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Affluent seniors likely will have a team of trusted financial advisers. Consequently, agents and brokers should develop a referral network of certified public accountants, estate planning attorneys and financial planners who serve affluent seniors.

Fee-based CPAs and estate planning attorneys are among the best sources for life settlement candidates, as they often work with affluent seniors. These professionals, who may have limited knowledge of the insurance industry, often will refer clients to life settlement brokers.

Avoid A Hard Sell Approach

Marketing to affluent seniors presents a unique challenge, as they likely have heard a myriad of sales approaches. These guidelines should help:

–Members of this group are very careful about those with whom they do business. Compared to other clients, they will want to know more about their agents and brokers as people before doing business with them.

–Hard sells rarely work on affluent seniors, as they’re savvy and have heard it all before. Messages should be personable and straightforward.

–Photos send a message. In your promotional material, use photos of seniors enjoying their wealth.

–Seniors have time to read. Agents and brokers should consider writing articles for local newspapers and publications aimed at seniors. This will help position them as authorities on life settlements and build audience trust. Reprints of these published articles are a smart addition to any direct mail piece.

–Before publishing or distributing advertising or marketing materials, and when designing your Web site, always give careful consideration to legal and regulatory requirements in the states in which your information will be disseminated. Most states have strict laws governing advertising and marketing practices in the insurance industry in general, and many also have additional regulations that specifically govern advertising and marketing practices in connection with life settlements. Some states require that such materials be filed with state regulators prior to first use.

–Licensing requirements should also be carefully considered. In many states, a license is required prior to engaging in any activities that involve solicitation of life settlement clients.

Larry Simon is director, chief executive officer and president of Life Settlement Solutions Inc., San Diego. Simon can be reached at [email protected].

Kicker: Advertising

Do’s And Don’ts

• Do use photos of seniors enjoying their wealth.
• Do include clippings of articles you have written for local publications.
• Don’t ignore state licensing rules.
• Don’t violate state life settlement advertising filing requirements.

Source: Larry Simon of Life Settlement Solutions Inc., San Diego.