How about these markets lately, huh? Can the word volatile even describe it?!? In times like these, it’s crucial you’re over-communicating with clients to answer questions or address concerns they have with their financial plan. CNBC and the Wall Street Journal are scaring them to death right now. What are you telling them?
In fact, in a recent research report conducted by the Insured Retirement Institute, it’s very clear that retirees put a lot more stock (excuse the pun) in their advisors based upon how they communicate – not based on performance alone. (CLICK HERE for instant access to this report.)
That said, I wanted to share a third-party article sales idea that will give you an excellent reason to reach out to your current clients and prospects. This idea alone generated over $1 million in premium for one of our top advisors the last time the market was this volatile. The first step is to review your database and identify:
• Any “A” or “B” prospects you haven’t been able to close thus far
• Any current clients whose assets you haven’t yet captured completely
• Any current clients who still have a large portion of assets in the market
After identifying these individuals, you want to mail out an article that’s relevant to the situation. In this case, I’ve included a recent article you can use titled, “Retirees Need Less Stocks…More Annuities.” (CLICK HERE to download a copy.) This article suggests that retirees should only have 5-25% of their money tied to equities. It also proposes annuities as an excellent solution to use for income purposes. Next, place a Post-It note on the article that says something like, “With the recent market activity, I thought you would find this article interesting…Call me if you have any questions or concerns.” Then you or someone from your team needs to block off time on your schedule (make sure it’s after they’ve received the article and had a couple of days to review it) to make follow-up calls to everyone you’ve mailed. When you or your staff call out, the goals should be to:
- Ensure they received the article
- Inquire about any questions/concerns they have &
- Offer a free second opinion on their portfolio given the recent market shakeup
This sales idea accomplishes two critical objectives:
- Reach out to existing clients, reminding them you stay in touch long after the original sale and want to address their concerns. There’s also a good chance your prospects’ current advisors aren’t communicating with them. This will be a tactful way to find out if they’re unhappy with their returns and/or lack of communication and get your foot in the door.
- It’s a great time to offer a stock market alternative and close safe-money alternative (i.e FIA) business if they have concerns pertaining to market risk.
Every advisor wants inexpensive, proven methods to generate additional sales and deepen your existing relationships; this is it. Give it a try, and let me know how I can help you with the cases you uncover!