“ONLY THE BEGINNING” ... Remember that great song by Chicago? 

The song spans many generations. It was a great hit when I was in college. I use the title of the song as it relates to seminar and workshop marketing. While they are an excellent way to attract new prospects, and hopefully write new business, it’s still….only the beginning. The seminar is but one of the building blocks in developing, and sustaining, a thriving financial services practice. I believe that too many advisors use the seminar to “just write business.” Don’t get me wrong, that is what we are trying to do, but that shouldn’t be the end-all. If that is all there is, you are getting customers, not clients. The successful advisor has a clientele, not a book of customers. Let me further explain:

Have you, or your children, ever owned a hamster? If you did, you probably purchased a little wheel for their cage. It was amusing to watch the hamster run its little legs off. The problem was, the hamster never made any progress. The wheel kept turning and the hamster kept running. This is how I see the advisor that is making “one-off” sales. I call this just getting the low hanging fruit. He is destined and required to find new prospects for he will not get additional business from customers. The client views the advisor as someone to be trusted, that will review their situation on a regular basis and one that will keep them updated on new laws, regulations, opportunities and potential potholes. 

But how do you develop the clientele as opposed to a customer base. Let’s examine:

1. BRAND YOURSELF: Position yourself in your community as the expert. You can accomplish this by speaking at service and senior organizations for free. You can partner up with a bookseller, a florist, a pharmacist and anyone else that can help provide an interesting venue! Nothing sold here! Just giving time and information. You will be repaid!
2. NEWSLETTERS: Write or purchase a newsletter to keep your name in front of the people of which you do business.
3. RADIO INFOMERCIALS: Sounds formidable? It’s not! We have our own studio to assist you in the development, recording and placement of your infomercial. We have a joint venture with proven broadcasting and communications experts. On the radio? You are an expert!
4. PUBLIC RELATIONS PROGRAM: When is the last time you wrote and filed a press release? This is publicly, not advertising. You can’t buy publicity. We can show you how to get this accomplished.
5. MEET THE FAMILY….HAVE CLIENT APPRECIATION GATHERINGS: Invite the next generation! Your client will pass and you eventually meet the kids. Why not now? They are baby boomers and good prospects. Build your business with the next generation.
6. REFFERRED LEADS: This is basic and ignored by most. These are still your best leads. Get a minimum of three (3) per sale. 
7. DIRECT MAIL: Always utilize different forms of prospecting. This is an additional low cost means of ‘filling the gap’ with your seminar appointments. 
8. DATABASE SYSTEMS: Utilize a program to track, monitor and remind you of your clients’ needs. Review daily…. ‘Out of sight….out of mind.’
9. BIRTHDAY & HOLIDAY CARDS: A no brainer!
   
10. A ‘HOW ARE YOU DOING?’ CALL: No specific reason…just a check in.
11. DO YOU HAVE A MARKETING PLAN? If not….develop it now! Don’t know how to write a marketing plan? Get someone to help. We provide marketing plan templates and will work with you to implement.
12. PRODUCT KNOWLEDGE: More than annuities. Single Premium Life (Capital Transfer), Medicaid Planning, Long Term Care and long term care alternatives.
13. STRATEGIC ALLIANCES: Collaborate with financial planners, attorneys, CPAs and P&C people. DO seminars for them. Low cost and a source of additional referrals.
14. HAVE SOMEONE TO TURN TO: Have someone with whom you can share victories and problems. Hook up with an Insurance Marketing Organization that has street time, marketing experience and enough time to work with you “ONE ON ONE.”
15. OR…. You can just keep sending out invitations, clip the low hanging fruit and be like the hamster on the treadmill. Nothing is forever. Neither are seminars.

You deserve clients and deserve long term success,. You work hard for your family and deserve assistance. You should align yourself with people that share your passion and have the tools to help you succeed! We have solutions to all of your marketing needs. 

Please give us a call 1-877-844-0900 or comment below to find out how we will help you build clientele that will reward you with referrals and more business.

Until next time ... Good Selling!

Raymond J. Ohlson, CLU, CRC
President and CEO of The Ohlson Group

One of the greatest amazements in my 30 plus years in this business is the financial professionals’ inability to obtain referred leads. Is it an inability or a refusal to attempt to obtain these nuggets of gold? Today’s advisors will spend tens of thousands of dollars in seminar costs to get new “leads”. Is there, or has there ever been, a better lead than a referred lead? 

Professionals obtain their leads through referrals and there is no reason we shouldn’t as well. But, how do you get back in the referred lead business? Is there a system? You bet there is…

Obtaining referred leads is an art. I was fortunate to have excellent training as a career agent with American General, and this was “the” way I obtained my clients. Yes, I did direct mail and seminars (hard to believe seminars were also conducted in the 70s & 80s). Many think they are a new phenomenon. I built a large agency on this method and the process is basically the same. Every client should provide you with three to six referrals per sale. Unsold prospects should give you one to two. Centers of influence should provide you with more, and strategic alliances with other professionals should yield additional leads. The professional advisor should devote part of each day to prospecting - and, prospecting via referred leads is money in the bank.

I referred to obtaining referred leads as an art. That is true but it is also a science. With a downturn in seminar attendance, with the press writing about free meal seminars and with the problem of the Do Not Call List … don’t you think it is time to get back to basics? The Ohlson Group understands the process and teaches it to our field associates. There is a system, we employ it and we can teach it. So, if you are looking for a teacher, give us a call. Operators are standing by.

Our clients will work all of their lives attempting to accumulate that nest egg to take care of them during those Golden Years. It’s a tough job. There are a lot of distractions along the way. They may need to dip into that money pot to buy that first home, maybe start a business, and let’s don’t forget braces for the kids’ teeth and their college tuition. Plus, they had some fun along the way. There were family vacations, maybe the big anniversary gift and on an on and on. 

Your clients have taken pleasure in creating a prosperous lifestyle; they chased the American dream and tried to convey a more prosperous lifestyle for their children. Then they retire … time to settle back and enjoy different facets of life. Not working is a big change in and of itself. However, living the rest of your life off of your nest egg and social security is an even bigger transformation. This period of time could be the most challenging and difficult of all. Their retirement income becomes more important than ever.

They make a big transition when they retire. You see, prior to retirement they earned money. At retirement they become recipients of income. They become beneficiaries of retirement income. One of their income streams is social security. But from where does the rest of income appear? It will come, of course, from their nest egg. Will it last their entire lives? How do they know? How long will they live? Will their spouse be in financial danger? How do they avoid making a mistake when planning their retirement income?

Today, this situation is much different than that of previous generations. It will be even more different, and possibly more difficult, for generations to come. Why is that so? Well, first of all, people are living much longer so our money must last longer. They need a guarantee to keep them in the lifestyle to which they have become accustomed. Plus, they have to factor in inflation. 

Inflation at 4% (past 20 year average is 3.6%) can have a devastating effect on their spending dollars. It’s also good to understand that the health care inflation rate is more than double the general inflation rate. So, this takes a lot more planning. They can’t afford to make mistakes. It’s different if you make a financial mistake at 26 years old, or 36, or 46 … even at 56 you can still recover. But, it’s much more difficult to recover at 66.

Today’s pre and present retirees need to have a plan … not just a product. Retirees need solutions and assurances. They need the services of a trusted advisor that can provide guarantees … yes, guarantees regarding their retirement income. My suggestion is a complete review with your clients. Determine a retirement income amount that is necessary, adjust for inflation, factor in their life expectancy, then implement and monitor the plan. This requires dialogue … this requires conversation…this requires a professional.

Give your clients a call today. This is too important of a subject to ignore. Their lifetime income could depend on it. Pick up the phone and call them today. If you don’t ... someone else will.


Until next time,
Good Selling,
Raymond J. Ohlson, CLU
President

Money is the second of the assets that we must monitor and master in our quest for Net Profit (time and manpower being the others). I am also a believer in “proper” deficit spending. We will talk more about this in a bit.

I prefer to separate the money that I put into my business in two (2) categories. These categories are:

1. Expenses
   
2. Investments. 

First, let’s look at and define our subset consisting of expenses and investments.Expenses are pretty easy to define. They are the basic items we need to run our practice. These are dollars spent to insure that we are able to adhere to the philosophy of Service, Credibility, Integrity and Profitability (SCIP®). 

Expenses are things like rent, telephone, salaries, supplies, fees paid to outside consultants (i.e. information technology), professional fees, website maintenance, business insurance, health insurance, office equipment and
other things of this nature. This seems pretty straight forward but it always bears further investigation. It’s important to “shop and question” your vendors at least once per year. I think you will always realize savings when you complete this exercise. The savings increases your net profit. Expense is the biggest factor when you are trying to increase your net profit. Revenues minus expenses equal net profit.

Let’s look at, and differentiate, investments from expenses. Investments are costs associated with items that will either maintain or increase your net profit. Some investments must be made just to stay even and keep your flow of income. Others are dollars spent to get to the next level. For example, increased advertising, website enhancement, increased direct mail, client appreciation events, new office furniture or a more prestigious location and continual education. What about a new hire dedicated to a new project? What about hiring an intern? How about hiring a public relations person to enhance your position in your community? These are investments. And, there is no better place to invest than in our own business. You have the most control in this endeavor.

Earlier I mentioned deficit spending and its possible values. Just make sure you have a well thought out plan with the proper strategies and tactics to give you the best possible chance for success. People engage in “proper” deficit spending everyday. Kids and parents borrow money for college. Cities raise money through bonds to enhance and improve their communities. There are many more examples. 

Money . . . it’s precious. Make sure you use it properly, for it is usually a finite asset and not never ending. 

Until next time ... Good Selling!

Raymond J. Ohlson, CLU, CRC
President and CEO of The Ohlson Group and SMP International LLC