Advisor Today - March/April 2015 - (Page 38)

COvER STORy | Top Tips for Selling Annuities By Jean Feingold Expand your annuity practice by determining your prospect's needs, educating him, overcoming objections, addressing concerns, and helping him choose the annuity that best suits his needs. ANNUITIES CAN BE an important a pension, Social Security, or other part of a retiree's financial portfolio. For sources like investment income? What parts of that income are guaranteed, that reason, they have grown rapidly and what are not?" during the past few years as many Americans plan for or transition into The advisor must align those retirement. Yet, quite a few Americans income figures with the client's who should own annuities don't. So expenses and identify which expenses how can you do a better job of getting are discretionary and which are nonthem to sign on the dotted line? discretionary. The goal is to make sure that the client has sufficient guaranteed Determining the need income to cover his necessary expenses. First, you must sit down and talk "The key to sorting out wants and needs with your prospect and determine if is that the client is going to determine an annuity is a good choice for him. what is essential," Fitzgerald points out. "The advisor needs to find out what "For some people, golf club membership they've done so far, where they are could be essential. Much is dictated by from a planning perspective, what the client's personal views." Expenses their primary objectives are, and what everyone normally must cover include their concerns are in retirement," expenses for housing, food, utilities, explains Saybrus Partners National taxes, transportation and health care. Sales Manager Mark Fitzgerald. "The Some people would consider funding advisor needs to know whether the travel costs or grandchildren's education client is transitioning into retirement, necessary. To know what matters to the is already retired or is planning for 20 client, ask. years in the future. Where is the client The Guardian Life Insurance positioned now financially, and what & Annuity Company, Inc. offers a is he trying to accomplish? What is retirement income gap worksheet to his income to expense ratio? Where is help clients with retirement planning. that income coming from? Is it from By calculating each client's basic 38 ADVISOR TODAY | March/april 2015 expenses and his expected sources of income during retirement and adding two to three percent for inflation, it is possible to determine the baseline retirement income gap for that client, explains Jim Lake, National Sales Manager for Guardian's annuity division. This gives the advisor the necessary information to help him work with the client to set up a retirement action plan to fill that gap. Another advisor, Adam Solano with Lakeside Financial Group, uses the following questions to learn what the prospect understands about retirement income: * Do you know if you will have enough guaranteed "pension like" income during retirement to meet your basic living expenses? * Do you think Social Security will be available for you? * Do you know what happens to your pension and Social Security income when you die? * How much money in taxes did you pay the last few years on your investments? * Do you know how much income you will need to live independently during your retirement years?

Table of Contents for the Digital Edition of Advisor Today - March/April 2015

From The Editor
Viewpoint
New Products
The Power of Going the Extra Mile
The Advisor’s Real Job
How to Improve Your Life Sales
Lifetime Transfer Planning
I Did Not Check the Box!
Big Dreams—Insured
How I Got a Jump Start on My Day
The Next Generation of High-Limit DI Plans
The Gift of a Lifetime
Preparing Your Clients for Retirement
LTCI Trends and Opportunities
LTCI Riders for the Sandwich Generation
Increasing Demand for Special-Needs Advice
Top Tips for Selling Annuities
Entering the 401(k) Market
Reaching Diverse Markets
NAIFA News
NAIFA Government Relations
Sales Ideas for a Profitable Practice
Five Things Your Client Is Thinking . . .
Lighter Side
Advertiser Index
Back Page

Advisor Today - March/April 2015

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