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My firm ProspectMatch matches prospects with financial professionals and I have always found it curious that financial professionals only want leads of prospects seeking information on the products and services sold by the financial professional.
In other words, the average annuity agent only wants us to match him with prospects that have expressed interest in annuities and can be an annuity sale. Other prospects have expressed interest in financial planning, mutual funds, life insurance, etc. but the average annuity agent is not interested in these general prospects.
However, the RICH annuity agents DO have an interest in these prospects. Here's the logic of the rich annuity agent:
1. When people express interest in a product or service, it does not mean that they will buy that particular product or service.
2. It does however mean that the prospect is motivated to seek a solution--i.e. if they fill out a form on the Internet seeking information on retirement planning, at least this is a motivated, "take action" person.
The rich annuity agent wants to speak to any motivated viable prospect and has sufficient confidence that if an annuity will help the prospect achieve his goals, the agent will have a sale.
How many clients have you lost because you have failed to cultivate a general interest from a prospect desiring to take financial action?
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Sell Annuities | Annuity Sales | Annuity Selling | Financial Advisor Leads | Financial Planning Leads
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Great post, before you can sell anyone, you first be sold on the fact that the investment will produce a good ROI.
Motivating blog, it gives a clear picture .Naturally it is good to give motivated viable prospect, but besides that it is better to send an Insurance newsletter to that firm on a monthly basis. It comes as an expenditure for you but in long run it will give you a good return.
Wow. This just makes me want to go out and sell! but i still cant grasp the concept of selling something to someone who isnt looking to buy?
Cultivation is a lost art. When someone enters sales they think that all sales are done in one meeting, or one conversation or email. The buyer needs to gain respect and security from the seller - not necessarily for the first sale, but subsequent sales.
The better the system you employ for cultivation the more sales you'll get in the long run.
Andy
I think rich agents develop a sixth sense to smell out possible clients. It comes with experience.
Unless the agent is very confident of himself and the product only then he will be able to convince to prospects.
In a structured settlement or annuity, instead of receiving a cash settlement in a single lump sum, the injured party will receive future periodic payments made through a Structured Settlement annuity. There are two main advantages of a structured settlement. The first advantage is that it is tax free. Structured settlements are covered under section 104 of the Internal Revenue Code of 1986 and therefore totally tax free, both federally and at the State level. This is absolutely different than when one opts to receive a lump sum settlement where investment proceeds made with the settlement proceeds such as interest and dividents are subject to both Federal and State taxes.
Fantastic article, what this all boils down to is how good of a sales person you are, one has to know what they are selling, so knowing your product inside and out this is what will get you those big sales.
I've seen this in action many times, i.e. - the conversation starts with one product (or service, in my case) and the prospect ends up buying another. It's not a bait and switch or anything, just an educational process that matches the prospect with what they actually need or want (some of the time anyway).
Good way of looking at selling...
PROSPECT OR DIE.... The Prospecting Ladder
As we start out in the insurance business we go through a progression of different ways to generate insurance leads and prospects, which we call the prospecting ladder concept. However, the problem is that most agents are looking for some type of secret formula or method whereby they can receive good quality insurance leads with out working too hard to get them.
Well, let me share something with you. If selling life insurance was easy, then everybody would be doing it. Selling a life insurance policy is the easy part, but finding the prospects to sell insurance too is the hard part.
It is ultimately up to you to develop strong work habits and create or develop a system whereby you create an ongoing supply of prospects to see.
Most companies provide a number of different ideas to help you achieve that goal, but it is ultimately up to you to create the end result.
An agent can work harder or smarter. Most agents that do not succeed try to generate leads in an ad hoc manner, like shooting from the hip, as they say.
Referring back to the prospecting ladder on our website, it seems that most agents never seem to work there way up to the top of this prospecting ladder and they eventually fail in the business because they get stuck on the lower rungs.
Our insurance agents "help website" has many articles and shares many proven lead generaton sytems and marketing ideas for new and existing insurance agents. Check out the prospecting ladder topic page and get our free referred lead talk presentation.
Ted from an-insurance-agents-career.com
A very concise way of wrapping up an important point, thank you. Sales people in all industries can benefit from this post. At times it is a struggle to set your focus on people not directly interested in your product or service because the chance of a sale may be diminish, but happy clients equal positive referrals. Take every chance you can to make clients happy.
You bring up excellent points. Why would an annuity agent not want related type leads? They would be broadening their potential client base as well as their wallet. Great article, make sense to me.
The more information that you have about selling your annuities and the more prepared you
are, the more sales you will close. Earning top dollar commissions is much easier to
accomplish when you have the selling annuity tips and tools that are required for success.
The one thing that is over looked here is the fact that most people are unaware that there is other alternatives to retirement accounts. that is the spin. you have to show them that if they do nothing, what could happen, then show them what has happened and what it will take to get it back. You have to uncover thier pain! and follow up with what needs to be done safely to insure that they will not lose money, or be able to provide income. And yes, you can convince a person to use life insurance or annuities, it's all part of salemanship. Read the Sandler Sales Institute book, and become the coach instead of the shoulder to cry on. You have to go from counselor to advisor. I should know, i use to be a counselor.
Although I do not deal in annuity leads, I can say that if you aren't well knowledgeable on the product or service you are selling, then you will lose customer's. You need to know that your customers are gonna make a good return on the investment. If you can prove that to them you should never need to worry about losing your clientele.
All i know is that tax is free. But anyway, very informative text on annuity. I hope to be on the business one day.!
I have an associate who once ran a large insurance marketing firm in Orange County. He swore by the seminar method of lead generation. He could never quite get the parent company to go along with his ideas wholeheartedly nor the group of executives at the local business. Nevertheless, the company originally built its success on that very model and trained its core of agents to use direct mail and seminars to build their business. Those who continued the practice stayed at the forefront of success.
You learn How to sell annuities to prospects who are not looking for annuities only with experience, for a novice I think it is imposible
Nice to hear about the annuity rates and some general info about that, before visiting here I had no general idea about what it really is, now I got what actually it means, thanks for sharing.
You are very good at determining the people looking for annuities. You must be experienced. very nice blog!
I think rich agents develop a sixth sense to smell out possible clients.
It comes with experience... 🙂
When I was looking to purchase business insurance several years ago. I walked in to buy insurance and I ended up with using them for health insurance, IRA's, and an annuity based life insurance plan.
All this was because the insurance man was not afraid to ask if we were interested. He wasn't pushy (there were some things we were not interested in), but he was informative. Sometimes people are note looking for a product because they don't know it would fit in with their plan.
before selling annuities as with anything else, it is essential to ensure absolute return on investment! thanks for the read
Excellent post, before you can put up for sale anyone, you first be sold on the fact that the speculation will produce a good ROI. Except the agent is awfully positive of himself and the creation only then he will be able to induce to scenario.
I see the big potential of annuities but it is quite hard to decide when and how you should take it. This blog has helped me a lot in making crucial decisions about this matter.
If the prospect is not looking for an annuity but after a review if their portfolio and it fills a need and is a good fit for the client, why would you not want the lead. You have to educate the client before you can sell them.
I have always had trouble understanding annuities, thank goodness I have a good financial adviser. He just recently recommended I check out "Cool Springs Life Equity Strategy"
I know that agents who are successful have mastered a system that constantly puts them in front of new prospects.but now i want know Any successful annuity agents?say please?
We all want to be great salesman, but my first rule is making sure I am selling them the right product first not the one I want to sell them. Maybe I don't make as much money as other people, but I sleep pretty good. Besides happy customers give referrals and if I sell some to someone who later decides they did not want it then they may drop the product and I will never get a referral from them.
But I did like some of your ideas 🙂
@Yuba - It can be hard to understand selling to someone who is not looking to buy, but it's much easier when you are selling a product you believe will benefit the other person. The key is to focus on the benefits for your client.
As long as people are living these days, it should be easy to sell annuities. I saw an article stating that annuities are on the rise at a steady 20% more participants each year over the last few years...
great post,I have always had trouble understanding annuities, thank goodness I have a good financial adviser. He just recently recommended I check out “Cool Springs Life Equity Strategy”
I think rich agents develop a sixth sense to smell out possible clients. It comes with experience.
Nice Post. Now I have a clear knowledge about annuities.
I absolutely agree with what you are saying in your post - thanks a lot for this information. Oftentimes, a prospect who says he is interested in product X will never buy product X. But on the other hand, many prospects who initially say they are interested in product Y will actually end up buying product X.
If I recall, congress was considering adding approved annuity type plans as a general 401k option. Seems like that would get a lot of people to do it, possibly even as a default option.
In some cases, I'd rather won't choose annuity. Just like when I retired, I will choose to have full payment from my company's pension plan and rolled the money into an IRA (Individual Retirement Arrangement) instead of taking an annuity. I have to, because it's my understanding that if my husband and I were to die after receiving just a couple of months of annuity payments, none of the annuity's value would be passed on to our kids or other inheritors. However, I appreciate if someone could discuss me some other options regarding on this. Thanks in advance.
When you look at it, to be a sales agent is not very easy. One thing you need to be good at is interpreting people's behavior. Then you must have excellent communication skills. When you put these two together, you'll have greater chance of selling your product or services and wont need to waste time cold calling.
the experience is so important for selling insurance, what a pity, i lock of experiences about it .
This comes from years of experience, dealing with clients whom have shown no prior interest. Really, it's about talking up the benefits.
Fantastic article, what this all boils down to is how good of a sales person you are, one has to know what they are selling, so knowing your product inside and out this is what will get you those big sales.
the experience is so important for selling insurance, what a pity, i lock of experiences about it .
There really are sales people who have the killer instincts of selling. Charisma, talent, and persistence I guess are the qualities that makes them so effective.
Impressive article. This only shows how good you are in marketing your product to other people. Its really a plus factor to you since good salesmanship is only portrayed by a few people. Indeed, having the idea of the technicalities of your product is very important to lead you to your productivity.
This is where the convincing power of a sales man will work. Very first thing to consider is that he/she should be confident and must know his product.You should also know how to deal with different kinds of customer to get a catch.
This is another strategic post for people who wants to have an effective ways in engaging to sales talk. I can say that you got a very wonderful strategy in selling annuities. Goodspeed!
While there are a number of ways to get an quality insurance leads, they all work when employed correctly. But most insurance agents give up prior to mastering the method and declare “it doesn’t work.” So there is a conversation among insurance agents that Internet leads do not work and in fact, most of the agents do not work.
Its a great example of SEO/reverse engineering almost, getting a person to buy something they don't want to. The insurance leads are an easy tactic to master too, once you understand what keywords to use, such as quality insurance leads, it says exactly what the person wants to hear.
It good to have some reliable information that cleared up annuities for me. Thanks for the great post.
Well, I think one of the techniques will be understand the real needs followed by incorporated testimonial approach. We have special inclination toward stories. When someone testifies, its impact is doubled. One need to address the real needs in a right way. If it is done rightly, I believe, right results will be awaiting for annuity as well. Also, we need to make them realize that we deal in their betterment. We are just a source of providing financial survival in times of emergency and 'no help'. Only then, we can convince someone. Convincing is a must. Whether you provide
Great thinking, good businesses take advantage of all customer interest and finding them a solution will translate into a sale and therefore a profit. If a customer wants a product businesses should be creative to get the sale whilst solving the customer's problems. This is great advice, keep it coming 🙂
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