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When insurance agents need new clients, there are many ways to prospect.
One of the most attractive options is getting referrals from current clients. Current clients can do all the heavy lifting, delivering an interested prospect to your door.
Another good strategy is introductions. They put you in front of a potential prospect. You connect socially or move directly to business.
An effective third strategy is getting the clients' parents and children to become clients. This is known as "selling up and selling down."
Where do annuities fit in?
This strategy recognizes that the nice client couple that likes you a lot has children and parents. The family is a close family, and everyone lives in the area. The extended family includes your clients' brothers and sisters, in the aunt and uncle roles. The brothers' and sisters' children are your clients' nieces and nephews. And let's not forget the in-laws.
Clients often say: "Tell me how I can help."
Ask them to talk about these other family members. What's their story?
Once you identify a need, you can make the case for your clients to put in a good word for you with their relatives or set up an introduction.
People have different needs, and annuities can often be part of the solution.
For a look at seven of the many possible scenarios, see the gallery accompanying this article.
Bryce Sanders, president of Perceptive Business Solutions Inc., has provided training for the financial services industry on high-net-worth client acquisition since 2001. He is the author of the book "Captivating the Wealthy Investor."
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