This is Working for Me

cowgoesMoO

Super Genius
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Hello fellow advisors,

I just wanted to offer up an idea for those of you who are looking to try something a little bit new. This Has been working for me quite well and after a couple weeks I'm getting some real results.

step 1: get a list of people in one occupation(e.g. electricians); I use US DATA, I think sales genie does the same thing. normal cost is about 40-50$ for a list of 500-700 names and numbers.

Step 2: find an association affiliated with that occupation; spend 5-10 minutes on their website and figure out what they're all about. What you're looking for is an association name that will be easily Identifiable. (e.g. Florida assoc. of electrical contractors)

Step 3: CALL; Hello Mr. Smith this is Bill W. with "big insurance company" and The Florida Association of electrical contractors how are you?............

Great, the reason for the call is that I wanted to get your take on a program we are currently doing. We set up free retirement plans for contractors statewide. It is simply a conversation about reducing your taxes now and in the future, and showing you some smart places to put your money. So that one day you can ultimately stop working. Would you have any interest in something like that?

Step 4: have answers to objections. I've been getting 2 common objections. 1)not interested right now. 2)I have a retirement plan through my company.

1)"Timing is everything when it comes to these matters. Since you're busy right now do you mind if I touch base with you in a couple months to see if it's a good time to do some planning?"- call back in 1 month

2)"I have a plan through my company too. is it a 401k or an IRA? you should definitely be taking advantage of that plan, however all that money is tax deferred and one day the taxes come due. We like to coach our clients and build a plan that has tax advantages now and later.(incorporating UL)"

2)"how is it performing?" "when was the last time the money manager sat down and did a yearly review with you?" "I do annual reviews with all of my clients to keep them up to speed"

Step 5: Make sure you can deliver, I work in an office with several investment advisors and series 7 producers. If you're on your own and just doing life this might not be the approach for you. But the goal is to help them max fund their Roth, contribute only as much as their company is matching to a 401k plan and set the rest up with a chunky UL if possible.


I call from about 9am to 10-10:30am about 3 days a week, and after 3 weeks Ive have 10 prosepcts who showed interest and I'm tracking. and 5 more prospects who have set appointments and are moving forward with some kind of planning. and we're talking bigger type fish, have families, most own a business.
 
Hello fellow advisors,

I

Step 3: CALL; Hello Mr. Smith this is Bill W. with "big insurance company" and The Florida Association of electrical contractors how are you?............

.

So you begin your relationship with deception? Unless you really are "with The Florida Association of Electrical Contractors"..?:skeptical:
 
I did forget to mention that I work with Mutual of Omaha and we have 1000's of association endorsements across the counrty, especially where I'm at in Florida.

There is no deception, perhaps if you don't have a carrier in your pocket that has any association endorsements (most brokers do and don't realize it)then you could just word it a bit differently. "we set up free retirement plans for members of this association."

On a side note; I have not had one person ask about the association aspect. the fact is I do retirement planning for free any way(even though I could charge panning fees) They are either interested in doing some planning or not. And I have formed some great relationships with business owners through this method.

Let's just say someone says, "are you really with the association? or are you an insurance salesman?"

I would reply: "well sir, I am an insurance advisor with Mutual of Omaha and we have an endorsement with this Assoc. Which means that this Association recognizes the A+ financial rating and stability of MoO, and they chose to partner with us in order to offer insurance products and financial services to their members"
 
True association deals are usually done through ONE broker/advisor with that carrier. To really do this right, you need to show something on your company's letterhead, with the association's logo and what the real discount or offer is... and how the association also benefits.

Unions' Advice Is Failing Teachers - Los Angeles Times

"We set up free retirement plans for members of this association"? Or do you mean that you'll do retirement planning without a consultation fee? Or do you mean that there are no costs to the participant with their investment or insurance choices?

If you're selling 401k plans... then you must not have a clue about what it is you're doing... or ethics & full disclosure don't mean much to you either?

http://www.dol.gov/ebsa/publications/401k_employee.html

I would avoid any and all use of the word "free" in your marketing. Besides, "FREE" is the new 'f-word' in marketing. Yes, it gets attention... and so does the 'f-word'... and neither kind of attention is good.

You are misrepresenting yourself, your association affiliation, and the costs of doing business with you.


Are there legitimate associations that you can reference that could work for you? Sure!
- California Partnership for Long Term Care is an official state program to help insurance agents sell Long Term Care insurance.

Could you reference "NAIFA"? The "IARFC"? Sure. Obviously you're trying to go with an association that the person you're calling will find 'familiar' enough for you to keep talking. Some agents have faked "union memberships" in order to secure someone's attention to keep talking to union members. (Might've been an AIL 'trick' I heard about?)

Calling from "the chamber of commerce" might have a benefit, if you (or your agency) is a member. But keep in mind that so is every other agent/agency in town too.

You can reference an INDUSTRY DIRECTORY that you're calling out of... for example the "Blue Book of Building and Construction" is such a directory that people in your industry should be familiar with. If they're not, you just move forward... but referencing such a directory can show that "you're on the inside". A directory cannot and does not give an endorsement. It's just a directory of various service providers, so you're not exploiting someone else's name while trying to secure an appointment.

Check your local library for other such directories that you can reference - such as manufacturer's directories and others.

You can either do this legitimately, or deceptively.

Right now, you're being deceptive.
 
I did forget to mention that I work with Mutual of Omaha and we have 1000's of association endorsements across the counrty, especially where I'm at in Florida.

There is no deception, perhaps if you don't have a carrier in your pocket that has any association endorsements (most brokers do and don't realize it)then you could just word it a bit differently. "we set up free retirement plans for members of this association."

On a side note; I have not had one person ask about the association aspect. the fact is I do retirement planning for free any way(even though I could charge panning fees) They are either interested in doing some planning or not. And I have formed some great relationships with business owners through this method.

Let's just say someone says, "are you really with the association? or are you an insurance salesman?"

I would reply: "well sir, I am an insurance advisor with Mutual of Omaha and we have an endorsement with this Assoc. Which means that this Association recognizes the A+ financial rating and stability of MoO, and they chose to partner with us in order to offer insurance products and financial services to their members"

OK. That explains it.. AGLA had a deal with the NAFIB where they were the "exclusive" providers of certain products to the members.

Of course if you don't have a tie in, you can simply say I am with "Big Insurance Company and I am contacting people the are familiar with the Florida Association of Electrical Contractors to speak with them about .....
 
Step 2: find an association affiliated with that occupation; spend 5-10 minutes on their website and figure out what they're all about. What you're looking for is an association name that will be easily Identifiable. (e.g. Florida assoc. of electrical contractors).

And you don't find that the least bit deceptive?

Please, for the good of the insurance industry, go sell used cars.

Rick
 
This post was not meant to start an argument and I hope it doesn't discourage anyone. If you aren't comfortable mentioning an association endorsement.....then don't. I don't feel deceptive and my clients don't feel deceived. This was meant to help the agent who has been calling business owners with no success.

I'm sure that most of you have had the experience of having someone truly thank you and recognizing that you helped them get to where they want to go in life. And when they give you referrals because they want their friends meeting with you, you know you're doing something right.

"free" retirement planning-its self explanatory. I know CFP's who charge $1000 per plan. That is ridiculous and I don't get it(well i get it, but i think its gouging unless you only do fee based planning). obviously the money managers are going to be paid and there are investment platform costs, all retirement accounts have this and you can't get away from it.

I'm not scamming anyone, I don't make false promises to get appointments. I only offer A rated carriers, and provide conservative investment products. If someone wants to go aggressive I bring in a series 7 advisor to select growth oriented funds.

-on a side note, about a week ago I spoke with a 61 year old guy who was very interested and opened up to me over the phone, stating that he has been contributing to a 401k plan over the years, and that's all he had. he knows he's been foolish with his money and hasn't been saving properly and he thinks its "too late" to do any planning. The sad fact is he would be in a much better spot if he met with an advisor 15 years ago and he knows this. I'm meeting with him next month.

the point is these guys need to meet with us. They will be better off for it.
 
This post was not meant to start an argument and I hope it doesn't discourage anyone. If you aren't comfortable mentioning an association endorsement.....then don't. I don't feel deceptive and my clients don't feel deceived. This was meant to help the agent who has been calling business owners with no success.

I'm sure that most of you have had the experience of having someone truly thank you and recognizing that you helped them get to where they want to go in life. And when they give you referrals because they want their friends meeting with you, you know you're doing something right.

"free" retirement planning-its self explanatory. I know CFP's who charge $1000 per plan. That is ridiculous and I don't get it(well i get it, but i think its gouging unless you only do fee based planning). obviously the money managers are going to be paid and there are investment platform costs, all retirement accounts have this and you can't get away from it.

I'm not scamming anyone, I don't make false promises to get appointments. I only offer A rated carriers, and provide conservative investment products. If someone wants to go aggressive I bring in a series 7 advisor to select growth oriented funds.

-on a side note, about a week ago I spoke with a 61 year old guy who was very interested and opened up to me over the phone, stating that he has been contributing to a 401k plan over the years, and that's all he had. he knows he's been foolish with his money and hasn't been saving properly and he thinks its "too late" to do any planning. The sad fact is he would be in a much better spot if he met with an advisor 15 years ago and he knows this. I'm meeting with him next month.

the point is these guys need to meet with us. They will be better off for it.

There is nothing wrong with mentioning the association endorsement as long as you truly HAVE an association endorsement in place. Your fitst post made it appear you were claiming an endorsement you did not have. Also, I would have a problem with saying that I am "with XYZ" unless I was employed by them in some manner. The statement would be better stated, " I am with ABC insurance and we have been endorsed by XYZ association to offer XXX benefits to their members and associates"
 
There is nothing wrong with mentioning the association endorsement as long as you truly HAVE an association endorsement in place. Your fitst post made it appear you were claiming an endorsement you did not have. Also, I would have a problem with saying that I am "with XYZ" unless I was employed by them in some manner. The statement would be better stated, " I am with ABC insurance and we have been endorsed by XYZ association to offer XXX benefits to their members and associates"


true, the fact is almost every association has insurance company endorsements, and if you're a broker and offer lots of companies, just do a bit of research and you'll find something to work with. word it however you feel comfortable. how about "and we are partnered with....assoc."

99 times out of 100, the individual on the other end isn't even a member of any association. When you find the one....great. you get 5% off life and an extra no cost rider, 15% off disability or LTC.

I feel that DHK had some great input in the 2nd half the post. chambers, directories, whatever keeps them on the phone to hear the message. we don't want to be dismissed, we need to engage these guys.
 
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