Sell Annuities Through Client Relationships
Now, more than ever before, people are looking for security when they may financial decisions. For some people, this involves seeking out the advice of a qualified financial advisor to assist in making the tough decisions about how their money is invested. Obviously, you want to be this person that customers flock to with their assets, but how can you position yourself as a trusted advisor in the financial field? How can you sell annuities and also serve people well? The key is in building a relationship with your clients.
Think about it – would you rather do business with a slick person who swoops in with glossy brochures and polished sales messages, or with someone who sits down with you to discuss your financial options and genuinely seems to care about your financial well being? This distinction becomes especially apparent when dealing with senior citizens, who may be especially wary of dealing with anyone who comes off as too professional and impersonal. There are several steps you can take to build this relationship with your existing clients and in the process sell annuities to them and their referrals:
• Try to get a full understanding of their financial situations
It isn’t enough to find out how much money a client has sitting in bank accounts and retirement investments. Take the time to sit down with a client to understand the whole picture. Where do they owe money and in what amounts? What are their biggest fears about money? When do they plan to retire and what type of lifestyle would they like to lead at this time? When a client feels that you truly care about finding the best solution for them – whether or not it’s your product – they’ll be much more likely to work with you resulting in more annuity sales.
• Explain the terms of your annuities fully
A lot of annuity agents get a bad rap for glossing over the terms of annuity surrender periods and the fees associated with early withdrawals, leaving participants unaware of the risks associated with the investments. And although these tactics may have helped them to make sales, the deception eventually catches up – many of these brokers are now being investigated by the SEC and may be subject to harsh fines and criminal sentences. Instead, take the time to make sure your clients understand both the benefits and risks of annuities fully. You don’t need to define every technical term in the fine print, just be sure that your clients are clear on what’s involved in the annuity. You’re likely to make more annuity sales to referrals when your clients feel they are fully informed.
• It’s the little things that matter
Sure, it may sound cheesy, but send that birthday card or Christmas card to clients that have purchased annuities with you. They’ll appreciate your thoughtfulness and keep you in mind if they’re thinking about making further investments. Also, take the time to make a follow-up phone call or two once a client has purchased an annuity to make sure that everything’s going according to plan and to see if they have any further questions. Your clients will see you going the extra mile and feel more confident in the annuities they’ve purchased from you. This is what leads to repeat annuity sales and referral annuity sales.
The real payoff from building a relationship with your client comes in the form of referrals and additional business. People talk, and if they’ve had a positive experience with you, they’ll be much more likely to recommend you to other people they know that are looking for financial assistance and investment opportunities.
For a prospecting system that has you meet more clients, try ProspectMatch
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Tags: annuity sales
May 5th, 2009 at 5:03 pm
Hello sir;
I’m a big fan of your articles about sell annuties and marketing. I’have a question…How can i listen those articles. Because i saw an listen this post icon?
thanks
May 14th, 2009 at 3:09 pm
Great post. I have read some of Tonny Robbin’s books about building a client relationship from a sociological point of view.
His biggest point which I use in my sales industrty is to ask a lot of questions. When you meet someone for the first time in any situation the qucikest way you can develop a relationship is to find out personal information about them. You do this by asking quesitons. Once a person tells you about their personal info, they have let you into their lives. If you respect and listen to what they are telling you, you are on the path to building a relationship in a very qucik manner
The author here is dead on that instead of pumping high glossy brochers about ME, you sit down and discuss them.
Great post and good selling!
May 28th, 2009 at 2:09 pm
Hi canli izle,
if you click on the blue “listen to this post” text then choose “open” in the dialogue box. then it will play automatically.
at least it does for me and i have iTunes. If it doesnt work, maybe download iTunes (it is free)
art brightons last blog post..Art Junky
June 5th, 2009 at 11:43 am
I think it’s all about selling through your channels in and with anything. You have built in trust and then can get referrals. Although it make take longer… It’s more effective and efficient in the long run!
June 8th, 2009 at 3:48 am
I think for most businesses word of mouth is such a powerful tool - even in these days of internet businesses and ecommerce, people trust most someone that they trust and have dealt with previously, or secondly, someone who has been recommended to them by someone they trust.
Gustav Klimt Paintingss last blog post..Gustav Klimt Timeline, The Kiss History
July 13th, 2009 at 9:12 pm
Great article, I sell annuities and find trust is the number one factor. Though I only deal with personal injury settlement recipients and we provide them settlement planning which in many cases include a structured settlement.
Thank you for the information.
Bill
July 15th, 2009 at 10:52 pm
Have to agree that many annuity sales people do have a bad rep because they don’t give the full information, or they gloss over the points that will really impact their customers in the future. The information you provide though lets those potential customers have a source of information for what they should ask. Annuity sales people know what they have and can offer and the customer is relying on that knowledge. You also perhaps have opened the eyes of some of the sales people in that they can look at being more factual and relevant with their customers.
Cheers
Henal
July 19th, 2009 at 11:07 am
I think that when it comes to an annuity program, the more information the better. When an annuity program fully addresses all of your questions and concerns and then goes above and beyond by offering you additional pointers and advice, your chances of being successful increase. The more information that you have about selling your annuities and the more prepared you are, the more sales you will close. Earning top dollar commissions is much easier to accomplish when you have the selling annuity tips and tools that are required for success. This is exactly why annuities can be easily earned through clients!
July 19th, 2009 at 4:04 pm
I have found that generally speaking it is creating trust and listening more than talking.
July 23rd, 2009 at 7:35 am
I think the best thing on how to sell annuities pertains to customer service. If you provide a client with exceptional service and take the time to listen to all of their concerns and address them professionally, you will earn their trust and their referrals. If a businessman gets in on an annuity that is great and develops a relationship with the insurance agent he will certainly mention it to his colleagues who will inevitably contact you if they are interested in purchasing an annuity.
July 27th, 2009 at 2:30 am
I definitely think in order for a person to be able to make a certain profit these days, it is important to organize things based on scenarios. This means that the focus is oriented towards customer service. Sellers that are unprofessional might not even attract too many customers. Therefore, it is important that you build a network of loyal customers to ensure that you keep on selling to clients and that you are still running in the business
July 29th, 2009 at 11:37 am
The thought of a tax-free nonfluctuating inspiration of monthly sell income is beseeching for more people, as it allows them to salary different bills and it is is something that comes in period after month, ordinarily for some years. Some individuals install in annuities on their have or finished work, and annuities are quite lowborn when it comes to organic settlements in trauma cases.
July 31st, 2009 at 12:39 pm
Thanks for the advice on Annuities, i personally prefer to use qualified people. In fact, even if i dont know what the letters after the name stand for, i still am impressed by it! Perhaps that is silly, but most people think like that. For this blog, which i think is excellently written, you could make use of the breadcrumb plugin to bring all these insightful articles together.
August 6th, 2009 at 11:41 pm
Thanks for the Post . I am actually looking forward for a financial adviser to help me in this regard . Any way, this post helped me to get the basics.
August 7th, 2009 at 3:02 am
I think the thought of a tax-free nonfluctuating inspiration of monthly sell income is beseeching for more people, as it allows them to salary different bills and it is is something that comes in period after month, ordinarily for some years. Some individuals install in annuities on their have or finished work, and annuities are quite lowborn when it comes to organic settlements in trauma cases.
August 11th, 2009 at 11:12 am
I think to ensure you are building a viable financial system would be to write down the business plans you have in mind. Then, set the goals that you are targeting and let the customer be aware of that. Next, you should start working on attracting more prospects to your business by organizing meetings and appointments with them. Remain cost conscious of the services that you are offering and do no overprice things.
August 12th, 2009 at 6:55 pm
Your first point is the most important: Try to get a full understanding of their financial situations
If the annuity meets the clients needs - your job should be easy.
August 15th, 2009 at 2:44 pm
Finding the right annuity marketing strategy can be the most challenging part of the job. There are many companies out there that will promise that if you buy their program, you will be earning thousands of dollars in commissions within weeks. Many of these programs are not worth your time or money. You need to do some research before purchasing any of these to make sure you are buying a program that will provide you with all of the necessary information that you need to succeed..
August 19th, 2009 at 6:56 am
The annuity comes in different flavors in that it can be flexible, the premium or single, judging by the deposits made and the number of deposits over the years, by deferred or by immediate payment, judging by the time payment is set to start, by the money that was paid for them and the amount of taxation for that annuity as well as judging by the way the payments are made, whether they will come with interest or whether they will be accounted as being fixed or indexed.
August 26th, 2009 at 2:35 am
Building trust between the client and the advisor is the only way you will build a long term, mutuall beneficail relationship but like anything, it takes time and it can’t be done overnight. Oh and I find that listening to your client is far better than talking all the time!
August 30th, 2009 at 1:37 pm
One of the best attributes of any financial manager is how well they listen to the client. Of course really knowing what the clients true goals are is extremely important. Some folks have no tolerance for risk. A good adviser will not over step their bounds by making decisions that do not benefit the client.
August 31st, 2009 at 2:07 am
This sentence is probably the most important for those who require assistance “Think about it – would you rather do business with a slick person who swoops in with glossy brochures and polished sales messages, or with someone who sits down with you to discuss your financial options and genuinely seems to care about your financial well being? “. You want the feeling of understanding and genuine interest in your benefits at the end of a meeting, not just a whole bunch of glossy paper that confuses you left when the wind blows out the door with the agent!
Regards
Amanda
September 3rd, 2009 at 1:25 pm
If you are going to make a sale in todays world, there is only one principle that you should always stick with: good customer service. Nobody would like to buy something from an unprofessional and unaware seller. That is why it is important to build a client-focused approach to selling.
September 4th, 2009 at 11:41 am
The more information that you have about selling your annuities and the more prepared you are, the more sales you will close. Earning top dollar commissions is much easier to accomplish when you have the selling annuity tips and tools that are required for success. T
September 14th, 2009 at 10:25 am
Successfully selling annuities require a step by step procedure. You will have to do a preliminary planning by assessing your resources at hand. You will then begin to start your planning tailor-made to your prospects needs. Lastly, you will need to put your plan into action and try to build a lasting relationship with your client.
September 28th, 2009 at 12:50 am
I would agree that word of mouth is probably the most powerful marketiing tool, in building a client relationship based on trust. All too often the client is not buying the product per se but really buyinbg into the process of sale.
September 28th, 2009 at 8:16 am
Selling annuities can be lucrative, but keep in mind that it’s a service. You are providing people with a secure future and solid financial stability through the golden years of their lives. You owe them a real responsibility. Know their needs. Discover their dreams. Work with their constraints and limitations. Each annuity package should be customized to meet the needs and advance the lives of your clients. You’re only worth your commission if your work truly improves the future lives of your clients.
September 30th, 2009 at 1:10 pm
The most important thing in selling annuity is your social relationships with clients. No doubt being familiar with financial situation and knowing market values of your client is important but every one goes for it. The thing which really matter is the attitude and behavior towards the client and of the client.
October 7th, 2009 at 8:51 pm
Income annuities go by many names. Perhaps you have heard them called SPIAs, immediate annuities or payout annuities. An income annuity is one of the most popular choices for funding retirement income. It provides you with a secure way to insure that the money you are saving for your retirement will provide you with an actual retirement income. An income annuity is good insurance to make sure that you don’t outlive your retirement savings.
To get an income annuity, you contribute a single sum of money and in return you are guaranteed a steady flow of cash when you retire. You can get this retirement income for the rest of your life or a certain specified time limit, depending on which type of income annuity payout option you choose.
October 12th, 2009 at 8:38 am
Building a genuine relationship and establishing trust is crucial (and it should be ongoing too as annuities can have a stigma thanks to bad rep). Like stated in the last paragraph, a consistant relationship with a client has too many benefits to not take seriously, for both parties involved.
October 13th, 2009 at 12:46 pm
The information you provide allows you even if those customers have a potential source of information for what they should ask. The annuity sales people know what they have and can offer and the client relies on this knowledge. You also may have opened the eyes of some people selling in that they may seek to be more factual and relevant with their customers.
October 15th, 2009 at 8:39 pm
Most probably the best thing to sell annuities is affect to customer service. I f you build a good relationship to your client, and try to listen on their side then you earn their trust and referrals.
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October 15th, 2009 at 10:04 pm
Good reputation is your best asset if you have good record then poeple keep in trusting you. You must protect your moral to have more customer.
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October 15th, 2009 at 10:23 pm
Selling annuity doesn’t need of expertise, its all about good communication to the prospect customer. You must build a good relationship to them to make them trust with you.
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October 15th, 2009 at 10:33 pm
A lot of thing to do to get sale annuity repeatedly, you must show to your customer that you are doing extra effort for them. Make your customer gain more confident in your transactions.
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October 15th, 2009 at 10:42 pm
Many of the poeple who sales annuity do have a bad rep because they don’t give the full information, or they sheen over the points that will really impact their costumers in the future.
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October 15th, 2009 at 10:46 pm
Financial security is the most concern of the people by now. More people keep on searching financial adviser to help them during financial crisis.
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October 16th, 2009 at 3:20 am
The crux to being very good is trust, sa stated by Mark and others. Building trust between you and a client will then allow clients to make word of mouth recommendations to others looking to purchase annuities. It seems so simple but it isn’t. This means that you have to be genuine in all facets of your business, offer impartial and the best advice and genuinely look after the interests of your clients!
October 18th, 2009 at 7:19 am
In selling annuities, it is advisable to give your clients various options, something that would fit their financial standing and insurance needs. Sometimes, annuity sales people doesn’t ask feedback from recent clients, but they should do so. So that they will turn to you the next time they plan on availing insurance.
October 20th, 2009 at 9:03 am
Thanks for the interesting post. I think building trust between the client and the adviser is the correct way you will build a lasting trust. I look forward to reading more from you in the future.
October 21st, 2009 at 7:13 am
The length of payment on your income annuity can be customized to fit your individual needs. You can choose a payout option that continues for the length of your life, a certain period of time, or even a combination of the two.
When you choose to have a lifetime payout option, your income annuity will give you periodic payments for the rest of your life. Social security is a good example of this kind of payout. You pay into social security and then when you retire, you can expect to receive a social security check each month, for the rest of your life.
Some people choose to have a specified payout time. For example you could choose to receive larger payments for only ten years. You can even combine the two payout options so that you receive payments for an agreed upon length of time or your lifetime, depending on which lasts longer.
October 21st, 2009 at 6:19 pm
Good client relationship is a best way to sell annuities. In every aspects, in every type of business, good dealing with customer is your best asset. I try this when i selling timeshares from transfer smart and it so applicable. Try it!
November 15th, 2009 at 9:01 pm
The information you provide though lets those potential customers have a source of information for what they should ask. Annuity sales people know what they have and can offer and the customer is relying on that knowledge.
November 18th, 2009 at 9:21 am
At the end of the day the key to selling annuities and any other product is to educate people on the benefits and only provide/offer the product to people who truly will benefit from them.
November 18th, 2009 at 2:36 pm
Selling annuities is a process that evolves as the relationship evolves. Once the lead is secured and the appointment made the real selling process starts with the fact finder. Most agents look as a fact finder as a method of collecting the “facts” of the prospective client. I don’t!. To me a fact finder is using probing questions to find out how a prospect feels about themselves, their situation and their assets.
December 10th, 2009 at 10:44 pm
Some individuals install in annuities on their have or finished work, and annuities are quite lowborn when it comes to organic settlements in trauma cases.
December 25th, 2009 at 2:48 am
Finding the right annuity marketing strategy can be the most challenging part of the job. There are many companies out there that will promise that if you buy their program, you will be earning thousands of dollars in commissions within weeks.
December 29th, 2009 at 10:58 pm
Thanks for the advice on Annuities, i personally prefer to use qualified people. In fact, even if i don’t know what the letters after the name stand for, i still am impressed by it!
January 5th, 2010 at 9:31 pm
Thanks for the advice on Annuities, i personally prefer to use qualified people. In fact, even if i don’t know what the letters after the name stand for, i still am impressed by it! Perhaps that is silly, but most people think like that.
January 8th, 2010 at 12:38 pm
This website is a great annuities website
January 21st, 2010 at 8:42 pm
Some individuals install in annuities on their have or finished work, and annuities are quite lowborn when it comes to organic settlements in trauma cases.
January 24th, 2010 at 1:41 am
Thanks for the advice on Annuities, i personally prefer to use qualified people. In fact, even if i dont know what the letters after the name stand for, i still am impressed by it! Perhaps that is silly, but most people think like that.
January 26th, 2010 at 11:08 pm
You should start working on attracting more prospects to your business by organizing meetings and appointments with them.
January 27th, 2010 at 7:47 am
Your last point is very important. Keeping in touch with past clients has always been key nowadays even more so. At least it’s a lot easier now with things like email, facebook, twitter, etc - Plus all of these are free.
I dread remembering how many envelopes I used to stuff and stamps I had to lick!
February 4th, 2010 at 9:08 am
Thanks for the advice on Annuities, i personally prefer to use qualified people. In fact, even if i don’t know what the letters after the name stand for, i still am impressed by it! Perhaps that is silly, but most people think like that.
February 19th, 2010 at 10:45 pm
Some individuals install in annuities on their have or finished work, and annuities are quite lowborn when it comes to organic settlements in trauma cases.
February 21st, 2010 at 6:51 am
I think successfully selling annuities require a step by step procedure. You will have to do a preliminary planning by assessing your resources at hand. You will then begin to start your planning tailor-made to your prospect’s needs. Lastly, you will need to put your plan into action and try to build a lasting relationship with your client.
March 3rd, 2010 at 11:06 am
I guess in one sense you are really becoming friends with the prospect and the temptation to do so should be restricted. Selling product allows you to have a relationship of counselor/client but deepening into a relationship can be financially awkward for both participants. Remember, the secret to selling anything (annuities) is to understand how someone feels and how our simple products can bring benefit to their lives.
March 7th, 2010 at 3:10 pm
I have always been pretty astute when it comes to financial matters but I must admit the one thing I do not know a lot about is annuities. You have some excellent information and advice.
March 13th, 2010 at 5:49 am
If you provide a client with exceptional service and take the time to listen to all of their concerns and address them professionally, you will earn their trust and their referrals.
March 13th, 2010 at 8:18 am
I guess in one sense you are really becoming friends with the prospect and the temptation to do so should be restricted. Selling product allows you to have a relationship of counselor/client but deepening into a relationship can be financially awkward for both participants. Remember, the secret to selling anything (annuities) is to understand how someone feels and how our simple products can bring benefit to their lives.
March 23rd, 2010 at 7:51 pm
Good article! It is important to know a clients financial situation especially when in retirement years before locking them in annuities. A good financial investor will know how to get this info from their client in a friendly way. It also pays to be involved in the community as it gains trust and respect.
March 24th, 2010 at 11:33 pm
I guess in one sense you are really becoming friends with the prospect and the temptation to do so should be restricted. Selling product allows you to have a relationship of counselor/client but deepening into a relationship can be financially awkward for both participants. Remember, the secret to selling anything (annuities) is to understand how someone feels and how our simple products can bring benefit to their lives.
April 6th, 2010 at 9:11 am
I definitely agree the, the client relationship means so much more these days, especially the last few years.
April 6th, 2010 at 11:51 am
Thanks for this great post about Annuities. Just like in any other business, building relationships with your clients is so important!
April 24th, 2010 at 2:42 pm
Relationships are huge in business. Especially in the financial services where trust is such a big factor.
May 6th, 2010 at 2:21 pm
I guess in one sense you are really becoming friends with the prospect and the temptation to do so should be restricted. Selling product allows you to have a relationship of counselor/client but deepening into a relationship can be financially awkward for both participants. Remember, the secret to selling anything (annuities) is to understand how someone feels and how our simple products can bring benefit to their lives.
May 14th, 2010 at 7:29 am
When it comes down to it its all about making money. If a am referred to a financial advisor who I don’t get a long with, but they still make me money. I’m okay with that.
June 2nd, 2010 at 2:50 am
Coming from someone who has been stung a number of times by dodgy financial ‘advisors’, I actually find your post a refreshing change. I just need to find a IFA in New Zealand which isn’t out to grab a short term buck then run.
June 2nd, 2010 at 8:18 am
If a businessman gets in on an annuity that is great and develops a relationship with the insurance agent he will certainly mention it to his colleagues who will inevitably contact you if they are interested in purchasing an annuity.
June 21st, 2010 at 7:23 am
Selling product allows you to have a relationship of counselor/client but deepening into a relationship can be financially awkward for both participants.
June 29th, 2010 at 8:42 am
I agree with most of what has been written but if there is one golden rule above all others, it is to traet your client the same way you would wish to be treated…with respect and clarity. That way your clients will always want to do business through you.
June 30th, 2010 at 9:00 am
Sellers that are unprofessional might not even attract too many customers. Therefore, it is important that you build a network of loyal customers to ensure that you keep on selling to clients and that you are still running in the business
July 21st, 2010 at 7:52 am
I agree, this is a decent option to help secure your retirement savings.
July 31st, 2010 at 11:46 am
Good article! It is important to know a clients financial situation especially when in retirement years before locking them in annuities. A good financial investor will know how to get this info from their client in a friendly way. It also pays to be involved in the community as it gains trust and respect.
August 3rd, 2010 at 5:45 am
Thank you for sharing. Building a relationship with customers has always be and will always be the key, i totally agree.
August 3rd, 2010 at 7:58 am
Selling product allows you to have a relationship of counselor/client but deepening into a relationship can be financially awkward for both participants.
August 3rd, 2010 at 9:18 am
For one thing, in order to maintain success for long periods of time, you need to obtain correct values in the system and be able to have some degree of success in the past. By creating the value for yourself or making a name in the market, you will be able to attract customers to come to you and thus, you will be able to have customers that you can offer your services to. To do that, you might need some good referrals from people you have worked with in the past as well as advertisements in the media to make yourself known and a good lead system. Moreover, endorsements of this type will ensure that you can be proved to provide good quality services to the customers and that you will be able to build a lasting relationship between yourself and your clients.
August 11th, 2010 at 9:07 am
Selling the plans will ensure that you will be able to make the money until the annuities will make you receive the money that you receive. Therefore, you might want to get away from a certain plan or perhaps you will be patient enough to receive cash, because a large purchase might need to oblige you to change plans. Therefore, you should think before you act and people who are not familiar with the rules will come across problems. Therefore, you should study more about annuities and contracts, especially those based on insurance.
August 13th, 2010 at 8:09 am
To make your name or to achieve success in annuity selling you should have the right prospecting system. A value for you and to your annuity forecast has to be formed and this Annuity selling system will make others on familiar terms with you. Through endorsements and referrals you will be able to create high quality prospects. These systems might also help you provide a high quality service to you clients and create client-advisor relationship. This will also help you to make repeated sales.
August 16th, 2010 at 8:49 pm
intelligent, informed, and ethical financial advisors provide a great service. I’ve met many, and I know their clients are better off because of their services. Some of these good advisors even sell annuities — but only in the limited number of situations for which they’re appropriate. If you’re looking for an advisor, or looking at an annuity, take extra time to make sure you’re getting a good one.
August 17th, 2010 at 7:24 am
Well there are many more ways to accomplish this task but if one has to avail of the better option, one should definitely consider selling his annuity to the financial experts. Anyways your suggestion was quiet nice & it can be a nice option as well
August 18th, 2010 at 5:06 am
Annuities are, in general, highly safe investments. But considering the long run, they have relatively low returns compared to some other alternatives. So what you can do is to make it a short-terminvestment.
August 18th, 2010 at 11:46 pm
Good to read about selling Annuities through client relationships. Can anyone suggest what is a good PPF plan? I mean what all should it have?
August 28th, 2010 at 1:45 am
I agree greatly with your first point. It is very important to sit down with the client and understand their needs fully before proceeding. This helps to make a smooth transaction and helps the client feel better about the investment too!
August 28th, 2010 at 1:51 am
You can also help them understand the different terms and concepts of annuities and how they work by visiting our site at http://www.justwantaquote.com
Creating a the right plan is essential the any sales, and client relationship is based on trust and information provided.
August 28th, 2010 at 11:24 pm
How many referrals do the returns of annuities really bring? Have you really had much succes in this?