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BSMG Blog: Protecting the Future of Families and Businesses

Earn New Referrals by Delivering Gold Medal Service

Did you know that 65% of new business for Financial Advisors comes from referrals? That means more than half of your new business may already be coming from previous customers. Are your clients referring you? Here are some tips that will help you boost your business and achieve a Gold Medal in generating sales through referrals.

At some point in your life you have likely reached out to someone who was referred to you by a family member or friend. These exchanges are usually spontaneous and natural, which is likely the reason they are so successful. What made you connect with that referral?

Naturally, people want to do business with someone they can trust and count on. A referral is essentially a personal reference and free testimonial advertisement. These transactions provide the prospective client with a sense of assurance in your services, and trust in your business. You've then already overcome the hurdle of the client finding your business without having to spend any money or seek them out on your own.

Read More: The Three Rs of Successful Practice Building

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HENRY's- High Earners Not Rich Yet

We know that you're used to hearing about millennials, since we've posted about them here quite a few times... but what about HENRY's (High Earners Not Rich Yet)? This may not be an acronym that you recognize, however we're sure you've got quite a few prospects that fall into this category. 

HENRY's make for great prospects however, they are often overlooked. These potential clients are looking for guidance so a financial advisor is a perfect match. 

So who are HENRY's? They are the high earners who are not rich yet and have household incomes between $100k-$249.9k and control about 40% of all consumer spending.

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Are you protecting your international clients from costly estate taxes?

In the wake of Brexit, and its impact on the global economy, we thought it fitting to share with you some key questions for current or potential foreign national clients.

Did you know that your foreign national clients may be subjected to large U.S. federal estate and gift taxes?

Foreign Nationals who do not permanently reside in the U.S. but who have assets here cannot take advantage of some of the tax provisions available to U.S. citizens and resident aliens. When a person with these circumstances, who did not plan, passes away they could owe a large estate tax bill. Talking to your clients about planning, and asking them the right questions will help to protect them and their loved ones in the future.

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5 Reasons for Your Clients to Consider a Policy Exchange

A policy exchange (also known as a Section 1035 Exchange) is the process of directly transferring accumulated funds in a life insurance policy for another life insurance policy without creating a taxable event.

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9 Key Steps to Nurturing Life Insurance Leads

We're sure you know that you can't grow your business without growing your sales pipeline. Successful sales lead management begins with identifying prospects who have expressed an interest in your products or services. Life Insurance leads can come from a variety of prospecting efforts such as lists, social media, direct mail or email. Regardless of how you find these leads, it is important to always nurture them, a forgotten lead is unlikely to become a customer. Below are tips on how to handle and track each new lead as well as grow your lead base.

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8 Communication Tips to Attract Clients Who Are Business Owners

Here are 8 Communication Tips for Insurance Agents to Attract Clients Who Own a Business:

  • Use a local phone number instead of an 800 number.

  • The best time to approach owners is Tuesday, Wednesday or Thursday.

  • Send personalized email:
    • Personalized subject lines indicate that the content is relevant to the owner or business, and increases panelists’ likelihood to open an email.
    • Send the email from an individual, rather than a marketing inbox.

  • Send personalized direct mail or letters: Use results-driven language (by doing this, you will get that).
    • Hand-addressed card-sized letters are opened most often.

  • Simplify and speak in terms that are easy to understand.

  • Incorporate messaging about ROI, rather than price.

  • Be sure to follow-up:
    • Follow-up even if you are told no, but provide educational information when you do.
    • The owner may not buy now, but follow-ups may help you get the business later.
    • Advise with frequency tailored to their needs.
    • Use non-evasive regular touches by checking in every 60-90 days after initial point of contact.
    • Perform more of a branding call vs. a sales call: Example: “This is John Doe, from Mutual of Omaha, checking on how your business is doing and reminding you that I’m here if you need me. Would you like me to follow-up monthly, bimonthly or quarterly?”
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Top 5 Online Marketing Tips Every Financial Advisor Needs to Know

It's no secret that an online presence is key to growing your business. We've stressed the importance of websites and social platforms many times, and for good reason. In 2016 it is much more likely that someone will look you up online before simply walking into your office and asking for a meeting; if only it were that easy. We've compiled what we think are the most invaluable tips for advisors when it comes to online marketing. 

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Pitch a 'No-Hitter' for Team LTCi

Use this list of suggested talking points to hit a homerun for long-term care insurance against these top 4 client objections.

Client: Long-term care coverage is too expensive.
Agent: Life Insurance with a long-term care rider can be surprisingly affordable. While the exact cost will vary based on your age, sex and other factors, the cost of adding the rider to your policy can be offset by other advantages and benefits - choice, control and flexibility.

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4 Ways to Talk About Long-Term Care


Do you have clients with no plan for long-term care, or a reluctance to plan for the unexpected?

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Minding the Gap Between Business & Personal on Social Media

Would you want your prospective clients seeing those "What happens in Vegas, Stays in Vegas" photos from your recent guy’s weekend? Of course not! If you are like most financial professionals, you want to be perceived as a financial advising expert by your current and future clients. If you are not careful, you could be over sharing those personal moments that may jeopardize your business. 

It's funny to think that just a few years ago, it was considered inappropriate to use social media in the workplace. Now most companies use it for every day to drive business and share content. Because of this, there is a fine line between professional and personal accounts and sometimes it's hard to know if you've stepped over it or not. 

Beyond the realm of using your personal accounts at home and your business accounts at work, there is the ever growing question of what is OK to share? We have come up with some of the most common gaps mind when it comes to social media in the workplace. 

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