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Collaboration, consolidation, and consternation... that state of today's advisor

6/27/2017

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These are very interesting times in the financial services industry.  We’ve had many unusual challenges in the past,  but today, the threats affect every part of our business. Today, I am focusing on the insurance based industry and all that participate in this arena.  All parties are making plans. The big question is... will you/we be part of the plan?  Let's look at a few of the challenges:
 
The first is the declining ranks in our business. Agents/advisors are getting older and there aren't enough "new babies" coming into the business.  So, the insurance companies are wondering where they will get the production.  Will the independent/IMO channel give them the desired premium, or do they focus on alternative distribution through banks, broker-dealers and direct response?  I think you will see a little of each.  I don't think, at this time, that they will forsake the independent channels.
 
What about IMOs like the Ohlson Group? We are in the same boat. We have to always have a plan to garner the appropriate amount of premium to have enough profit to fulfil the promises made to our advisors.  So, fortunately for us, we have a strong life insurance background and have been increasing life sales to complement our annuity sales.
 
What about the most important asset… the advisor in the field?  How will they continue to get in front of good qualified prospects, keep their expenses reasonable and grow as planned?  Will the DOL/Fiduciary rule get in the way?  Will commissions be reduced or spread out? Who knows…  but we must keep moving forward.  So, what are some of the answers being produced.
 
Collaboration.  Loosely defined, cooperative arrangement in which two or more parties (which may or may not have any previous relationship) work jointly towards a common goal.  This is what we’re doing at The Ohlson Group.  We have many mid-sized IMOs and agencies that are now working with The Ohlson Group to take advantage of our digital marketing prowess and are in the Safe Money Places Agent Network.  This is where we feel the greatest growth and prosperity will occur.  We also do the reverse,and collaborate with other IMOs that have resources that we can access as well.  A very real time example is the fact that over 50 IMOs are using AssessBEST as the vehicle to protect and enhance the careers of our advisors.
 
Consolidate:  “To bring together into a single or united whole to become, or cause something to become, stronger and more certain.”  I have witnessed several IMOs that are doing this.  Many are being purchased.  I also think you will see the same happening with the insurance companies that don't feel as though they have enough muscle or capital to stay in the game.  But, that is not going to happen at The Ohlson Group as my sons and partners, Nick and Joe, already have the succession plan in place.
 
Consternation: “A sudden, alarming amazement or dread that results in utter confusion and dismay.”  I believe that the DOL/Fiduciary rule has taken consternation to a level not seen in recent years.  So, regarding this regulation, the advisor needs to make sure that the IMO is providing everything needed in the areas of marketing, research and education.  Plus, the tools to make sure everyone is compliant in this brave new world.
 
In closing, the opportunities have never been greater for us in the field.  Think about it: a shrinking supply of agents and advisors, a growing population that needs and wants our guaranteed products, and an industry that will not go away.  Simply put, we think we have some answers.  But, we need to speak with you, to find out what you want to accomplish, to analyze your speed bumps and put together a plan.  I guess you would say that we want to "collaborate."  Want to give it a try? Give us a call or simply click below to set up an appointment with one of our Marketing Consultants. I think the time is right.

Until next time... good selling!
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Throwing in the Towel

6/26/2017

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Unfortunately, there is a lot of this going on in our business today.  Some agents/advisors see new challenges that appear to be too big to overcome.  Now, I am well aware that some of the "elder statesman" in our business will just decide to back off the throttle and not deal with this "new reality" facing the financial services professional.  They have been the ones that made this business great and they want to now just back away and enjoy the fruits of their labor.  So, to this group... "We salute you.”  But, what about those in the business that say things like… "It's just not the same business anymore.”  Or, how about this one... "I am just one person and I can't compete in this new world?”  

To all of that, I say wake up and get back in the game. It’s time to align yourself with an IMO that will help. But, as many are finding out, IMOs are looking for people that still have some kick and are looking at these challenges as great opportunities. We, as IMOs, are more than willing to roll up our sleeves and help the advisor reach newfound levels of success.  But, this is going to be a partnership.  We all have to win.  And, that is the way it is supposed to be. 
 
Andrew Carnegie once said, "There is no use whatever trying to help people who do not help themselves.  You cannot push anyone up the ladder unless he is willing to climb himself.”  So, if you are feeling like there is so much going on that you can't focus, that isn't unusual. You have to take things one step at a time.  If you will allow me to quote another great person, Winston Churchill, he said "It is a mistake to look too far ahead. Only one link in the chain of destiny can be handled at a time.”  You just have to get back in the game.  There is a public that needs what we do.  They need our counseling, our assessment of their situation, and a product recommendation and implementation that helps empty their "worry buckets."  So, what is your next step to get back in this exciting game?  Read on…
 
Pick up the phone and call someone you have confidence in.  In our case, I hope that call goes to The Ohlson Group. You need that "Master Mind Group.”  These are the people that are truly sympathetic and empathetic with your goals, dreams and desires.  These are people who profit when you profit.  Again, I am confident that The Ohlson Group can fit that bill.  Then let's talk about what you enjoy, what you are good at, how you want to viewed in the public and we move forward. We develop the marketing plan, have you set up a marketing budget, increase and improve your digital footprint and we are on our way.  But, it is time to do something.  Because, if you are not moving forward.. .you are moving backwards.
 
In closing, I am going to bother you with a quote from Theodore Roosevelt who gave some great advice. "In any moment of decision the best thing to do is the right thing.  The next best thing is the wrong thing, and the worst thing you can do is nothing."  Give one of our marketing consultants a call and get on the road to the greatest level of success that you have ever experienced in our business.  

Until next time... good selling!
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It's not all about you

6/19/2017

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Dale Carnegie once wrote, "You can make more friends in two months by becoming interested in other people than you can in two years by trying to get other people interested in you." Interesting right? But what does that have to do with what we do for a living? Plenty I say… plenty. We need to make sure that the prospect and client feels as though we care about them before they will care about us.  Too many in the financial services business (and other fields as well) are prescribing solutions prior to assessing where the problem is, like a doctor prescribing a drug before he even asks you where it hurts. If that happened to you, would you shut down, not pay attention, leave and find another physician? Of course you would and that is why many sales are lost in our industry. Let's look…
 
Everyone has worry buckets:  those heavy things we carry around that keep us up at night.  Some of these buckets are kept private and, in your opinion, not open to discussion with others. Why? Maybe for the fear of others not understanding, the fear of looking foolish, the fear of being rejected. . Most of us will not discuss our "worry buckets" until we believe that person we are confiding in is truly empathetic and sympathetic with our goals dreams and desires. Yes, just like the "Master Mind Group" in Napoleon Hill's book, The Master Key to Riches. So, where am I going with this?
 
We have one mouth and two ears, so we should be doing twice as much listening. Try asking your clients and prospects where it hurts, find out what keeps them up at night? How do you get to these questions and answers? You have to have an assessment system. Don't have one? Talk to us about AssessBEST and some of the other client building tools that we have. Ladies and gentlemen, this is not so hard if you have a system. If you are just "winging it" and looking hungry, than this is truly the most difficult profession in the world. Need help? Call us and find out why agents from coast to coast continue to refer to us as... a different experience. 
 
Until next time... good selling.
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The DOL Fiduciary Rule… "Hang together or hang separately"

6/12/2017

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Ben Franklin
I am confident that you have heard or read a version of this quote over the years. The full quote, by Benjamin Franklin, reads like this... "We must, indeed, all hang together or must assuredly, we shall all hang separately.”  The great Mr. Franklin said this at the signing of The Declaration of Independence. He was reminding the signers of the Declaration, and the colonists, that they had to stick together and help each other or they were all doomed to fail. In that case, maybe even lose their lives.  Well, if Mr. Franklin was in the financial services business today, I think he might be saying the same thing to participants in this great industry.  So, if you will forgive me for using a quote from the late great Benjamin Franklin to make my point, I shall continue…
 
I read a half page article in the Wall Street Journal that was from Barron’s. The title is (I paraphrase) “Finally, the Fiduciary Rule is here.”  The article was well written, and did not speak to any unproven claims by our former President or Department of Labor Head that stated that Americans are losing trillions of dollars due to the high fees and bad products that were being hawked and pushed by "bad people" advisors.  No, the article was basically, “Why wouldn't everyone want a fiduciary?”  They went on to say that all financial transactions will be under the fiduciary rule… not just qualified money.  They also went on to say that Americans will seek out advisors that are "Best Interest" guys and girls.  In other words, the train has left the station and "Best Interest" is here to say.  So, I must tell you… I agree. And, I am going to play it to my advantage. What about you?  Read on…
 
First off, let's get back to the quote. You, the professional advisor (either registered rep or insurance only) had better line up with an IMO that will assist, explain, guide, mentor, train and do their best to keep you out of harm's way.  If not... you might just hang separately.  But, by aligning with an IMO that suits your needs, everyone is in this thing together.  And, if things don't go right... we hang  together.  I feel, that with proper tools and guidance, this rule will not be problematic, and will prove to be just the thing that lifts advisors to new levels of success. But, you can't ignore this or take the shortcut. You can't just store things in your filing cabinet for 6 years. Your need somewhere in the cloud and also safe from hacking. You need to disclose commissions. Okay, before you want to debate, this is being interpreted a couple of ways.  And, if 84-24 says that we "should" disclose, I would do it.  You want to be safe if a suit were to appear.
 
Lawsuits?  There can't be any until Jan 2018 can there?  Of course there can be... and there will be.  So, you need to protect yourselves.  Now, let's talk turkey and get back to that "hanging” thing.  I don't want to "hang" with an advisor that is not giving me the lion's share of his/her business.  You don't want to "hang " with an IMO that is not giving you the same efforts that you are giving them.  So, it is now time to pick sides.  It is now time to get appropriate credentials that will help you stand out in the crowd. It is now time for you to have a website that will exhibit your firm as the safe bet. It is now time to get in the game.
 
So, The Ohlson Group is not unlike many of the other firms out there today. There are so many good competitors. We just happen to be that mid-sized, family owned boutique IMO that has been around since 1975. We have a nice split of young, talented and credentialed associates in our offices in Carmel, IN and Chicago, IL,  coupled with some seasoned pros (I am included in this group) that have served as top officers in life companies here and abroad and who are also Life Members of MDRT (yes I have walked a mile in your shoes). We have the systems, access to credentials that matter, software and more. I think a call will be the thing to determine if we are a fit.  Let's do that.  

Finally, we all love insurance companies and the insurance companies all love us.  We really can't do without each other.  But, I know you have heard a deafening silence from most of the carriers.  Let me whisper this to you... the companies have really separated manufacturing from distribution.  You are on your own in this DOL world.  They are going to protect themselves and not give you best interest advice.  They want, and are getting, an arm's length relationship.  Is there a solution?  You bet... it's The Ohlson Group. Give us a call at 1-877-844-0900 and I think you will find out why agents from coast to coast continue to refer to us as...a different experience. We look forward to your call. 

 
Until next time... good selling!
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