BSMG Blog: Protecting the Future of Families and Businesses

4 Ways to Combat Millennials Misconceptions About the Cost of Term Life

The Millennial Generation represents both a challenge and opportunity for life insurance professionals. Millennials are adults who were born between 1980 and 2000. They are expected to account for more than 75 million Americans by the end of 2015 and by 2025 they will account for 75% of the workforce

One interesting fact that financial professionals should take note of is that, according to the 2015 LIMRA Insurance Barometer StudyMillennials overestimate the cost of term life policies by about 213% on average. We've found that there are four major ways advisors and insurance professionals can address this misconception about term life insurance and help improve their sales.

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5 Key Facts Reveal Why Advisors Should Focus on Affluent Millennials


A recent research study by LinkedIn revealed that Affluent Millennials have a very bright financial future. This "client persona" is not to be ignored by today’s financial services provider. These potential prospects are everywhere; in fact, there are 15.5 million of these Affluent Millennials in the United States alone and are vital to the United States economy, spending $2.0 trillion annually across a range of products and services.1


This generation as a whole, is poised to build wealth on their own, they will also be on the receiving end of a massive generational transfer of at least $59 trillion in personal wealth over the next several years.

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7 Ways Financial Advisors Can Acquire Prospective Clients

The Bureau of Labor Statistics forecasts a 27 percent increase in financial advisor jobs through 2022 — more than twice the growth of employment overall. With this added competition, effective prospecting will become even more critical for financial advisors to continue to build their business.

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Dust Off The Old Book & Reconnect With Clients

Don’t let the awkwardness of dusty relationships keep you from re-energizing them. It happens. Time passes, life moves on, and you lose touch with clients.

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Creating New Sales Opportunities From Existing Clients

Preparing for an unexpected death, retirement shortfall or long term care event could bring to light unmet needs, and open opportunities for you to help clients. A policy review is a great way to uncover changes in needs that have come about over the years.

Do you have existing clients who are due for a policy review?

To ease into a conversation about life insurance, consider asking your clients:

  • If they’ve recently reviewed their beneficiaries
  • Whether their coverage is through work and how a job change may affect that coverage
  • If their coverage has kept up with how their lives have changed
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Bridging the Generational Gap Part II: The Baby Boom (1946-1964)

Baby Boomers, the 78 million Americans 50 or older, were born into unprecedented post-war prosperity (the “pig in the python”) and now control 67% of the country's wealth ($28 trillion dollars) and 80% of personal financial assets.*

When Willie Sutton was asked why he robbed banks he said; “that is where the money is.”

The sheer size of this generation has been a dominant force in American life since the 1950’s. From the baby food and school construction craze, to the hippies,  the yuppies ,  the workaholics and the supermoms, the affluence of the baby boomers has made them notoriously adverse to planning for their own retirements. Having come of age during the Civil Rights movement, Vietnam and Watergate, they tend to have retained high idealism, but perhaps surprisingly are far more loyal to organizations – including financial organizations – than other generations.  Read More

Bridging the Generational Gap Part I: The Silent Generation (1925- 1945)

When it comes to investment planning, there is a large generational gap between the older folks who still form the bulk of the advisor-client bases, and their children. The parents, having been born in the Depression, or at least the recent memory of it, too often view their kids as spendthrift, credit junkies who can not be trusted to handle their finances.

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Why Traditional Estate Planning Is Not Enough

Despite all the time and effort that’s put into traditional estate planning, the results have been less than remarkable. Research has shown that 70% of a family’s inherited wealth is lost by the first generation of heirs, and 90% is lost by the following generation.*

A traditional approach to estate planning can be passive/aggressive—neither assertive nor interpersonal, but has a major impact on other members of clients' families without their input.

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7 Sources for Potential Foreign National Clients

Take a quick look around you and think about the different faces you see every day on your way to work, getting coffee or in your neighborhood. The key to expanding your practice could be sitting right in front of you. 

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