| This article could easily be titled "How to Find and | | | | wholesaler would be wise to develop other |
| Keep Clients." The dynamics of successful annuity | | | | effective marketing systems for agents. |
| agent marketing for retail clients are the same | | | | Advertising, direct mail and email work very well |
| dynamics for the successful annuity wholesaler | | | | for getting agents attention so long as they are |
| marketing for agents. You want to take your | | | | well written and the pitch is not about product. |
| own advice and do what you tell your annuity | | | | Content that gets agents' attention: |
| agents to do. | | | | |
| Recruiting | | | | 1. Stories about producers that went from low to |
| You have six opportunities for recruiting: cold | | | | high production |
| calling, advertising, direct mail, email, seminars and | | | | 2. Marketing formulas that have been tested and |
| referrals-the same methods your annuity agents | | | | proven (not what should work) |
| use to find annuity buyers. | | | | 3. How to strategically prospect a niche market |
| Everyone knows that the best and least costly | | | | using a particularly well-suited product (e.g. VEBAs |
| way to get clients is through referrals. Yet in | | | | and doctors) |
| almost 20 years as an agent and being appointed | | | | You give away the front end of the formula and |
| with 25 different companies through at least 8 | | | | the rest gets delivered when the annuity agent |
| different annuity wholesalers, I can never | | | | contracts with you. |
| remember any insurance company or annuity | | | | Forget cold calling agents as the best agents are |
| wholesaler asking me for a referral to another | | | | on appointments. If an agent answers the phone |
| annuity agent! When I got into the business, the | | | | during work hours, it's an agent you don't want. |
| first thing I did was ask a buddy which annuity | | | | Retention Once you have agents, retaining them |
| wholesaler to use to process my insurance | | | | will not come through the tactics I see employed |
| business. He recommended a wholesaler and his | | | | most frequently: |
| favorite insurance company. These two firms | | | | |
| received the bulk of my business during my | | | | 1. Trips: you insult a good agent when you |
| career as a full-time annuity producer. | | | | influence his recommendation of products by |
| At my firm, we have an automated system (run | | | | dangling a trip. What ethical agent would make an |
| by software) of asking for referrals. Every client | | | | annuity recommendation to a prospect in an |
| gets 3 emails, 3 faxes and 3 letters a year asking | | | | effort to win a trip? If the trip is for overall |
| for referrals and rewarding them with an item | | | | production, that's fine. But this is a weak incentive |
| that will help build their business plus a plane ticket | | | | to larger producers. They can afford to buy their |
| for those that provide 12 referrals. Could you do | | | | own trip to a destination of their choosing. The |
| the same with your annuity agents? | | | | same goes for prizes of any type. |
| Next are annuity seminars. Seminars are a highly | | | | 2. Annuity Leads: most every lead system I've |
| efficient way to meet dozens of annuity agents | | | | seen is about quantity vs. quality. Only an agent |
| face to face in a short period of time. However, | | | | whose time is worthless wants to call 200 |
| just as retail clients have no interest in an annuity | | | | worthless annuity leads to find the two qualified |
| seminar (a mass sales pitch), annuity agents have | | | | annuity buyers. If you provide leads for better |
| no interest in hearing about the latest product you | | | | agents, create a system that is low quantity, high |
| want to push. I can't tell you how many sessions | | | | quality Or recommend they use the |
| I've attended listening to an annuity product pitch | | | | SeniorLeads(tm) system. |
| followed by the | | | | 3. Sending your monthly "Adalog": a multi-page |
| -the-trips speech. Producers have no shortage of | | | | printed piece that is one annuity product ad after |
| annuity products and they won't come to your | | | | another; a catalog of ads. Agents don't value |
| product-oriented annuity seminar. | | | | these, as they have no shortage of annuity |
| What annuity producers need and want are | | | | products--they have a shortage of annuity |
| systems for getting annuity buyers and annuity | | | | prospects. |
| leads. Show them an inexpensive and effective | | | | 4. An Annuity Seminar "system" that is nothing |
| way to attract qualified new annuity clients and | | | | more than instructions to invite a list of seniors to |
| you'll pack the room and appoint a lot of new | | | | dinner and show them some PowerPoint slides |
| annuity agents. Just look at the evidence: one well | | | | about annuities. Better prospects will reject a |
| known wholesaler flies agents in, puts them up for | | | | product presentation and leave your agent chasing |
| 3 nights in a hotel and then has them attend a full | | | | a bunch of "eaters" to do business. (Successful |
| day seminar and the discussion is all about annuity | | | | seminars that attract business from wealthier |
| marketing. This firm has attracted top producing | | | | annuity buyers are concept seminars, not about |
| annuity agents in droves and has become one of | | | | products). |
| the nation's leading annuity wholesalers. | | | | If you want to keep better annuity agents, help |
| A word of caution-every wholesaler advertises | | | | them get in front of more qualified annuity |
| "the best senior seminar system" and no agent | | | | prospects or help them increase their closing ratio. |
| believes these pervasive claims any longer. In polls | | | | A great reward for production would be tuition to |
| of the American public, 75% have reported an | | | | an advanced sales training class (Dale Carnegie, |
| extreme fear of public speaking. This fact implies | | | | Sandler Institute, SPIN Selling). Better agents want |
| that 75% of your current or prospective annuity | | | | to increase their skills and they are focused on |
| agents will never do seminars, so an annuity | | | | self-improvement. |