How do you find prospects with money?

[somarco]

Thank you, I always tell myself "somebody is doing business with the afluent, why not me?"

Over the years I have worked with poor, middle class and wealthy. I am more than happy to let other agents work the low income crowd.

 

[Ghost]

Over the years I have worked with poor, middle class and wealthy. I am more than happy to let other agents work the low income crowd.

A friend of mine said to me one day "it's easier to get a $500 check than $100 check"

 

[Ghost]

I'm part of The Breakaway League with Tom Love. Tomorrow... Bryan Bloom, CPA (author of Confessions of a CPA series mentioned previously) will have a complimentary 30-minute webinar talking about qualified retirement plans.

https://www.thebreakawayleague.com/meetamentor

Our average case size as a group is $58,000 per year premium. We have found that the words we use is critical in how we engage with others.

Check out our webinar tomorrow.

Also, Tom Love is doing "The Real Talk at the Table" every other Wednesday. Next Wednesday, March 17th, you can get on a Zoom call with him and ask him anything. Why is he doing this? Back 20-30-40 years ago, top MDRT members used to "hold court" and help agents by answering their questions. He is Top of the Table and a 2x MDRT platform speaker. This is his way of giving back.

https://www.thebreakawayleague.com/real-talk

Thank you very much, I just signed up for it.

 

[Markthebroker]

How do you find prospects with money?

 

[somarco]

I believe that is part of the "It takes money to make money" theory

 

[DHK]

Read this post of the text exchange between me and @DayTimer with a final expense lead that was given to him. You never know who really has money... and who doesn't.

https://insurance-forums.com/community/posts/1324244/

 

[Tahoe Ray]

Thank you, I always tell myself "somebody is doing business with the afluent, why not me?"

What you consider "affluent" also relates to your product selection (and from your other posts, you're still working on that)

So, my disability insurance target market of ages and income is going to be very different than someone looking for annuity sales.

I look for younger, HENRY-type clients (high earners, not rich yet) whereas the financial advisor looking for annuity sales wants older folks closer to retirement with higher net worth. I don't care about net worth, I protect human capital/value (your future earnings).

My point is that what you choose to specialize in is going to heavily influence who you work with.

 

[DayTimer]

How do you find the clients who can start an IUL and put in a good chunk of money?

You have to learn two skills:

1) Learn to ask the questions that will let the prospect see a problem he or she may not even know they have.

2) Help them find the money to be able to afford the proper insurance-based solution.

https://www.insuranceproshop.com/insurance-sales-systems-store/

 

[DayTimer]

You never know who really has money... and who doesn't.

You really don't. Amazing what a financial fact find will ... find. Folks knock on these low income FE folks for not having bought life insurance. But funny how many of them do have a 401(k) or IRA with $200K and have no idea what to do with it. Found one the other day where their IRA is in cash and the client is down almost $6000 over the last three years on fees charged by the financial institution to merely hold the client's cash - it is all cash, no market exposure, down $6K on fees. Turns out they are pretty unhappy about that. It seems that they could have used that $6K themselves. They tell me they sure would like to put it in a vehicle that will guarantee that even if they completely run out of money they'll never run out of income.

 

[Travis Price]

Ummm strippers and sizzler... Duh