20. Advisor luncheon

I host a monthly “advisor luncheon.” Clients are encouraged to bring guests. We provide a wide variety of topics for discussion and bring in special speakers from organizations such as AARP, Social Security and Senior Services, or educational speakers, such as the ‘Geek Squad,’ Master Gardeners, Chefs, etc. It is crucial now more than ever to have constant contact with clients, and this is an easy and inexpensive means to introduce their friends to my practice.

—Virginia Wright

19. Find the underinsured.

I ask my prospect, “How much life insurance do you have?” If he answers $1 million (for example), I then ask, “Why did you buy it?” If he answers “income protection,” I ask, “How did you get to $1 million?” That takes me always to a pitch that he is underinsured. Same goes for estate tax, which will prove that he does not have the adequate amount. Nothing is more powerful then the person’s own action.

—David Simkowitz

18. Partnerships.

Partner with senior living communities to sponsor and support activities and events, and also conduct presentations for community residents and family members on topical financial issues.

—Christopher Bell

17. Centers of influence.

I get referrals from COI’s (Centers of Influence). I try to identify those people in my community that have a lot of influence on my boomer target market. I build a relationship with those people and get them to understand what I do and that I also care about people. I have had great luck with customer service representatives at local banks, as well as getting to know local pharmacists. I enjoy referrals from them and make a point of thanking my COI’s on a regular basis.

Paula Q. Wallace

Sandwich Generation

16. Sandwich generation.

We market to the sandwich generation in an effort to educate them on their options to provide care for aging parents and relatives. I created a 20-minute workshop that helps them answer a checklist of needed information. Once completed, it can truly help both the senior and their child.

Maribeth Hearn

15. Keep it simple and brief.

Clients and prospects are intelligent people, but want to fully understand what they are looking to purchase. Keeping it brief does not mean a quick, simplistic, rush-you-out-the-door overview. I ask for a predetermined commitment on my clients’ part to set a series of three meetings lasting no more than an hour. I know there will always be the quick-close, careless advisors. It bothers me because it hurts our reputation as professionals — but I am the person those advisors ultimately lose their clients to when they feel neglected.  —Jim Asteriou

14. Hold web meetings.

As more and more people become comfortable with Skype and other web conferencing options, make better use of your time by meeting via the web. This also allows prospects to “meet” with you from the comfort of their home or office.

—James Marquet

13. A complete review.

We take people through a process to help them determine the best age to begin taking their Social Security benefits. We need to understand their financial goals, objectives, current employment status, marital status, current and previous health history, family longevity and that of their spouse, if applicable. If all indicators direct that delaying the receipt of social security is to their benefit, we help them build an “income bridge” to allow maximization of their benefits. This entails a complete review and analysis of their current assets. We study unique Social Security claiming strategies that may apply to the case at hand and try to defuse much of the poorly thought-out, one-size-fits-all planning advice they may have received elsewhere. Interestingly, if we only focused on married couples age 50-70 there are no two couples with the exact fact pattern, and this is where creativity becomes so important.

—Richard C. Murphy

Life Preserver

12. The life preserver.

 This helps explain the emotional and financial benefits of LTCI 1. Practice drawing a simple life preserver (or copy a jpg of a line drawing and print one) on a piece of paper. A. Talk about how entering retirement causes most people to fall back on their assets for support, like their cash savings, their home, their pension and their qualified money. Write the word ASSETS on the top part of the page and list out the items mentioned here. B. Write the word CHOICES on the left and ask what this means to the prospect. Prompt them gently about choices such as where they would like to receive care (home or facility), who will provide it (informal, family or professional), and the quality of that care. C. On the right side of the drawing, write the word DIGNITY, and ask them what it means to them to preserve their dignity. To some it means that LTC preserved the legacy they wanted to leave for education of their grandchildren, to others it will be as simple as not having to be bathed or dressed by family members. D. Write LTC in big block letters at the bottom of the drawing, and ask them how LTC would work best in their case to be a life preserver for the assets, choices and dignity. People sell themselves with this concept.

—Robert McClain

11. The connector.

Become a trusted advisor and source for useful information. Become the kind of person who cares more about the well-being of the client than the monetary compensation. My success in the industry was built upon clients knowing that I was there to help. If I could not assist them, then they knew I would put them in contact with someone who could.

—D. Marshall

For more sales & marketing tips, see LifeHealthPro’s 100 Best Sales & Marketing Ideas Ever.