We have all seen or heard the controversy that has arisen over whether to wear a protective face mask in this pandemic era. To me the reactions we see each day regarding the choice to wear or not wear a mask compare directly to how households waiver about having financial protections in place for their loved ones. Many times financial professionals face the same level of controversy as they try to help consumers put basic insurance protections in place.
How many of you who sell life and annuity products have needed to educate your prospects on the basic financial risks they face? How often does it happen that once you have that basic education conversation the tone of the sales call changes?
You are having the “Why You Need a Financial Safety Mask?” conversation and may not have known it. You need to educate prospects as part of the sales process, so they understand why they need a mask and what risks the mask protects them against. In most cases they will not have fully thought about and considered the impact of these risks on their lives.
(Related: NAFA vows to continue DOL rule fight)
In my opinion there are six key things that you need to stress when having the financial safety mask educational conversation. These are all important but go beyond just trying to reasonably address the prospect’s financial protection needs.
1. Building Basic Money Knowledge
Consumers can’t fully embrace the protection issues in their lives without basic knowledge about money, how it works and how to effectively use it. I tell consumers that they should spend at least 2 hours per week or 17 minutes per day improving their money knowledge. I call it Spend2.
2. Developing a Mindset/Money Awareness
Consumers can’t be successful in their financial journey without having a money mindset. Money actions need to become second nature. They need to act reasonably and responsibly without thinking about it. To have such a money mindset they need to want to do it.