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How to approach existing colonial policyolders with a retirement option

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Information about How to approach existing colonial policyolders with a retirement option
Finance

Published on February 26, 2014

Author: fegnw

Source: slideshare.net

Description

You have a base of Colonial policy holders. How do you maximize both your revenue and relationships with them? Other slideshows show WHY you should offer indexed universal life retirement products to your Colonial client base, this presentation suggests HOW to approach the subject with them.
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MONETIZING YOUR CLIENT BASE: THE APPROACH With Michael Grigsby, Freedom Equity Group, Retirement Evangelist, Voluntary Producer Relations Specialist Contact Mike Grigsby (541) 610-6375, or mike.grigsby.feg@gmail.com.

RECAP: VALUE OF ADDING RETIREMENT TO YOUR OFFERING Let’s review why you want to add retirement to your voluntary offering: • Adds money to your pocket right now, using your existing client base of policy holders • It is YOUR client relationship • Retirement is as valuable a conversation as protecting their income • You can add a half million dollars to your income, this year! • Your client relationship will be stronger, even with those who were not interested in, or able to buy your voluntary product. • It adds to your credibility as a financial coach. • It allows you to provide high life limits and a broader range of services. • Your clients will appreciate you.

HOW TO MINE YOUR DATABASE Numerous approaches are available when finding new prospects from your existing client base: • • • • • • Open Enrollment Lunch and Learns Direct marketing / calls Appreciation nights Breakfast drop by’s New family / baby faire’s

WHY YOU SHOULD APPROACH THE EMPLOYER • You want to keep the employer in the loop • They are first and foremost, the employer’s employee’s. • You may have resistance if another qualified plan is in place. • You want to sell the employer first • You may have resistance if the employer is uneducated about IULs, and may lump them with other UL’s without the same performance. • You want to pre-empt the sabotage attempts of the employer’s qualfied plan financial friends. (arm the employer first) • If possible, sell the employer first – make her the first sale.

SELLING THE EMPLOYER • Show the employer how the IUL and term policies fit into their existing offerings • How much time does he/she’s employees worry and futz with their retirement? • How many employees don’t have retirement? • Are his employees jumping around jobs because they don’t care, or do they care because they now have a mission to fund their retirement? • There is a lot of “stuff” being peddled at open enrollment. • Get the employer to buy-into the fact better employees result from a workforce with an eye on the future, and not today’s paycheck. • You must not let the water get muddied at OE by products that don’t: • Protect the employees health and income now. • Keep the employee focused on their future, now. • Everything else is extemporary.

WHY DO EMPLOYERS HAVE HEALTH AND RETIREMENT BENEFITS? • They are key to keeping employees happy. • They keep employees focused on their job • They keep employees connected and appreciative of their employers efforts • They keep employees focused on a long range plan to solid finances and retirement • They emphasize the long term value of a lifetime commitment from the employee, and the employer. • It is the right thing to do.

WHERE DOES RETIREMENT FIT IN? Where does retirement planning fit into the health and life programs of the company? The employer may not know it, so you must tell them, or show them, and talk about how these five areas put employees minds at rest. Income Replacement (Colonial) Catastrophic Illness (Colonial/FEG) • Illness • Injury • Major illness Wealth Retention (Colonial) • Illness • Injury Wealth Building (FEG) • From generation to generation Retirement Income (FEG) • Retirement • Only tax free instrument

OPEN ENROLLMENT Key points for a group open enrollment • Put retirement in the context of protecting your income: • Your voluntary programs protect you now, retirement is to protect you later • You must start saving now, or become a statistic • If you are using only qualified plans (401k, IRAs, Roth IRA, Mutual Funds) you must start putting money into the only tax-free retirement tool. • Spending 20 to 30 minutes with me now, will help your family stay out of financial harm’s way, now (when 72% of bankruptcy’s are from medical problems before you retire), and 80% of U.S. Families have less than $25k for retirement. • The ideal ages for retirement planning is 25 to 40, but you need to start now. • If you have a child or grandchild, I can show you our million dollar baby strategy that could ensure he or she is a millionaire at retirement. • Don’t wait to put off your retirement planning, or paycheck protection.

LUNCH AND LEARNS Holding a free lunch and learn can generate lots of interest: • In a 50 person company, 30% of the employees show up, you inform 15 Ees, you probably get to further talk with 10 ee’s, and sign up 7 to 10 at an average of $3k each, or $21,000 to $30,000 in new revenue for you. • Talk about the need to start acting on retirement now. • Talk about problems with 401k’s, IRA’s, mutual funds, and other qualified accounts. How does an IUL product compare? • Congratulate those who have a qualified plan, but encourage them to compare and do more. • Urge those who haven’t taken steps to retirement to start now. • Don’t push product from you. Leave them knowing they can call you to discuss their options, and you are glad to help, but don’t sell them directly.

DIRECT MARKETING: MINE YOUR DATABASE Start mining your client base (policy holders): • • • • • • • • • Who has a new child? Who is between 25 and 45 years old Who is 45 to 55 years old (different strategies) Who already has an old fashioned life policy from you they can apply premium toward an IUL? Who are the higher paying managers? Start with business owners, and don’t forget about them. Find out who participates in 401k. Start making inquiries with all voluntary participants about retirement and how they envision getting there. “Would you like some ideas?” Direct mail, e-mail, or call policy holders, offering a free illustration and discussion.

OPEN HOUSE / APPRECIATION NIGHTS Invite policyholders to your open house, or appreciation nights • In the middle, be your own expert on IUL’s and retirement • Invite other guests in to speak on their topics • Taking care of aging parents • Planning ahead for kids college • A financial, economic, or political futurist • A tax advisor about starting your own business, or deductions for family expenses • Have materials available for guests to take home. Better yet, a bling bag with materials and goodies for every guest.

BREAKFASTS/BRUNCHES/SOCIALIZERS Invite policyholders to a morning breakfast, early brunch, or after work socializer. • • • • Invite spouses. Speak about what your goals are for working with them Talk about adding retirement products to your business Invite other guests in to speak on their topics • Taking care of aging parents • Planning ahead for kids college • A financial, economic, or political futurist • A tax advisor about starting your own business, or deductions for family expenses • Have materials available for guests to take home. Better yet, a bling bag with materials and goodies for every guest.

BABY FAIRES Invite new parents from your client base to a baby faire. An event at your office, or a conference space… even a baby store. • Invite spouses and grand parents • Explain the million dollar baby plan, and be specific with next steps. • Have a sign up sheet for an appointment if interested in learning more • Invite other guests in to speak on their topics • Planning ahead for kids college • A financial, economic, or political futurist • A tax advisor about starting your own business, or deductions for family expenses • Have materials available for guests to take home. Work with a partner-baby store to help with filling a bling bag with materials and goodies for every parent.

NEED IDEAS OR HELP? Contact Mike Grigsby (541) 610-6375, or mike.grigsby.feg@gmail.com. My job is to be your spiritual and training guide through adding FEG to your Colonial business. Contact me if you are not already adding FEG IUL retirement products to your product offering.

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