Most of the annuities that I have sold are on the backend once I've gained trust from a client and have done an extensive fact finder on them. Annual reviews with clients are a great way to raise assets and in some cases annuities will be appropriate. A lot of reps never stay in touch with their book which is a big mistake. Workshops and mailers can work also.
I market fixed annuities (and mutual funds) to teachers for 403B's. I've also had some luck using fixed annuities as a CD alternative, and to get Roth IRA contributions (favor fixed annuities with a Return of Premium Guarantee).
Have also been using FIA and VAs with GLWB riders for some retired clients (especially those that don't have a pension otherwise).
Have also been using FIA and VAs with GLWB riders for some retired clients (especially those that don't have a pension otherwise).
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When you market to teachers, do you have to get permission to enroll all teachers, similar to a group plan? or can any one teacher start a 403b on their own w/o it being offered by school?
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403s typically require having a slot within the school district or hospital. These are guarded and it can be tough to add another slot. This is a very competitive business. If you want to cut your teeth in the 403 market, I would suggest marketing to local churches first, as employees of churches are also eligible. You can approach local schools and medical offices/hospitals and inquire if they would entertain adding another 403 provider. Your next step would be choosing what 403 provider to market. You will see a lot of VALIC, Great West, ING, Metlife, etc. in this arena.
Gotta pick them off one by one. The 403B market is really an "all or nothing" type of marketplace. You need to be visible in the schools a couple times a year, every year, and then the business starts "flowing" (that's a pun for 403B reps, lol).
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Any thoughts on Planned Member Services? Thank you
It's actually "PlanMember Services." For a 403B company, I think they are near the top. They focus on the 403(b)(7) custodial account biz, and they encourage advisors to build a fee-based business (which will be good for you long term, and is where the regulatory environment is nudging the securities industry).
You'll probably be MUCH better off with them than you would with a captive insurance company like VALIC or AXA (plus, a mutual fund 403B is going to be superior to a VA 403B).
I don't know what they offer for new reps in terms of draw/enhanced commissions/salary, and I don't know if you'll have a non-compete or anything like that, but I SUSPECT you'll be an indy contractor, with maybe a draw and no benefits.
I'd say they're worth a look.
You'll probably be MUCH better off with them than you would with a captive insurance company like VALIC or AXA (plus, a mutual fund 403B is going to be superior to a VA 403B).
I don't know what they offer for new reps in terms of draw/enhanced commissions/salary, and I don't know if you'll have a non-compete or anything like that, but I SUSPECT you'll be an indy contractor, with maybe a draw and no benefits.
I'd say they're worth a look.
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Here is a internet lead program that a few of my guys are using and seeing good success, especially estate planners
Take a look it might be something you want to investigate
Internet Leads 101
Hope this helps
Take a look it might be something you want to investigate
Internet Leads 101
Hope this helps
