Annuity Leads/Appointments

Aug 4, 2010

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  1. padthaiforlunch
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    padthaiforlunch Guru

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    Seems like too many are searching for annuity leads or appointments. If you're seeking these, it's time for a reality check.

    Let's start with leads. What is a lead, anything more than a name and number? Ideally, it's someone who wants to buy an annuity. But let's get real, most people don't know what an annuity is or how it works.


    The best you can hope is the person wants what an annuity can do for them. So, I guess you could try to get a list of people who already have annuities, but good luck with that!


    But let's say you're given a name and number of a "qualified" lead. Would you even know what to do?


    Let's take it a step further. Someone has set an appointment for you. Do you know what to do? Do you have a presentation?


    If so, all you need is appointments to keep you busy. Obviously, you're not setting them very well or you wouldn't be seeking leads.


    Remember, even the most qualified appointment is nothing more than the opportunity to make your presentation. So, don't worry about how well qualified they are. Just go on appointments. The appointment-setter's only goal should be getting the appointment. It is up to you to make a client.


    You won't know what you have until you enter the house. If the cupboards are bare, you can make a quick exit. But you won't know until you get inside. That being the case, just go on appointments. You will find business.
     
  2. Fisher
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    Fisher Guru

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    I learned a whole bunch right there.

    Serious.

    Thanks so much, Pad.
     
    Fisher, Aug 4, 2010
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  3. bill3173
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    And the next night the tooth fairy visited him and gave him another $1700.

    You should tell agents these stories at bedtime, or put them into a children's book for insurance agents.
     
  4. Charpress
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    Charpress Guru

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    The only leads that are worthwhile are the leads you get for yourself.

    Paying for leads is a sucker's game. And speaking of game, the game in this business has changed drastically in the last 5 years.

    Now more than ever you have to build trust and credibility. I watch friends putting on the same dog and pony show every month exactly like they did it years ago and then they wonder why their sales are down. Well, it isn't just because commissions are 7% where they used to be 9% -and I hear that as a reason all the time.

    And the "answer" to this problem one friend has? He is now doing his same seminar every 3 weeks instead of once a month.
     
  5. Larry Tew
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    I couldn't agree more.
     
  6. TRSecurity
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    TRSecurity Super Genius

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    I decided to try online leads for annuities last year for the first time. I got my first lead about 2 hours after setting things up. It was about 7pm on a week night. I picked up the phone after about 10 minutes of it arriving in my inbox. He said I was caller #8. I did my phone thing, but all I got was permission to email (I already had his email anyway). I figured it was a dead end.

    The next day he responded to my email saying he wanted more info about certain things I wrote/said. I called and set an appointment.

    On the way to the 3rd appointment with him, I was driving with paperwork in hand to write $1MM in annuities. I walked out of the meeting with $300k.

    So, my first online annuity lead after 5 weeks of meetings turned out to be great.

    Conclusions: I got lucky. It just so happened this guy knew what he wanted, I was licensed in a state where he had a second home, and I caught him at the right time.

    I've since continued getting online annuity leads (in a very small geographic area) and none have turned out as well as this since. Most have been unwilling to even make an initial appointment. I have written some business with the online leads though.

    I believe that online leads would be good if they were exclusive. So, while I continue to buy local online leads and battle it out with 10 other brokers, I have had more success generating my own leads.

    I send out mailers, knock on doors, and set appointments for life, FE, med supps, or whatever and then find the annuity sales. The brokers I work with are successful with this same formula.

    The brokers that are relying on online leads have done ok, but they seem more frustrated with the process.

    Bottom line - I agree with the OP - don't waste your time buying leads or paying for mailers unless you know what to say in that appointment. And, be prepared to struggle to make appointments with online leads.
     
  7. pcwest
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    pcwest Super Genius

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    Makes me want to start my own lead company. It seems that is where all the money is being made.
     
    pcwest, Sep 21, 2010
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  8. padthaiforlunch
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    padthaiforlunch Guru

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    That sounds about right. Make them exclusive appointments and you can demand 50% of assigmed commissions.

     
  9. ChristianFSFP
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    Another great way to get leads is through or with a tax preparer. My girlfriend is an accountant and has been doing peoples taxes for years. So, we have combined forces to create a great team. She prepares their taxes, and together we show them ways to preserve their money and create a tax free to almost tax free retirement. This also opens the door to existing QUALIFIED accounts they already have. This is where the 100k+ transfers come into place. Be proactive. Always carry a business card. When I'm out, the old lady I held the door at the gas station for, or the guy being choosey about getting yellow or red onions at the grocery store are both potential clients. As an annuity producer, it is our job to keep the client in mind and how to help them prepare for a retirement they CANNOT
     
  10. MRGCEO
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    Very well said. People misunderstand what a "lead" really is.
     
    MRGCEO, Sep 28, 2010
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