It’s 2017 and at the time of writing this blog post a new administration is heading into the White House. No matter your political preference, there will be no end to the ‘noise’. There isn’t a doubt in my mind there will be countless other interesting issues and events unfolding as the year moves forward – even more of that ‘noise’ we mentioned. All piled on to the demands of daily lives, jobs, children, et al. Regardless, clients are in significant need of quality information that helps them make informed decisions about their finances. That’s the role of a good advisor; translate what your clients learn from their endless hours on the internet into information that is useful to their specific situations. In the realm of insurance planning, that person is YOU! Let’s take a look at an example from our books.
Be the One They Call
Back in December we received a call from an IFP advisor that was referred to us from one of his contemporaries who was already doing business with the IFP Insurance Group. He believed he had an opportunity for a reasonably nice case but, as an advisor that focuses on retirement planning, he had done very little in the realm of long-term care with plan participants. He had considered walking away without another thought. His past experience was that insurance was too much of a hassle. Between getting the paperwork together, submitting everything to the insurance companies, and the long waits and poor communication, it wasn’t worth his time. His fellow advisor said, “Don’t worry. Just call the IFP Insurance Group – they know what they’re doing and they will help you!” Despite his hesitation, he carefully listened as we explained how we operate and can help his firm. By walking him through the plan design and the next steps in the process, the advisor was on his way to building a stronger relationship with the client and saving otherwise lost revenue.
Don’t let past experiences drive your behavior going forward. If you do, everyone loses. Insurance might be a different business, but it’s a far cry from having a dentist work on your teeth without Novocain. We assure you, the tools of the trade have changed! Products have multiple uses and make premiums work harder than ever. In addition, modern marketing support tools are first class. Today, we have accelerated underwriting, electronic submissions, and the IFP Insurance Group’s Kelle App service to make it easier than ever to facilitate the process. Our team is credentialed and constantly working to keep up with the latest changes to insurance products. While it’s your job to offer insurance, it’s our job to stay current and relevant on your behalf.
What Are These Tools?
While some tools may be familiar, others have been introduced in the last few years. Don’t worry, there’s nothing to be afraid of.
Marketing Tools to Help Start the Conversation
Life Happens is a nonprofit organization created to help Americans take control of their finances through life, disability, and long-term care insurance. Use their calculator app on your smartphone or desktop to determine how much coverage your client needs through a few easy steps.
Principal’s Informal Business Valuation
Through Principal’s Informal Business Valuation service, 3 years of tax returns and a very minimal amount of information can get you a business valuation prior to having a buy/sell conversation.
AIG has created Retire Stronger to provide advisors with consumer-facing, visually appealing marketing materials to help clients see the value in insurance products.
Tools to Make Life Easier
The accelerated underwriting program offers fast underwriting decisions by eliminating lab testing, paramed exams, attending physician statements in 65% of cases. It’s that simple. If your clients do qualify, it’s a free opportunity to under-promise and potentially over-deliver, which makes you look like a rockstar.
By using an electronic submission process, it takes less time to submit applications, signatures are obtained electronically, and needed evidence is ordered locally. The faster this process is completed, the better you look. Electronic submissions are also a great way to minimize the amount of human error that contributes to Not in Good Order (NIGO) applications.
The Kelle App
The IFP Insurance Group offers a proprietary application process, internally referred to as the Kelle App, for all financial advisors offering insurance products. If a case’s premiums exceed $2,500, our very own Kelle Schnabel will work directly with the client to complete and submit the insurance app on your behalf. She is an extension of your team.
Bringing it to You
While you are certainly welcome to sell insurance on your own, our team can help cut through the noise and keep you up to date with current and relevant information. Start building a complete financial plan with risk transfer products and generate more revenue for your firm. Everybody wins! What hurdles are you facing when selling insurance? Let us know in the comments.
Securities offered through LPL Financial member FINRA and SIPC
Investment advisory services offered through Independent Financial Partners, a Registered Investment Adviser
Independent Financial Partners is not owned or controlled by LPL Financial
Posted by: Jayne Alford | June 1st, 2017 at 1:36pm.