How To Sell Annuities Unintentionally In A Down Market
I was asked recently how I was selling so many annuities in a down market. Frankly, I am not trying to sell a lot of annuities–or a lot of any other products for that matter–in any market. That does not make sense.
Certainly, one of our goals is to sell as many products as our clients need, or place as many assets under management as possible. However, I feel we do much more than represent a favorite mutual fund or insurance product to our valued clients. We sell serviceand the sales follow.
There is a core set of disciplines that makes a financial practice successful. These disciplines create a formula that results in a lot of products sold and a great many assets placed under management. They are founded on three essential values: service, education and advice.
It also helps to develop a culture in the firm that places all associates and employees on the same page.
There is an old clich?: “Its not what you know but who you know.” I like to take that to another level: “Its not who you know but how you take care of who you knowdo it so well they become an advocate for your business.” Here are some ideas.
Service. If we cannot take care of our clients, they should not do business with us.
In short, be committed to taking care of clients from start to finish on any planning services provided. That means going above and beyond normal responsibilities to make clients feel special.
Whats important to an individual, family or small business owner? Is it to feel that you, their trusted advisor, are a part of their team of decision-makers?
Successful people have a team behind them, helping them make critical decisions or coaching them to make their lives better. Financial advisors are often the first members of their professional team, and we make sure they realize how valued they really are. By actually returning phone calls and bringing clients in for periodic reviews, we cement this relationship.
Education. The financial advisor does not expect clients to know what we know. However, it is essential for us to expect them to understand enough about what we are presenting so they can make good decisions for themselves.
What is the most frustrating aspect of our business? That people do not understand what to ask or what the answer means once it is offered.