Effective Annuity Prospecting Methods?

[insuranceexec]

That is beautiful and I'm betting it works well.

I have found that this works well for me; and for the people that work with me. I often interview clients 6 months after the initial presentation; regardless if they bought or not.

During the interviews this is what most clients remember about my presentation. They tell me that it made them feel as though I was being honest with them; and made them more comfortable. Again this is from people who have bought from me and from those who have not. I hope this helps you in your future sales........

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[Franz Kafka]

Last year I did almost 20 mil in annuity production and my average commission was around 4%.

 

[Vanbret]

I don't know. Lets ask him. My point being that too many times people get on this bandwagon of saying how EVIL it is to offer a product because it pays a high commission. I do agree with you that offering a product simply because of its commission is WRONG. The agent must do their due diligence to first make sure that they understand the product they are offering; and second that that fully explain in DETAIL how the annuity works to the consumer. I start off every annuity presentation by saying:

"There is NO perfect annuity; there is good and bad with all of them; the trick is to find the good you like and the bad you can live with."

Last year I did almost 20 mil in annuity production and my average commission was around 4%. I have done roughly 1.6 mil YTD with an average commission of 4.25%. Taking into consideration reduced compensation for the older brackets, and the 2,3,4, and 5 year MYG annuities.
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It was an example their Pad. Often North American and Midland National will offer identical products and the commission (including overrides) is higher from North American.

But you are right full disclosure is key.

Sorry; haven't checked this post in awhile!!

I don't understand why such a big drama is being made about some comment I made about commissions. As insuranceexec kindly pointed out, there are PLENTY of companies competing for our business. If 2 or 3 companies have products that are very similar, with similar rates, and are equally well-suited for a client's particular situation, which product are you going to recommend?? Probably the one with the higher commission!

Last time I checked, we make our living with commission-based products.

Just saying.
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But as padthaiforlunch said, full disclosure should always be given to the client.

 

[honestagent]

I have found that this works well for me; and for the people that work with me. I often interview clients 6 months after the initial presentation; regardless if they bought or not.

During the interviews this is what most clients remember about my presentation. They tell me that it made them feel as though I was being honest with them; and made them more comfortable. Again this is from people who have bought from me and from those who have not. I hope this helps you in your future sales........

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Oh my gosh, it's such a nice soft way of being direct where honesty would permeate with something said like that. I love that.. and if you don't mind, I am going to borrow this.


I can easily see this helping the growth of your sales and follow up calls and I am not surprised you shared that on those follow up calls, they remembered you by what you said. It's very poignant yet soothing too.

Thanks for sharing this again.

 

[insuranceexec]

Oh my gosh, it's such a nice soft way of being direct where honesty would permeate with something said like that. I love that.. and if you don't mind, I am going to borrow this.


I can easily see this helping the growth of your sales and follow up calls and I am not surprised you shared that on those follow up calls, they remembered you by what you said. It's very poignant yet soothing too.

Thanks for sharing this again.

Very kind words. I thank you for taking the time to comment; and I do not mind if you borrow it. Keep up the great work.

 

[Vanbret]

I have found that this works well for me; and for the people that work with me. I often interview clients 6 months after the initial presentation; regardless if they bought or not.

During the interviews this is what most clients remember about my presentation. They tell me that it made them feel as though I was being honest with them; and made them more comfortable. Again this is from people who have bought from me and from those who have not. I hope this helps you in your future sales........

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I agree with honestagent; this is a stellar idea, that can really help build trust, as well as the relationship in general. It goes a long to towards distinguishing yourself from the hordes of other agents out there.

I really believe that to be successful in any industry that has a lot of competition (like ours), you really have to engage in activities that really show your clients that you are committed to them. And it makes it all that much more special when you receive that call from a client that you haven't seen in a couple of years, yet they still thought of you to fill their insurance needs! Am I right??

 

[insuranceexec]

I agree with honestagent; this is a stellar idea, that can really help build trust, as well as the relationship in general. It goes a long to towards distinguishing yourself from the hordes of other agents out there.

I really believe that to be successful in any industry that has a lot of competition (like ours), you really have to engage in activities that really show your clients that you are committed to them. And it makes it all that much more special when you receive that call from a client that you haven't seen in a couple of years, yet they still thought of you to fill their insurance needs! Am I right??[/quote]

Yes. I make it a point to never let more than a year go by without seeing a client for a review. By doing an interview with the consumer you will find many times that they will buy from you eventually; some people just will not buy according to your timeline.

I am a hard closer, because I believe in what I do, and what I offer. But I am not rude; even if the client chooses not to do business with me. I have actually had clients not do business with me after the first few visits; because they wanted to see how I would re-act.................

I just spent the last year and a half trying to help a prospect get back money from a promissory note issued out in California. They were sold this promissory note under the assumption that it was a CD. The prospect received their money back last week, and then asked me if I expected them to do business with me; as a result of my efforts.

When I told them I did not expect their business; I would like to earn it, I had them. This business is all about attitude and relationships; I hope this helps.

 

[Todd King]

Yes. I make it a point to never let more than a year go by without seeing a client for a review. By doing an interview with the consumer you will find many times that they will buy from you eventually; some people just will not buy according to your timeline.

I am a hard closer, because I believe in what I do, and what I offer. But I am not rude; even if the client chooses not to do business with me. I have actually had clients not do business with me after the first few visits; because they wanted to see how I would re-act.................

I just spent the last year and a half trying to help a prospect get back money from a promissory note issued out in California. They were sold this promissory note under the assumption that it was a CD. The prospect received their money back last week, and then asked me if I expected them to do business with me; as a result of my efforts.

When I told them I did not expect their business; I would like to earn it, I had them. This business is all about attitude and relationships; I hope this helps.

You mean you don't lay down in the floor and start kicking and screaming if they don't do business with you? Hmmm, something to think about...maybe that's why they always cancel on me before I can even send the app in!

 

[insurehound]

Really? Come on...re-read your original post. There was nothing said about two particular companies and their commission structure. This was a general statement about selling products that offer larger commissions. Here is the language you used...

I've been kind of focused on the 5 year product range right now....even though I feel like I should be focusing on other products b/c of the stronger commissions....

I don't understand why such a big drama is being made about some comment I made about commissions. As insuranceexec kindly pointed out, there are PLENTY of companies competing for our business. If 2 or 3 companies have products that are very similar, with similar rates, and are equally well-suited for a client's particular situation, which product are you going to recommend?? Probably the one with the higher commission!

Last time I checked, we make our living with commission-based products.

 

[seanger]

Has anyone herd of Life Agent Alliance?
They start you off with Mortgage protection then sell the customer annuity products. You also can buy the leads from them or supply your own.
Thanks,
Sean G