Advisor Today - November/December 2016 - 48

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By Marvin Feldman, CLU, ChFC, RFC

Relevance
Your help as you guide your clients through the decision-making progress will ensure your relevance,
even as robo-advisors and online sales proliferate.

A

re you relevant? Are you needed
by clients and prospects to
achieve their financial goals?
Not if you listen to the White House
and the Department of Labor. They
think today's consumers would be
better off without us and by using
robo-advisors and online resources.
But here is the reality of what
consumers think. According to the
2016 Life Happens/LIMRA Barometer
Study, the majority of people prefer
to purchase life insurance in person,
typically so that they can ask questions
and get immediate answers. About one
in five prefer to apply online, mostly
because this approach gives them the
ability to research and comparison shop
in their own time and at their own pace,
without facing any pressure to buy.
What the online buyers don't get are
the years of experience agents have in
answering their questions that will help
guide their decision-making process to
the most appropriate decision.
A case in point
Let me give you an example. The
prospect visits a doctor, and the doctor
says to him, "All things considered,
you are in pretty good shape for your
age." What the prospect hears is
that he is in pretty good shape. He
then goes online and gets a quote for
preferred plus life insurance. But after
he applies for the policy, completes
all the paperwork and submits the
medical information, he is issued a
policy that is not at preferred plus, but
at standard nonsmoker.
Now he is upset that the issued
policy does not match his original
quote. Ever been in this situation
with a client? He doesn't accept
the policy because no one told him
what the doctor really meant. The
prospect is not preferred or preferred
plus, but compared to other people
similar to him, he is OK. Of course,
48 ADVISOR TODAY | November/December 2016

The method of reaching, educating and motivating clients
may be different in the future, but the human element will
still be needed.
the other people similar to him are
a little under tall for their weight,
have elevated blood pressure and
cholesterol levels and might even
be pre-diabetic. He is lucky to get
standard nonsmoker rates. If he were
using an agent, the agent could have
walked him through the process of
applying for the policy and made him
aware that he might not qualify for
the best ultimate rate.
In which scenario is this person
more likely to understand what he is
buying, how it fits his situation, how
it solves his insurance problem and
how it is offering him a reasonably
priced solution? Instead of being
mad, he will understand the situation
and will be satisfied with the advice
and policy he received.
Will you be relevant?
This is what you do for your clients.
Robo-advisors do not allow for the
nuances of a doctor's statement. You
do. Will robo-advisors and online
sales work? Of course they will. But
they lack the human touch and the

understanding that is needed to guide
prospects through the decision-making
process. Are you relevant? Yes. Do the
regulators and legislators understand
this? I'm not sure they do. The new
DOL regulation may adversely affect
the number of agents and advisors in
the business and make it more difficult
for you to service your clients and
prospects.
Will you survive and adapt to the
new environment? Yes, you will, and
the opportunities to work with the
consumers will continue to be there.
The population will continue to grow,
and the needs of the consumer will
be there. The method of reaching,
educating and motivating them may
be different in the future, but the
human element will still be needed.
Yes, you will be relevant.
Marvin H. Feldman, CLU, ChFC, RFC, is
principal of the Feldman Financial Group
in Clearwater, Florida. He is president and
CEO of Life Happens and a member of
NAIFA-Pinellas. You may contact him at
727-723-9020.



Advisor Today - November/December 2016

Table of Contents for the Digital Edition of Advisor Today - November/December 2016

FROM THE EDITOR
VIEWPOINT
NEW PRODUCTS
I Love My Job, But I Don’t Want to Do it Forever!
Building a Practice You Love
The New American Dream
A New View of Retirement
College Education Funding: Helping Clients Evaluate What’s Best
Portfolio Allocations for New Market Conditions
Leveraging the Power of Study Groups
An Interview with MassMutual’s James Ocampo on Critical Illness Insurance
Start with “Why”
Best Practices for Selling Group LTCI
From Yes to Success
Meet NAIFA’s New President
NAIFA’s 2016 Performance + Purpose Conference
NAIFA GOVERNMENT RELATIONS
4 Ways to Build an Effective Email Marketing System
ADVERTISER INDEX
BACK PAGE
Advisor Today - November/December 2016 - cover1
Advisor Today - November/December 2016 - cover2
Advisor Today - November/December 2016 - 1
Advisor Today - November/December 2016 - 2
Advisor Today - November/December 2016 - 3
Advisor Today - November/December 2016 - 4
Advisor Today - November/December 2016 - 5
Advisor Today - November/December 2016 - 6
Advisor Today - November/December 2016 - 7
Advisor Today - November/December 2016 - FROM THE EDITOR
Advisor Today - November/December 2016 - 9
Advisor Today - November/December 2016 - VIEWPOINT
Advisor Today - November/December 2016 - NEW PRODUCTS
Advisor Today - November/December 2016 - 12
Advisor Today - November/December 2016 - I Love My Job, But I Don’t Want to Do it Forever!
Advisor Today - November/December 2016 - Building a Practice You Love
Advisor Today - November/December 2016 - The New American Dream
Advisor Today - November/December 2016 - A New View of Retirement
Advisor Today - November/December 2016 - College Education Funding: Helping Clients Evaluate What’s Best
Advisor Today - November/December 2016 - 18
Advisor Today - November/December 2016 - Portfolio Allocations for New Market Conditions
Advisor Today - November/December 2016 - 20
Advisor Today - November/December 2016 - Leveraging the Power of Study Groups
Advisor Today - November/December 2016 - 22
Advisor Today - November/December 2016 - 23
Advisor Today - November/December 2016 - An Interview with MassMutual’s James Ocampo on Critical Illness Insurance
Advisor Today - November/December 2016 - 25
Advisor Today - November/December 2016 - Start with “Why”
Advisor Today - November/December 2016 - 27
Advisor Today - November/December 2016 - Best Practices for Selling Group LTCI
Advisor Today - November/December 2016 - 29
Advisor Today - November/December 2016 - From Yes to Success
Advisor Today - November/December 2016 - 31
Advisor Today - November/December 2016 - Meet NAIFA’s New President
Advisor Today - November/December 2016 - 33
Advisor Today - November/December 2016 - 34
Advisor Today - November/December 2016 - 35
Advisor Today - November/December 2016 - 36
Advisor Today - November/December 2016 - 37
Advisor Today - November/December 2016 - NAIFA’s 2016 Performance + Purpose Conference
Advisor Today - November/December 2016 - 39
Advisor Today - November/December 2016 - 40
Advisor Today - November/December 2016 - 41
Advisor Today - November/December 2016 - 42
Advisor Today - November/December 2016 - 43
Advisor Today - November/December 2016 - 44
Advisor Today - November/December 2016 - NAIFA GOVERNMENT RELATIONS
Advisor Today - November/December 2016 - 4 Ways to Build an Effective Email Marketing System
Advisor Today - November/December 2016 - ADVERTISER INDEX
Advisor Today - November/December 2016 - BACK PAGE
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