What a time to be in the financial services business.  Our services are needed, and desired, today more than ever.  We had the steepest recession since the great depression followed by what appears to be a “V shaped” recovery.  Yes, the market has come roaring back.  But, we still have the element that started this economic downturn… the coronavirus, to deal with.  Now, let me start out by stating that I am not giving investment advice.  But, we know that the equity markets lost about 35%, and we are almost back to where we were prior to the COVID-19 outbreak.  So, congrats to all those that hung in there.  But, now what does the retiree, or soon to be retired, American do now? 

Many have already exhausted their supplies of Pepto-Bismol and have sworn that they will never get in this position again. In my discussion with my age group, they are looking to “take some money off the table” and reposition a portion into a safe money vehicle.   And, they desire, for the most part, another guaranteed stream of income that will last for the rest of their lives.  Anybody out there have a product that can do this?  So, what do we, as financial pros do now?  Read on please.

Pick up the phone and schedule a review with your clients.  Do it via phone, Skype, Facetime or ZOOM… but just do it.  Schedule a “garden party.”  Yes, meet them on their patio, porch or deck.  Tell them you will be wearing a mask and will adhere to social distancing.  They want to talk… they want ideas… they want socialization.  But, have a discussion and not make it a speech.  Find out what is on their minds, where it hurts etc.  

Guys and Girls, I think masking and the virus will continue for some time.  Our business could not be in a better place but everyone has to get in the game.  
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• Your clients are going to talk with someone… so why not you? 
• What about those great prospects that you met that didn’t “pull the trigger?”  Think that they wished they had? 

We can help you get back in the game.  No more waiting around for the dust to settle.  The economy is opening up.  Yes, there will be some steps backwards, but two will be forward.  If you want to retire… do so. You deserve it.  But, know that in several years, we will look back at our business and call them… “the good old days.” 

Too often, we find that many life insurance policies are in an individual’s sock drawer and hasn't been looked at for years.  Also, too often, an "annuity based" advisor never asks about the life insurance owned by their clients and prospects. That is too bad, because it could be one of the most important things you do for your client and for you.  Allow me to give you a short explanation: 

Many times, the life policies owned by Americans were purchased when interest rates were much higher. These, usually universal life policies, had assumptions based on the higher rates and lower internal charges. But, where are we today?  Interest rates are much lower, insurance companies are having a rough time earning the necessary spreads and administrative and mortality costs aren't what they planned.  So, many times, your client gets a statement that says "based on current premiums, your policy will lapse on xxx date.”  Or, "If no further premiums are paid, your policy will lapse on x date."  So, what to do?

Ask your client to get the policy and the last statement.  Ask the insurance company to produce a re-projection based on the current interest rate (or guaranteed rates), the highest mortality costs and the highest administrative costs.  Then ask the insurance company to tell your client what needs to be paid in premiums to guarantee that the policy won't lapse.  When that comes back, you advise your client on how to proceed… if the policy is good, or if they have to increase the premium, reduce face amount, or… allow you to shop the market for guaranteed premiums they can afford, a death benefit they desire, and the good feeling that the death benefit will be there when they need it. 

So, what do you do now?  Call Levon or one of our other marketing consultants to assist you in this life insurance review.  Manage the life insurance asset like you would manage any other. Everyone wins at this.

I don't know if what our country is going through is the "new normal" or just the way it is right now.  But, we would be foolish to think that the current "COVID-19" environment has not changed the way the public acts, reacts and plans in every part of their daily lives. That is also true in the financial services business.  Consumers will continue to be desirous of our products, but may choose to learn about our solutions in a different way. 

So, back to the title of this commentary... Problems vs. Possibilities.  That is right. We are also consumers, and change is tough.  For financial pros, we need to look at the possibilities and be bold in going after them.  This is not a time for baby steps.  This is not a time to think that things will go back to the way they were before.  They will not.  The insurance industry was always the slowest to embrace digital technology.  That is not the case today.  We have online apps, no exams, delivery via email and selling across state lines (as long as you are licensed).  So, I suggest you take some steps today and we can help.

First, can recommend some summer reading?   I suggest you re-read  "Who moved my cheese?"  Also, an old favorite of mine, "The Master Key to Riches," by Napoleon Hill.  Next step, talk to one of our marketing associates and investigate our digital/internet consumer lead program.  See if you area is available.  How about investigating our mentoring program regarding digital sales. That is right... all done via ZOOM or another tool.  How about ZOOMING your clients about a life insurance review.  Did you know that many policies will lapse due to increased internal costs?  We can show you how to remedy the situation.  

In closing, maybe you just need to talk. Fine, give us a call and let's start taking advantage of possibilities vs. focusing on the problems.

I don’t know about you, but I can have a very optimistic day, go to bed and wake up to news that can slow my step regarding this virus.  Let’s start out by saying that we all know that there are risks.  But, none of us really know when or how it will affect all of us.  This COVID-19 has been compared to wars, depressions, dust bowls and more. As we know, this is a war without a playbook. So, I think that we take the information we have, reflect on the past to gain insight, mange our risk and move forward.  That is the “American Spirit.” So, what do we do?  Do something… just get moving.  I think that we have to come to grips that people will handle these risks in different ways.  Businesses are adjusting and moving forward.  Sure, in many cases, they are baby steps.  But, they are moving and doing something.  So let’s focus on the financial services business.

Never have Americans needed our services more than today.  Let me give you an example:  yesterday, I spoke with my sons and partners, Nick and Joe, and asked them how our Digital Marketing consumer lead program was going.  They informed me that the number of leads following the Memorial Day weekend were extremely high.  I also found it interesting that the highest number of leads came from areas where the states were slower to open.  Bottom line, these Americans can’t wait for “complete answers” because there is no playbook.  We are also experiencing a high level of virtual sales.  Yes, first contact by phone or ZOOM, followed by another virtual fact finder and needs assessment, the presentation of a solution, the close and the e-app.  Who would have thought that this pandemic would bring the financial services industry into the “tech” world.  We were slow to enter, but now we are off to the races.  Okay, so you might be thinking… what do I do, when do I start, etc?  Let me give you a suggestion.

Let me first go back to my title… Do something and do it today.  Get a list of your clients and schedule virtual reviews and find out about their worry buckets.  Ask for a virtual family meeting with their kids. Introduce yourself, explain what their parents have done, review beneficiary designations, and then go through essential and discretionary income needs.  Look, the families are concerned and want to know that their parents are taken care of.  Think that this might lead to doing business with the heirs?  Think that they might entrust you with the proceeds after the parent dies?  I don’t know… but I think that this is an easy way to go forward.  Need leads?  Try our program.  Want direct mail?  We can direct you to the right sources.

I watched the news this morning and there is enough negative news to make you want to go back to bed. Remember, bad news sells viewership.  Let’s spread the good news.  We are upright and have the greatest opportunities in America.  We will all get through this and be better off.  And, don’t discount that things are improving.  Yes they are… there is no doubt about that.  So, manage the risk, do something and get moving. You can‘t get the time back and life is short.

We know that you are adapting to different ways of serving your existing clients.  We also know that you are working on different methods of approaching prospective clients.  Believe me, our team has been through unprecedented times before. But I am the first to admit that I have never seen anything like his before. 

​Our organization has been through recessions, gas rationing, 1987 market crash, 2000 dot com bust, and we will never forget 9/11.  Ladies and Gentlemen, I do see us coming back to a more “normalized” life.  We will go out to dinner with friends and family again. The stock market will come back.  New jobs will be developed that we never thought could be considered.  

But, I believe, because of my experience, that the next 12 months won’t be the same as they were in February.  And, the ranks in the financial services profession will be reduced.  Many pros near retirement will just either call it a day, or just work their existing books as the changes that must be made seem too daunting.  But, those of us that adapt will find the landscape in our profession to be better than before. Never before has the desire for “Safe Money Places” been so great.  And, we have the products that Americans need and want.

So, The Ohlson Group and the Safe Money Places Agent Network is reaching out to you to see if you need any advice or just want to talk regarding this new challenge/opportunity that we are all facing.  Now, more than ever, it is critical that you work with an Insurance Marketing Organization that has the experience in good times and bad, a track record of excellence, top notch product portfolio, digital marketing experience and success in the field.  I have been fortunate to have served many roles in our business.  I have been a successful agent (Life Member MDRT), agency builder, president of insurance companies, and now proud partner with my sons in a privately held boutique IMO.

We look forward to having a conversation with you, if we haven’t already, and helping you as we have helped other agents and advisors since 1975.  As always, thanks for your support and business.  We are all in this together.  If you aren’t doing business with us today, call us and find out why agents from coast to coast, continue to refer to us as… a different experience. 

You may be in trouble if you don’t act now. These are different times. Yes, we haven't experienced anything like this in over 100 years.  But, as we know, times like this can bring the greatest discoveries and victories for those  that can pivot and act now. 

Many times, as has been said, "we can be down about things we aren't up on.”  I am talking about tools like ZOOM.  We are having great success with this concept.  Many say that financial services products can not be presented and sold unless we are face to face at a table.  I remember when I was president of a life insurance company, and an agent and good friend said, "Ray, you will lose all the agent's business if you start emailing brochures as opposed to sending hard copies.”   Well, we know how that turned out. 

Yes, your client and prospect need to see you.  But, many are nervous about getting physically face to face.  So, let's do the next best thing.  Let's get virtual.  The presentation process is much the same.  We just have to conquer the fears of the unknown.  

Bottom line, we can help. We have the tools, and can help you with the opening, the presentation, the solution, the close and the referrals.  Listen, while you wait, the competition is full steam ahead.  Time to get in the game and join a team with the "know how.”  That would be us...The Ohlson Group... a different experience.  

Book an appointment with one of our marketing consultants, and let's discuss the various tools available to you and your prospects and clients.

Don't delay... if you do, your competition might just ZOOM past you. Call us now.

They are for many, including people in the financial services business. If you are like most, you have some pending business that is closing and things are okay now.  And, if you are like many, you are adjusting, have a plan and have an IMO partnering with you along this new journey. If you are just “standing still” and waiting for this to pass, then the June, July and August bills you get in the mail will make you want to puke. 

Okay, oil is plunging as I write this, consumers are very scared, or at least very anxious, and they are waiting for someone to help them. Yep, your clients and your best prospects are waiting for you to assist them.

It all starts with conversation, a kind voice and empathy. They know that we are all in this boat together. So, you need to speak with them now, have a virtual presentation and review, find out where it hurts, empty worry buckets and help them continue to live in the world that they have become accustomed to.

So, what is the next step? Simple (if you haven’t done this already), schedule a phone meeting with one of our marketers. Talk to each other and develop a strategy. And, we will help you implement. Come on guys and girls, this is when great strides are made in business for those willing to re-tool and open their minds. Remember, our future is tied to your success and we will work our butts of for you. Call today.

It would be trite to say that this “might” be the new normal for a while.  As a matter of fact, this could transform the way we do business and the way that Americans approach their financial well being. 

That being said, wouldn’t it be nice to know what your other financial professionals are doing to succeed in this new environment?  Wouldn’t you like the opportunity to hear about their challenges and how they are overcoming them? 

Of course… we all do.  But, it is impossible to get together in a large room and hear presentations.  Also, even in a virtual “town hall” there wouldn’t be enough time to learn what you want to know about.  And, let’s face it, even though I have been through a lot in my time in the business, you don’t want to hear me drone on.  You want to hear from the other men and women in the trenches and find out what they are doing.  We want to “share” ideas… right?

So, we invite you to do just that.  Thousands of financial professionals get our weekly publications.  So, here is what we would like to invite you to do:

1. Please comment below and tell us where you feel stuck in the mud and what you would like to know.  
2. Tell us what is working for you.
3. In other words… just “let it out.” 
4. We will publish questions, answers, ideas and tips for success.  

We are all in this together- let’s be victorious together.  So, please comment on this blog post below and submit your thoughts and what you would like to know. We are here for you because our success depends on your success. Let it out now.  We look forward to hearing from you.

I have experienced a few different significant challenges in my business and personal life.  On the business side, nothing quite equals this one.  Yes, many of you can remember 14%, 16% mortgage rates. And, you remember Certificate of Deposits paying 15%.  Inflation was out of hand.  Now I will really show my age- when we lived in Baltimore in the early 70’s, there was gas rationing.  We could go to the station on Tuesdays and Thursdays and get 10 gallons.  Yes, we had the 1987 crash, “9/11” and the 08/09 financial meltdown.  But this is different in so many ways. 

First off, the potential number of lives that could be lost is staggering.  And, fighting a virus without a vaccine or proven treatment is so foreign.  Plus, this is the only time that we had to shut down an economy to save American’s lives.  Think about it… we had to shut down an economy… on purpose.  And, there will be cruel consequences.  There will be many jobs that never come back, many businesses that will file bankruptcy and never return.  And, retirees and near retirees that were heavily exposed to equities might not have time to recover, and their lifestyle will be changed for the rest of their lives. But, we are America, and we will recover. The stimulus  packages will place some money in pockets, increase un-employment benefits, provide cash assistance to businesses of all sizes and also offer additional protective measures.  This is when America shines. And, this is when the financial professional can shine and help Americans.  But, if he/she will only understand that this is “the new normal.” I will explain.

I am sad to say that it will be a long time before handshaking comes back into vogue.  I am half Italian and will miss all the hugs and kisses.  I also think that, in the near and mid term, retirement dinner workshops will not have the attendees that you might need to be successful.  But, especially in the “safe money” arena, Americans want to know about the products that we have to keep their portfolio safer.  They want to talk to you now.  They want to see you now.  

So, the “new normal” says that you need to learn how to work with tools like GoToMeeting, Zoom, FaceTime and others.  If you think you can wait this out… I say you are wrong.  The financial pros that see this need and opportunity are on this now.  So, what should you do?  Need help… call us.  We have the marketing, research and education to assist you in addressing your clients concerns, obtain new prospects and increase you sales and profits. 

Okay, enough of this.  If I need to sell you on the fact that things have changed… then there is nothing else I can do. Want to run with an IMO that has the best “Young Guns” and a few older battle tested and victorious  warriors like me, than give us a call at 1-877-844-0900 and set up a phone appointment. What do you have to lose? Maybe your business if you don’t make some changes.

​With many carriers working remotely, we are seeing a slight delay in the contracting process. If you are planning on contracting with a carrier, we recommend completing the contract sooner, rather than later. Utilizing our online contracting system, SureLC, is the easiest way to do so.  

Our online contracting link is:
https://surelc.surancebay.com/sbweb/agency/492

This is also a great time to review your current CE status - you can find CE information on your state Department of Insurance websites.

You can complete CE training on sites such as:
www.webce.com, www.reged.com, and www.kaplanfinancial.com

Anti-money laundering training is required every other year from most carriers. Some carriers, such as American General, require AML training annually. Most agents complete AML training via LIMRA, https://knowledge.limra.com/ , but can also be completed via WebCE, RegED and Kaplan. 

If you have questions regarding CE training, please feel free to email me at akonopka@ohlsongroup.com