Why do advisors struggle selling fixed and indexed annuities!
Dear Friends, Would you agree that the primary advantages of selling a fixed or indexed annuity over a CD are that annuities generally provide a higher rate of return, have better guarantees and the interest isn’t taxed until it’s used? Then why is it so hard to convince a CD owner to convert to a fixed or indexed annuity?
Would you also agree the primary advantages of a fixed-indexed annuity over equity investments, managed accounts and mutual funds are the prospect has the potential to reap the upside of the stock market — without the downside risk to their investment principal? Plus, a fixed-indexed annuity has a minimum guaranteed interest rate and the returns aren’t taxed until the money is withdrawn. Then why do advisors have a hard time closing sales for fixed-indexed annuities?
There are many reasons why advisors have difficulty selling fixed and indexed annuities. Part of the problem is most advisors are selling a product — not a solution to the prospect’s problems. They are selling features instead of presenting benefits! Most advisors are not making a connection with their prospects. They are not building trust and rapport. Then they are making things too complicated. They are using technical jargon. They are in front of the wrong prospects. And, unfortunately, the list goes on and on.
Six simple solutions to help you sell more fixed and indexed annuities immediately:
Sell fixed and indexed annuities 1… You must ensure you are in front of the right prospects for you.
Most advisors are focused on attracting high-net-worth prospects, which puts them in direct competition with every other advisor. Then they wonder why these prospects want to talk to their attorney, CPA, stockbroker, etc. – before making a decision.
There are many niches within the annuity markets. You have low-, middle- and high-net-worth prospects. Within those markets, you have pre-retirees and retirees. And within these ranks, you’ll find CD owners, mutual fund investors, stock owners, widowed women, annuity owners, tax-free bond owners, IRA owners, etc. Each of these niches has different concerns, problems, attitudes, likes and dislikes. You have to decide which of these niche markets is right for your expertise, experience, knowledge, and products.
Sell fixed and indexed annuities 2… You must write and speak at a sixth-grade level. Then, even the college professors can understand you.
And, you must stop using technical jargon. Most advisors are confusing their prospects by being too technical and going into too much detail. If your prospects are even the slightest bit confused, why would they want to set an appointment with you or buy from you?
Sell fixed and indexed annuities 3… You must build trust and rapport.
Whether you are conducting dinner seminars, free educational workshops or just talking to people on the phone, you must be able to demonstrate to your prospects that you truly understand their concerns and problems. For example, the vast majority of advisors only get a 30% appointment rate from their educational workshops and dinner seminars. Then, only 30% of those people keep their appointments.
The main reason for this low appointment rate and the cancellation of appointments is that the advisor is not helping the prospect see how what they are presenting relates to the prospect’s situation. Most advisors tend to lecture the prospect or try to educate the prospect. They are not getting the prospect emotionally involved. The advisor is coming across as a salesperson instead of an advisor. With this approach, no trust or rapport is created.
Sell fixed and indexed annuities 4… You must help prospects identify their biggest concerns for themselves!
You can’t assume anything. And, you can’t assume prospects understand their real problems. Accordingly, you must get them to talk about their situation and tell you how they feel about what’s happening. You must do a complete fact-finding interview to help your prospects truly understand their problems. For example, many retirees will initially tell you their biggest concern is outliving their money. Yet, when you do a complete fact-find you might find that they have plenty of money, based on their current lifestyle.
Their real problem is they are afraid to take the income they want each year. So they aren’t able to do the things they want to do. Or, maybe they are worried they will need long-term care and they won’t have enough money to make sure they can choose how to receive their care. Maybe, they are afraid their spouse won’t have enough income when they die, because he or she will lose their pension and Social Security. Or, maybe they want to ensure they have money to pass on to their children or a charity.
Sell fixed and indexed annuities 5… You must listen to what your prospect is saying.
When you’re listening to someone’s words, you become connected with that person. And, isn’t that the kind of connection we all want? You can’t sell unless you truly understand your prospect’s problems and what they want. You must sincerely listen to the prospect. So you can ask the right questions to clarify the prospect’s current situation and feelings.
However, the mere act of listening is less important than how you listen. By listening in a way that demonstrates understanding and respect, you build rapport with prospects, and that is the true foundation from which you can sell your prospects.
Sell fixed and indexed annuities 6… You must stay in constant contact with your prospects… and your current clients.
It’s a simple rule of marketing: the more you stay in front of people who can do business with you, the more opportunities you have to earn their business. If you don’t keep in touch with them you will be forgotten. And, if your clients, prospects, and business associates forget you, then they certainly won’t do business with you (or refer people they know to you). Staying in touch is not about hounding your prospects and clients until they buy from you. It’s about keeping in constant contact in positive, non-threatening ways. It’s letting them know what’s going on, showing them you care, sending them reminders, and providing information of value to them.
If you want to sell more annuities, then you must practice the above six simple solutions. These six simple solutions have helped advisors set appointments with 70% to 90% of their seminar attendees — generating one million dollars or more in annuity premiums each month.
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“Following the advice of your competitors, for my first seminar, I spent $16,000 and made $22,000. Then for my second seminar. I spent $6,000 and made $1300. Then a few weeks ago I found you. For my third seminar, I spent $2800, and so far I’ve made $55,000. (in commissions) I’ll give you credit for 90% of the success I’ve had with this seminar. I just followed the advice in your Annuity Sales Excellence system, for my seminar, the initial interview, and the closing appointment. And I’m making serious money. In just one month I’ve made over half of what I made in previous years! So, I’m certainly glad I found you. Thanks,” Peter Orange – WA (10 years in business)
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“Over the last two weeks I have been holding seminars. Appointment results from the first in my series were lower than normal in the past… at just 25%. (I normally will get 40% to 60%) After speaking with you and then implementing some of your tips. My results exploded to 90% for the next. Then 75% for the 3rd seminar! I am amazed that using the same annuity seminar presentation. And then only asking a few simple questions could transform my annuity sales appointment request ratio so much. I can’t wait to get out and try these strategies on the appointments. Thanks for your help!” David Hodgkins – NH (MetLife)
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We are here and want to help you to make money selling life insurance and fixed-indexed annuities. Give us a call today so we can review your situation – 877-297-4608! There is no cost or obligation.
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