What is your value proposition?
In other words: What can you offer prospective clients that is unique and different than most other advisors?
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Since the insurance industry offers a large variety of products, we have a large selection of client acquisition and relationship entry points. We are in the business of solving problems, and the one overriding problem that most retirees have is an inefficient allocation of retirement savings.
The advent of three, major category, products in the last few years gives advisors all of the tools they need to address the broad needs of retirees. These product categories are annuity income riders, indexed universal life insurance, and asset-based long-term care insurance.
Since each of these product lines, along with a few others, solves specific problems for retirees, strategic use of all products allows the advisor to cobble together a very nice product array.
The types of problems this strategy will allow advisors to address include:
- Inadequate income;
- Asset growth;
- Healthcare expenses;
- Tax burden on qualified money;
- Advanced directive legal documents;
- Estate succession; and perhaps the worst of problems for retirees
Procrastination can be caused by a lack of a sense of urgency because the retiree is either unaware of the first six issues or does not have adequate resources to solve them.
I created a seminar that addresses these problems called, “The Seven Ways Retirees Crack Their Nest Eggs.” It is designed to address these problems in one hour, by the problem solver, which is you. When advisors does a complete and proper fact-finder, they will discover the problem areas for each prospect. That way, a plan can be introduced that will solve all their problems.
Of course, each plan will be different because the assets available may not meet all expectations optimally. But the solutions can meet all expectations adequately, by scale.
Even a modest portfolio of $150,000 with a steady income from Social Security and possibly a small pension can be allocated to secure a comfortable and sound retirement.
Even a modest portfolio of $150,000 with a steady income from Social Security and possibly a small pension can be allocated to secure a comfortable and sound retirement. (Photo: iStock)
Here’s a case study: