More and more advisors I speak with are either making sure life settlements are a part of their practice or are wondering if they should. As they begin to incorporate the product into their overall plan, they’re finding out they need a marketing strategy that works.
Garry Madaline, founder and president of United Retirement Advisors Group, located in the Philadelphia area, says clients and prospects need to see “credibility in life settlements and understand their value, or they won’t know that they want them.”
Madaline asks: “How do you get around this (obstacle) and make people see and believe in the value of life settlements?”
He suggests the following marketing strategies for LS to make that part of your practice take flight:
- Talking to a client’s accountant or lawyer and explaining to them the value of this asset class. Getting third-party support for a new asset class can help expedite acceptance from the shared clientele.
- Use third-party supporting materials from credible, well-known publications and professionals who have talked positively about the asset class. Reinforcing its viability in your mail pieces and workshops helps with creating a “willingness” to learn more.
- Educate yourself. Always be ready to answer both verbally and visually all of a prospect’s questions. Use examples of applications, such as how life settlements have been a tool to hedge against risky investments, most notably, with Warren Buffet and his investment strategy.
- Explain the asset class in a problem-solution format. Again, third-party endorsements, print articles and positioning life settlements as a solution to a problem can mean huge sales increases for you and value to your client.