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Bringing in Post-Pandemic Business

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It’s been a strange year. It isn’t over yet. You were in the office. Then you were at home. Now you might or might not be in the office.

(Related: 17 Reasons Financial Advisors Should be Proud of Their Profession)

Clients and prospects are hesitant about face-to-face meetings. You need to ring the cash register. What can you do?

1. Don’t reinvent the wheel.

You might think trial and error is a good way to figure out how to get business through the virtual door. This can be discouraging and take lots of time. You are affiliated with a firm. Someone at HQ has uncovered success stories about what’s working for agents today. Find that person. They are likely a higher up sales manager. Ask questions. Do what those folks are doing.

2. Revisit annuities

.You have retired or soon to retire client who need income. Interest rates are at historic lows. The distribution rates on immediate annuities can look attractive. Annuities aren’t for everyone, especially if you trade lifetime income for ownership of your principal. However, there are many types of retirees and many types of annuities. This might be a worthwhile conversation.

3. Discuss retirement with clients.

You have clients in their 50s. The pandemic has reminded people of their own mortality. Some might be thinking, “What am I waiting for?” Find some clients who are thinking of taking early retirement. Revisit their financial plans. Id this practical? Can you help make their dream come true.

4. Review insurance coverage.

Yes, the pandemic has gotten us thinking we might not live forever. Do clients and prospects feel they have sufficient insurance coverage? This also applies to property, since wildfires and hurricanes are in the news. Bringing this up with clients shows you are paying attention.

5. Buy a practice.

You are in this business for the long haul. You intend to succeed. Earlier in this article, I talked about discussing retirement with clients. There might be another agent across town who is having those same thoughts about early retirement. Their own. Keep an ear to the ground. Can you buy their practice and enable them to gradually phase out over time as their clients are resettled as your clients? This will cost money, but you will be growing your practice.

There’s plenty you can do driving business is the post pandemic environment.

— Read What Can Insurance Agents Do During Stock Market Declines?on ThinkAdvisor.

Bryce SandersBryce Sanders is president of Perceptive Business Solutions Inc. He provides high-net-worth client acquisition training for the financial services industry. His book, “Captivating the Wealthy Investor,” can be found on Amazon.