Suitability for Annuity Sales Makes Sense - Use it to Sell More

What is wrong with doing things right? Isn't it in the long run the best for everyone? The new suitability rules about to enter the annuity business is a step in the right direction. I applaud it and I think it is long overdue. What bothers me about the new rules is that they haven't gone far enough, they need to be better. Suitability should be the backbone of our industry and should be as normal to us as a blank application.

What should be considered when looking at suitability issues?

Does the annuity make sense for the prospect? Does it get any more basic than that. Is it in the prospects best interest? How do we go about making that decision? What really should be considered?

· Does the time frame of the prospect match up with the annuity being proposed?

· Does a guaranteed income stream make sense for the prospect?

· Has the prospect considered inflation and how it can affect retirement?

· Does the prospect understand the surrender charges if funds are withdrawn prior to the end of the surrender-charge period?

· Does she understand that the withdrawal could also trigger an IRS pre-age 59½ 10% tax penalty?

· Does the benefit of tax deferral make sense if 100% of the funds are needed in an emergency?

· Does the risk tolerance match up with the annuity being proposed?

· What is the prospects investment experience?

· Has the prospect been exposed to other options to an annuity?

· Does the prospect already own an annuity? Does the prospect need a second one, or maybe a different one?

· Are the income requirements going to be met with the annuity being proposed?

· Does it make sense for a high percentage of the available funds to be in an annuity?

· Will the annuity help or hinder estate planning for heirs?

· What is the financial status of the prospect?

· What is the prospects current tax rate?

While completing a suitability form gives the agent time to ask probing and meaningful questions. These questions along with their answers will help the agent build a relationship with the prospect. There are many other questions that could be asked and completing a good and accurate fact finder is essential for both the agent and the prospect. Asking these questions will make a better agent and provide more opportunities to make annuity sales.

Bill Broich is thirty year annuity salesman who helps agents generate annuity leads and sales. To discover more visit his website: Annuity Leads.

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Shake Hands Over the Phone to Increase Appointments

Been having problems setting appointments with new prospects? Is it the same old thing, they are not interested? I have a complete foolproof way to increase the percentage of appointments from referrals, direct mail card replies and internet leads. If you use this simple method you will see an increase in your appointments, I guarantee it.

First a little bit of psychology, have you ever been introduced to someone and they offer their hand as a hand shake? Of course you have, it is how we maneuver as adults and it is the normal method of greeting someone.

Have you ever been able to NOT shake a person's hand? Try it next time and you will see it is nearly impossible. You simply cannot avoid shaking hands!

Now use that same psychology to making appointments. When you call the prospect and pitch the idea of an appointment change the method in which you offer yourself. Instead of saying that you want to discuss with them the reply card you received or the response to an internet reply say this instead.

"Mrs. Jones, this is Bill Broich. I see you sent in a card requesting information about long term care insurance."

Her reply will either be positive or negative and it should not matter to you. Also if her reply is to mail it, it will not matter either because you will say this.

"Mrs. Jones, I know you would like me to mail the information but I just wanted to come by and show you the type of work I do and to shake your hand."

Whatever the answer or the objection by your new prospect always end the conversation with..."I just want to come by and shake your hand!" You will be amazed at how many prospects cannot refuse that request. Try it and see for yourself.

Bill Broich is thirty year annuity salesman who helps agents generate annuity leads and sales. To discover more visit his website: Annuity Lead Prospecting Methods.

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