Marketing to Ultra Affluent for Estate Planning

Sep 8, 2016

  1. lifeismylife76
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    lifeismylife76 Expert

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    I am interested in going after the ultra affluent to sell large whole life insurance policies for estate planning and charitable giving. I was considering doing a mailer to wealthy neighborhoods. Does anyone have experience mailing to wealthy people. Like football players, baseball players, Doctors, etc?

    Ideas?? Thank you!
     
  2. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    Just an example to show you that direct mail CAN work! As for what to send, I would focus on PROBLEMS that these people have that you can solve using life insurance.

    Someone just bought the most expensive life insurance policy ever

     
    DHK, Sep 8, 2016
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  3. AboutThatLife
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    AboutThatLife Guru

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    Face to face is always best. If you know where they live, door knock them.
     
  4. lifeismylife76
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    lifeismylife76 Expert

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    I thought about "cold door knocking". You know with a list of names obviously... I just don't want to appear desperate by doing so. I thought I'd do a mailer and then door knock with any possible replies I may get.

    ----------

    I love the article DHK! Thank you! Gives me hope.
     
  5. tlmarketing
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    tlmarketing Guru

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    I guess it's good that you figured out what type of insurance they need before you ever met them:twitchy:

    This group gets targeted for tons of mailers/solicitations from insurance, lawyers, bankers, investments, etc. so don't waste your money on generic simple mailers as they will get tossed...and if you are really going after ultra wealthy market, you need to be looking at the private placement life insurance options out there as its tailored for this market.
     
  6. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    You only appear desperate if you want the sale more than they want the solution to their problems. Also, if you try to answer more than 1 objection... then you're desperate.

    If you want the sale only as much (or less) than they want to solve problems, then you're okay.

    Desperation isn't about your method. It's about your posturing and your positioning with the prospect. It's also important that if your prospect indicates no interest, that you're okay in moving on... and that you actually DO.

    Desperate people "try" too hard, and the harder they try, the more they repel people away from them. I call it "commission breath". It's nasty and foul.
     
    DHK, Sep 8, 2016
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  7. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    Considering that you were posting about this 3 weeks ago, I think you might be trying to bite off more than you can chew.

    Will you be able to make enough sales in the UHNW marketplace per year? How many of these sales do you think you can do every week or month? Remember - there will most likely be an incumbent advisor, other advisors marketing to them, banks, CPAs, estate attorneys, comprehensive wealth management firms, family offices, and much more going after these clients.

    I think you would be EXTREMELY lucky to get ONE per month. Would you be willing to bet your career on that business model?


    Why not work with Middle Income families - the top 50% of your city? They'll generally make a decent income, but they have problems that need solving, and generally are NOT being called on. And there's a TON of them!

    Read the attachment for a better perspective. Then you can check out the Insurance Pro Shop's members only site for $35/month to get some great video training... and go from there.

    http://www.insuranceproshop.com/insurancemarketing/insurancemarketing.html
     

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    DHK, Sep 8, 2016
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  8. Tahoe Ray
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    Tahoe Ray Guru

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    This type of business in almost 99% networking. If you're already wealthy with rich friends, you'll be fine.

    Otherwise...it will be an uphill battle.

    You need to be in their social circle (mostly, not always) to write these cases.

    Good luck! You can do it with the right mindset. It is very tough...although not impossible.
     
  9. moretrax
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    moretrax Super Genius

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    Door knocking in an ultra affluent neighborhood? Good look getting past the security guards, electrified gates, monitors and dobermans!:err:

    Go after the regular people. There are a lot more of them and they need what your selling just the same.
     
  10. jboussea
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    jboussea Guru

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    The thing about he ultra affluent ... all you need is one or 2 .. and you can get some crazy business and referrals as long as they trust you.
     
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