Big Thing in Annuities: If you’re not talking with your clients about QLACs, expect that your competition is. Learn how big this opportunity really is!
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It is imperative to explore all financial options for the clients- why let a client lapse or surrender a policy when determining there is an alternative. Life Settlements- Life Insurance , like every other asset, has a Market Value. Before your client considers letting a policy go, call us to discuss the specifics. And interestingly, all policy types are considered now for Life Settlements- even convertible term insurance. The reality is: you will set yourself apart from other advisors and agents by educating clients on Life Settlements and the options for the unwanted/unneeded life insurance. Clients remember you told them about an idea that others did not- and isn’t that what we want as agents and financial advisors? To be distinguished as unique, with different and compelling ideas for clients provides them with more than the average agent.
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Are you aware within Fixed Indexed Annuities and Indexed Life Insurance there are 100% participation in the various indices up to the caps? Are you aware there are uncapped (yes uncapped) index strategies allowing the client the full index performance less a spread? Why is any of this important? Because clients have told this industry after 2008 that they no longer can endure the wild rides with their money. They have firmly said they are aware they need some exposure to the non-guaranteed markets, but they now also know they must be more diligent with safety, as their individual lives are uncertain and when retirement happens often is not by choice but more by circumstance.
See the attached White Paper by Allianz Life Insurance Company “Reclaiming the Future”
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