I believe that we are not spending enough time looking at MYGAs. I read some interesting information in the WSJ about savings, money market and CD rates in financial institutions. They are, and will continue, to keep rates on these products at low.  The banks are placing a lot of their cash in Fed Funds. 

In short, many banks (according to this article) would not be upset seeing some of that money leave the banks as they can’t make a decent spread and loan demand is not high. But, consumers are still rushing to a “safe place” and placing money with their friendly banker. This is an opportunity.  Let’s examine.

Just go to www.bankrate.com and check out rates. Check with your local banks, then call your clients and inquire about their “cash position” in the banks. Then, blow their minds and show them MYGA rates. Folks, some carriers are selling MYGAs directly to the consumer.  Let’s get our share.  It could be a 3 year or a 5 year MYGA with liquidity features. Yes, this would be like squirrels saving nuts for the winter.  Some of this business will eventually end up as a FIA or another product in the “Safe Money“ vault.  

Call 1-877-844-0900 to speak to one of our marketing directors about the shockingly high MYGA rates.

There are many ways to get new clients and we have several solutions at The Ohlson Group.  But, being a life member of The Million Dollar Round Table, I have always found that the best, and most cost effective lead is the referred lead.  For many, they appear the most difficult to obtain.  I agree, but they are the best and pay the advisor tremendous benefits.  Let me share with you what I have learned when I was full time in sales that helped me make this lead my most effective.  Let’s take a look at some ideas, and some misconceptions.

First off, I always felt that a referral at time of sale was the most difficult.  You see, I believe that the first sale is turning your prospect into a customer.  They want to be your client, but want to check you out and see if you keep your promises.  For me, it was based on how I was graded in the areas of SCIP… service, credibility, integrity and profitability.  So, the delivery was most important to me. Then, 30 days later, another call by me to see if there was anything else I should go over with them or any questions that needed to be answered.  I thanked again, but I didn’t ask for leads.

I would then send a small gift… cookies etc.  Now, I drip on them every week from time of sale until 8 weeks out.  All of the drips are automatically done through The Ohlson Group and safemoneyplaces.com.  At the end of 8 weeks, I would ask for a short meeting to again review and it would be then that I would ask for leads.  Today, we may have to do this via ZOOM until the vaccine is out.  The content we send out is the most professional in the market place.

Also, and I have done this for a couple of agents, “The Client Appreciation Luncheon.”  Cost of admission is to bring a friend/couple with them. I would suggest that you have a speaker of interest for 30 minutes and a 15 minute presentation by you. The speakers can be on health, pet safety, personal fitness, etc.  You pay nothing as they are looking for the exposure. At the end of the luncheon, I would pass out a form asking for an appointment with the new guests either in person or virtually.

This is just an overview, but so easy to do.  But, there is a timeline and don’t look hungry.  Go through all of the steps.  Okay, I will soon be writing to you about how you retain the death benefits from the products you sell by making friends, servicing and hopefully selling the beneficiaries. Hope this helps and I also hope that you now see why agents from coast to coast continue to refer to The Ohlson group as… a different experience.