December 23, 2014 by Karen Bump
Forty-nine percent of women say they have a great deal of responsibility for making major financial decisions.1
In past blog posts, we’ve highlighted women as an underserved segment of financial decision makers and detailed how financial professionals can better serve this untapped market. In this post, we’ll look at the life events that spur women to start thinking about retirement solutions.
The “Women, Money, and Power Study” commissioned by Allianz Life Insurance Company of North America (Allianz) surveyed more than 2,000 women about their views on retirement, investments and financial goals. From the results, the Allianz study identified changes in family structure and economics as motivating factors for women to seek out financial guidance.2
The study found that refraining from marriage, getting divorced and experiencing the loss of a spouse are among the most typical life events that increase awareness for meeting future financial goals. The survey results concluded:
- 65 percent of single women without children worried about long term care and how they will provide for themselves as they age.
- 50 percent of divorced women felt particularly overwhelmed about financial decisions with 48 percent admitting their divorce created financial challenges.
- 92 percent of single mothers agreed that their situation has increased their need for financial solutions.
- 84 percent of widows reported that losing their spouse reminded them of the importance of being financially independent.
In addition to marital status, the increasing upward mobility in today’s workplace has also triggered women to become more hands-on with their financial goals.
Respondents to the study that were distinguished by their higher incomes (an average of $57,000) reported more confidence in investing money. Additionally, they also tended to start their retirement savings early with 47 percent beginning their saving while in their 20s.
Regardless of income, the financial downturn of 2008 also influenced 68 percent of women respondents to become more active in their financial strategies.
While life’s twists and turns play an important role in deciding to seek out retirement solutions, the study also pointed out that nearly two-thirds of all women still expressed a strong desire to learn more about finances and retirement strategies. As financial professionals you can begin serving this need by reaching out to current and prospective female clients. But before offering solutions, be sure to first identify and understand the circumstances that have created a need for your products and services.
To help you better understand your existing female clients’ needs and provide a more personalized experience begin by accessing a client profile template here. In each profile, you’ll list demographic information, identify current challenges and acknowledge future wants.
For additional insight into how women view financial decisions be sure to also download the “Women, Money, and Power Study” white paper here.
1Allianz Life Insurance Company of North America, “Help your clients find solutions that fit.” 2012
2The Allianz Women, Money, and Power Study: Empowered and Underserved. Rep. Allianz Life Insurance Company of North America, Mar. 2013. Web. 14 Nov. 2014.
December 10, 2014 by Travis Redfern
Home State: Florida
Years in industry: 6
Licenses: Life, Health, Variable Annuity, Series 65, CRPC, AAMS
Michael has built and operated a successful practice that has thrived from not only meeting his clients’ goals, but also from his dedication to staying focused on his own.
Following his own strategy to tailor his services to fit each individual’s needs to meet both short and long-term objectives, Michael does the same with his business by diligently paying attention, monitoring its progress and making adjustments as necessary. Here’s how he made it work:
Why do you think you’ve been successful?
I’m laser-focused on what my niche is and where it should be going. I set lifelong goals, five year goals, yearly goals and three month goals. I keep track of this progress and review each of these goals every ninety days. By evaluating every three months I can continue to evolve and adjust my business so I’m not left behind in the industry.
What marketing techniques work well for you?
The best thing I can do is everything. A lot of people say there is a silver bullet approach to marketing but you’ve got to be doing everything. We brand and market our services through an entire spectrum of channels: radio, television, social media and newspapers. I also make personal speaking appearances at educational and charitable events, contribute to the Wall Street Journal and host my own radio show.
The people who come into the office have told us that they’ve seen or heard us on several of these mediums at once and that builds credibility. That’s why they’re coming in.
What keeps you motivated?
My family and the families I work with keep me motivated. I want to make sure I don’t make a bad decision for the people I represent. I also have a desire to grow things. I love to build my practice and my firm, it’s very important to me.
What piece of advice would you give to an agent who is just starting out?
Structure a consistent business plan that you stick to but still leaves room to be flexible based on possible changes in your own life and your clients’ needs. As you go on remember that growth is never linear or static. Don’t be a one-trick pony when it comes to your business’ offerings, have several sources of income that you can rely upon. It would only take one negative change to your core service for you to be toast.
Also, be sure to find a mentor and learn from those that have been there. They can get you to the next level.
This material is being provided as a service to you. Please note that the information and opinions included are provided by third parties and have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Brokers International.
November 19, 2014 by Courtney Redfern
Even if you haven’t taken the time to crunch the numbers, you probably know that it costs less to keep your existing clients than it costs to acquire new ones. An existing client base is the backbone of any business and maintaining it is one key to prolonged success. But what is it that turns a valued client into a stranger?
The erosion of most client bases can be broken down as follows1:
- 1 percent will die
- 3 percent will move out of the area
- 5 percent will be lured away by other sales people
- 9 percent will be lured away by lower prices
- 14 percent will leave due to unresolved complaints
- 68 percent will leave due to indifference
From these numbers, it’s apparent that a perceived lack of attention can be the greatest motivating factor for clients to move on. But it’s also clear that retaining a majority of your current client base is not out of your hands or budget. Simply fostering a one-on-one level of personal interaction is sometimes all you need for clients to stay interested in your services.
To foster personal interaction, you need to learn more about your clients and then begin providing information and solutions directly suited to their needs and interests. Two effective means to accomplish this are through client surveys and profiles.
A well-crafted client survey can provide you with valuable feedback about you and your firm’s performance. Plus, your clients will be flattered that you took the time to seek out their opinion. For tips on how to get started creating your own survey, download a sample here.
As an additional exercise, you can also start creating profiles that fit your existing client base. Begin by accessing a client profile template here. In each profile, you’ll list demographic information, identify current challenges, and acknowledge future wants. Take some time to draft three to six client profiles, this can help you provide a more personalized experience to specific client groups.
By creating client profiles and soliciting customer feedback you can begin to identify your customers’ pain points and send them relevant information such as webinar or meeting invites on relevant topics—not just what you want to sell them. And, ultimately, you’ll be able to avoid alienating your clients by engaging them with the right message at the right time.
1Burke, Jack. “Nurturing Client Relationships.” Complete Markets. 30 April 2013. Web. 4 November 2014. http://completemarkets.com/Article/article-post/406/Nurturing-Client-Relationships/
November 12, 2014 by Pat Lanigan
When it comes to life insurance, many Americans are underinsured or don’t have a policy at all. But, this doesn’t necessarily mean they don’t want life insurance. A recent study from LIMRA found indecision is the main reason Americans aren’t buying life insurance.1
Many life insurance shoppers are indecisive because they don’t know how much life insurance they need or what policy fits their situation best. Prospective clients may just need your advice and leadership when it comes to making a decision on life insurance.
Combine your professional experience with these tips from LIMRA to help procrastinators become decision makers:
- Conduct a needs analysis.
- Make a recommendation.
- Meet directly with clients and prospects.
- Raise the issue.
- Be persistent with follow up.
For more insight into selling life insurance to indecisive clients, be sure to watch our video here. You can also contact us at 866.528.7933 or visit www.brokerslifegroup.com to learn more about the sales strategies offered through Brokers Life.
1 “Insure Your Love.” LIMRA. N.p., n.d. Web. 24 Han 2014. http://www.limra.com/uploadedFiles/limracom/About/Insure-Your-Love%20-2013.pdf
October 23, 2014 by Travis Redfern
As an insurance professional, you are likely always looking to offer new financial strategies services that meet your clients’ needs and improve your business. But even with the best intentions, it can be challenging to find new ways to improve.
If you’re looking to spark a new opportunity for your business, Brokers International’s CPA Alliance Program will show you how to reach out to CPAs, form new networks and potentially expand your services and clients.
“If a CPA is looking at a client’s full financial portfolio they may see an opportunity for me to step in, and send their clients my way,” said Stephen Dissette, of Stephen D. Dissette and Associates in Michigan City, Indiana. “Those referrals are a win for me.”
Since 2003, Brokers International has held workshops in 45 states with more than a total of 20,000 CPA participants. During each workshop, participating insurance agents and program Vice President Steve Peterson teach CPAs about annuities and life insurance, and the potential benefits of collaborating with insurance professionals.
“After building relationships through this program, I have been able to work with two CPAs on a regular basis,” Stephen said. “They help me provide the best solutions for my clients, so it’s a win for my clients and for my business.”
In addition to improving your business, the CPA Program helps local financial advisors view you and your services as a valuable retirement resource.
“Steve [Peterson] is key to engaging and exciting CPAs during the workshops,” Stephen said. “Once they understand the potential, it is my job to continue to follow up and build relationships with interested CPAs.”
If you are interested in tapping into a network of CPAs for collaboration opportunities, click here to see if you qualify. For more information or questions regarding the program, please call 800.362.1097 or visit the program website for more information.