Policy Reviews

Presented by Gary Peterson Life insurance left untouched may no longer be meeting your clients’ needs. By implementing a periodic policy review as part of your client retention process, you will keep a client’s protection program up-to-date and provide a valuable after-the-sale service. The net result will be happier clients, the identification of additional sales and more and better referral introductions. Here are some great resources to help you build policy reviews into your sales and service processes and make the most of every client relationship. Policy Review Quick Tips Prospect in Your Client File Annual Review Checklist

Are you an expert?

Presented by John Schraut If you were asked to be part of panel of experts what would you say? I am an expert in… You don’t want to be an expert in a product but a concept; income planning, pension maximization, voluntary employee benefits, long term care planning, income replacement, family legacy, family income protection, etc. Sure you might be an expert in annuities, life insurance and long term care insurance, but people don’t want to be sold a product. The product is just the way to provide the solution. So take some time and think about what you’re an expert at.

Why prospect using social media?

Presented by Brian Leising The Problem To get customers in any business you have two choices, be special enough that people talk about you, or buy advertising. In the insurance industry, the most effective way to reach qualified prospects changes every several years. Once it was enough to open an office in the community or make door-to-door sales. Then we started cold calling, blast faxing, sending direct mail, presenting seminars and blast e-mailing. All of these methods were effective once, but as they become obsolete, we started prospecting with the next best thing. Today, all systems of selling are preceded (or precluded) by our online reputation. People know you before they call. Is this a problem for you or an opportunity you are capitalizing on? The Opportunities Social media has changed your world, now you can find customers and they can find you. Due to social media, big companies no longer have the advantage– social media is the great equalizer. Social media is where people (your customers) express their thoughts and feelings. It also allows you to put yourself on the client’s mind. The opportunity in our business is tremendous, only 16% of financial services professionals currently use social media.  It’s time to jump on board or be left behind.

After the lead – How to start the business…

Presented by Brian Leising What do you say when your marketing efforts work?  You got your foot in the door and made it past the gatekeeper.  Do you know what to say when you get in front of a business owner?  Here are a couple tracks to follow.  The first can lead to products that help their business today.  The second will help them continue their business into the future. Helping their business today: “Have you heard about the new types of retirement plans available to business owners?” “What type of plan do you have?” “When was the last time you reviewed your plan?” “Did you know any business can have any type of plan?” Offer a free look (if no current plan) or a free review (if a plan is in place).  You can then utilize factfinders to gather revenue and census information. “Have you heard about the new type of retirement plan available for your key employees?” “What type of plan do they have now?” “When was the last time you reviewed the plan?” Tax laws change from time to time.  An unreviewed plan can do more harm than good.  A business should review their plan periodically to insure tax compliance and to make sure they are getting the best value for their dollars. Helping their business in the future “What’s your exit strategy?” “Who will buy your business?” (while alive, dead?) “What are the tax implications of the sale?” “Will you or your heirs receive a fair price?” “What is your business worth” (most owners mis-value by 60%) “Does your business have more than one owner?  If so, is a buy-sell agreement in place?  How is the agreement funded? How many of your business-owner clients have serious answers to these questions?  They started their business and know how to run it, but how do they get out?  Many business owners have no plan or only a partial plan in place.  Their lack of planning will hurt their immediate family and the employees they leave behind.

Multicultural Markets

Presented by David Corwin Multicultural markets are underserved by the financial services industry for many reasons, but the good news is the current state can change, and is changing. First, executives and leaders in financial services companies are starting to educate themselves about the markets and getting the story straight. There is a strong interest in, and need for, financial products and services in multicultural markets, especially as the cultural markets continue to grow. Who can ignore the recent Census Bureau’s findings indicating that America is becoming more diverse? According to the Pew Research Center, “Racial and ethnic minorities accounted for 91.7% of the nation’s population growth over the past decade.” Could it be that the word underserved creates discomfort among financial services professionals? Maybe the word underserved has developed a bad connotation? As in, underserved = people who are unable to afford products or services; underserved = people who are poor risks; underserved = unprofitable business; underserved = down market. All of these, of course, are presumptions that lead to misperceptions and stereotypical thinking, if not challenged. The fact is the served population is shrinking, and there is no denying it! Second, companies can make, and are making, a dedicated effort to reach these populations. A focused strategy is the first step in accomplishing this business objective – just as with any other business initiative. Implicit in this action is the need for leadership and executive sponsorship. In many organizations, multicultural efforts begin at the grassroots level with the financial representative. These efforts never make their way to the top and, therefore, lack executive visibility, sponsorship, or support. As with any business program, that which is not on the organization’s radar is at risk of encountering unnecessary resistance, lack of funding, or leadership – almost ensuring a short life span. Third, financial services providers are learning how to meet multicultural groups where they are by aligning sales and service (all aspects of it) with their needs (language, culture, or otherwise). While some groups may lack the degree of financial education necessary to create their own strategies or even to seek out help with their financial planning, future generations are depending on them to take the right actions for tomorrow. Said differently, these markets are ripe and ready to be worked. Who wouldn’t want to work with a consumer base that is ready and eager to be educated and buy products?