How Do You Sell Annuities

[padthaiforlunch]

SAI had a post in another thread wishing for more discussion on annuities. So I'm curious about how you all market for them.

I have seen programs for seminars, and while I imagine I can put together a powerpoint presentation I don't want to spend $$$$ on a seminar at this time.

With all the senior predation and NASD BS, how do you talk about market risk without giving investment advice and running afoul?

My primary market for annuities is business clients and anyone I run across who has a 401k at an old employer.

But I am also appointed to sell birthday insurance, and I intend to use it as a loss leader (hopefully, break-even) with seniors so I can do a financial review and discuss annuities, ILIT's, and pooled income funds with them.

Is anyone targeting the Boomer market, or cold calling? How about the 403b market?

 

[Newby]

SAI had a post in another thread wishing for more discussion on annuities. So I'm curious about how you all market for them.

I have seen programs for seminars, and while I imagine I can put together a powerpoint presentation I don't want to spend $$$$ on a seminar at this time.

With all the senior predation and NASD BS, how do you talk about market risk without giving investment advice and running afoul?

My primary market for annuities is business clients and anyone I run across who has a 401k at an old employer.

But I am also appointed to sell birthday insurance, and I intend to use it as a loss leader (hopefully, break-even) with seniors so I can do a financial review and discuss annuities, ILIT's, and pooled income funds with them.

Is anyone targeting the Boomer market, or cold calling? How about the 403b market?

I believe the only good ways to sell annuities are seminars and to cross sell your other clients. People don't know about annuities so they don't come asking for them.

I suggest getting a presentation from an annuity company. ING has one called "Safe Money" and is compliant. Seminars aren't all that expensive when you consider the return on investment.

 

[Mr. Bill]

One of the problem areas with respect to "giving investment advice" is simply the conversation with the client where you are moving assets into an annuity, the sale of the investments. You should check with your annuity company to see how they want the transaction to take place. Then, document everything with the client.

 

[indaville]

I run seminars and talk with existing clients about them. I do not know of anyone that is a high annuity producer that does not run seminars. I am sure it can be done, but I have not met anyone.

Matt

 

[senior-advisor-indiana]

indaville,
How many times have you not sold anything from a seminar? Or do all of them have a pretty good return?

 

[indaville]

indaville,
How many times have you not sold anything from a seminar? Or do all of them have a pretty good return?

So far this year I have had 43 seminars. Almost all of them have produced sales. It is the law of averages. Some might produce only a few thousand in commissions. Others have produced as much as $50,000 in commissions.

Matt

 

[senior-advisor-indiana]

Awesome.

 

[Angio333]

If you are worried about giving investment advice, why don't you get your series 65? I believe that is the test to be an investment advisor.

 

[senior-advisor-indiana]

How do you go about getting the series 65? How much does it cost? How long does it take to get it?

 

[Angio333]

The Series 65 is also known as the Uniform Investment Adviser Law Examination. It would allow you to be a fee based advisor or to give investment/securities advice. It does NOT allow you to SELL investments or securities. It is basically a test and costs a few hundred dollars (I believe it is about $250, but I may be wrong). Basically you buy a book and study your butt off.

The best part about it is that you do NOT need a sponsor! You can take it on your own!

I just learned about it myself and just started looking into it. For more info on the Series 65, check out:

Securities License

http://www.nasaa.org/content/Files/Series65ExamSpecs.pdf

Series 65

For training info

SERIES 65 EXAM - SERIES 65

Securities License Exam: Series 6, 7, 24, 26, 63, 65, 66 Securities Licensing Exam Prep Material

Series 65 License

Thats all I got right now.

Good luck! Also, don't forget to check with your state regulations when it comes to investment advice.