30. The entire family.
While getting to know my senior clients I always get the names and numbers of their grown children and, with my client’s permission, I always invite their children to the closing and all of the subsequent annual reviews. Most children want to be involved with their parents’ finances to help protect them. So most of them will readily come to our appointments. Some advisors would prefer to work with just their senior clients, but I enjoy including the entire family, for all of the obvious reasons.
29. Couple care.
When one half of a couple is likely to be declined for LTCI, I address the unhealthy one first. I explain how a medically underwritten immediate annuity can provide a life income much less expensively when life expectancy is less than “average.” The healthy one then easily agrees to buy LTCI leaving the nest egg for the unhealthy one to use. This results in future sales, as well as the medically underwritten annuity when the unhealthy one does need care.
What Your Peers Are Reading
28. Selling LTCI to affluent clients.
It’s not about money with these clients; it’s about health care planning. Managing a care event takes more than money. Who is going to manage, monitor and adjust your loved one’s plan of care? Affluent clients connect to the idea of concierge health care. That’s what the personal care advocate in these policies do — he or she can assist in finding the right care, negotiating discounts on the client’s behalf and periodically ensuring the plan of care is being met.
27. Calling all lawyers.
I ask lawyers during the holiday season who they buy Christmas gifts for, and later ask for an introduction to those people. It is one of the best ways to get referrals from lawyers who are usually very reluctant to do introductions.
26. Walking and talking.
The old style of prospecting — that is walking and talking, handing out business cards, asking for referrals. It is an excellent social method with great results!
—John T. Corbin