TheFactor
Expert
- 20
Re: Phone Approach for Anuities
What ever happened to just door knocking and gathering referrals?
What ever happened to just door knocking and gathering referrals?
Phone Approach for Annuities
- Thread starter ronmurrey
- Start date
Re: Phone Approach for Anuities
You know there are a lot of technically challenged older people that have oceans of money. A lot of them have heard of the DNC list, but are not on it. They have computers in their houses, but don't know how to turn them on. They don't like pushy sales people, but if you catch them at the right time, they'll meet with you ..a week, month or year later you may be selling them a life policy, spwl or an annuity. I know that you know all of this, why did you ask?
You don't have to keep it a secret, 99.5% of us will screw it up by pouncing on them as soon as they show you a bank statement with $500K+ and then the party is over. That's why they still have all this money.
I met with a lady today that was a referral from a lady that I cold called 6 years ago. She purchased a med supp, and has scheduled an annuity appointment. The more she revealed about her assets the worse it got. I had to excuse myself to take a deep breath. I knew that I was going to screw it up by falling on the floor and begging her for the $$, but I kept my cool. It's not always easy.
You know there are a lot of technically challenged older people that have oceans of money. A lot of them have heard of the DNC list, but are not on it. They have computers in their houses, but don't know how to turn them on. They don't like pushy sales people, but if you catch them at the right time, they'll meet with you ..a week, month or year later you may be selling them a life policy, spwl or an annuity. I know that you know all of this, why did you ask?
You don't have to keep it a secret, 99.5% of us will screw it up by pouncing on them as soon as they show you a bank statement with $500K+ and then the party is over. That's why they still have all this money.
I met with a lady today that was a referral from a lady that I cold called 6 years ago. She purchased a med supp, and has scheduled an annuity appointment. The more she revealed about her assets the worse it got. I had to excuse myself to take a deep breath. I knew that I was going to screw it up by falling on the floor and begging her for the $$, but I kept my cool. It's not always easy.
- 10,826
Re: Phone Approach for Anuities
So you are cross-selling to sell annuities then? What is your main line of business?
Your response doesnt seem to mesh with CCing specifically just for annuities.
Im not trying to argue... Im trying to understand if you are calling them and leading with annuities and setting appointments based on going there to talk about annuities? And if so, would you mind sharing numbers (you could PM me) on your appointment setting %s.
I have thought about CCing for annuities before but it just always seemed like a very tough sell.
So you are cross-selling to sell annuities then? What is your main line of business?
Your response doesnt seem to mesh with CCing specifically just for annuities.
Im not trying to argue... Im trying to understand if you are calling them and leading with annuities and setting appointments based on going there to talk about annuities? And if so, would you mind sharing numbers (you could PM me) on your appointment setting %s.
I have thought about CCing for annuities before but it just always seemed like a very tough sell.
- 2,045
Re: Phone Approach for Anuities
I don't know anybody that cold called residences for annuities. They all called business owners or execs. ... looking for the conservative investors and savers.
The approach is the same as leading with any other fixed product.
M-R
2 hours - 100 dials/day
100 dials - 15-20 contacts/day
15-20 contacts - 2 appts/day
2 appts/day, M-R - coupla new apps/week
Scripts are tight, short, and specific. Nobody closed on the phone with annuities (for obvious reasons I suppose), but they led with product and simply closed for an appointment. Some led with a rate, others led with the index concept of gains without loss.
-King
I don't know anybody that cold called residences for annuities. They all called business owners or execs. ... looking for the conservative investors and savers.
The approach is the same as leading with any other fixed product.
M-R
2 hours - 100 dials/day
100 dials - 15-20 contacts/day
15-20 contacts - 2 appts/day
2 appts/day, M-R - coupla new apps/week
Scripts are tight, short, and specific. Nobody closed on the phone with annuities (for obvious reasons I suppose), but they led with product and simply closed for an appointment. Some led with a rate, others led with the index concept of gains without loss.
-King
TheFactor
Expert
- 20
Re: Phone Approach for Anuities
Yes, Sir you are correct. You don't cold call for annuities. You cold call to sell yourself as a trustworthy and knowledgable individual. The rest will fall into place if done correctly.
Thank you, Sir.
Yes, Sir you are correct. You don't cold call for annuities. You cold call to sell yourself as a trustworthy and knowledgable individual. The rest will fall into place if done correctly.
Thank you, Sir.
Re: Phone Approach for Anuities
It's because I don't have the guts to talk about annuities only, if they say no, you've already been rejected, so you know what happens next, therefore, the closest I've come to actually cold calling for annuities is mentioning them in my opening line, and then have the person want to discuss futher, etc, which resulted in a sale, in most cases months later.
I do believe that an experienced agent could go straight up annuities, on the phone, and make sales, but to prove it, they would need your brain and be very thick skinned. I can't bring myself to do it, knowing all the money that I would lose by not selling other shitt.
I had a lady here today getting a med supp and when I mentioned annuities to her, she told me to fork off. I said why, she told me that the guy she has her's with is like her son. I said how'd you meet this little sob, and she said he door knocked her - Not making it up either.
It's because I don't have the guts to talk about annuities only, if they say no, you've already been rejected, so you know what happens next, therefore, the closest I've come to actually cold calling for annuities is mentioning them in my opening line, and then have the person want to discuss futher, etc, which resulted in a sale, in most cases months later.
I do believe that an experienced agent could go straight up annuities, on the phone, and make sales, but to prove it, they would need your brain and be very thick skinned. I can't bring myself to do it, knowing all the money that I would lose by not selling other shitt.
I had a lady here today getting a med supp and when I mentioned annuities to her, she told me to fork off. I said why, she told me that the guy she has her's with is like her son. I said how'd you meet this little sob, and she said he door knocked her - Not making it up either.
- 10,826
Re: Phone Approach for Anuities
Same here. Thats why I was asking because he made it seem like he was cold calling individuals and pitching annuities to them as the hook. I have never heard of an agent having major success with that method. But calling business owners is an old tried and true method (granted I dont do it, if I call a business owner its about their retirement plan, but it does work).
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Its tough if they didnt initially reply to your card. I have found that you need some type of specific hook. Keeping it general does not set you apart. They want to know how you are different and what specific benefit you can bring them.
So when I send out postcards they are always fairly specific. Either Im pitching MYGA rates or Lifetime Income usually if I send out postcards.
Even in an up market, people are still worried about outliving assets.
And with low interest rates, people hate CDs right now and want alternatives.
I think if you make your marketing more specific and targeted you will have better luck.
Also, personally I think $100k is too high of a limit for your list. Plenty of $60k & $70k/y households will have assets, and a higher percentage of those will be risk adverse from my experience. (of course demographics play into the income limits too). I also would lower your age range down to 60, I have even gone down to 55 before and had success.
Same here. Thats why I was asking because he made it seem like he was cold calling individuals and pitching annuities to them as the hook. I have never heard of an agent having major success with that method. But calling business owners is an old tried and true method (granted I dont do it, if I call a business owner its about their retirement plan, but it does work).
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Its tough if they didnt initially reply to your card. I have found that you need some type of specific hook. Keeping it general does not set you apart. They want to know how you are different and what specific benefit you can bring them.
So when I send out postcards they are always fairly specific. Either Im pitching MYGA rates or Lifetime Income usually if I send out postcards.
Even in an up market, people are still worried about outliving assets.
And with low interest rates, people hate CDs right now and want alternatives.
I think if you make your marketing more specific and targeted you will have better luck.
Also, personally I think $100k is too high of a limit for your list. Plenty of $60k & $70k/y households will have assets, and a higher percentage of those will be risk adverse from my experience. (of course demographics play into the income limits too). I also would lower your age range down to 60, I have even gone down to 55 before and had success.
Re: Phone Approach for Anuities
Well, it looks like the matter is settled..Cold calling for annuities can't work says everyone who hasn't done it. Now you can congratulate each other for drawing the proper conclusion.
Well, it looks like the matter is settled..Cold calling for annuities can't work says everyone who hasn't done it. Now you can congratulate each other for drawing the proper conclusion.
- 10,826
Re: Phone Approach for Anuities
Bill, you are missing our point.
You are talking about CCing and then cross-selling for annuities. Or at most CCing in a general manner and just "mentioning" annuities.
There is nothing wrong with doing that. But we were talking about CCing and specifically pitching annuities, which you said yourself you do not do.
I used to sell annuities through cross-sells all the time. These days I am more focused. I dont do MS/FE/MA/HI/etc. I do annuities and then cross-sell life & LTC. That is the reason I asked if you were specifically pitching annuities, which you are not.
Again, your method is perfectly fine and can be effective to an extent. But it was not what our discussion was about.
Bill, you are missing our point.
You are talking about CCing and then cross-selling for annuities. Or at most CCing in a general manner and just "mentioning" annuities.
There is nothing wrong with doing that. But we were talking about CCing and specifically pitching annuities, which you said yourself you do not do.
I used to sell annuities through cross-sells all the time. These days I am more focused. I dont do MS/FE/MA/HI/etc. I do annuities and then cross-sell life & LTC. That is the reason I asked if you were specifically pitching annuities, which you are not.
Again, your method is perfectly fine and can be effective to an extent. But it was not what our discussion was about.
Re: Phone Approach for Anuities
the only way we are gonna solve this is if Ben and Tyler both whip out their intro scripts and let the community judge.
the only way we are gonna solve this is if Ben and Tyler both whip out their intro scripts and let the community judge.
