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Profiling clients in the Maintenance Stage of retirement

June 30, 2015 by

As a financial professional, it may be helpful to think about your clients’ needs in the context of three general Retirement Stages: the Preparation Stage, the Transition Stage and the Maintenance Stage. This blog will focus on understanding how to identify your clients in the third and final stage of retirement, the Maintenance Stage.

If you are interested in learning more about how you can use the suite of Retirement Stages materials, click here. You can also learn about the first stage of retirement, the Preparation Stage, here, or if you are ready to review the second stage, the Transition Stage, click here.

Here’s an overview of what a typical client profile might look like in the Maintenance Stage:

  • Retired from full-time career
  • May be working part-time
  • Dealing with routine health care issues and costs
  • Widowed or living alone for the first time in many years
  • Spending time with grandchildren

Understanding these client characteristics can make it easier to search your database for individuals with similar needs, and customize your marketing and communications to this specific group.

Maintenace Stage ProfileHere’s a helpful flier you can download to see the identifiers, motivators, pain points and goals to help profile your clients in the Maintenance Stage.

Ready to start using Retirement Stages engagement materials to generate new leads and re-engage existing clients? Visit our virtual storefront, The Compass, to find the complete marketing suite.

Our next blog will feature the major concerns your clients might be facing during retirement and key ways you can reach out to support them through the final stage of retirement.

Tim Cooper

Tim Cooper is a Senior Sales Support Representative for Brokers International. In this role, he works closely with agents to provide personalized product training, placement and insight into the insurance industry. Tim has been with Brokers International since 2003. In his free time, Tim enjoys playing tennis, golfing, biking and team bowling with friends.

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Take what you’ve learned and market to clients in the Transition Stage

June 23, 2015 by

In order to help your clients in the Transition Stage of retirement, you should have a firm grasp on what clients want and need. If you missed the earlier blogs in this series or want to review the topics covered, visit these blogs:

Once you understand the client profile, steps and resources available in the Transition Stage of retirement, it’s time to market this information to your clients. With effective communication and marketing, you will be able to show clients what you have to offer and ideally grow your business.

The first step is to go through your existing client database and categorize clients who fit the Transition Stage profile. Once you have your database segmented, you can specifically target your emails, social media, calls or direct mail to fit clients in the Transition Stage.

Here are a few targeted messaging ideas based off of the content provided in this blog series:

  • Use social media to post basic reminders for transitioning into retirement. You can use topics from the Transition Stage Checklist. For example, suggest clients work to pay off credit card debt and loans before they retire.
  • Call your clients to see if they have tried out their retirement income plan. If it didn’t work for them, offer to help them adjust their budget with the Needs Assessment Worksheet.
  • Email out a copy of this Social Security resource information sheet to help clients determine timing. Then offer to meet in person to discuss options more in depth.

These are just suggested concepts to consider, as always, you can dig deeper or be more specific in what you communicate to your clients.

Ready to start using Retirement Stages engagement materials to generate new leads and re-engage existing clients? Visit our virtual storefront, The Compass, to find the complete marketing suite.

Stay tuned for our third and final Retirement Stages blog series, the Maintenance Stage. It will provide you with helpful information and resources to share with clients who are actively retired.

Tim Cooper

Tim Cooper is a Senior Sales Support Representative for Brokers International. In this role, he works closely with agents to provide personalized product training, placement and insight into the insurance industry. Tim has been with Brokers International since 2003. In his free time, Tim enjoys playing tennis, golfing, biking and team bowling with friends.

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Resources to help your clients determine Social Security timing

June 16, 2015 by

Determining when to withdraw Social Security benefits can be an intimidating part of transitioning into retirement. While you want to help your clients with their retirement decisions, you as a financial professional cannot make specific recommendations on when your clients should begin to withdraw their Social Security benefits.

But rather than avoiding the conversation altogether, you can help educate your clients on Social Security timing and provide specific informational resources. Here are a few of the resources you can share:SocialSecurity

These resources will help clients learn about dates for obtaining benefits, ways to increase or decrease benefit amounts, calculators and planners. Download our helpful sheet of Social Security timing resources here. You can share it directly with your clients.

Ready to start using Retirement Stages engagement materials to generate new leads and re-engage existing clients? Visit our virtual storefront, The Compass, to find the complete marketing suite.

Don’t miss our next blog in this series, as it will help you understand how to tie all the information and resources you have learned about the Transition Stage into your insurance marketing strategy.

Tim Cooper

Tim Cooper is a Senior Sales Support Representative for Brokers International. In this role, he works closely with agents to provide personalized product training, placement and insight into the insurance industry. Tim has been with Brokers International since 2003. In his free time, Tim enjoys playing tennis, golfing, biking and team bowling with friends.

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Help your clients navigate the Transition Stage

June 9, 2015 by

During the Transition Stage, your clients will likely look to you for help navigating the steps and tasks they need to complete before disengaging from full-time employment.

You can assist your clients by helping them work though our Transition Stage Checklist. This checklist will help you guide your clients through the following tasks:

  • Paying off outstanding debts
  • Completing and update paperwork
  • Creating a healthcare plan
  • Developing an income plan
  • Understanding Social Security timing
  • Using tax strategies

Download a copy of the Transition Stage Checklist here.

Ready to start using Retirement Stages engagement materials to generate new leads and re-engage existing clients? Visit our virtual storefront, The Compass, to find the complete marketing suite.

In our next Transition Stage blog, we will focus on how you can help your clients determine their Social Security timing.

Tim Cooper

Tim Cooper is a Senior Sales Support Representative for Brokers International. In this role, he works closely with agents to provide personalized product training, placement and insight into the insurance industry. Tim has been with Brokers International since 2003. In his free time, Tim enjoys playing tennis, golfing, biking and team bowling with friends.

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Supporting your clients during the Transition Stage of retirement

June 2, 2015 by

As a financial professional, it may be helpful to think about your clients’ needs in the context of three general Retirement Stages: the Preparation Stage, the Transition Stage and the Maintenance Stage. This blog will focus on understanding how to both identify and support your clients in the second stage of retirement, the Transition Stage.

If you are interested in learning more about the first stage of retirement, the Preparation Stage, visit the previous series here.

It is important to identify and categorize clients in the Transition Stage, because it may help you tailor your communications and marketing efforts. Here’s an overview of what a typical client profile might look like in the Transition Stage:

  • Preparing to retire from a full-time career
  • 18 to 24 months away from retirement
  • No longer supporting children financially
  • Paid off mortgage
  • Considering health care costs impacts and availability of Medicare

As clients move into the Transition Stage they will experience motivators, pain points and goals. It can be valuable to understand your clients’ thoughts and emotions regarding retirement, because you will be able to offer specific tools, advice and support they can count on.

During this stage, clients may be motivated to transition into retirement because of changes in health or because of a vision of a retirement lifestyle. Clients might also be concerned about having enough money, staying productive or having to work part-time to live comfortably.

Download this helpful flier to learn more details on identifying and supporting your Transition Stage clients.

Ready to start using Retirement Stages engagement materials to generate new leads and re-engage existing clients? Visit our virtual storefront, The Compass, to find the complete marketing suite.

Tim Cooper

Tim Cooper is a Senior Sales Support Representative for Brokers International. In this role, he works closely with agents to provide personalized product training, placement and insight into the insurance industry. Tim has been with Brokers International since 2003. In his free time, Tim enjoys playing tennis, golfing, biking and team bowling with friends.

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Market your services to clients in the Preparation Stage of retirement

May 26, 2015 by

If you’ve been reading along with our Preparation Stage blog series, you should have a good understanding of what your clients are looking for as they prepare for retirement. If you missed the earlier blogs in this series or want to review the topics covered, visit these blogs before continuing:

Once you understand the Preparation Stage and the consumer materials available on The Compass, it’s time to put this information to use. With effective communication and marketing, you will be able to show clients what you have to offer and ideally grow your business.

The first step is to go through your existing client database and categorize clients who fit the Preparation Stage profile. Segmenting your database will help you improve your communications and send more targeted and valuable messages via emails, social media, direct mail or phone calls.

Here are a few ideas you can use to effectively reach clients and potential clients in this stage:

  • Survey clients to see how confident they feel about retirement.
  • Post a link on your Facebook and LinkedIn pages to the Retirement Income Worksheet, so your clients can determine their future needs.
  • Send a letter to existing clients in the Preparation Stage to get them interested in the resources you offer to help prepare for retirement. You can find a consumer-ready letter and brochure here.

These are just ideas to consider. As always, you can dig deeper or be more specific in what you communicate to your clients.

Ready to start using Retirement Stages engagement materials to generate new leads and re-engage existing clients? Visit our virtual storefront, The Compass, to find the complete marketing suite.

Be sure to watch for our next Retirement Stages blog series, which focuses on the Transition Stage. It will help you understand major planning check points that you will need to help your clients through as they move into retirement.

Tim Cooper

Tim Cooper is a Senior Sales Support Representative for Brokers International. In this role, he works closely with agents to provide personalized product training, placement and insight into the insurance industry. Tim has been with Brokers International since 2003. In his free time, Tim enjoys playing tennis, golfing, biking and team bowling with friends.

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Five ways to get quality referrals

May 21, 2015 by

Referrals are the most cost-effective way to grow your client base. But you can’t just pull referrals out of thin air—you need to build relationships with you current clients or other professionals in your community to get the referrals you need.

It may take some time and effort, but developing genuine connections with people who may recommend your services to their friends or their clients can have payoffs for your business.  In fact, three out of five financial professionals reported that referrals from other professionals were the source of their five best new clients in the previous year.1

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From hosting a casual neighborhood get together to sponsoring a community speaker, there are simple ways you can build relationships with your existing clients or other professionals who can lead you to new referrals.

Download Five Ways to Get Quality Referrals to learn creative ways to grow your client base.

1Bowen, John J., and Paul Brunswick. Building Powerful Strategic Alliances How to Leverage Today’s Most Effective Business-Building Strategy. Cork: BookBaby, 2010. Print.

Travis Redfern

Travis Redfern is a Relationship Manager for Brokers International. He works closely with key producers to help identify products and services that they can use to grow their businesses. Travis has been with Brokers International since 2002. In his spare time, he enjoys hunting, golfing, team roping, time with friends and family and escaping to his “man cave” to watch football. ADR-1263

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Help your clients assess their retirement needs

May 19, 2015 by

In the previous Preparation Stage blogs, you have learned how to profile clients in the early stages of retirement and the important steps clients will need to take when preparing for retirement.

Now it’s time to work with clients to help them assess their financial needs and estimate their retirement income.

RS_WorksheetTo get started, have your clients work through their current budget with this Retirement Income Worksheet. It lays out monthly fixed and variable expenses, so they can realistically estimate how much money they will need to live comfortably.

You can then use the worksheet to help clients list out their expected retirement income sources. As a rule of thumb, industry professionals typically suggest that retirees replace between 70 and 90 percent of their pre-retirement earnings to maintain their desired standard of living.

The Retirement Income Worksheet will help you identify the difference between your clients’ retirement income and expenses, which allows you to see if there is an income gap to address. This can lead you into a conversation of how to refocus or add to their current retirement strategy.

Ready to start using Retirement Stages engagement materials to generate new leads and re-engage existing clients? Visit our virtual storefront, The Compass, to find the complete marketing suite.

Our next and final blog in the Preparation Stage series will teach you how to market these valuable resources covered in the previous three blogs to your prospects and clients.

Tim Cooper

Tim Cooper is a Senior Sales Support Representative for Brokers International. In this role, he works closely with agents to provide personalized product training, placement and insight into the insurance industry. Tim has been with Brokers International since 2003. In his free time, Tim enjoys playing tennis, golfing, biking and team bowling with friends.

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Steps your clients can take when preparing for retirement

May 12, 2015 by

In the previous blog, you learned how to identify clients and prospects in the Preparation Stage. During this stage, there are important planning steps you will need to work through with your clients to be sure they are financially prepared for retirement.

Here are some of the major tasks you will need to work through with your clients during the Preparation Stage:

  • Estimate income expenses
  • Inventory all sources of expected retirement income
  • Determine if an income gap exists
  • Calculate an income replacement ratio
  • Look at the big picture

To help you discuss these steps with your clients, you can download a Preparation Stage Checklist here. It will help you interact with clients and start discussing retirement income strategies.

Ready to start using Retirement Stages engagement materials to generate new leads and re-engage existing clients? Visit our virtual storefront, The Compass, to find the complete marketing suite.

Don’t miss our next Preparation Stage blog, because it will give you a useful tool for helping your clients’ start preparing for retirement by determining their retirement income.

Tim Cooper

Tim Cooper is a Senior Sales Support Representative for Brokers International. In this role, he works closely with agents to provide personalized product training, placement and insight into the insurance industry. Tim has been with Brokers International since 2003. In his free time, Tim enjoys playing tennis, golfing, biking and team bowling with friends.

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Life Lessons to enhance your sales

May 7, 2015 by

To help serve the independent financial agent in presenting valuable life solutions to their clients, Brokers Life is excited to introduce a new informational series, Life Lessons. Life Lessons is a monthly sales series that takes an in­depth look through webinars and regular blog updates at the most current topics driving the industry forward.

Through Life Lessons you’ll receive an innovative sales concept each month that can show you how to potentially boost your revenue by incorporating life business into your practice along with the ways life solutions can help meet your clients’ individual needs.

We think you’ll find this informative series a valuable resource for your life practice and also allow you to see the impressive diversity Brokers Life can offer your business through our comprehensive portfolio of life products, case design concepts, ongoing case management and ease of business tools.

To register for an upcoming Life Lessons webinar, visit our new Life Lessons series page and be sure to check back here for some at-a-glance sales solutions that can help your clients.

We look forward to sharing our life ideas with you.

Mike Jorgensen

Mike Jorgensen, CLU, ChFC & Vice President, Brokers Life, has been involved in the financial services industry for more than 20 years. He is constantly working to provide easy-to-follow life concepts and offer support and education to insurance and financial professionals that include life insurance in their practice.

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