Will your year fizzle to an end, or are you finishing 2018 with a bang?
There’s still time in 2018 to finish the year strong. And better yet, some of the same end-of-year sales ideas that can deliver results this month can also keep the momentum going into 2019.
As you head into the final stretch of 2018, use these sales ideas to drive sales in the short-term and plan for 2019. And most importantly, remember that the Marketing Consultants at Senior Market Sales® can show you how to put these ideas to use, connect you to tools and resources and answer any questions — whatever you need.
Illustrate RMDs for Clients
Many of your clients are getting large checks in the mail, whether they've remembered to take their required minimum distribution (RMD) themselves or firms are auto-mailing them by Dec. 31 to avoid the 50% penalty for missing one. These moments are ideal opportunities to help those clients put that money to use.
So how do you get started? Use these fact-finder questions to vet whether your clients are candidates for RMD strategies.
For some, fixed indexed annuities (FIAs) can be a good solution. Some FIAs offer a unique crediting strategy that can reduce RMDs for your clients and help preserve the funds in their qualified accounts. Plotting this approach creates a jagged graph that looks like the teeth of a saw. Learn more about the saw-tooth strategy.
Helping even one client make the best use of this year’s RMD can impact their retirement plan and boost your production immediately, but imagine how many more clients you could help next year if you designated time to meet with those clients before or during RMD season. Make a list of potential clients mid-year and send out invitations to meet on potential RMD strategies.
If you don’t offer FIAs now, use the first part of 2019 to explore the possibility of cross-selling annuities to your existing Medicare clients by reading SMS’ “Introduction to Annuities,” the first step in SMS’ exclusive annuity program. After that, you’ll get the “Annuity Planning Kit,” which shows how annuities can solve your clients’ retirement challenges, and the “Annuity Sales Kit,” which gives you conversation starters and power phrases that make any annuity sales simple.
FIAs are increasingly popular because of market innovations and other trends. To learn how FIAs have evolved into a product with soaring sales, read the white paper, “The New World of Fixed Indexed Annuities.”
Uncapped FIAs in particular are gaining attention, thanks in part to research by renowned economist Roger Ibbotson. In an exclusive interview with SMS, Ibbotson shared his research, which showed how uncapped FIAs not only outperformed bonds in the past but also could beat bonds in the future. Watch the interview.
Show Clients Long-Term Care Insurance (LTCi) Tax Benefits
Owning a traditional long-term care (LTC) policy has advantages your clients may not know about, including the potential to save on federal and state income taxes. As Michael Kitces writes, the Internal Revenue Code provides a substantial number of different ways to purchase LTCi with favorable tax treatment. Contact a Marketing Consultant to learn more about how to show clients possible ways to deduct premiums or benefits paid on LTCi.
If this isn’t an idea you can quickly utilize because you’re not currently offering LTCi, consider adding it to your portfolio in 2019. Only 26% of advisors responding to the 2017 Long-Term Care Marketing and Thought Leadership Research Survey by Versta Research on behalf of Lincoln Financial Group said they discussed long-term care planning with their clients. This statistic highlights the opportunity to help clients understand the risks of failing to plan for long-term care. SMS has the resources and support for all types of planning professionals, at every stage of the LTC planning process.
Life Insurance as a Gift
This is also a great time of year to suggest to clients the idea of giving life insurance as a gift. Not only can it be a more meaningful gift than a Christmas toy for a child or grandchild, but life insurance can also be a great gift for other holidays, baptisms or birthdays.
Point out the benefits — in addition to having meaning and longevity beyond what a toy can offer, life insurance also is affordable, can protect the child's insurability in the future and provide for their future needs, such as college tuition or a down payment on a home. SMS offers everything from training webinars and videos to turnkey marketing programs to support your life insurance business.
Schedule Year-End or Annual Reviews
Offering clients year-end reviews can open opportunities to help them, but you also can position reviews at other times of the year, whether a “mid-year checkup” or an annual review.
During a review, you can:
SMS’ all-in-one planning tool, Income ArchiTech™ can help you do all of these things and more. You simply enter client information, and the program will show a summary of their current financial state, identifying areas where you can help clients, whether with life insurance, annuities, long-term care insurance, or Social Security claiming strategies.
Support Now and in 2019
If you’d like to learn more about Income ArchiTech or any of the sales ideas, strategies or SMS resources mentioned here, call an SMS Marketing Consultant at 1.800.786.5566. We’re here to help you finish 2018 strong and plan for growth in 2019 and beyond.