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BSMG Blog: Protecting the Future of Families and Businesses

Tactics Successful Financial Advisors Use to Motivate the Sale

Think back to a time when you purchased a product or service, and left with a sense of fulfillment from that purchase. Perhaps you left with a feeling of comradery with the seller. The transaction may not have felt like a typical sale. This is the feeling that a good salesperson creates. They engage with the client to form a collaborative environment, a trustworthy rapport and positions the product or service to fit your needs. We broke down the attributes that come into play when financial advisors prospect buyer motivations and how they become experts in relationship building. 

Set the groundwork. To understand your client's motivations and triggers you must ask the right questions and listen to their responses. This back and forth will provide you with insight into your client's buying personality and will help dictate your sales approach. Buyers aren't all created equally. They require different approaches, Dan Seidman, sales trainer and author of The Ultimate Guide to Sales Training and The Secret Language of Influence, speaks about two types of buyer personalities: The Pain and The Gain Motivators in InsuranceNewsNet Magazine. Knowing which personality aligns with your client will help build a stronger relationship and save you time in closing the sale. What is a pain-based buyer versus a gain-based buyer?

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How Trump's Presidency May Affect the Insurance Industry

As you've no doubt seen, all over every major news network and social media site, Friday was Inauguration Day. It was a busy day in Washington and many of us are wondering what changes the industry is facing with the donning of a new president. Although it is too soon to tell, there are many thoughts and opinions surrounding Trump's Presidency and how it will affect financial advisors and insurance brokers alike. We've compiled a list of industry articles below, and as always, we'll be sure to keep you updated as we catch wind of any changes.

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Retirement Planning is Leading to an Increase in Advisor Training Tools

Six in ten financial advisors recognize that they cannot meet their clients' retirement goals without compiling a retirement income plan. With pensions becoming a thing of the past, annuities and life insurance policies play an increasingly important role in protecting the financial future of families and businesses. People are looking to their financial advisor for expertise in this arena. 

In fact, nearly two-thirds of advisors agree that by not providing retirement income planning options their practice could be threatened, because clients would switch to firms or advisors specializing in that service, reports InsuranceNewsNet Magazine. The numbers don't lie, to stay competitive in this industry and look out for your clients' financial future you must take into account their retirement income needs. 

Learn More: Is retirement planning the biggest part of your job?

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Is retirement planning the biggest part of your job?

Have you, like other advisors, experienced the shift in job responsibilities and title from financial planner to retirement income planner? In today's society, a financial planner is synonymous with the retirement planning process. What has caused the shift in responsibilities? Many say it's not a surprising trend seeing as baby boomers are the largest generation to enter retirement years.

A recent study by the Urban Institute reported the baby boomer generation is changing the retirement game due to better health care, longer life expectancy and more financial responsibilities. The study said that men who are 65 years old are projected to live six years longer than those who turned 65 in 1970.  This generation is also working longer than previous generations. Partly due to better health, but also to afford the increased costs of living. Some adults may even benefit from more Social Security by working longer. Overall they are working longer to be able to afford their future.

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Transition Planning: Do As I Say, Not As I Do

We know that one of the primary benefits of being a life advisor is the reward of knowing you are helping individuals and families protect themselves against the inevitable. Alternatively, do you have a plan if something happens to you and your practice?  Would those individuals that you sought hard to protect still have a safeguarded plan?

Many advisors don't think about instilling a plan for themselves the same way they do for their clients. In fact, LIMRA reported up to half of advisors do not have succession plans.  


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3 Spooky Life Insurance Stories

No coverage? Coverage in just the nick of time? Just barely having the right type of coverage? 3 scenarios your clients do not want to leave up to chance...

We all know there is an enormous coverage gap for life insurance in the US today. It is far too often that we hear advisors shy away from the conversation of life insurance to avoid an uncomfortable situation. These three stories bring to life the importance of life insurance, and will hopefully reinforce for you the need to have the conversation with every family with whom you have the opportunity. Don't let your clients wait till it is too late to find out how important life insurance really is. 

Read More: Life Insurance Coverage Crisis Hits the U.S. – Millions in Harm’s Way!

These 3 Spooky Stories will scare the "life" out of you...

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Top Business Owner Concerns

What are the main concerns for your business owner clients?

This Business Owner Concerns infographic breaks down your client's top considerations. This information will be useful when finding the right financial solutions for themselves and their business.

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The Right Buy-Sell Agreement for Your Client

One of the most important planning issues confronting a business owner is what happens to his or her share of the business upon death.


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Total Life Insurance Market Need Grows to 12 Million

It's hard to believe September is already over! But with Friday came the end of the month as well as the end of Life Insurance Awareness Month (LIAM). We thought we would close out LIAM with some statistics from a recent LIMRA study on the U.S. Life Insurance Market in 2016. 

A great statistic, that was shared in the report, is that there are nearly 5 million more U.S. households that have life insurance coverage, compared to 2010. Which means that the work of dedicated advisors, like yourself, coupled with initiatives such as LIAM are succeeding in spreading the message of the importance of life insurance. However, the "need" gap remains at almost 50%.

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Improve Whole Life Policies with Less Capital

Many clients have found themselves with existing whole life insurance policies that are "floating out to sea." This is often the unexpected result of having an overloaned policy due to large cash withdrawals or unintended APLs (Automatic Premium Loans).  With the increasing commonality of these scenarios, carriers have begun to implement programs that can offer your client's policy, not just a life raft, but a full-blown rescue mission!

Read More: The Real Dangers of Large Loans on Life Insurance Policies

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