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Thursday, December 26, 2013

Addressing Objections


Sometimes the hardest part of the process of selling a fixed indexed annuity is the client’s inability to articulate their concerns. The sale becomes easier if the financial professional has developed trust with the client and knows various techniques for addressing possible objections.

  • Discuss the objection. It’s important for a financial professional to ask questions throughout the entire sales process. It means really listening to the client and building commitment.
  • What is the real objection? Make sure to keep the conversation moving. Ask them about each product, having them talk about positives and negatives. This way you learn concrete objections and know how to address these fears.
  • Address the “buyer beware” issue. Always have information on hand to help your clients better understand fixed annuities. Share reputable and factual information with clients and help them select an insurance company with a strong rating. If approved by your state insurance department, the NAIC Buyer's Guide for Deferred Annuities - FIxed, can serve as a great resource.
  • Fill out the paperwork. Help your client through the process so they do not become overwhelmed by the paperwork aspect of the process. Leave it with them in a stamped envelope. This puts everything on their time table.
  • They’re talking with another agent. Customers are always talking to other people, so inform the client on the reasons they should work with you. Every client has some sort of financial worry. It’s your job to discover ways to address it. 

A successful financial professional comes alongside their client and addresses their objections. 
For financial professional use only. 
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Thursday, December 19, 2013

Five Steps to Annuity Sales Success

Why do some financial professionals seem to walk away with a sale at nearly every single appointment, while others struggle to close the sale? While effective marketing gets people in the door, it’s important to follow these five steps for fixed annuity sales success.

Step 1:  Full Disclosure
The first step means providing full disclosure about yourself, while also learning about the customer. A successful financial professional will go through a series of questions to help them gain insight into their client’s life.

Step 2:  Discovery
The next step in the process is to take the client through discovering preferences, needs, goals, and objectives.

Step 3:  Product Explanation
Introduce the fixed annuity concept, providing information about it. Share catches, including the caps and time commitment. Go through the product carefully with the client, making sure they understand everything.

Step 4:  Solution
Find out which specific product may work best for the client. Offer them choices. Pair them together, sharing the positive aspects and commonality of both choices.

Step 5:  Confirm Solution
In the last step, make sure to go over the product carefully with the client. Ask them a series of questions that confirms the suitability of the product for their situation. Go through the paperwork together, confirming their understanding and preparing them for the steps required.

During this whole process, make sure to listen. This is how you discover what motivates your clients to action. The sales process should lead them to feel and verbalize their desire for what is being offered. This is what takes a financial professional to the next level of success.

To read more about annuity sales steps, request the full article here.

For financial professional use only. Not for use with consumers.
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Thursday, December 12, 2013

Four Questions to Ask the Millionaire Next Door to Generate Business Now

There’s a possibility a millionaire may live next door to you. Self-employed people are four times more likely to be millionaires than those who work for others, according to Thomas J. Stanley and William D. Danko who have labeled these individuals “The Millionaire Next Door” in their New York Times best-selling book: The Millionaire Next Door: The Surprising Secrets of America's Wealth (Nov. 2010).*

If this is true, how are you going to help these “millionaires” make the right financial decisions? Start by asking these questions.

·       Would you like an added tax deduction?
Small business owners know the importance of planning their own financial future and discovering ways to save on taxes. If you are a securities licensed professional, you can talk to your clients about a SEP-IRA. It can provide flexibility and it isn’t a long-term funding commitment. Annuity products are often paired with a SEP-IRA.

·        Are you leaving a legacy?
Successful small business owners normally reach a point when they’d like to give back to society. However, they want it done smartly. One suggestion is to purchase a life insurance policy that’s properly structured to benefit a charity.

·       Outdated insurance policies? 
Many individuals make important decisions about their retirement and life insurance plans towards the end of the year. It’s important to go through old annuity and life insurance plans, making sure they’re still optimal. A financial professional can step in and evaluate existing policies.

·       Are you in compliance with new employment and tax laws?
Small business owners often worry whether or not they’re in compliance with new employment and tax laws, especially when they’re always changing. Refer your clients to a tax or legal professional who can assist with these matters.

These questions are best asked this time of the year – so go meet the millionaire next door!


For financial professional use only. Not for use with consumers.

*This link is being provided to you by Partners Advantage. While we believe this information to be correct as of 11/25/13, we do not guarantee the accuracy or completeness of the information included.

Please note that in order to provide advice on a securities product, individuals need to hold the proper securities registration and be affiliated with a Broker/ Dealer or Registered Investment Advisor.

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Thursday, December 5, 2013

What Clients Planning for Retirement Want

Do you have the ability to read minds? As a financial professional, you would probably be happy to have a better way to know your clients needs and wants. Finding out this information, may sometimes lead to some stressful questions, but the fastest route is to place yourself in the shoes of a client attempting to undertake responsible retirement planning. Asking a few key questions can also help put you on the right road to understanding what your clients want as they plan for retirement. 

Questions to ask clients planning for retirement: 
1. Do you want to create a steady, reliable income? 
2. Do you want that income to be guaranteed to continue for the rest of your and your spouse’s lives? 
3. Do you want to have the ability to know, right now, what retirement income you can rely upon, without guesswork? 

Most answers are going to be “Yes!” and it will lead to future communication between the financial professional and a client, and at the same time, the ability to create a retirement income strategy through the use of an annuity that specifically works for the client. Another item to remember while crafting that strategy is clients sometimes want easy access to the remaining funds in case their needs change. They may also want remaining funds to pass quickly to beneficiaries at death. Income riders may be able to assist with these issues. Inform your clients about guaranteed* lifetime income riders available on many fixed indexed annuities. They provide options to serve many of the needs of today's clients preparing for retirement. Income riders are available at an additional cost, and may include surrender charges and withdrawal fees. 

For financial professional use only. Not for use with consumers.
*Guarantees are backed by the financial strength and claims paying ability of the issuing company and may be subject to restrictions, limitations, or early withdrawal fees.
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