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Ask the expert: How to reach more seniors

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The question was: According to a Carlson School of Management study, only 10% of seniors rely on a financial advisor for financial advice. So, how can I as an advisor reach more senior clients and convey the life settlements option available to them?

The answer is: Here are three suggestions:

1) Ask for referrals. One of the best methods for reaching seniors is to tap into their social network via your existing customers. Talk with current clients about life settlements, and in that conversation ask if they’re aware of any friends or relatives who might like a primer on the option.

2) Hold seminars. Reaching into the community by offering free financial education can pay off in a number of ways. You can present yourself as an expert and do so to a new audience.

By teaming with other professionals, such as attorneys or accountants, you can educate your target audience on financial planning, including life settlements, offering them a more comprehensive education presentation. You can also earn the trust of the audience since you’re not selling anything. And that’s key–no one likes to attend what they think is an education session only to be sold to.

Build trust by delivering what you offered. Leave the sales talk for when the audience members contact you.

3) Adopt a marketing strategy. Make life settlements part of the financial advice you provide. Develop fact sheets and an approach that conveys the pros and cons of the market. Build your life settlement business through your advisory practice to younger clients.

You have an untapped market already seeking out your expertise. These are the current buyers of life insurance policies. As you address their financial needs, make sure to communicate with them the ways in which that life insurance policy can later be used. Part of that strategy includes a primer on the life settlement market and the current average returns for policy sellers.

Clark Hogan
Managing Director
La Jolla, Calif.
[email protected]


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