Do you have clients with traditional IRAs? Are they close to age 70 or older? If so, you need to read on.
Current tax law requires clients who have an IRA and certain other retirement products to start taking a required minimum distribution (RMD) at the age 70 1/2. These minimum distributions are calculated annually based on their age, account balance at the end of the previous year, marital status and their spouse's age. If they do not take the annual minimum distribution, your clients may be subject to a 50% penalty tax on the underpayment, as well as ordinary income tax, as the funds are withdrawn.
The question we typically hear is, “how can I quickly calculate my clients' RMDs?"
We have the solution! Use our simple interactive calculator to get your clients' projected RMDs. This can be accessed when you need it on our website. All you'll need is the following information from your clients.Read More
The number one reason that people purchase life insurance policies is to protect the ones they LOVE. All too often we hear horrible stories of people who unexpectedly pass away and their families are left scrambling. Life insurance can be a difficult topic to talk about but finding the time to discuss it with your clients is so important. Life Happens is a website that advocates for life insurance awareness. They create campaigns that are dedicated to educating people on the important role life insurance can play in their lives. One of these campaigns is "Insure Your Love" and it's a great way for you to start the conversation with your clients!
Are you asking your clients for referrals? How are you asking them? Which clients are you asking and how often do you inquire about referrals? You've heard it before, the easiest and cheapest way to grow your business is to tap into the resources you already have - so why not start with your clients? Your clients already have experience working with you so why pay for a prospective client list or for advertising, when you can grow your business for free? Yes, those forms of prospecting should still be a part of your business, but don't overlook the power of referrals. Here are some life insurance sales tips on which of your clients you should be asking referrals from, how you should be asking them and when you should be following up with them.
Get the most out of one meeting by asking your clients the right questions.
You have the prospective client in your office or on the phone, now what do you do? Start by asking the right, open-ended questions to create a meaningful conversation. Get your clients to talk about themselves in order to gather as much information as you can, in as little time as possible.
Target the basics: Who, What, Where, Why, and How. Use the questions below as a financial advisor prospecting tool to hold a productive client exchange. The answers to these questions will assist you in providing the best financial recommendations.
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
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
Most Popular Sales Pitch...
It's amazing the amount of content that a simple query brings up in a Google search. Page after page of things you should say, things NEVER to say and prospecting phrases that are sure to bring in business. It isn't as simple as canned pitches. Our industry isn't a catch all, every client is truly unique and should be treated as such. Upon searching we stumbled upon an article from InsuranceNewsNet that discusses 10 Financial Phrases to Ban... and What to Say Instead. Below, we've shared the phrases we found most helpful, along with other powerful financial advisor marketing tips.Read More
What are you doing to diversify you're business and grow your clients' portfolios? With interest rates continuing to rise, regulatory changes and consumers seeking bundled options and simpler solutions, are you adjusting your sales approach?Read More