Blog #30: Six Sales Ideas For Life Insurance Producers (Steve Savant Interviews Bob Ritter – see videos below)

(Presentations were created using the InsMark Illustration System and Wealthy and Wise®.)

Getting Started with InsMark Training Video

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Let’s Get Down to Business - The Advanced Insurance Sales Series - Retirement Product Options

Steve interviews Bob Ritter, the architect of the InsMark® Illustration System & Wealthy and Wise®, the two most popular presentation software programs in the life insurance industry.  Steve and Bob walk through taxable accounts versus tax advantaged life insurance and answer the age old question, “Should I buy term and invest the difference?”  The answer is in the mathematics.

Click here for Bob’s blog named “CheckMate Selling®” where comparisons to alternatives are discussed and illustrated.

If you are not currently licensed for the InsMark Illustration System and/or Wealthy and Wise, click here to take advantage of InsMark’s Free Offer to Bob’s Blog subscribers to try them out.  If you are licensed for either or both Systems and would like to attend forthcoming webinars on either System, please email Julie Nayeri at julien@insmark.com and ask to be included.

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Let’s Get Down to Business - The Advanced Insurance Sales Series - Executive Bonus Plans

Section 162 Executive Bonus Plans have been around for decades.  Steve and Bob will walk you through seven variations of this strategy and discuss early policy loan access to pay the taxes due for the executive.  The economic leverage can be significant for clients who understand market risk.

Click here for Bob’s blog named “Anyone Want a Free Dog?” where early policy loans that fund the executive’s income tax on an Executive Bonus Plan are discussed and illustrated.  (You’ll also meet Max, the InsMark mascot.)

If you are not currently licensed for the InsMark Illustration System and/or Wealthy and Wise, click here to take advantage of InsMark’s Free Offer to Bob’s Blog subscribers to try them out.  If you are licensed for either or both Systems and would like to attend forthcoming webinars on either System, please email Julie Nayeri at julien@insmark.com and ask to be included.

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Let’s Get Down to Business - The Advanced Insurance Sales Series - Good Logic vs. Bad Logic™

Bob’s trademark mantra is the three staging items of ultimate income: accumulation, distribution and the sequential asset prioritization.  Sequential asset prioritization can be so significant to a senior’s retirement that it is now standard training in Wealthy and Wise boot camp.  Steve and Bob dramatize the financial impact of income and wealth transfer to the next generation.

Click here for an 8 minute video narrated by Bob Ritter for a more detailed examination of how Good Logic vs. Bad Logic™ works for Simon and Ann Scott.

If you are not currently licensed for the InsMark Illustration System and/or Wealthy and Wise, click here to take advantage of InsMark’s Free Offer to Bob’s Blog subscribers to try them out.  If you are licensed for either or both Systems and would like to attend forthcoming webinars on either System, please email Julie Nayeri at julien@insmark.com and ask to be included.

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Let’s Get Down to Business - The Advanced Insurance Sales Series - IRAs, IRA Conversions & Roth IRAs

Traditional IRA conversions to Roth IRAs have slowed in recent years until consumers became aware of the taxation of their Social Security benefits which is affected by distributions from IRAs, but not Roth IRAs.  Steve and Bob explore the delay of Social Security and qualified plans until age 70 and weigh the economic benefit over retirement years in converting traditional IRAs to Roth IRAs.  You’ll learn that sometimes a tax payment will be perceived as a terrific investment.

Click here for a short PowerPoint presentation entitled “Inherited IRAs vs. Inherited Roth IRAs for Robert Scott, Son of Simon and Ann Scott” for a startling look at how Simon and Ann’s decision to convert an IRA to a Roth IRA means millions more in net worth for themselves and tens of millions more after tax dollars for their son.

If you are not currently licensed for the InsMark Illustration System and/or Wealthy and Wise, click here to take advantage of InsMark’s Free Offer to Bob’s Blog subscribers to try them out.  If you are licensed for either or both Systems and would like to attend forthcoming webinars on either System, please email Julie Nayeri at julien@insmark.com and ask to be included.

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Let’s Get Down to Business - The Advanced Insurance Sales Series - LTC: To Insure or Self Insure

In some cases, retirement models are showing that paying for long term care insurance will reduce the overall income for seniors as well as the amount of assets transferred to the next generation.  But, now that human longevity has become the number one risk in retirement, the odds are almost certain that baby boomer seniors will use policy benefits for assisted living at home.  Steve and Bob do the math in their exposé on the need for long term care.

Click here for a PowerPoint presentation entitled “How to Prove Which of Your Clients Should Purchase Long Term Care Insurance”.  It is a Case Study with several comparisons including the impact of rated policies.

If you are not currently licensed for the InsMark Illustration System and/or Wealthy and Wise, click here to take advantage of InsMark’s Free Offer to Bob’s Blog subscribers to try them out.  If you are licensed for either or both Systems and would like to attend forthcoming webinars on either System, please email Julie Nayeri at julien@insmark.com and ask to be included.

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Steve Savant’s Money, the Name of the Game - The Top Four Consumer Concerns

Note:  The final video below is a composite of four segments from the previous videos.  Steve Savant and Bob Ritter constructed this one as though a prospective client is viewing it.

All over the Internet, there is no other economic subject that polarizes advisers across the country more than “buy term and invest the difference” versus a permanent policy.  Next to that is the ultimate retirement question of what assets should be used in retirement and in what sequence should they be used.  Running a close third is whether you should convert traditional IRAs to Roth IRAs before retirement to maximize income during your golden years.  And lastly, whether or not to self-insure against extended care costs or purchase a long term care insurance policy.  Steve takes these questions to Bob Ritter, the architect of the most popular adviser planning software, for answers to these critical consumer questions.

If you are not currently licensed for the InsMark Illustration System and/or Wealthy and Wise, click here to take advantage of InsMark’s Free Offer to Bob’s Blog subscribers to try them out.  If you are licensed for either or both Systems and would like to attend forthcoming webinars on either System, please email Julie Nayeri at julien@insmark.com and ask to be included.

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More Recent Articles:

Blog #29: Accessing Upscale Prospects

Blog #28: Notes to Those Beginning to Sell Financial Products

Blog 27: Don’t Buy Yet, I’m Not Finished Selling

Blog #26: Exceptional Benefits for Outstanding Executives

Blog #25: Is Indexed Universal Life Too Good To Be True?

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 #29: Accessing Upscale Prospects

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

Getting Started with InsMark Training Video

Bob Ritter's Blog #29 accessing upscale prospects image

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Continuing from last week’s Blog #28, “Notes to Those Beginning to Sell Financial Products” . . .

Last week we discussed a good qualified prospect is one who:

  1. Has a need for your product or service;
  2. Has the funds to acquire it;
  3. Is insurable (if insurance is involved);
  4. Will see you on a favorable basis.

There is a fifth attribute that creates a perfect prospect:

  1. Has a need for your product or service;
  2. Has the funds to acquire it;
  3. Is insurable (if insurance is involved);
  4. Will see you on a favorable basis.
  5. Has considerable assets and disposable income.

Sometimes you can establish a superb career connection where perfect prospects are plentiful – like partnering with a Bank that needs your skills. Then the cold prospecting calls go away as these will be warm to hot calls to current Bank customers. Now it’s up to your selling skills.

You might try to join a CPA firm that offers financial services. Sponsored interviews set up by CPAs are invaluable because you will know so much about the overall financial status of these clients of the firm. Check out this website to learn about such firms: AICPA.

Consider aligning with a property and casualty (P&C) insurance agency that wants to grow its life insurance department (or doesn’t have one now). A P&C firm that specializes in commercial accounts is ideal.

But – and it’s a huge (But) – you won’t make a Bank or CPA or P&C connection unless you can come on-board with a good background of product training and selling experience. So assuming you can turn your first couple of years of prospecting into a successful referral base, you’ll likely need another two or three years of top productivity before these firms will be interested in working with you. (You may find that, after that time, you’re doing just fine where you are.)

Where can you get the best sales training if you are new at your career? Always get suggestions from fellow producers, but I also recommend the following resources:

  1. A successful general agency of a top life insurance company that specializes in the type of sales that interest you. (Google “Life Insurance Training” to find resources);
  2. Producer affiliates of broker-dealers that specialize in the type of activity that interests you. (Google “Financial Training Adviser” to find resources);
  3. An Independent Marketing Organization (IMO). They may have a staff opening that could provide terrific initial training, but IMOs can also lead you to producers in their organization that are looking for new producers. (Google “Independent Marketing Organization” to find resources.)

Somewhere in here is an idea or two that will work for you. Good luck, and good selling.

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More Recent Articles:

Blog #28: Notes to Those Beginning to Sell Financial Products

Blog 27: Don’t Buy Yet, I’m Not Finished Selling

Blog #26: Exceptional Benefits for Outstanding Executives

Blog #25: Is Indexed Universal Life Too Good To Be True?

Blog #24: Maybe The Best Lead Generation Idea Ever

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 #28: Notes to Those Beginning to Sell Financial Products

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

Getting Started with InsMark Training Video

Bob Ritter's Blog #28 Notes to CPA's and Financial Advisers Beginning to Sell Financial Products image

Lion all mine image
Zero-Split-Case-Premium-Financing-click-here-to-receive-more-information
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The key to successfully selling financial products is overcoming scarcity. Not product scarcity, that’s virtually unlimited. Not product knowledge scarcity, that’s available to those who genuinely want it. I’m talking about qualified prospect scarcity.

A good qualified prospect is one who:

  1. Has a need for your product or service;
  2. Has the funds to acquire it;
  3. Is insurable (if insurance is involved);
  4. Will see you on a favorable basis.

It’s interesting that most of the significant financial institutions (insurance companies, banks, broker-dealers) have rarely figured out how to provide consistent access to qualified leads to such prospects. That is why so many (me included) have had to rely on cold prospecting to get started. Those who are good at it succeed; the others fail.

When I was first in the business — fresh out of Williams College with a liberal arts degree that had no particular application for selling anything — a fellow producer, a wise old soul, told me:

Every producer has a finite number of “speak to” cold phone calls to make, after which no more are required. Let’s say the number is 1,200. If done in, say, one year, hard times will only last for a year. If you’re any good at selling, and work at developing referred leads from those you sell, there will be a customer base to build on through more referrals. If you have a thin skin, and your rejection reaction is so high that it takes way longer than a year — if ever — to make those calls, you’ll fail. And if you’re no good at selling, you will also fail no matter how many potential customers you can meet on a favorable basis. But at the end of a year, you will likely know if it’s time to press on or find another career.

That’s still valid information.

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More Recent Articles:

Blog 27: Don’t Buy Yet, I’m Not Finished Selling

Blog #26: Exceptional Benefits for Outstanding Executives

Blog #25: Is Indexed Universal Life Too Good To Be True?

Blog #24: Maybe The Best Lead Generation Idea Ever

Blog #23: Give Yourself Some Wiggle Room

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