Advisor Today - March/April 2016 - (Page 39)
SALES & MARKETING
By Daniel O'Connell and Peter Hill
Ideas for a Profitable Practice
These ideas might be just what you need to jumpstart your business.
or most agents and advisors,
their biggest challenges are
finding prospects and persuading
them to buy the financial protection
they need. In this article, two
successful producers share some tips
you can use to address these
(Daniel O' Connell, MBA, is a 7-year
MDRT member, with six Court of
the Table and five Top of the Table
* Don't overlook mid-level executives.
When I hear about sales tips from
fellow advisors, I consider two
things: Is this something I can easily
implement in my own practice,
and is this something that will add
value to what I do and to my bottom
line? Here is one tip that helped me
enter the business market, as well as
achieve and maintain MDRT status.
When I entered the financial
industry, it was tough to get into the
business owner market. Many people
were calling on business owners, and
they already had friends, referrals
and connections who were trying to
earn their business.
But I quickly noticed no one was
calling on the mid-level managers
and executives. These key people who
earn good salaries were also tired of
answering the phone to have people
like me on the other end trying to get
"in" with the owner.
So I decided to start marketing
and working with mid-level managers
and executives for several reasons.
First, no one was calling on them
and they were flattered that someone
finally recognized their value and
they were ready to do business.
Additionally, this level of employee
was the next in line for leadership
of the company and they would
need new key person, life, disability
income insurance policies, etc.
Finally, what I did not expect but
what has been the most profitable
lead to the right
was the business owner would come
to them when their own policies
were about to expire and ask them to
"figure it out."
These owners had bought policies
20-30 years ago and found themselves
now with changes in their health
status. While the business owner
might not convert the entire policy, he
would still have a need for insurance
and convert a portion. This has been
a huge boost to my business, even
though I never directly marketed to
the business owner himself.
(Peter Hill is a 19-year MDRT
member, with 14 Court of the Table
qualifications. Securities and
investment advisory services offered
through Voya Financial Advisors,
Inc. (Member SIPC))
* Show clients several ways to pay for
long-term care. How will your clients
pay for the possibility that they may
need long-term care (LTC)? While
there are many options to help pay
for LTC costs, the following are four
options that are commonly used:
1) Do nothing and self-insure
with existing assets and income
2) P urchase an LTCI policy that can
help pay for home-health care,
assisted living and nursing-home
3) P urchase a linked-benefits policy
or a hybrid LTC/life policy:
a. Buying a linked benefit can be
used for LTC or life insurance,
or the single premium used
to fund this policy could be
refunded, with no contingent
deferred sales charges.
b. Buying a hybrid policy with
a death benefit and/or an
LTC benefit is funded with a
monthly, annual or lump-sum
4) P urchase a life insurance policy.
For a couple, one of the greatest
risks they face is if the first spouse
has an extended-care need, there
are no insurance dollars to use,
and assets are liquidated. After this
spouse passes away, what is the life
expectancy now of the surviving
spouse, and what are his or her
Or if the couple has sufficient
financial resources, maybe a secondto-die policy is used to replenish
assets at the second death, should
one or both of them need care.
Use proactive approaches to
raise awareness and educate your
clients about the possibility that they
might need LTC, and show them the
options that are available to them.
The right conversation can lead to
the right financial plan. If the client
chooses options two, three or four,
you have an opportunity to help them
move toward a secure tomorrow. If
he chooses option one, at least you've
had the conversation.
March/April 2016 | ADVISOR TODAY 39
Table of Contents for the Digital Edition of Advisor Today - March/April 2016
From the Editor
A Question of Ethics The Details Often Make the Difference
What's Ahead for Financial Advising?
Whos's Saving the Most and Why?
Making the Case for Critical Illness Insurance
Are You a Retirement Expert?
Selling the "Best Plan"
Taking Incremental Steps Toward Success
Investment Strategies for Today’s Consumers
How Tax Efficient is Your Investment and Retirement Portfolio?
Ideas for a Profitable Practice
Crossing the Two Client Relationship Bridges
Working with Muslim-American Clients
Attracting and Serving Today's High-Net-Worth Clients
Becoming a Networking Success
Advisor Today - March/April 2016