Information from Partners Advantage blog posting
Each year, we typically see people setting new year resolutions. Unfortunately, most resolutions don’t hold up for more than a week or two, and we don’t think that’s right, especially if you’re a financial professional.
If you look at some of the most successful financial professionals in our industry, they all tend to not only set these four goals, they also continually measure their success toward accomplishing their goals.
Goal 1: Prospecting Goal
Hands down, the most successful financial professionals establish a yearly prospecting goal. In other words, they identify the total number of new prospects they’d like to get in front of this year. To accomplish this goal, you need to plan out your prospecting activities and set aside a realistic budget and follow-through. You can accomplish this plan on your own, but maybe it’s something you should be delegating to your assistant. If you think you can’t afford to hire an assistant, click here to learn the real truth behind one of the most value members you should have on your team.
It’s also important to leverage a prospecting program that has already produced results in the real world. There are many organizations and consultants out there ready to separate you from your hard-earned money on a program that just doesn’t work, so be sure to look at a prospecting program that has been vetted and can produce meaningful results. What do meaningful results mean? That really depends, but a benchmark you should be shooting for is 20 buying units (couples or head-of-household) per prospecting event. If you conduct just 1 prospecting event per month, your prospecting goal would be 120 units. At two prospecting events per month, that would lead to 240 units, but that only gets you so far, you need a lead conversion goal.
Goal 2: Conversion Goal
There are many financial professionals out there when asked, “how many prospects do you convert into clients” they’ll say they convert 9 out of 10, or something along those lines. In other words, they claim every prospect they meet converts into a client. While that very well may be true, the fact is most financial professionals have never tracked their results, and at the core of every sales professional there tends to be a cognitive bias – sometimes known as the certainty effect. This is when people over weigh outcomes that are considered certain relative to outcomes that are merely possible. Yes, it is possible that you will convert every prospect you encounter, but the reality is that the actual conversion is significantly lower, which is why you need to not only have a conversion goal, but also a metric to quantify your results.
The reason you need the goal and the metric is that you want to spend your prospecting dollars on the activities that generate the best results. If you conduct one prospecting program and it generates 10 buying units, but you only convert 1, whereas another prospecting program generates 5 buying units and you convert 4, which program should you do more of … assuming the price is the same for both programs? The answer is, it depends on how much revenue gets generated. If that 10-to-1 conversion lead to revenue of $10,000, and the other program that lead to four-out-of-five conversions leads to a total of $4,000 in revenue, it’s pretty clear which one is the winner. That’s why it’s important to set a conversion goal, which may be related more to the cost of the program and the revenue generated, not necessarily the number of people who convert.
When thinking through your conversion goal, you should also consider developing and sharing your sales process. If you want to learn more about why financial professionals need a consistent and repeatable sales process to obtain better and more consistent conversions, click here.
Goal 3: Educational Goal
Think you know everything in this business? Think again. If there’s one thing about the financial services industry is that there is always something new to learn. Whether that’s a new product, marketing approach, technology hack or business practice, the financial professional that puts ongoing education as a goal will always be able to provide more value to their clients. That’s because people achieve success not by accident. It’s a combination of hard work, risk-taking and learning.
For most of us, it takes twenty years or more of hard work and ongoing education to become an overnight success. Make on-going education a goal, whether that’s reading a new business book every quarter, developing or enhancing a skill, like speaking in public, or putting money aside to develop your staff. An educational goal will typically pay tremendous dividends in the end. Or perhaps it’s time to start thinking about taking on a business coach to take your business to the next level. A skilled business coach will guide you and educate you on successful strategies you can implement to achieve extraordinary success.
Goal 4: Referral Goal
Everybody in this business says they grow from referrals, but are they setting a goal and tracking a specific referral goal? This year, you should consider taking the steps necessary to make generating more quality referrals one of your top goals. The key word is “quality” referrals. This sounds like an easy task, but in reality getting referrals takes a lot of different steps. Click here to learn the three steps to create more referrals for your business.
Make this the year that you elevate and innovate your business by not only setting the four most important goals, but by also taking the time to measure your goals. While this is just a short list of four goals, what other goals should financial professionals be focusing on this year? Share your thoughts with us on LinkedIn, Facebook, or Twitter!
- Not many differences that will truly matter
- Your caretaker still needs to coordinate care and physically pay the bills each month and manage the claim and your finances
- You will have to be reassessed as needing care services at least annually for indemnity payments to continue.
- A reimbursement design allows for direct billing and direct payment, so a caretaker essentially supervises claim.
- Even though indemnity plans allow for direct compensation of a family member, this can affect quality of care and the quality of life for the caregiver. Are you are really considering and wanting a family member providing your care if you have insurance? If so,
- Is a family member going to be qualified to provide the type of care needed?
- Will they physically be able to provide care needed?
- Will they be around and available to provide the care when needed in the future?
- Will family members all be in agreement as to what is needed for your care?
- Will there be government requirements for caregivers to claim the income received from you or for you to provide workers compensation insurance, etc.?
- Will there be pressure to use funds for purposes other than your healthcare?
- What will payment and care coordination technology look like in 30 or more years.
- When you need to go on claim, you are assigned a case manager who is a single point of contact for the entire family to assist in all phases of the process (paperwork, care coordination, etc.- no call centers).
- Silver Brick Road – included with each MG contract, client and family can find providers based on geography, offerings, ratings, needs (what typically takes the average family 2-6 weeks takes 5-10 minutes!), articles, videos, Care Circle, Assessments, pre-planning.
- Care Circle – keeps family and friends in the loop – anyone named in the Care Circle by the owner of MG receives an observation report by the Caregiver. This Care post is an email blast sent to each member of the Care Circle each day care is provided, detailing what care was provided that specific day, what is going on, what they did, what to do now.
- Assessments – puts a baseline on what to do – can also be a cognitive screen. Insured can do on self or Care Circle member can do the assessment on insured, receive guidance and provide suggestions.
- Next steps – we provide a list of the right questions a family should be asking potential caregivers.
- Bill pay – a way to pay caregivers directly without the need of sending a check to the family who then has to deposit and write out more checks to caregivers.
- Pre-planning – a service that allows you to plan for your care, develop a plan choose your care provider prior to being on claim. Allows insured to fully develop a plan based on a future need because of a diagnosis that does not have immediate affect but eventually will (MS, Alzheimer’s, rheumatoid arthritis, etc. – debilitating conditions that can work slowly over time). We save the plan in our system and when time comes for pulling the trigger for benefits there is no crisis management, the plan is already to go.
- Family has White Glove Concierge Care and with the dial of a toll free number, they are put in touch with your Concierge Caregiver to guide everyone through a difficult time.
Money manager made the following comments to Financial Planning Team.
What our analysis seems to indicate is that there is far greater downside risk for not much lost in upside potential. With the re-position for MoneyGuard protection, your values at age 100 for the older spouse show $8,700,000 Net Worth with or without our hypothetical LTC event. While NOT putting in place protection shows only about 6% more in upside potential to an expected $9,200,000 Net Worth at age 100. The RISK however, is a 32% potential loss to $6,300,000 if our hypothetical LTC event happened. So again, the question is; do you give up a potential gain of about $600,000 to eliminate a potential loss of about $3,000,000?
Here is another way of looking at this. You are betting $3,600,000 (today’s portfolio value) and are expecting a $8,700,000 pay off if we re-position the $140,000 today. Or do we bet $3,600,000 and might get $9,200,000 if we win (no ltc event) or $6,300,000 if we lose (having hypothetical ltc event). By the way… it is about a 70% chance that you lose and 30% chance that you win.
What will most clients be more appreciative of? If you help them prevent taking a big hit or squeezing out a little more yield?
I sincerely understand though that this couple should be just fine no matter the decision.
Sorry to carry on…
If you do not have the time to commit for doing insurance work, then assign insurance work to an associate or allow Westland to assist. What would you pay an associate? 50%? Westland will be your associate for 25% or less depending on your role. Best of all you are keeping it all in your control and not allowing any competition to creep into your practice. We just become part of your practice just like an associate.
Client, Female age 68, with first grandchild having first birthday. Her Advisor mentioned the cool Legacy Gift Idea, and she said great idea! Her mother (Great Grandma) contributed $1,000 and she committed to $100 monthly for 20 years into a Indexed Life Program for grandson.
Expected results: $25,000 invested over 20 years, cash value expected of only $40,000 at year 20 and with a death benefit of over $200,000 and growing from day 1. Nothing too exciting, yet, but wait. By year 40 the cash value is expected to be over $160,000 and the death benefit over $400,000. By age 65, the cash value is expected to be near $1,000,000 and death benefit over $1,200,000. Quite a legacy from only a small initial commitment.
Using a savings calculator on Bankrate.com with a 6% assumption, the result at age 65 is about $750,000 with no insurance. There are extra bells and whistles with the Legacy Gift Idea (tax free distributions-loans for example). Start letting your clients who have children and grandchildren know about this and you will be surprised how many will move forward. Call us for a customized illustration for a case today, maybe for your own child or grandchild!
Case Study Female Age 2
Sample Illustration Female Age 2
Tax free withdrawal of $23,000 to help pay for college expenses and $44,000 tax free supplemental retirement income. That is a wonderful legacy for you to be remembered by.
We met with an advisor and discussed ideas to help him boost revenue while helping many clients and prospects. We discovered a couple ages 59 and 58 who he had completed some retirement planning work with and they were going to be just fine according to his E-Money Capital Needs Projection. However, we modified the model to test for several scenarios.
Him dying tomorrow (had existing term insurance through age 75)
Her dying tomorrow (no current life insurance)
Him or her having a long term care event at age 83 for 4 years duration (no existing LTCi)
Him dying – plan still succeeded
Her dying – plan failed
Either having LTC event – plan failed
This planning session led to a 15 year term sale on her and traditional LTC insurance on both. They didn’t have the portfolio to justify a linked benefit strategy, but we did look at all options.
Partner with Westland and allow us to help you figure this all out and be by your side if needed when presenting solutions to your clients.
Hopefully you are thinking of clients where you can add real additional significance and value to their family with protection and legacy strategies.
Call for your personalized case designs today. We are here at your service.