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Call today: 720.344.0312 Recent LTC Articles Surefire Techniques for the Senior Market The Register March, 2007 By Wilma G. Anderson, IAR, RFC America’s senior citizens control a disproportionate amount of the nation’s wealth, but so few of them use their money as wisely as possible. That spells enormous opportunity for agents and financial planners who can win their trust and provide the products and services they so truly need. On the one hand, most seniors play it too “safe” with their investments, investing too heavily in low-yielding bank accounts that provide no possibility for growth and no tax advantages. While this gives them the safety of an FDIC guarantee, it exposes them to the danger of inflation eroding their worth. Many have historically been advised to invest in bonds, thinking that they would be risk-free, non-volatile income producing assets. On the other hand, the vast majority of seniors — who are safety-oriented — are risking everything! That’s because only 6% of them have bought long-term-care insurance. When you win a senior’s trust, you become golden. Senior clients are loyal. Once you’ve signed up an older person as a client you’ll probably have a lifetime client who will tell other seniors about you and your services — provided you deliver good service and stay in touch frequently. Reaching seniors isn’t difficult if you follow tested techniques and market consistently. Direct mail, speaking before local clubs and cultivating referrals all work effectively and nowadays an advisor needs to catch their prospects attention at least 10-12 times per year. And more is even better! Using these techniques, I sell more than 400 long-term-care policies a year and a significant volume of annuities, life insurance and mutual funds as my second sale to those senior clients. You can succeed in the senior market with the same methods. An Unending Stream of Prospects Seniors will respond to well-crafted direct- mail solicitations for Long Term Care (LTC) and annuities because these products address their two biggest financial concerns: protecting their assets and obtaining safe, reliable income. Promptness Pays. An effective LTC direct-mail piece would offer seniors a free comparative analysis of LTC policies. It includes a tear-off return postcard that asks for the recipients’ birth dates and phone numbers. You should have the card sent back directly to your office, instead of a third party. That way, you can respond faster to the inquiry and you can be sure that the lead has not been ‘sold’ to several other agents or advisors, as well. When the lead cards come in, call back promptly and ask for an appointment in their home. Going to the prospect’s home helps win their trust. When you get there, engage in friendly small talk and get to know your prospects before you get down to business. Don’t rush it! Appearance really does count. Don’t show up in an expensive, flashy car like a Mercedes or a Lexus. An older person might think you’re a showoff or a smooth operator. Ladies, avoid low-cut or tight-fitting outfits, which can distract Mr. Prospect and make Mrs. Prospect resentful. Gathering Information. Once you’ve established rapport (the first step toward trust) you can get down to business. Asking questions like “Do you have any friends or family members in a long term care facility?” or even “Are you familiar with costs in local long term care facilities? The key is to create the need for long term care insurance in the client’s mind. If you can hit their emotional hot buttons without using scare tactics and overcome objections, you’ll nail down the sale on the first visit a high percentage of the time. Mailer Design. With annuities, I recommend a slightly different approach — and a simpler mailer. I use large (5” x 8”) postcards, which really stand out in the mail. With a postcard you don’t even have to get the prospects to open an envelope. Your message is right on the outside — and almost impossible to ignore. Provide a toll-free number so seniors can call you without having to spend a dime. Who to Mail? Besides a first-rate lead piece you’ll need an excellent mail list. Any good list broker can get what you need. I recommend selecting people 65 to 74 years old for LTC mailings. At that age, they’re starting to see their health change or know friends and family members who have become less vigorous. Long-term care is becoming a real issue for them. For annuity mailings, focus on ages 65 to 74 too. This is the same age group you mail LTC leads to, and it’s the group that has the accumulated assets you can help reposition into other investments to help the senior earn a better return. Retirees with $100,000 to $600,000 of liquid assets are usually your best prospects. While more-affluent clients are great, they are much scarcer and far more likely to have a financial advisor already. The great American middle class is your best bet. To build your response rate, mail repeatedly — at least once every six weeks to the same people. By taking this approach, you should be able to achieve about a 1-3 percent response rate — about four times as high most direct mail gets. Speaking Before Local Clubs This is another great way to reach many older prospects at once. Local organizations frequented by seniors often look for people to speak on personal finance and LTC. The club does all the organizational work and bears all the costs for putting on the event. You just have to show up and give your talk. A speaking appearance can easily give you ten new prospects who are eager to talk to you and get your help. Ask your current and new clients about the groups they belong to, and let them know you’re available to speak at no charge. Events Marketing Make Clients into Your Sales Force. It’s not hard to do some little things that show your clients how much you appreciate them. Once a quarter, I have 15 of my best female clients bring a friend to an afternoon tea at a posh hotel in Colorado Springs. It’s an elegant affair and a delightful way to say “Thank you for being my client.” Most of the friends who come along for the tea will eventually become clients too. I host a regular golf event every Fall for my male retired clients. They love to play golf and give me golfing tips (which I definitely need!) as we head down the course. Each of my male clients is invited to bring along one of his friends who is amazed that an agent would actually do this. This has yielded so many good clients. Working the System The senior market is a great market niche. Seniors have accumulated assets, want solid, safe returns and often have not been serviced well by another investment professional. Once you’ve made the first sale and won a senior’s confidence, you’ve opened the doors to more sales: life insurance to fund estate taxes or to provide additional retirement income, LTCI, annuities, mutual funds and individual stocks. The possibilities are almost endless. Click here to return to list

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