How to sell annuities to prospects who are not looking for annuities
My firm matches prospects with financial professionals and I have always found it curious that financial professionals only want leads of prospects seeking information on the products and services sold by the financial professional.
In other words, the average annuity agent only wants us to match him with prospects that have expressed interest in annuities. Other prospects have expressed interest in financial planning, mutual funds, life insuarnce, etc. but the average annuity agent is not interested in these general prospects.
However, the RICH annuity agents DO have an interest in these prospects. Here’s the logic of the rich annuity agent:
1. When people express interest in a product or service, it does not mean that they will buy that particular product or service.
2. It does however mean that the prospect is motivated to seek a solution–i.e. if they fill out a form on the Internet seeking information on retirement planning, at least this is a motivated, “take action” person.
The rich annuity agent wants to speak to any motivated viable prospect and has sufficient confidence that if an annuity will help the prospect achieve his goals, the agent will have a sale.
How many clients have you lost because you have failed to cultivate a general interest from a prospect desiring to take financial action?
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Tags: annuity agent
July 4th, 2009 at 4:49 pm
Great post, before you can sell anyone, you first be sold on the fact that the investment will produce a good ROI.
August 13th, 2009 at 7:32 am
Motivating blog, it gives a clear picture .Naturally it is good to give motivated viable prospect, but besides that it is better to send an Insurance newsletter to that firm on a monthly basis. It comes as an expenditure for you but in long run it will give you a good return.
August 21st, 2009 at 7:08 pm
Wow. This just makes me want to go out and sell! but i still cant grasp the concept of selling something to someone who isnt looking to buy?
August 23rd, 2009 at 1:34 am
Cultivation is a lost art. When someone enters sales they think that all sales are done in one meeting, or one conversation or email. The buyer needs to gain respect and security from the seller - not necessarily for the first sale, but subsequent sales.
The better the system you employ for cultivation the more sales you’ll get in the long run.
Andy
September 8th, 2009 at 8:03 pm
I think rich agents develop a sixth sense to smell out possible clients. It comes with experience.
September 15th, 2009 at 2:42 am
Unless the agent is very confident of himself and the product only then he will be able to convince to prospects.
September 21st, 2009 at 3:40 pm
In a structured settlement or annuity, instead of receiving a cash settlement in a single lump sum, the injured party will receive future periodic payments made through a Structured Settlement annuity. There are two main advantages of a structured settlement. The first advantage is that it is tax free. Structured settlements are covered under section 104 of the Internal Revenue Code of 1986 and therefore totally tax free, both federally and at the State level. This is absolutely different than when one opts to receive a lump sum settlement where investment proceeds made with the settlement proceeds such as interest and dividents are subject to both Federal and State taxes.
December 26th, 2009 at 5:42 am
The one thing that is over looked here is the fact that most people are unaware that there is other alternatives to retirement accounts. that is the spin. you have to show them that if they do nothing, what could happen, then show them what has happened and what it will take to get it back. You have to uncover thier pain! and follow up with what needs to be done safely to insure that they will not lose money, or be able to provide income. And yes, you can convince a person to use life insurance or annuities, it’s all part of salemanship. Read the Sandler Sales Institute book, and become the coach instead of the shoulder to cry on. You have to go from counselor to advisor. I should know, i use to be a counselor.
December 29th, 2009 at 3:25 pm
Although I do not deal in annuity leads, I can say that if you aren’t well knowledgeable on the product or service you are selling, then you will lose customer’s. You need to know that your customers are gonna make a good return on the investment. If you can prove that to them you should never need to worry about losing your clientele.
January 12th, 2010 at 10:26 am
All i know is that tax is free. But anyway, very informative text on annuity. I hope to be on the business one day.!
January 15th, 2010 at 3:53 pm
I have an associate who once ran a large insurance marketing firm in Orange County. He swore by the seminar method of lead generation. He could never quite get the parent company to go along with his ideas wholeheartedly nor the group of executives at the local business. Nevertheless, the company originally built its success on that very model and trained its core of agents to use direct mail and seminars to build their business. Those who continued the practice stayed at the forefront of success.
January 19th, 2010 at 10:51 am
You learn How to sell annuities to prospects who are not looking for annuities only with experience, for a novice I think it is imposible
January 31st, 2010 at 1:11 am
Nice to hear about the annuity rates and some general info about that, before visiting here I had no general idea about what it really is, now I got what actually it means, thanks for sharing.
February 13th, 2010 at 2:46 am
You are very good at determining the people looking for annuities. You must be experienced. very nice blog!