BSMG Blog: Protecting the Future of Families and Businesses

How to Handle Policy Reinstatement

When your client calls to discuss a lapsed policy, what do you do?

Oversights happen, here are some life insurance sales tips on what you can do to prevent a lapsed policy, put it back in force and provide your client with the protection they need. 

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Insuring Your Client's Portfolio


What are you doing to ensure your clients' portfolios are protected? Here's how to implement a life insurance sales strategy that will protect your clients and the assets you manage.

How do you start the conversation of life insurance with your clients? Perhaps you begin by storytelling to help your clients visualize a situation in which their lives are impacted to show how life insurance would help. The scenario that's all too familiar is when the husband (or wife) dies and doesn't have life insurance. What happens to the surviving spouse? They're often forced to start spending down their investments in order to make ends meets. 

Their investments quickly deplete.

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How Successful Insurance Agents Approach Small Business Owners

Check out these tips on approaching small business owners for insurance agents & advisors.

Small business owners respond well to an approach that includes educational information and planning for their future success. They feel their business is unique. If you can teach them something new, they will be more open to meeting with and listening to you.

“Tell me what you’ve done for other small business owners and why it is right for me.”

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Calculators to Help Identify Client Needs

When you sit down with your clients are you answering key financial questions relating to their savings, taxes, insurance, education, business or retirement investments?

Your client comes to you for your expertise and depends on you to provide them with a strong plan for their future. Don't waste time by using a hand held calculator to compute complex equations or fumbling with excel, or worse a paper form. Get quick, clear cut information with automated financial calculators so you can properly and easily answer questions like these:

  • How their 401(k) or Roth IRA will affect their retirement?
  • How the inflation rate will impact their retirement income needs?
  • How taxable, tax-deferred and tax-free investments may compare?
  • How long their money will last?
  • How much they'll earn in their lifetime?
  • How much they should save for college funds?
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Increasing Your Client Retention

Over the last decade, we have seen a growth in financial services and life insurance retail options for clients, most notably the explosion of the robo-advisors. More options are available to consumers, meaning buyers can be more particular with whom they do business with. Some businesses are so focused on obtaining new clients, they forget about their current clientele, there is something to be said for providing that extra attention to your loyal clients.

Statistics show that customers care more about service, quality and personalization, than cost. Wouldn't you rather do business with someone who caters to you individually and gives you customized service? Your clients certainly do. So, while other advisors and firms may fall short by focusing primarily on the pursuit for new clients, take the long game by setting up a life insurance sales strategy that includes paying more attention to your current customers. Recognize your current roster and make each client feel like the MVP. This will build customer retention, brand loyalty and make your business stronger.

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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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Top 5 Prospecting Mistakes Successful Advisors Don't Make & How You Can Avoid Them

As we begin the new year, many advisors are thinking about ways to grow their business in 2017. One proven successful way to do this is through prospecting sales. However, not all strategies are proven equal nor successful. To help you form the best prospecting strategy to add to your arsenal of tools here are the top 5 mistakes that advisors make when prospecting and how you can avoid them.

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New Years Resolutions for Your Clients: Financial Health

We don't know about you, but it seems like 2016 flew by, and just like that the holidays are behind us and we're settling into a new year! If you've picked up any magazines or logged into a social media account in the last few days, you've no doubt been bombarded with all things New Year's resolutions. Most likely they're focused around a "new year, new you" and your mind wanders to eating more salads or heading to the gym. Resolutions are generally geared towards health and steered in the direction of maintaining a healthy body and/or mind, but what about financial health? Finances are a resolution for about 33% of Americans, but it can be hard to know where to start. We've compiled a list of resolutions for you to share with your clients this year as a way to help them get into top financial shape!

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Financial Advisor Prospecting Tips for 2017

In just a few weeks we'll close out 2016 and find ourselves looking ahead to the New Year with big goals and resolutions in mind. For many financial advisors a common resolution is to grow their business! In order to grow your business you may need to grow your lead base. You can try all of the marketing tools for financial advisors that you can find, however they won't work unless you have the prospects to use them on. InsuranceNewsNet Magazine featured an interview with Stu Heinecke the author of "How to Get a Meeting With Anyone". His advice is to market with audacity and through his persistence he's achieved a 100% response rate. This got us thinking about ways that financial advisors can really "market with audacity", and the important traits required to be a strong closer. 

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“Survivor Survivorship” Section 1035 Exchanges

During the 1990s and early 2000s, billions of dollars of survivorship life insurance was sold.  This type of insurance provided a low present value cost and a very competitive internal rate of return (IRR) on death benefit out to joint life expectancy.  The primary need for this insurance was to offset federal estate taxes so the estate owners could leave a larger inheritance to their heirs. 

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