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Well, You Missed it! What? The IARFC CE@Sea™ cruise to Alaska. You missed some great presentations and practical ways to enhance your business. You also missed a magnificent spontaneous presentation by Bill Rutherford. Bill was kind enough to offer copies of his book, Who Killed Goldilocks? on a discount basis, and we purchased a copy for everyone. It was so easy to read that most finished it between the first CE session on Monday and the latter one on Friday. We asked Bill to explain the basis of his contention that the “great” Alan Greenspan was the true architect of our current financial woes. We will ask him to outline some of that material in future copies of the Register – but you really need to hear him first-hand.
Don’t Make the Same Mistake in 2011. Plan now to attend the next CE@Sea which will be held June 26 - July 3 leaving from San Juan, Puerto Rico. The Royal Caribbean vessel stops at 4 beautiful islands, and you will have an opportunity for a 4th of July 3 or 4 day stay-over in San Juan – one of the most acclaimed tourist sites in the world. Mark your calendar now, and reserve a cabin at 2010 rates. Don’t procrastinate. Unfortunately, at the last minute this year we had RFCs who wanted to attend, but all the attractively priced cabins had been taken.
Where is the economy heading? I have no idea, and I think that opinion is shared by most members of the Congress and the various Czars running regulatory agencies. Will there be more regulation and legislation affecting you? Absolutely! What can you be doing about it?
Reduce business and personal expenses. A lousy suggestion, because I am certain you have taken these steps long ago.
Moan, groan and complain. All of us have done a bit of this, and it accomplishes nothing! In fact, it is counter productive since you will become as depressed as the stock market.
Increase what you offer. There are several ways to gain more revenue from your client base. Add new services, add new products and increase your fees. When clients like and trust you they will accept this.
Long Term Disability. This form of insurance has excellent renewals and will forever bond a client to you who has received benefits. The new Obamacare does not increase disability benefits—so this need is largely unfulfilled.
Long Term Care Insurance. Yes some of your retired clients have a healthy history that makes them in eligible. However there are creative options (riders0 available on annuities and life policies that may be applicable for one spouse. There is another market for LTC coverage - to the middle aged (and health wise eligible) children of your retirees. Message: Since you aren't eligible (due to health or age) for LTC would you recommend this for your children? Would you like to stimulate them by paying the first premium for them?
Critical Illness Insurance. This is the fastest growing insurance product in the world. It pays a lump sum, specific benefit in the event that an insured contracts and requires treatment for a specific illness. It is not a reimbursement or medical coverage, and not limited by Obamacare.
Use Third Party Agents. Many financial planners have no expertise in these three forms of insurance. They have a license to sell it - but not expertise. Furthermore, they do not want to study all the fine print of the contracts and track the market. There is a great solution—use a third party to provide this coverage.
Use a Local Health Insurance Agency. Likely there is one in your area that specializes in this form of coverage. They are general agents with all the major carriers and will handle analysis, proposals, presentations and application processing.
Use a National Agency. There are many that offer this service, but many are not familiar with the operations and the image of the financial advisor. They are soliciting life agents as opposed to financial advisors. Were I in the practice now, I’d be using the services of Wilma Anderson, who is a regular columnist and director of the IARFC. (Phone 720 344 0312).
Acquire more high-quality clients. This is the best solution. There are many ways to do this, but none beats making a well-organized presentation to a referral. Are you using all the tools offered for you by the IARFC to enhance your presentation?
Ask for new purchases and referrals. Place your clients into a marketing pattern and offer more products and services. Use IARFC special interest cards to solicit the topics they are most interested in – and also ask regularly for referrals.
Publish, Publish, Publish
You know that frequency of client communications is a major component of your practice. But you cannot just send them canned materials or sterile letters. The best option is a very brief cover letter, accompanied by some type of article that might be of interest to your client - or to their child, parent or business associate.
What’s the best article. One you have written and had published. Published Where? In the IARFC Register in Journal of Personal Finance or even in the Chinese Popular Financing - (Your clients will not be able to read it, but they’ll be highly impressed that you are an internationally recognized author—published for the benefit of the 1.3 billion Chinese population.
Help the IARFC grow.
Our services to you require that we acquire more good members. Many other organizations are shrinking and aging. This is easy – call Amy Primeau and give her the names and contact information, and qualify for your $50 cash recruiting bonus, per new member: 800 532 9060 ext 34 ◙
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