Don't let how you buy dictate how you sell

By rwagner20

American Retirement Systems


One of the primary differences between top producers and everyone else is their selling process. Top producers do not let the way they buy poison the way they sell. What you think is important should not dictate how you sell.

What do I mean by this? Rates. What are the primary purposes of annuities? Safety, guarantees, tax deferral, flexibility, creditor protection, probate avoidance and lifetime income — correct?

Rate is not a part of the primary annuity benefits, yet it is the selling point for 80 percent of advisors. Why?

Rate isn’t the primary issue unless you make it the issue. For most consumers chasing rates and returns is what got them in the position they are currently in. They lost money and went through months and/or years of market anxiety because of it. You have a solution for them that eliminates the downside and protects their retirement money with certainty.

Note: For those of you who are IARs, this should not be an issue at all. Expounding on the rate to combat the financial services environment only puts you in a sales mode. Stop doing this. As an IAR you already have the growth possibility by using the asset under management approach. Liquidity should be addressed up front so that portion of money is put into a liquid vehicle.

This methodology also applies to product chasing. It seems as though advisors go through stages where they use a product for a year and then a new shiny toy comes along and it’s the next best thing. Usually within two to three months the rates plunge, service stinks, and all the bells and whistles go away.

Then it’s right back to the same product they were using before. Then the cycle repeats itself. Why fix it if it wasn’t broke to begin with?

The problem with this behavior is the client is still thinking that product didn’t turn out to be so great … and they will be for a long time, so why put your client in that position at all?

This type of unexplained behavior happens all the time when it comes to marketing. You have heard the old adage, “It worked so well I quit doing it.” Don’t fall into this trap. If it works, don’t change it. Why sabotage yourself and your business?

This behavior is better explained in a book titled “Mastering the Game – The Human Edge in Sales and Marketing” by Dr. Kerry Johnson.

Another sales issue we see is the reverse of the infamous engineer prospect. It’s the physicist advisor. This is the advisor that can’t simply discuss the product and solution and get the sale. They have to break it down into microbes and nano-particles to the point that most cases are lost to consumer aneurisms.

For most people, they don’t care how you build it or out of what, as long as it does what they need it to do comfortably and efficiently.