As a producer, you know that seizing every sales opportunity is crucial for growth and success. Yet, even the most diligent among us can miss valuable prospects hidden in plain sight. While traditional methods of client acquisition are essential, there are often overlooked avenues that can significantly enhance your client base and revenue streams. Keep reading to delve into these underutilized opportunities, get insights and strategies to help financial advisors uncover and capitalize on potential sales you might not have previously considered. Whether you’re looking to expand your services or refine your approach, these overlooked opportunities can provide the competitive edge needed to thrive in today’s dynamic market.
Policy Reviews
If you create a long-term financial plan for a client, it is your duty to make sure their financial needs are still being met and everything is still on target. So much can change over the course of one’s life before retirement or death. A client could experience a major life event, like a birth, death, marriage, or divorce. Any of these events could shift their financial priorities. During the excitement or chaos of these life events, they may not consider how their overall financial plan will be impacted.
On top of a regular performance review, check with your clients about how their lives are going and what their continued needs may be. In addition to maintaining a good client relationship and leading to other sales opportunities, this prevents other advisors from snaking away your client, through the strategy discussed below.
Tax Planning
The amount of tax/economy-related legislation that has passed or been proposed in response to the pandemic has been staggering. From the CARES and SECURE acts to the price tag attached to Biden’s American Jobs and American Families plans, the tax environment ahead remains unclear. This offers several planning opportunities to present to your clients. Act now before any legislative changes take place and work to establish flexible strategies.
Many of your clients, especially those at or near retirement age, could face a higher tax burden due to the uncertainty on the horizon. Don’t wait for action in Washington. Be proactive and start talking to your clients now about how you can protect their wealth. Click here for resources that will help you get that conversation started.
Multi-Life Disability Insurance
Disability insurance is a vital form of income protection, yet is often overlooked. Many of you have probably discussed the importance of DI protection with your individual clients. But what about those of you who work with small business owners? Historically, DI premiums are higher than they have been in the past. This makes multi-life programs attractive for both employees and employers. Employees can take advantage of discounted premiums and relaxed underwriting, while employers can offer a more valuable benefits package at an affordable rate.
Bridge The Generation Gap
Most of your clients are working with you so they can leave a legacy for their children. And many of their children are younger adults starting lives and families of their own. This is a good opportunity to cross that bridge and help your clients’ children craft a plan that will make the most of that legacy. As unpredictable as the next two-three years are going to be, it’s impossible to tell what the next 10 years will bring. Invite your clients to share your contact information with their adult children. The trust you’ve built with them should easily carry over to the next generation and bring a new client through your door.
Awareness Months
Awareness months offer financial advisors a unique opportunity to engage with clients and prospects on specific, timely topics. Whether it’s Financial Literacy Month or Life Insurance Awareness Month, these periods allow advisors to provide targeted advice, host educational events, and share valuable resources. By aligning your marketing efforts with these themes, you can raise awareness, demonstrate your expertise, and connect with your audience in meaningful ways that address their current needs and concerns.
For instance, May is Disability Insurance Awareness Month. While one of the most overlooked forms of protection available, disability insurance should be a part of any comprehensive retirement strategy. To help you get this message to your target audience, IAMS has rolled out our 2024 Disability Insurance Prospecting Kit. This package contains all the materials you need to start the conversation with prospects and clients.
What’s inside:
- Sales concepts for agents
- A DI for Business Owners guide
- Consumer-facing flyers with essential details, stats and figures
- Turnkey social posts and fillable forms
- A pre-approach letter and prospecting emails from a trusted carrier
