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oicu812nbama
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How do you guys get past that one. I have made 20 attempts and got the same objection.
"I'm Going to Do an Annuity with My Bank"
- Thread starter oicu812nbama
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They seem to like and trust their bank more then you. It would seem that theirs a flaw in your presentation, maybe your not building enough rapport with them.
This really isnt a common objection I run across or here others either.
This really isnt a common objection I run across or here others either.
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It's a common objection.
I win them over by bringing them into my office. Then you teach them that banks don't sell annuities...insurance agents do. The bank will have a sign that they are leaving the bank and entering a financial office or an insurance office when they go to buy the annuity.
You also teach them that no annuities have FDIC insurance which MANY people think all products sold at the bank do.
Once you teach them that they are buying their annuity from an insurance company no matter what building they buy it in you ask questions like...
Even though I do maintain a nice office, who do you think has more overhead...me or the bank? Who do you think pays for that?
If you are buying a small annuity ($50,000 to $100,000) do you think the bank will even remember your name? You will be dealing with the president of my company...me. At the bank you will be dealing with an employee that may not even work there when your annuity matures.
Is there any advantage to buying your insurance products through a bank rather than an insurance agency?
You won't win them all. Some people are going to think of the bank as where they will always place their money. Just like many people think of their stock broker as their financial advisor. It's just human nature.
You have to be realistic with yourself also. Would you write a check for $100,000 to you? Do you have your own financial life together? Do you have a convenient and presentable office? I know agents get bby selling annuities at kitchen tables, libraries, and Burger Kings but I wouldn't want to do business like that.
I win them over by bringing them into my office. Then you teach them that banks don't sell annuities...insurance agents do. The bank will have a sign that they are leaving the bank and entering a financial office or an insurance office when they go to buy the annuity.
You also teach them that no annuities have FDIC insurance which MANY people think all products sold at the bank do.
Once you teach them that they are buying their annuity from an insurance company no matter what building they buy it in you ask questions like...
Even though I do maintain a nice office, who do you think has more overhead...me or the bank? Who do you think pays for that?
If you are buying a small annuity ($50,000 to $100,000) do you think the bank will even remember your name? You will be dealing with the president of my company...me. At the bank you will be dealing with an employee that may not even work there when your annuity matures.
Is there any advantage to buying your insurance products through a bank rather than an insurance agency?
You won't win them all. Some people are going to think of the bank as where they will always place their money. Just like many people think of their stock broker as their financial advisor. It's just human nature.
You have to be realistic with yourself also. Would you write a check for $100,000 to you? Do you have your own financial life together? Do you have a convenient and presentable office? I know agents get bby selling annuities at kitchen tables, libraries, and Burger Kings but I wouldn't want to do business like that.
- 924
I use a client who is extremely unhappy with the annuity her bank stuck her with and is happy to tell anybody about it.
You can also go down this road. Ask the questions and see what the response is. Then provide the correct response.
Q "What are in banks in business for?"
A "To take your money and to give you the absolute lowest they can in return."
Q "Where does the bank get its annuity?"
A "From an insurance company. Insurance companies are the ONLY places that have annuities."
Q "How many different insurance companies do you suppose the bank deals with when a customer says they want an annuity."
A "Probably two. Maybe three."
Q "That being the case, why would you want to go THROUGH a bank to deal with an insurance company that the bank uses when I can offer you the best deal after looking at hundreds of companies -and you would be dealing directly with the insurance company?"
A "Ummm....."
You can also go down this road. Ask the questions and see what the response is. Then provide the correct response.
Q "What are in banks in business for?"
A "To take your money and to give you the absolute lowest they can in return."
Q "Where does the bank get its annuity?"
A "From an insurance company. Insurance companies are the ONLY places that have annuities."
Q "How many different insurance companies do you suppose the bank deals with when a customer says they want an annuity."
A "Probably two. Maybe three."
Q "That being the case, why would you want to go THROUGH a bank to deal with an insurance company that the bank uses when I can offer you the best deal after looking at hundreds of companies -and you would be dealing directly with the insurance company?"
A "Ummm....."
Holy crap Harry. I'm not trying to pick on you, but you might want to work on your grammar if you are sending letters to clients.
Whatever. I hope I spelled that right. Its one thing if you have something to add, but to only post to correct spelling, come on.
I sell insurance never claimed to be an english teacher. And unlike most on here I actually do, instead of posting on a forum all day about it.
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It's called constructive criticism Harry. If that got your panties in a wad, oh well.
Do you send out thank you letters? Or any other correspondence to clients and prospects? Personally, if I got something in the mail from a "professional" and it had the errors you had in those few sentences, file 13 for sure.
Glad to hear (or is that here) you sell insurance all day. I do pretty decent myself.
Do you send out thank you letters? Or any other correspondence to clients and prospects? Personally, if I got something in the mail from a "professional" and it had the errors you had in those few sentences, file 13 for sure.
Glad to hear (or is that here) you sell insurance all day. I do pretty decent myself.
Sorry I had a 3yr old in my lap and i was typing fast and didn't proofread.
I don't take her to work so no it's not a problem. I wasn't saying that you don't write business, it was more directed to the guys that troll the forum(s) ALL day for spelling errors.
That's it NO harm NO foul.
I don't take her to work so no it's not a problem. I wasn't saying that you don't write business, it was more directed to the guys that troll the forum(s) ALL day for spelling errors.
That's it NO harm NO foul.
- Staff
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I like the old "when you have a headache, do you go to the butt doctor?"
This is why the trainers talk a lot about relationships. We know that mostly all of the good products out there can be sold by just about everyone, so it's important to focus on who you are as an advisor, why should they buy from you and not the bank.
The bank guys have little accountability and a pretty bad understanding of these products. They usually have little understanding of the market entirely, but often pick most of the winners so don't make this a product fight. The banks are usually hooked on gimmicky tricks for flash and attractiveness, they are pretty bad at handing out overall financial advice.
On the same token, people who trust the bank that much are usually people who are slaves to the bank, and you'll need to ask yourself seriously if you want to deal with those people.
The bank guys have little accountability and a pretty bad understanding of these products. They usually have little understanding of the market entirely, but often pick most of the winners so don't make this a product fight. The banks are usually hooked on gimmicky tricks for flash and attractiveness, they are pretty bad at handing out overall financial advice.
On the same token, people who trust the bank that much are usually people who are slaves to the bank, and you'll need to ask yourself seriously if you want to deal with those people.
