Advisor Today - September/October 2012 - (Page 8)

»from the editor Ayo Mseka, Editor-In-Chief The American Dream Revisited hree years ago, I shared with you the results of a MetLife study that highlighted some of the changes many Americans had been forced to make because of the severe economic downturn. Their achievement of the American Dream was delayed, and their actions were buoyed by pragmatism rather than by consumerism. The silver lining in that dark cloud, the study noted, was that many had moved from intent to action in terms of securing their financial future. The economy has still not fully recovered since that study was released. Americans are still facing high unemployment and struggling with lackluster market performance. But despite the sluggish economy, many Americans are taking slow but steady steps in saving for their children’s education, saving for their retirement, and what should be good news to you, buying financial-protection products for themselves and their families. For example, according to LIMRA, in 2011, annuity sales increased after two consecutive years of decline, individual disability income insurance sales were quite solid, and premium for individual life insurance sales was up for each quarter. In fact, 14 million U.S. households bought life insurance within the past two years. This uptick in sales notwithstanding, LIMRA estimates that six million potential buyers did not buy life insurance. “They got away,” notes the organization’s Cheryl Retzloff, LLIF, ACS. “These are the nonbuyers who had issues or concerns, which, if addressed, could have turned them into buyers.” Going after the non-buyers So what does it take to turn prospects into purchasers? According to the LIMRA study, recent life insurance shoppers ADVISOR TODAY Editor-In-Chief Ayo Mseka; 703-770-8204 Publication and Circulation Coordinator Tara Heuser; 703-770-8207 NAIFA Dr. Susan B. Waters, CAE, CEO; 703-770-8102 William Anderson, Sr. VP, State Government Relations; 703-770-8193 Diane Boyle, VP, Federal Government Relations; 703-770-8252 John Boyle, AVP, Professional Development & Education; 703-770-8267 Seth Ewing AVP, Membership; 703-770-8217 Jill Hoffman, AVP, Federal Government Relations; 703-770-8158 Michael Gerber, General Counsel & VP, Human Resources; 703-770-8190 Magenta Ishak, AVP, Political Affairs; 703-770-8152 Anne Mandeville AVP, Corporate Partnerships; 703-770-8218 Sheila Owens, VP, Communications and Marketing; 703-770-8112 Diane Powers, VP, Professional Development and Education; 703-770-8226 Mark Rogers, VP, Information Services; 703-770-8130 Gary Sanders, VP, Securities and State Government Relations; 703-770-8192 Yasemin Washington Brown, VP, Membership Marketing and Association Services 703-770-8219 Paul C. Wessel, VP, Finance and Facilities; 703-770-8119 PUBLISHED BY: NAYLOR, LLC 5950 Northwest First Place, Gainesville, FL 32607; Phone: 800-369-6220; Fax: 352-331-3525; Web: Publisher: Tracy Tompkins Editor: Christine Cusatis Publication Director: Drew Jasinski Marketing: Amanda Niklaus Advertising Sales: Lou Brandow, Keisha Brownlow, Janet Frank, Jessica Semonin Layout and Design: Deb Churchill Basso Published September 2012/ NAI-S0512/6743 © 2012 Naylor, LLC. All rights reserved. T suggested several steps you can take to turn things around: 1. Reach out to your clients when life happens. 2. Build client relationships. 3. Help prospects understand what products to buy. 4. Follow up with prospects. 5. Focus on your current clients. 6. Use a variety of methods to contact your clients and prospects. These tactics for selling are similar to those you will find in this issue of Advisor Today. Our cover story on Page 32, for example, reveals the secrets of four young advisors who know what it takes to build a thriving practice, while on Page 44, several industry experts and top-performing producers share some time-tested techniques for maximizing your sales efforts. September also offers additional opportunities for you to boost your sales production. The NAIFA Career Conference and Annual Meeting in Las Vegas is an excellent opportunity for you to network with industry giants and find out what works and what does not in the fine art of selling financial services. And you can take advantage of the benefits of Life Insurance Awareness Month, the public-education effort spearheaded by the LIFE Foundation to persuade millions of Americans to buy as much financial protection as they can afford. As the economy continues to inch its way toward recovery, more and more Americans will join those already reaching for the American Dream. No matter what version of the dream they ultimately embrace, they need your expertise and advice to help them get to it a bit more quickly, and hold on to it a bit more securely. The assistance you give them in achieving their dreams will help move you closer to the practice of your dreams. ■ NAIFA’s Advisor Today (ISSN 1529-823X) is published bi-monthly by the National Association of Insurance and Financial Advisors Service Corporation, 2901 Telestar Court, Falls Church, VA 22042-1205. Telephone:703-770-8100. Periodicals postage paid at Falls Church, VA, and at additional mailing offices. POSTMASTER: Please send all change-of-address forms to: Advisor Today Data Processing Department, Membership Administration, 2901 Telestar Court, Falls Church, VA 22042-1205. © 2012 National Association of Insurance and Financial Advisors Service Corporation. All rights reserved. Subscriptions: The annual subscription rate for individual non-NAIFA members is $50; institutions, $60. The international subscription rate for non-NAIFA members is $100 per year. Single copies and back issues: Single copies and back issues are $8. Both can be ordered by calling 703-770-8207. Reprints: Reprints of articles are available through Naylor, LLC. Please visit and click on “ARTICLE REPRINT.” NAIFA’s Advisor Today articles do not constitute insurance, financial, investment, tax, legal, accounting or other professional services by the publisher, NAIFA, or the articles’ authors. The facts and opinions in NAIFA’s Advisor Today articles represent their authors’ views and are not necessarily endorsed by the publisher or NAIFA, unless indicated. While NAIFA’s Advisor Today tries to provide accurate reporting, the accuracy of the information in NAIFA’s Advisor Today is not guaranteed. NAIFA’s Advisor Today reminds readers to ensure that the manner in which they sell insurance and other financial products, and the advertising and sales materials they use, comply with state, federal, and FINRA/SEC requirements, and the compliance rules of the insurance and other financial services companies they represent. If in doubt about compliance issues, check with your company. The publisher and NAIFA disclaim all liability for claims or damages that may result from errors in the magazine. NAIFA’s Advisor Today will attempt to correct material errors brought to its attention through appropriate errata. The publisher and NAIFA do not endorse the advertisers in NAIFA’s Advisor Today, or the advertised products and services, unless indicated. The publisher and NAIFA have not assessed the accuracy of any advertisement or the quality of any advertised product or service. The publisher and NAIFA disclaim all liability for claims or damages that may result from transactions with NAIFA’s Advisor Today’s advertisers or from the purchase or use of advertised products or services. 8 ADVISOR TODAY | September/October 2012

Table of Contents for the Digital Edition of Advisor Today - September/October 2012

From The Editor
Making the Transition
Will We Avoid the Fiscal Cliff at the End of 2012?
Boosting Retirement Plan Participation
Protecting Younger Workers’ Greatest Asset
From Term to Perm
Demystifying Life Insurance
Four Under Forty
My Best Sales Ideas
NAIFA Government Relations
Insuring People in the World of Sports
Advertiser Index
Back Page

Advisor Today - September/October 2012