Studies show that 10,000 people turn 65 each and every day. The studies also show that the "Greatest Generation" is dying off pretty quickly. I am fortunate enough to still have my mom who will soon turn 88. The "silent generation” is really starting to age and they have a shorter mortality. Then, you have us "baby boomers," those of us born between 1946 and 1964. Even though I have attended a few baby boomer funerals, the number pales in comparison to the numbers of the other 2 groups previously mentioned. And, so they should. But, the purpose of this piece is not to speak of these groups… it is to speak about their children. Let me explain:
For those of us in the "insured products " business (annuities, life insurance, DI and CI) we have products that provide a benefit at time of our client's death. The tax free death benefit of the life insurance policy, the death benefits in annuities and qualified plans. If there is not a surviving spouse, the money is usually paid to the children of the deceased. These trillions of dollars are going to go to work somewhere (they may pay off a mortgage, educational loans etc. but will have funds left over) and with some advisor. The question is... "will you be able to retain those funds when they go to the children of your clients?” The only way you have a shot is to "know where your clients children are." If they don't know you, know what you do, and know how you have helped their parents... why would they work with you? The answer is they won't.
So, you have to get up close and personal with these heirs PRIOR to introducing yourself at time of death. You need to gather information about these "go to people" from your clients at periodic reviews. As a matter of fact, this could be the main reason you request a client review meeting. Your clients will probably be thrilled that you want this info. You will want all their info... name, address, email, spouse name, grandkids and phone numbers. Okay, so let's say "Mission Accomplished." Now what? Please read on.
I am a big proponent of client appreciation events... lunches, dinners, wine and cheese gatherings, etc. You invite your clients and their families… also tell them to feel free to bring friends. Just ask them to let you know who and how many. How about taking a tip from one of the cell phone companies? A "Friends and families”celebration. Bring in an interesting speaker and have some music as well. These all work. I have been part of these. So, what if the kids live too far away? Then, how about a SKYPE meeting? Or, how about just a phone call to gather info?
Bottom line, we spend a lot of time obtaining and servicing clients, but we only get half of the loaf. We don't get the kids. So, let's make this a goal in the final quarter of the year and... get to know that kids.
Until next time... good selling!