Running a practice in today's hyped-up and super-connected world is not easy. Information flows at breakneck speed, leaving your clients bewildered with so much news to digest. Meanwhile, the Web has made an advisor's job easier and more difficult at the same time.
Senior Market Advisor asked advisors working in the field to give their advice on how to grow your business in challenging times.
In the following pages, Andrew Rafal tells you how to conduct meetings with prospects over the Internet by using webinar technology. No, it doesn't replace face-to-face meetings, but it can make consulting with busy clients easier for both the client and you.
With so much debate centered on the future of Social Security, educating clients on this valuable program is a must. Seth Stewart details how he has become an expert on Social Security and grown his business in the process.
Tempted to procrastinate? Maribeth Kuzmeski says that delaying making a decision only compounds the problem. Better to decide what to do and move on.
Read their thoughts, and as always, we look forward to hearing from you on what makes your practice successful.
Leverage technology to separate yourself from the pack
By Andrew Rafal
Sometimes a great first call with a prospect—asking the right questions, listening intently and creating wonderful rapport—is still not enough to "earn" that crucial face-to-face meeting. We grew tired of being delegated to the "please mail me some information" aisle of prospecting gone bad and wanted to figure out how to provide a unique experience when compared to other advisors. Then it hit us…
In today's fast-paced world, everyone seems to be leading a busy life, especially retirees. Many retirees are busier today than they were while working and raising their families. Therefore, we realized how important it was to make working with us convenient and as easy on them as possible. They need to know that we will provide value to them before they take time out of their day to meet us.
Instead of sending a "packet" of information that could get "lost in the mail," we decided to separate ourselves from the pack by offering prospects the convenience of an online webinar meeting. This simple and cost-effective strategy offers an opportunity to learn more about each prospective client's individual goals, provides real-time illustrations or recommendations and ultimately proves your value. Plus, there is the extra benefit for the clients when they can accomplish these goals from the comfort of their own home or office. This option helped us eliminate excuses on their end regarding why they could not meet, and has since given us the face time we need to build rapport and show what a valuable asset we can be for them and their family.
Face-to-face appointment
The main use of a webinar is really to earn the face-to-face appointment and potentially close business, turning that prospect into a client. But many prospective clients have become even happier to work with us because this has shown them that we can be accessible no matter where we are or what we're doing. If they need us, we can be there, and so can they without the hassle of an in-person meeting. I would highly recommend that you follow our lead and differentiate yourself in 2012 by integrating webinar technology into your practice.
"We decided to separate ourselves from the pack by offering prospects the convenience of an online webinar meeting."
Andrew Rafal, investment advisor representative, is a founding partner of Strategy Financial Group, a Phoenix-based independent financial advisory firm with satellite offices in Tucson and Oro Valley, Ariz. For more information about Rafal and Strategy Financial Group, please visit www.StrategyFinancialGroup.com, call 602-343-9301 or email arafal@strategyfg.com.
Selling with Social Security
By Seth B. Stewart
ot everyone in your community needs help with a pension, a 401(k) rollover or even with building their retirement plan. But when it comes to their Social Security, people need answers. Social Security is one of the largest assets couples have in retirement, yet very few take the time to maximize the value of its income stream. There are decisions that people have to make, whether they like it or not.
Our approach to guiding the retirement community on how to maximize their Social Security benefits is accomplished by offering purely informational events. Unlike traditional workshops that feed attendees at restaurants, we hold educational sessions at our local university. Instead of sending out 5,000 or 10,000 mailers to get people to show up, we simply advertise an upcoming event in our local newspaper and through our radio show. And they come in droves. At the events, we strictly educate the attendees about their Social Security benefit options. We don't ask for appointments, yet most of those in attendance inevitably ask us for one.
Local experts
We have become the local experts on Social Security benefits. Other resources offering the same assistance are very hard to come by. Your Social Security office cannot give detailed recommendations about how to take benefits, since it can be misconstrued as giving investment advice without a license. Most brokers, bankers and insurance agents don't know how to properly plan for Social Security income either, and the importance of getting it right the first time is essential. Just over a year ago, a new law changed "do-overs" when it comes to a beneficiary's payout options. If you want to make a change to one's Social Security payout option after the fact, your options are limited. This is why meeting with an expert before you make these important decisions is essential, and our community recognizes that.
More than 70 million baby boomers will need advice on Social Security at some point; how many more prospects does one really need? Since we've become the local Social Security experts, businesses, community organizations and retirement centers ask us to come speak to their groups. We've assumed this important leadership role in our community, and as a result, our business continues to grow.
"Social Security is one of the largest assets couples have in retirement, yet very few take the time to maximize the value of its income stream."
Seth B. Stewart, registered representative, is a founding partner of Brookstone Financial, LLC, a Jeffersonville, Ind.-based independent financial and retirement planning firm with satellite offices in Jasper, Ind. and Louisville, Ky. For more information about Stewart and Brookstone Financial, please visit www.brookstonefinancial.com, call 812-288-9000 or email seth@brookstoneadvisors.com.
Hot Trend: Brain Power
By Maribeth Kuzmeski
It is not always about making good or bad decisions. The problem many businesses have is that they've made the decision to do nothing. I see it in my own business, too. We think, perhaps, that if we just wait long enough the problem will go away or a solution will appear. Or we're just overwhelmed by the number of options that we take too much time deciding what to do. But good things rarely happen without some action. Just thinking about it doesn't make it happen. (Sorry, followers of The Secret.)
Decision making, as we all know, is often thwarted by the uncertainty and fear that if a decision is made, it could be the wrong one, thus wasting money and time we can't afford to waste. The truth is that successful companies take calculated risks and make more decisions that move them ahead than tentative, risk-averse companies. Look at Yellow Book, Borders and other slow-to-act companies, which suffered unenviable fates because of a lack of decision making.
Companies that try to stay the same sometimes fail even at that. The key is to make decisions and move forward. That is the telltale sign of future success.
Maribeth Kuzmeski is the founder of Red Zone Marketing, LLC, which consults to Fortune 500 firms on strategic marketing planning and business growth. For more information, go to www.redzonemarketing.com.
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