You've probably received considerable advice on how to find the right client and which clients are the best prospects. Have you heard anyone talk about when it's OK to walk away from a client? For most financial advisors, this is something they hope to avoid. However, every now and then you'll come across a client that may not be a great fit. Here are some tips on how you can spot them and when to walk away.
BREAKING NEWS 8/9/17: The Department of Labor announced today that they are seeking to delay the fiduciary rule until July 2019. "In a brief filed in a Minnesota lawsuit Wednesday, the DOL indicated it had submitted to the Office of Management and Budget a proposal to delay the rule from Jan. 1, 2018, until July 1, 2019. The OMB must review and approve the proposal before it can go into effect." - InvestmentNewsRead More
Do the major changes happening in and around the financial services industry have you worried?
New compliance standards, technology and consumer behavior is changing the way business gets done today. Are you prepared to adapt your business model to meet the new standard? In this blog, we break down the top 3 changes facing the financial services industry and what you can do to have your business survive.
3 Major Changes Headed Our Way:
- New Compliance Standards
- Company Culture
Welcome to the first installment of Brokers’ Service Marketing Group's “Letter to a Broker” series. We asked our sales team to craft insightful blogs based on topics they cover every day. Our first letter looks at helpful life insurance sales tips like "ancient" health history, field underwriting, the importance of existing policy information and more! Without further ado, let’s talk.Read More
Are your current clients' in force policies performing as intended? Do your clients have the right amount of coverage or are there gaps?
There are strategies you can start using today to sell more life insurance, annuities and long term care to existing clients. Connect with your clients on their in force policies to determine if they are still meeting the intended goal.
Is your next sale hiding in your existing book of business? Use these 6 life insurance prospecting steps to untap opportunities.
- Identify who your clients are and segment them into groups.
- Research industry products and your clients' current financial positions.
- Match and target opportunities to clients.
- Unlock the gold mine through relationship building.
Often a policy review of your client’s existing life insurance and annuity contracts will conclude that a more cost efficient contract with better guarantees and rates of return makes sense. This will cause a producer to seek a potential transfer of the existing cash values to a new contract via a tax free Section 1035 exchange.Read More
Our guest blog is written by Jeff Backofen, Regional Chief Underwriter for Principal Financial Group. He held underwriting leadership positions at Mass Mutual and Phoenix Life prior to joining Principal in June 2013. Jeff has presented at several industry and association conferences, including the Association of Home Office Underwriters (AHOU) and Bramco Underwriting Conference. Jeff shares tactics that you can use to generate a successful underwriting risk management strategy with business owned life insurance.
Okay, you just sold a large business insurance life case. Next step: underwriting.
If you just yelled “help!” — you aren’t alone. Many financial professionals fear the life underwriting process, but it doesn’t need to be daunting.
One of my favorite sayings is “you’ve sold the client, now sell the underwriter.” And you can often use the same tactics you used to convince the client of the need for life insurance to explain the need for coverage to the underwriter.Read More
It's time to rethink your approach when talking to your clients about their retirement.
Simply asking your clients if they have a sufficient amount saved for retirement is not enough. As their financial advisor, you need to dig deeper and ask the tough questions. You need to know if your clients are financially prepared for retirement. Tell your clients to ask themselves, “do I have enough money to support myself for the rest of my life?”.
Approach the conversation to better help your clients realize what their expectations are for their retirement, what their spending patterns will look like and how market longevity and spending will affect their savings. Close to 60% of retirees don't budget for leisure activities when planning for retirement! Asking the right questions not only starts the conversation, but engages a productive exchange that could greatly impact the retirement planning process and your clients' future.
Brokers’ Service Marketing Group invites you to watch this informative true story from Life Happens. In the video, Coleen Stokes recalls her heartbreaking experience involving life insurance and her daughter, Summer. At 22 years old, Summer was doing what most people do at that age – going to school and working a part time job. Everything was going smoothly until Summer received the life-changing news that she was pregnant. Shortly after the news broke, Summer was approached by a licensed insurance professional advising her to purchase a life insurance policy. Like so many today, Summer's mom advised against it, making the argument that she didn’t need to worry about getting a policy while Summer was still young and healthy.
Share this video with your clients to remind them of the crucial role that life insurance can play in their lives.Read More
There’s a strange gray area for young financial advisors today. These fresh college graduates are eager, smart and ready to make an impact on the industry. The problem is, not many people are giving them the chance. These advisors will go from firm to firm, trying to find somewhere they feel comfortable, but it can take too long to find a company that embraces their skills. By the time they find somewhere that’s a good fit, they’re getting old enough to shed those “young advisor” stereotypes. You know the kind, things like, “how is this kid going to advise me when he’s never bought a house or had children?”.Read More