Master Annuities: Find Opportunities and Manage Customer Expectations

Mastering annuities starts with asking the right questions. Follow along as we recap training videos ten and eleven from our Life and Annuity Resource (LARC) series, where we’ll explore the golden question and how to effectively manage client expectations.

Managing Customer Expectations

Presenting annuities and getting clients excited about them is the easy part…The hard part comes on the tail end of that. But have no fear, we’re here to prepare you.

Understand This…

1. The process takes time (expect 4-6 weeks)
   • Annuities are not like other application processes (ex: Medicare or Final Expense) – they will take more time…be patient and remind clients of this
2. Their advisor will be calling them
   • Go ahead and give clients a “heads up” that their financial advisor will be calling them about transferring funds but that you are there to guide them in answering questions
3. Pause, rewind, remind
   • Clients are always going to second guess what they are doing…
     • Pause and let them know they are in control
     • Rewind and say “when I first met you you said x, y, z”
     • Remind them why an annuity was a good option because of x, y, z
4. Don’t chase annuity sales
   • Your time and energy is valuable – if someone says no, move on

You got into the insurance industry to help people and feel good about what you’re doing. With this four step guide, you’re equip to lead and guide your clients to protect their future.

To review these steps deeper, watch video ten here.

Finding Annuity Sales Opportunities

You don’t need a different license, you don’t need to have special leads to find these clients, and you don’t even need to find new clients. The same people you currently offer products to are the same ones you can offer annuities to…if you follow these steps:

1. Use a financial inventory
   • Typically the group you work with has some form of financial inventory
   • Keep it simple and use what you’ve been taught
2. Ask the golden question (every time!)
   • “Do you have anything that acts like insurance?”
     • Whether their answer is “yes” or “no”, either opens and opportunity for you to offer an annuity or another life product
     • You want to protect clients human capital and find a plan that works for them. Once you understand their risk and what current assets they have, you can tailor the annuity discussion.
3. Ask the client what steps they have taken to protect their retirement
   • “Is your money protected?”
     • You don’t need to know what carrier or product they have…once you’ve asked the golden question, you simply follow up with this one
     • If they say “yes”, you can schedule an appointment with them (at a later date) to discuss protection options (like an annuity!)

To review these steps further, watch video 11 here.

Need Further Annuity Assistance?

You can watch all the videos from our LARC training series here.

For more information regarding annuities, give us a call at 888-622-9122. We’re here for you, so you can be there for your clients.