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.
September 11, 2014 by Pat Lanigan
At Brokers Life, we are committed to offering dedicated resources to help grow your business. So we created a new Brokers Life website to do just that: help you grow your business.
The new Brokers Life website has been updated to provide you with more functionality, convenience and useful online tools. The updates were made to help you provide great service to your clients and help grow your business.
The website is simple to navigate, making it easy for you to find important information quickly. It has increased functionalities such as online quote requests, simplified forms for submitting new business and a comprehensive list of insurance carriers and product options. Aside from being convenient, these additions save you valuable time.
You can visit the new Brokers Life website on a mobile device anywhere, at any time. So what are you waiting for? Click here to visit the site and give yourself a tour.
September 4, 2014 by Travis Redfern
In a previous blog post, Help your clients provide a legacy, you met Joe. Joe was a 62-year old retiree who wanted to provide a legacy for his daughter.
You meet people like Joe every day, because you have clients just like him in your existing database. They’re looking for ways to provide an inheritance for their families. But, you can’t help Joe and clients like him if you can’t get in front of them.
A client package is one way to let clients know that you’re there to help. By offering an estate book package, you can let clients, similar to Joe, know you want to help them with their legacy planning.
This can help ease the burden of paperwork that results in a loved one’s passing. An estate book outlines everything loved ones will need to know to help:
- Prepare for a funeral.
- Contact the necessary legal parties.
- Locate a copy of the will.
- Access important insurance documents.
If you need more details on what to include in the package, click here.
Once you’ve started the conversation, you can introduce them to the Safe ReturnSM fixed-indexed annuity with the optional Inheritance EnhancerSM guaranteed death benefit rider from Great American Life Insurance Company®. The Inheritance Enhancer is specifically designed to help clients who want to offer financial support for their families after they die.
To learn more, or receive a custom illustration on the Great American Life® Inheritance Enhancer guaranteed death benefit rider, simply call me at 800.362.1097.
Contract form number P1074509NW and rider form R6042513NW. Not available in all states.
The Inheritance Enhancer is an optional rider for which there is an annual charge.
August 21, 2014 by Pat Lanigan
September is Life Insurance Awareness Month, so I thought it was a good time to share some common myths about life insurance. You might want to consider using these as talking points with customers who are on the fence about securing a life insurance policy.
Group life insurance coverage through your employer is adequate.
- “Group life insurance creates a false sense of security, because it’s usually not enough to cover the life insurance needs of most individuals,” according to Keith Kruk, regional vice president of Fidelity Investments Life Insurance Company.1
Most people wait to get life insurance until they have their first child.
- According to LearnVest, a New York based financial planning company, “While 72% of married workers have life insurance, that figure ticks up to just 75% for married couples with young children.”2
You’ll have to pay taxes on the death benefit from your life insurance policy.
- LearnVest argues that, “In nearly all circumstances, benefits paid upon death are not taxed.”3
Only the breadwinner needs life insurance.
- “Imagine if something were to happen to the stay-at-home spouse in your family. The breadwinner may need to hire someone to clean and take care of the kids and that can cost a lot of money,”4 suggests Marvin Feldman, President and CEO of Life Happens, a life insurance non-profit organization.
Life insurance is really expensive.
- A recently-conducted study by Life Happens and LIMRA found that of Americans who admit to needing more life insurance, 80% overestimated the cost. In fact, 25% of those respondents “thought that the price for a $250,000 term policy (that would cost $150 per year) would cost at least $1,000 annually.”5
With all the myths out there, it’s important that you get the right information about life insurance. Give us a call at 866.528.7933 for more information on how you can help your clients protect their loved ones.
1 Fidelity Viewpoints. “How to layer life insurance for full coverage.” Fidelity. 28 April 2014. Web. 1 August 2014. https://www.fidelity.com/viewpoints/layered-life-insurance
2 Wicker, Alden. “The facts and myths of life insurance.” LearnVest. 1 May 2013. Web. 1 August 2014. http://www.learnvest.com/knowledge-center/the-facts-and-myths-of-life-insurance/
3 Wicker, Alden. “The facts and myths of life insurance.” LearnVest. 1 May 2013. Web. 1 August 2014. http://www.learnvest.com/knowledge-center/the-facts-and-myths-of-life-insurance/
4 Carter, Erik. “7 myths about life insurance.” Forbes. 6 June 2014. Web. 1 August 2014. http://www.forbes.com/sites/financialfinesse/2014/06/06/7-myths-about-life-insurance/
5 Durham, Ashley. “2014 insurance barometer study.” United Underwriters Incorporated. 2014. Web. 1 August 2014. http://www.uuinc.com/news/limra%20study.pdf