You’ve probably heard that the best marketing strategy involves entering into the conversation that your prospect is already having in their head. Just imagine! If you knew the prospect well enough to anticipate their concerns before they even raised them, you’d be unstoppable! What you may not realize is that this is a superpower that you already possess, and can harness, if you’ll simply take the time to think through your planning process.
We’ve all heard (and used) many messages that imply that we don’t trust the message being communicated to us. Do these sound familiar? “It sounds too good to be true.” “Read the fine print.” “What are the strings attached?”
As professionals who aspire to truly help our clients meet their deepest needs and achieve their biggest goals, hearing these concerns can be frustrating, to say the least.
What if we were proactive in discussing the strings attached to the products and services we offer? What if we knew what objections were brewing in the minds of our clients and addressed them head on and with integrity? Do you think that would lead to a higher trust relationship?
Yes. I can say from experience that it does. I am going to share with you a few examples that I use with clients to not only build trust with them, but to highlight that we’re not in the too-good-to-be-true business. In fact, everything we offer has trade-offs and those are the very attributes that we manage when building successful retirement plans.
1. Stocks: long-term growth
Over long periods of time, stocks tend to outperform most other investments, allowing wealth creation to occur. Additionally, owning stocks allows immediate liquidity. That means you can get access to your money when you want it, without contractual penalty.
…with strings attached
A bearish stock market can easily wipe away many of the gains you’ve experienced. The stock market decline of 1966 took 16 years before the market returned to the level where it left off. In contrast, the 2008 crash took just 5 years to recover. By the way, the 1929 crash required 25 years to return to its pre-crash level! If you needed money during those periods of time, you had access but you paid stiff costs to “sell low.” This is especially painful for retirees who may need income to pay for necessities.
2. Bonds: consistent income
Loaning money to companies and municipalities in the form of bonds allows investors to receive interest income and also receive their initial investment back when the bond matures. Bonds also receive preference over stocks when companies fail and go out of business.
…with strings attached