Silvio Dante
Expert
- 32
This is a voice of reason. Let he who has ears hear.
Dealing with Let Downs
- Thread starter Baconfat
- Start date
This is a voice of reason. Let he who has ears hear.
- 8,707
Bacon,
I don't know her suitability or her risk tolerance, I only know what you have said and even that leaves a lot out..You specifically mentioned cash accounts ie savings and checking and I assumer since you mentioned them the client carries a significant balance in them. You mentioned IRA but once again that can be real estate, gold coins, a savings account, Stocks Bonds, Mutual funds etc.
When I hear secure, maybe its just me I think safety and I don't think VA with a living benefits rider and you are coming to find out the clients get confused by the sizzle and the strings.
You think I'm anti annuity I don't know where you got that, I readily admit I've had my own come to jesus moment a almost 2 years ago and my FINRA registration is inactive and will go bye bye in Decemeber or this year (can't wait), but I've sold Tens of Millions of dollars in Mutual Funds, Fixed and Variable Annuities with and without the living benefit riders and at one point I was right where you are.
I was speaking with another agent just the other day about one of my clients, we went VA w/Living benefit rider and have seen my client each and every year pull out more than the 5% limit on her VA w/rider she knows exactly what its doing to her account but its still someplace she goes for the money.
I sit here years later and realize there where other solutions, but enough about that. Did you ever wonder why she was talking to you and not her current advisor, did you build a wedge between her and the other advisor this happens more than you know, I can't tell you how many times the client has told how unhappy they are with performanc etc etc and I design a solution and they take it back to the current advisor and they say I can do that and they want to stick with them even though he got them where they are now...I've said before to more than one prospect just what exactly do you like about X the way he ignored you for the last 3 years or the money he has lost you?
I don't know her suitability or her risk tolerance, I only know what you have said and even that leaves a lot out..You specifically mentioned cash accounts ie savings and checking and I assumer since you mentioned them the client carries a significant balance in them. You mentioned IRA but once again that can be real estate, gold coins, a savings account, Stocks Bonds, Mutual funds etc.
When I hear secure, maybe its just me I think safety and I don't think VA with a living benefits rider and you are coming to find out the clients get confused by the sizzle and the strings.
You think I'm anti annuity I don't know where you got that, I readily admit I've had my own come to jesus moment a almost 2 years ago and my FINRA registration is inactive and will go bye bye in Decemeber or this year (can't wait), but I've sold Tens of Millions of dollars in Mutual Funds, Fixed and Variable Annuities with and without the living benefit riders and at one point I was right where you are.
I was speaking with another agent just the other day about one of my clients, we went VA w/Living benefit rider and have seen my client each and every year pull out more than the 5% limit on her VA w/rider she knows exactly what its doing to her account but its still someplace she goes for the money.
I sit here years later and realize there where other solutions, but enough about that. Did you ever wonder why she was talking to you and not her current advisor, did you build a wedge between her and the other advisor this happens more than you know, I can't tell you how many times the client has told how unhappy they are with performanc etc etc and I design a solution and they take it back to the current advisor and they say I can do that and they want to stick with them even though he got them where they are now...I've said before to more than one prospect just what exactly do you like about X the way he ignored you for the last 3 years or the money he has lost you?
I agree with VolAgent.
When I was new, I had the same problem. Though on a smaller commission amount, I was counting the money before I made the sale. The client knew I wanted the sale too much and it scared them away.
After time, I learned that there will always be another client and I didn't have the "commission breathe" as VOL puts it.
The BEST thing you can do is not to harass her, give her a little time and move on. Definitely check up on her now and again but don't waste too much time if she continues to blow her off. Go out there and find your next big whale. ..or minnows
When I was new, I had the same problem. Though on a smaller commission amount, I was counting the money before I made the sale. The client knew I wanted the sale too much and it scared them away.
After time, I learned that there will always be another client and I didn't have the "commission breathe" as VOL puts it.
The BEST thing you can do is not to harass her, give her a little time and move on. Definitely check up on her now and again but don't waste too much time if she continues to blow her off. Go out there and find your next big whale. ..or minnows
- 110
Wow, what a thread. I can honestly say I read the whole thing. A few comments:
1) Bacon, welcome! With your passion, I'm sure you'll figure it out.
2) You can see the Veterans in here are direct with you. That comes from years of experience. They're not trying to be "dicks", just trying to help. If they sound callous, it's because they've become experts at not beating around the bush. Don't take offense. Learn what you can from each of them.
3) Just my opinion, but I think it would be worth your time, (next time,) to mail five pieces to 1,000 people, instead of a shotgun blast. Rule of them, I believe, is 6 touches. You'll figure it out.
4) I don't know you, Bacon, but from what I read, I think you might be getting too deep with the client. Is it possible that you intimidated her with your wealth of questions? I totally respect your due diligence efforts, but I've also made the rookie mistake of over complicating things. It's a fine line, which is where your integrity comes in. Remember, you're not there to impress her with your knowledge. You're there to a) solve her needs, and b) earn a sale. Again, I wasn't there, but just from what I've read, it sounds like many of us in our early stages.
Remember to continue to ask, relate, respond to objections, and check to make sure the prospect is following you. If you miss a step, start over until they're good.
5) It simply could be that you were too green for her. I don't know how old you are, but when I first started, I got a little of the "I've got underwear old than you, boy" comments. One time I sent a guy a coupon for a sale at JC Penny's I cut out of the paper. He found that funny. I wrote his business.
6) I wrote a post one time about the "50 appointment plan". I think it is great advice. Learned it on some training video. You can probably search for it.
Best of luck, Bacon!!! I'm sure you'll do fine.
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One more thing:
Dude, $200 on a meal? You're setting an expectation in the prospect's eyes that is very intimidating to the average person.
1) Bacon, welcome! With your passion, I'm sure you'll figure it out.
2) You can see the Veterans in here are direct with you. That comes from years of experience. They're not trying to be "dicks", just trying to help. If they sound callous, it's because they've become experts at not beating around the bush. Don't take offense. Learn what you can from each of them.
3) Just my opinion, but I think it would be worth your time, (next time,) to mail five pieces to 1,000 people, instead of a shotgun blast. Rule of them, I believe, is 6 touches. You'll figure it out.
4) I don't know you, Bacon, but from what I read, I think you might be getting too deep with the client. Is it possible that you intimidated her with your wealth of questions? I totally respect your due diligence efforts, but I've also made the rookie mistake of over complicating things. It's a fine line, which is where your integrity comes in. Remember, you're not there to impress her with your knowledge. You're there to a) solve her needs, and b) earn a sale. Again, I wasn't there, but just from what I've read, it sounds like many of us in our early stages.
Remember to continue to ask, relate, respond to objections, and check to make sure the prospect is following you. If you miss a step, start over until they're good.
5) It simply could be that you were too green for her. I don't know how old you are, but when I first started, I got a little of the "I've got underwear old than you, boy" comments. One time I sent a guy a coupon for a sale at JC Penny's I cut out of the paper. He found that funny. I wrote his business.
6) I wrote a post one time about the "50 appointment plan". I think it is great advice. Learned it on some training video. You can probably search for it.
Best of luck, Bacon!!! I'm sure you'll do fine.
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One more thing:
Dude, $200 on a meal? You're setting an expectation in the prospect's eyes that is very intimidating to the average person.
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- Thread starter
- #35
Ok I can see that
Im sorry I didnt mean anti annuity ever ever ever. I was typing quickly from my phone. What I was trying to say was that I have seen posts from yours that clearly favor other strategies. I do not disagree with you on any other stragies as you clearly have more experience.
I can't say I did achieve in driving any sort of wedge. I will certainly heed this advice.
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That is my style. I do not like being harassed and am therefore uncomfortable harassing people. My mentor said he will call her next week though. I want to sit in on that conversation to see how it goes either way.
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Let me humbly put forth...
If you are coming to this forum instead of your mentor with how to deal with the ups and downs, are you sure you have the right mentor?
It seems to me that every firm and every manager says "Everyone got started this way", whether they did or not, as a way to convince new hires to do something.
Women can pick up on guys looking to hook up with them because they bought them a $4 drink. Prospects see the same thing in advisors...because there is no relationship. Prospects want relationship!!!
If the prospects won't book an appointment at the restaurant for no more than 5 business days later, they are usually jokers. They will never be that hot again.
Folks with 1.5 million in investable assets do not do business right away. Listen to the others and go after a small piece of business...develop a relationship...other advisors work a prospect and buy them many dinners over a year or two to make $50k off of them.
Finding and selling 10 average joe's with a $50,000 IRA rollover will be a lot less "up and down" than a $500,000 rollover, especially in your first years. I would say to go get some practice on those.
Prospects have told me there reluctance in dealing with a younger or newer advisor is they haven't learned critical thinking and reasoning skills yet. They are afraid you will grow and look back 10 years later and say "That wasn't as great as I thought...but I didn't know."
Be careful using bells and whistles to attract people. #1 because folks are thinking "If it's too good to be true, it is." and #2 because it usually is. That was on her mind when she was asking about 10% penalty free and the 5% rider withdrawal.
Lastly, listen to Norwayguy about annuities. My personal view is a VA with a 6% rollup rider and a death benefit rider has got to be 5% in fees. Couple that with poor market performance and the lady is virtually guaranteed to never have any increases for the rest of her life. She will receive $23,500 until death. Inflation will kill her. Why not put in a fixed annuity at 3%? In 5 years her cash value is 406,500 vs an unknown cash value with the VA and only 472,000 with the VA. After 5 years with a FA she has tons of flexibility versus little with the VA.
If you are coming to this forum instead of your mentor with how to deal with the ups and downs, are you sure you have the right mentor?
It seems to me that every firm and every manager says "Everyone got started this way", whether they did or not, as a way to convince new hires to do something.
Women can pick up on guys looking to hook up with them because they bought them a $4 drink. Prospects see the same thing in advisors...because there is no relationship. Prospects want relationship!!!
If the prospects won't book an appointment at the restaurant for no more than 5 business days later, they are usually jokers. They will never be that hot again.
Folks with 1.5 million in investable assets do not do business right away. Listen to the others and go after a small piece of business...develop a relationship...other advisors work a prospect and buy them many dinners over a year or two to make $50k off of them.
Finding and selling 10 average joe's with a $50,000 IRA rollover will be a lot less "up and down" than a $500,000 rollover, especially in your first years. I would say to go get some practice on those.
Prospects have told me there reluctance in dealing with a younger or newer advisor is they haven't learned critical thinking and reasoning skills yet. They are afraid you will grow and look back 10 years later and say "That wasn't as great as I thought...but I didn't know."
Be careful using bells and whistles to attract people. #1 because folks are thinking "If it's too good to be true, it is." and #2 because it usually is. That was on her mind when she was asking about 10% penalty free and the 5% rider withdrawal.
Lastly, listen to Norwayguy about annuities. My personal view is a VA with a 6% rollup rider and a death benefit rider has got to be 5% in fees. Couple that with poor market performance and the lady is virtually guaranteed to never have any increases for the rest of her life. She will receive $23,500 until death. Inflation will kill her. Why not put in a fixed annuity at 3%? In 5 years her cash value is 406,500 vs an unknown cash value with the VA and only 472,000 with the VA. After 5 years with a FA she has tons of flexibility versus little with the VA.
- Thread starter
- #37
Ok, 28 years old. I do not think I was too technical. I could be wrong. I will keep this in mind. I will keep the mailer sizes in mind as well, but I am following my firm's recomendations when it comes to this as long as they continue paying for it.
Ok the dinner was actually $180 including tip ( I rounded up during my rant), but thats about the going rate for a decent sit down type restaurant for 3 people in NJ. Im not talking about Outback and Olive Garden.
Fortunately I still have outside sources of unrelated income coming in so I can continue to 'whale hunt' if thats what my mentor and firm want me to do. There is also talks of me getting reimbursed for half of dinner costs so that is helpful. I digress.....
- 8,707
I second what Adam said about the 10 50k rollovers plus you run into the issues with transfers and learn to overcome them plus the tricks so you don't look green on the big sales.
Also we all still screw up...I walked out of an appointment a week a go and said to myself why couldn't I just shut up in that appointment I talked myself out of a sale.
Also we all still screw up...I walked out of an appointment a week a go and said to myself why couldn't I just shut up in that appointment I talked myself out of a sale.
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- Thread starter
- #39
Im coming to this forum in addition to my mentor for some outside perspective. I dont have to do anything anyone tells me. But since I am new Im trying to soak up as much as I can from as many different places and formulate my own way of doing things. My mentor has been an awesome teacher. But he is only one person so I humbly come to you, to maybe pick up a tip or two, or help pull me out of a rut.
One thing I am good at is making friends. I will keep this in mind.
All of our dinner appointments are booked 2 weeks out.
I will take any business that comes my way. I am too new to be picky. If for nothing else, I want to learn how to do things and practice. This one just happened to fall in my lap.
1.7% M&E
0.95% for 6% annual bonus
Where are you getting 5%? Not arguing, just curious.
This particular annuity only has a 4 year surrender period. That is more flexible than a 5 year FA, no?
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- 15,041
You forgot a few fees.
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