How To
Turbo charge Your Annuity Production...
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WARNING: STOP everything you are doing. Pay close attention. Read every word in this newsletter or risk losing HUGE profits in your business. (Yes, I'm dead serious
because you'll learn.)
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A foolproof process that automatically makes future annuity sales.
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Why I delete over 2,000 referrals from my computer.
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How to turn your local funeral home into your own personal "Gold Mine."
The great baseball player Babe Ruth was known for walking up to the plate and pointing to where he intended to hit the ball. Ruth was a showman and his pointing thrilled people, but it also helped him hit more home runs than anyone else in history at that time. Babe Ruth stated his intention ("I'm going to hit the ball there") and, more often not, he did exactly what he said he would.
I'm going to make your day...by showing you how to hit your own home run by
turbo charging your annuity production.
An Easy Way to Make Future Annuity Sales
There are lots of ways to set up future business; here is one of my favorites. I am a high volume agent; in other word I see lots of people. Most days I try and see 6 or so new people plus any closes or deliveries I might need to handle.
With that volume it offers me lots of chances for Future or Banked business.
When I meet someone who has an existing annuity still in surrender periods I ask them if I can handle the service issues on their annuity. Most annuities require very little service so I am not really obligating myself for a lot of future time.
I carry a form which when signed by the client is sent to the insurance company and changing the servicing agent to me (agent of record). The value of this is I have access to their account and I will be able to obtain values and to know when the screener penalties will end.
Plus when the company sends the annual statement, my name is on it!
Almost all companies will allow me to do the change of agent. If not then we would data base the information and follow up on each anniversary date. Using this system will reduce your overall marketing cost because you do not have to pay to find a new prospect, you already have it data based.
The concern is doing other agents service for them when in reality the annuity business has almost no service requirement. By agreeing to handle service issues I can obtain a new client even though I won't be paid for it until some future date.
Building a database of future sales opportunities is a smart way of increasing the value of your book of business. Many agents will retire and not even think about selling their past relationships. But if you have kept track of all the future renewal dates along with when the annuity will be out of penalties you could sell these future sales opportunities to another agent.
Some very smart sales and marketing organizations offer services that will do your application for you, send it to the home office and help on money transfers. I would always stay away from these relationship because now they have access to all the renewal information. What happens if you change relationships with your marketing company? Do you think they will not track this business? You are handing them a monster data base for them to reuse with "their" agents or to package when they sell the agency.
Think of it as a great big pension plan to be paid out at a later date and do not ever let anyone use of have access to your data base. It is very valuable and should be closely guarded.
Many agents love to sell life insurance because of the renewal stream created by the reoccurring premiums. The future rollover of your annuity book of business is far greater than the life insurance business and it requires far less service commitments
Referrals, Could There be Any Easier Way?
I have gotten so many referrals over the years that one day I decided I couldn't get through them all so I deleted them all!
I know what you are saying....BS!
But it is the truth. Referrals are the easiest thing to get if you know how to categorize them and how to work them.
All you have to do is ask for them!
Also it helps if you ask for the correct class of referral.
My friend is interested in annuities, can you call her?
Class Two: My friend may be interested in annuities. Class three: My friend may be interested in receiving some information from you.
If you focus on class three referrals you can get a ton of them.
All that is needed next is a follow up system like an informational drip and an occasional call to ask for a meeting.
Prospecting and referrals are all about numbers, the more you have the more chances of selling our products.
Bonus Tip, when you call the referee tell them you want to stop by leave some information and shake hands and show them the type of work you do.
Very few people will refuse to shake hands when it is offered. Try it, it works!
Obtaining Easy Annuity Leads From the Local Funeral Home.
Leads are the insurance agents life blood. When there is no one to talk to about our products fear and panic evades our world.
There are tons of ways to find leads as long as you rethink your marketing plan.
Target Marketing.
I am sure you have heard it many times and it sort of slides over your prospecting efforts so here is a way to find our target market. First identify who you are trying to talk to as a prospect. If you haven't thought about it or if you haven't defined it you can use mine as an example.
My target market are senior adults age 70 and above. They will typically have about $600,000 in assets which includes their home. Normal situations will have about $200,000 in invested assets including their IRA. By using this very wide target market you access a very large amount of potential prospects.
Now we will do something totally outside the box to make my point. Go to your local hearing aid company (the best ones will advertise in the newspaper) and ask them for their list of senior prospects. Offer them $100 per 1,000 names.
The
hearing aid company will be happy to sell you this list because you are not a competitor and they can generate another source of funds.
Send a pre-approach letter to the people on the list offering expanded services and always mention the hearing aid company. The letter would mention the benefits of the hearing aid company and how it was expanding it's services to a wider product line. This letter should also mention a specific idea like recent changes in the IRA category. Offer a free book and have your name and the hearing aid company's name on it.
I know what you are thinking....Am I nuts? But no I am not crazy, I am using an untapped market to illustrate the benefits of my products by piggy backing on the hearing aid marketing efforts. It really works and it is a fresh and inexpensive way of finding prospects.
Want another one? Try this idea, it works also.
Funeral homes and final expenses are great target markets. Go to your local funeral home (I like the bigger ones) and make a partnership with them with their prepaid funeral expense customers. Offer them a nice percentage of each sale (I like 20%.) They love this because it is a totally new source of revenue for them.
Any decent sized funeral home can provide you with 2-3 years of prospects plus they will love the additional revenue which comes at not marketing expense to them. They can't wait to become your partner and will love the service to their customers.
Send a very nice pre-approach letter to their customer base offering a new and expanded service from the funeral home. Have the letter mention probate and new information about recent changes in the law. Use a nice booklet about "Avoiding Probate" and go see these folks. It is a win-win situation.
Provide them with an expected cash flow projection so they can see what benefit can be earned for them.
My point is this, there are more ways to find annuity prospects than you have time to them all. Some of our other "professional annuity salespeople" may laugh and scoff at these methods but you will get the last laugh on the way to the bank.
Use a little creativity and think outside the box. These ideas are extremely cost efficient and provide well spent marketing money.
Not finished yet! Yours for Bigger Annuity Checks, and More Often!
Bill Broich
"The $89 Million Dollar Annuity Man™"
P.S. If you want to explore the possibilities of multiplying your income from selling annuities, check out our website at
www.89million.com.
P.S.S. If you just need some help on your marketing or
interested in our subsidized leads please email us at support@89million.com Or call our Toll free number at 800-808-6551.