Blog #11: You’re Often Dead Without Deadlines

(There are no InsMark presentations used in this blog.  It is a an informational blog only)

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“Delay is the deadliest form of denial.” (C. Northcote Parkinson, English writer, 1909 – 1993).

Here’s how to head off delay by a client:

You are in an initial interview where the next step requires the client to gather detailed financial information for you. Your client assures you it will get done. Next time this occurs, try asking this:

“I’m not in a position to give you a deadline to get me that information, but could you deadline yourself for me so I can know when to expect it?”

Most serious people will give a self-imposed deadline. Make a date right then to pick it up. Then ask:

“Will it be OK if I call a couple of days ahead of time to be sure you have it all together?”

Be sure to write a note or email to the client the day after the interview that summarizes what you need, and be sure to mention the client’s self-imposed deadline as follows:

“I look forward to getting the financial information we discussed [yesterday], and I really appreciate the deadline you gave yourself of [next Tuesday] so I can best schedule my time to go over it.”

This logic works anytime an impending event requires client cooperation.

InsMark’s Referral Resources

If you would like assistance with any InsMark illustration, contact any of the Referral Resources listed below.  All are InsMark Agency Platinum Power Producers®, and they are highly skilled at running InsMark software and can help you using your choice of insurance company.  Mention my name when you talk to one of our Referral Resources as they have promised to take special care of my readers.

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More Recent Articles:

Blog #10: Annuity Rescue Made Easy

Blog #9: Selling Incognito

Blog #8: The Pothole in Wealth Management, Good Logic vs. Bad Logic™

Blog #7: If You Think Education Is Expensive, Try Ignorance

Blog #6: How To Prove Which Of Your Clients Should Purchase Long Term Care Insurance

 

3 Reasons Why It’s Profitable For You To Share These
Blog Posts With Your Business Associates and
Professional Study Groups (i.e. “LinkedIn”)

 

Robert B. Ritter, Jr. Blog Archive

 

Blog #10: Annuity Rescue Made Easy

(Presentations were created using Wealthy and Wise®.)

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The way indexed deferred annuities are priced (short-term money vs. long-term money for indexed life insurance) leaves very little budget for the issuing company to use for hedging. Consequently, the caps can be much, much lower for annuities (in many cases, 3.00% vs. 10.00%+ for indexed life policies). Also, with the life policy, the issuing company can afford to take a thinner margin because of the mortality profit from the cost-of-insurance charges.

The higher caps introduce the opportunity to illustrate higher future values for the life insurance and, of course, all this couples with the superior tax advantages of life insurance (income tax free loans from cash values and tax free death benefit) vs. taxable cash flow and death benefits from annuities.

To prove the point, examine the following graphic from InsMark’s Wealthy and Wise®.

net worth after providing required cash flow graph

Alex and Susie Snow are 65 and 60. They own an indexed annuity with a current value of $500,000 but are stuck with a 3.00% maximum crediting rate. Their cost basis is $430,000. The graphic illustrates the impact of replacing the annuity with an indexed survivor life policy and providing the cash flow for the life policy’s five scheduled premiums of $98,605 by way of after tax withdrawals from the annuity – a procedure calculated by Wealthy and Wise® which depletes the annuity. (In this case, five years of premium payments are sufficient to avoid classifying the life policy as a modified endowment contract thereby preserving tax free access to its cash values.)

Wealthy and Wise® provides a very quick and simple way to make this evaluation with minimal data input. It also provides you with a platform to discuss other planning opportunities with what is likely to be a very impressed client.

Resources

Thanks go to Brian Manderscheid at LifePro Financial Services in San Diego, CA, for assistance in developing this analysis. Brian is highly skilled at running InsMark software, and he can help you illustrate this concept with your choice of carrier. (It also works with IRAs.) You can reach him at 888-543-3776 or IMCaseDesign@Lifepro.com. Mention my name when you talk to Brian as he promises to take special care of my readers.

 

InsMark’s Digital Workbook Files

If you would like some help creating customized versions of the presentations in this Blog for your clients, watch the video below on how to download and use InsMark’s Digital Workbook Files.

Digital Workbook Files For This Blog

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Note:  If you are viewing this on a cell phone or tablet, the downloaded Workbook file won’t launch in your InsMark System.  Please forward the Workbook where you can launch it on your PC where your InsMark System(s) are installed.

 

InsMark’s Referral Resources

If you would like assistance with any InsMark illustration, contact any of the Referral Resources listed below.  All are InsMark Agency Platinum Power Producers®, and they are highly skilled at running InsMark software and can help you using your choice of insurance company.  Mention my name when you talk to one of our Referral Resources as they have promised to take special care of my readers.

If you are not licensed for Wealthy and Wise®, contact Julie Nayeri at 1-888-InsMark (467-6275) or julien@insmark.com for licensing information. Institutional inquiries should go to David Grant, Senior V.P. – Sales, at dag@insmark.com or 1-925-543-0513.

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More Recent Articles:

Blog #9: Selling Incognito

Blog #8: The Pothole in Wealth Management, Good Logic vs. Bad Logic™

Blog #7: If You Think Education Is Expensive, Try Ignorance

Blog #6: How To Prove Which Of Your Clients Should Purchase Long Term Care Insurance

Blog #5: It’s Awkward Trying to Sell My Friends

 

3 Reasons Why It’s Profitable For You To Share These
Blog Posts With Your Business Associates and
Professional Study Groups (i.e. “LinkedIn”)

 

Robert B. Ritter, Jr. Blog Archive

 

Blog #9: Selling Incognito

(There are no InsMark presentations used in this blog.  It is a an informational blog only)

Getting Started with InsMark Training Video

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How do you pry loose referrals from an attorney or CPA?

Dennis Dahl, a good friend of mine from Boise, Idaho, has crafted one of the finest techniques I have ever heard for this situation. Dennis refers to it as his “No Name Referred Lead”, and he has used it effectively throughout the U.S.

Here is his description:

I present a hypothetical Case Study to the attorney or CPA that highlights the unique use of a financial concept that is likely to solve a problem common to that adviser’s client base.

After I’ve convinced the adviser that I know what I’m talking about and have some evidence the concept has been well received, I tell them I am not after the names of any of their clients, but I would like to tailor a similar plan for the one client whose name popped into their mind when they heard the concept. red mask imageI stress that although I don’t need the client’s name, I do need some general information so I can put together a pertinent proposal. Usually, the information is freely given; sometimes I get data on three or four clients.

Now it’s up to me to show my stuff. I put together a presentation based on the information gathered, and once it’s reviewed by the adviser, an introduction to a top prospect invariably follows.

In this way, a “No Name” is converted to a real person with the attorney or CPA automatically approving the idea and presentation.

The “No Name Referred Lead” is effective, and you may want to try it.

Thanks, Dennis, for letting me share it with my readers.

InsMark’s Referral Resources

If you would like assistance with any InsMark illustration, contact any of the Referral Resources listed below.  All are InsMark Agency Platinum Power Producers®, and they are highly skilled at running InsMark software and can help you using your choice of insurance company.  Mention my name when you talk to one of our Referral Resources as they have promised to take special care of my readers.

seperator image

More Recent Articles:

Blog #8: The Pothole in Wealth Management, Good Logic vs. Bad Logic™

Blog #7: If You Think Education Is Expensive, Try Ignorance

Blog #6: How To Prove Which Of Your Clients Should Purchase Long Term Care Insurance

Blog #5: It’s Awkward Trying to Sell My Friends

Blog #4: If Something Important You Believe To Be True Turns Out To Be Wrong, When Would You Want To Know About It?

 

3 Reasons Why It’s Profitable For You To Share These
Blog Posts With Your Business Associates and
Professional Study Groups (i.e. “LinkedIn”)

 

Robert B. Ritter, Jr. Blog Archive