Advisor Today - September/October 2015 - (Page 26)

product spotlight LONG-TERM-CARE INSURANCE By Wendy Boglioli How to Boost Your LTCI Production Approach all of your clients, earn their trust, listen carefully and always ask for referrals. F or many advisors, long-termcare insurance (LTCI) is a product that they recognize as vital to helping their clients protect their retirement nest egg. Yet, many advisors have not invested the time or energy to truly understand the product, how to position it for their clients or how to broach the subject with their clients and their loved ones. My challenge to those advisors who have yet to make LTCI a focus of their practice is to set reasonable and attainable goals. Don't stymie yourself by setting unrealistic sales targets. Instead, resolve to take simple steps to build this part of your business. For those seeking direction on where to start, consider the following simple and attainable steps to help build and grow a thriving book of LTCI business. First, and this may sound intuitive, selling LTCI is all about trust. I have had the opportunity to speak with thousands of individuals about LTCI and I am always amazed by the misperceptions about this coverage. From concerns related to cost to those about getting their claims paid to the solvency of the carriers that offer this type of insurance, there are a wide range of trust issues that must be addressed before many will consider LTCI. Clients will respond favorably if they trust their advisor and believe that he or she has invested the time to research the market, identify the most suitable products and develop a tailored solution that meets their needs. So, a simple way to boost your production is to earn the trust of clients by becoming educated and informed about the LTCI marketplace. Second, as long-term care is a very sensitive topic for most people, 26 ADVISOR TODAY | September/October 2015 Resolve to become a better listener and it will help you grow your LTCI business. it is very important to become a good listener. Selling the product often requires an interactive discussion with the client, and more often than not, his or her spouse and other family members. Earning the trust of the client and his loved ones requires you to become an excellent listener. Let the client speak to you and outline his or her concerns. Listen to what they have to say and then provide a customized solution that meets their needs. Resolve to become a better listener, and it will help you grow your LTCI business. Third, if a client says no, don't throw in the towel and walk away. In my experience, often clients say no because they do not believe they will qualify for LTCI. But that does not mean they do not recognize the value of this type of coverage. If you have taken the time to educate your client about LTCI and he or she is not interested, simply ask if they can refer you to their friends and family who may be interested. You may be surprised at how many referrals you will get, assuming you earned their trust and proved yourself to be a good listener. Lastly, take the time to speak with clients of all ages about LTCI. When clients are younger, they are more likely to qualify for coverage. Assuming that only those above a certain age are ripe sales prospects is a recipe for failure. Also, while these younger prospects may not be ready to commit to LTCI, they may be able to make introductions to their parents, other family members and friends. So, don't hesitate to bring up the long-term-care topic with those prospects and clients who are between 35 to 50 years of age. LTCI should be a key component of any retirement plan. Do not wait another year to take these simple steps to help build and grow your LTCI business. Wendy Boglioli is a national spokesperson for Genworth Financial Inc., Richmond, Va. (NYSE:GNW), an Olympic Gold Medalist and a long-term-care advocate.

Table of Contents for the Digital Edition of Advisor Today - September/October 2015

Why You Need a Mentor
The Key Attributes of Top Performers
Success Tips from a Golden Gloves Boxer
How I Use Social Media to Build my Practice
Getting Started on LinkedIn
Discussing Your Client’s LTC Needs in Retirement
How to Boost Your LTCI Production
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Providing a Retirement Safety Net
Ongoing Challenges, New Solutions
Four Under Forty
NAIFA’s 125th Anniversary
Demystifying CPA Alliances
Building Your Natural Audience
Holding Workshops?
Ideas to Help You Sell More
Special-Needs Planning
Planning for Divorced or Widowed Women

Advisor Today - September/October 2015