Advisors should avoid invasive, overly forward questions when networking by opening a general business dialogue, suggest Stephen Boswell and Kevin Nichols of The Oechsli Institute. Asking questions about a prospect’s opinion on current events and their own industry experience, as well as sharing personal stories, can prevent an advisor coming…
Doubts about referral marketing have risen in recent years, but advisors can boost success by improving client experiences, writes David Lyon, founder of Oranj. Advisors should recall even the smallest interactions with clients, emphasize their expertise and not be afraid of politely asking clients to spread the word, he writes….
Some financial advisors are talented at the technical aspects of advising but lack a business mindset, which presents a big obstacle to a successful practice, writes Stephanie Bogan, CEO of Educe. “Whether you are a sole proprietor or a partner in a larger firm, your mindset determines your level of…
The majority of workers surveyed by the Employee Benefit Research Institute expressed interest in guaranteed monthly income for life, whether through an in-plan option or pulling money out of their plan upon retirement to purchase a guaranteed income product. Only 17% of respondents said they feel very confident about their…
Clients want to “get something back” from their long-term-care insurance if they don’t end up tapping into benefits, said financial planner Dan Moisand, and this concern could fuel growth in sales of policies that combine life insurance and long-term-care insurance. Data from LIMRA shows sales of combination policies nearly tripled…
Financial advisors must prepare client portfolios for an inevitable market downturn well before it happens, experts say. Ways to do that include structuring the portfolio based on goals and needs and stress-testing it against various market situations before they happen. Advisor News
While 401(k) and IRA plans were designed for saving, not income, they can be transformed into guaranteed lifetime income, like a traditional pension, by rolling them into annuities, according to financial advisor Ken Moraif. This would be "income that would go as long as you live," he says. U.S. News…
Annuities offer several opportunities to reduce taxes, and tax season is an ideal time for advisors to tell their clients about them, according to The Standard's Chris Conklin. "[Clients are] sensitive to what tax implications they're facing and may be more open to solutions like annuities that can help save…
Baby boomers who obtain advice from a financial professional are closer to being financially ready for retirement than those who go it alone, according to a report from the Insured Retirement Institute. ThinkAdvisor (free registration)
To turn life insurance shoppers into buyers, the industry needs to "bring the life insurance decision higher on the consumer financial scale," LIMRA CEO Robert Kerzner said during the 2018 Life Insurance Conference. Agents need to move away from focusing on death benefits and highlight life insurance's role in retirement…
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