According to Carmine Gallo, author of "The Presentation Secrets of Steve Jobs," people only retain about 10 percent of your yellow pad presentation. But when you add stories and imagery
, the client retains an incredible 65 percent.
The three critical phases of lifetime retirement and income planning — accumulation, consolidation and distribution — encompass our lifetime (which, if we are blessed, is about 29,000 days from womb to the tomb). You ladies are more fortunate than that because of all those honey-do lists that wear us out and, of course, your patience when the lists go amok!
Our days are limited on this earth so it is vital we take advantage of every day as a blessing. Consumer surveys indicate that most of us are vastly unprepared for retirement and more than half of us don’t have an adequate amount of insurance.
Leroy Gross wrote a great book, "Selling Intangibles,” in the early 1980s that was gospel for rookie brokers and independent advisors. Since that time, great advisors like Bill Bachrach, Zig Ziglar and Carmine Gallo have followed in his place as master storytellers who use simple tangible examples to help explain complex products like fixed indexed annuities
and life insurance.
Here’s one simple idea using a simple tool — the tape measure. This idea will cost you a whole two-dollar bill, but I've seen advisors use this to make $2 million in sales.
Pull an eight-foot tape measure out to its full 96-inch length. Ask your baby boomer and echo boomer prospects and clients to pinpoint their age on the tape measure. Be sure to remind them how short life is and how much has passed already. Then, cut the tape measure right at that point. Ask them to tell you exactly when they would like to retire or at least slow down. Tell them the story about Will Rogers and his plane crash at age 59 and how the man that is sometimes credited with saying he would rather get a return of his principal than a return on his principal did not have to face a 30-year retirement. Have them snip this age off of the tape measure.
Last, remind them how long they are likely to live and that, although they might make it to the end of the tape measure, it’s not likely
. At this point, an adequate life insurance amount should be brought up.
Snip the tape measure for the third and last time. Since the second snip will be the shortest time period of all, ask them this basic question as they hold the three pieces you have given them: Would you agree that it’s best to get going at the second stage rather than the third and that we have just a little time to get there? Shouldn't we get going now? Wouldn't it be better to sit down now with a plan to help you ensure this short period to transfer wealth gets bigger and longer?