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  • Why Now is the Time to Sell Annuities

    April 18, 2011 by Seth Kravitz

    By Seth Kravitz
    AnnuityNews.com

    April 15, 2011 — Now more than ever, consumers recognize the need for retirement planning. They are less tolerant of risk. And they want trusting relationships with their financial advisors.

    In other words, the stars in the marketing skies are aligned in support of annuity sales.

    The MDRT 2010 “Generational Financial Confidence Study,” conducted by Boomer Project, surveyed U.S. adults ages 18 to 75 in households with incomes over $50,000 and who are receptive to financial and retirement planning.

    The study reveals four facts that will warm the hearts of annuity advisors and agents:

    1. Most people agree that having a financial or retirement plan is a priority, and the belief is strongest among older consumers.

    Eighty-five percent of boomers agree that is their priority, with 55 percent calling it “very much” a priority. The percentages are even higher for the oldest consumers.

    But the news gets even better:

    1. Advisors and agents are unaware of how strongly consumers favor having a plan.

    Yes, 85 percent of boomers agree having a plan is a priority, but only 62 percent of agents and advisors believe it’s a consumer priority. This means that your competitors may be disheartened and discouraged. With the right mindset, you are positioned to dominate your market.

    And if you don’t have the right mindset, why not? Let the facts inspire you to offer clients the service they already know they want!

    1. There’s a confidence gap — many of those with plans are not confident in those plans.

    Only 62 percent of older boomers and half of younger boomers who have plans are actually confident about those plans.

    When you talk to a prospect, ask if they have a plan. If they do, don’t assume they don’t need you.

    Instead of walking away, pin down how effective they believe their plan is. They may be itching to work with a new advisor.

    1. Consumers of all age groups are more risk averse following the financial challenges of the past decade.

    When asked to what extent the economic downturn affected their risk tolerance, more than 90 percent of older consumers say they are less tolerant of risk. However, MDRT points out that a third of those surveyed would invest in stocks and bonds if they had $25,000 in cash.

    This is an educational opportunity. Fixed annuities are attractive choices for today’s investors who dread market risk if they have an advisor or agent they trust and who can make them comfortable with complex products.

    How to find the right consumers

    This all sounds good, you may say, but how do I find the people most likely to buy an annuity?

    Start with your existing client base. Stay in touch with them through phone calls, mail and social media (such as Facebook) to build a relationship of trust.

    However, if you want to reach out to more people you can help, consider purchasing annuity leads. These are people who have taken action to find an annuity advisor / agent.

    Consider the plusses of working with people who are already at least half-way sold on the concept of retirement planning and specifically on annuities.

    Seth Kravitz is CEO of InsuranceAgents.com and Cyber Technology, LLC. InsuranceAgents.com was ranked the 24th fastest-growing company in the U.S. by Inc Magazine in 2009. It serves thousands of agents nationwide.

    © Entire contents copyright 2011 by InsuranceNewsNet.com Inc. All rights reserved. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com.

    Originally Posted at InsuranceNewsNet on April 15, 2011 by Seth Kravitz.

    Categories: Industry Articles
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