Trae Wieniewitz on success in the senior market

I think a few years ago when my two parents retired as schoolteachers, I realized there was a HUGE disconnect between our industry and the average person. They are just trying to get their kids educated, get them through school and out of the house, then to retire securely and stay retired. Our industry has a tendency to over complicate things where the client can’t understand what’s going on. I have learned there’s a big opportunity or market for safer, simpler solutions for clients. Also very important is that they want to be a part of coming up with the solution not being sold a product. So, education is vital for this market.

4) Have you changed the way you do business or do you have plans to make changes in light of regulatory changes?

I have a very compliant sales process that’s been reviewed by a third-party compliance group. Also, my broker-dealer reviews my seminar, TV show, and other advertising. I don’t have any plans to change how I’m doing things. I don’t feel like I would need to change my practice based on things as they are today. One thing is for sure though, our business changes all the time. I am sure I will have to make some adjustments when the industry changes in the coming years.

5) In what key way (or ways) do you incorporate suitability into your selling approach?

I try to utilize all of the questions that could possibly come up on an annuity suitability form during the discovery process of a sales meeting. Put another way, whether the client is buying an insurance or annuity product, I have enough information to give them the best choices in their particular situation no matter what the product. 

6) How have you customized or changed your business to address the needs of the new baby boomer generation of clients?

I haven’t changed my sales process one bit. The fact is boomers will always want some part of their money in a safer place. There are certain products that are good for that no matter what age. In addition, they are helping me position how much money goes into a given strategy. If you ask enough questions…the client will tell you what they want. Then when you show them choices that meet that need they can be a part of making the plan. This way you don’t have to “sell.” Instead, your clients buy. A secure foundation will be a part of any financial plan no matter what age the client is.

7) What advice or help are you able to provide to clients to help them make sense of and plan for the health care legislation?

I have a packet of basic information about the new legislation I can give them and that I go over in some seminars. But for anything specific, I refer them to a local health insurance agent that does that everyday. That way they can get the right answer from someone in that field everyday. 

8) How would you define your approach to being an advisor and developing an overall financial plan for your clients versus being a salesman and pushing products to them?

I have an approach and process that I follow that let’s the client lead the meeting in the direction of the things that they define most important to them. This can’t happen if you sell. This only happens if you ask many, many pertinent questions. If you talk someone into something, someone else can always talk him or her out of it. If you take them through a process and they buy something, and know why they bought it, they will be happy and not get buyer’s remorse.