I’m pleased to bring you this guest post from Marc Montini, Shurwest’s Chief Marketing Officer:
Don’t look now, but the holiday season is here. For some advisors, that’s not good news. How many times have you heard, “Sounds good, but let’s wait until after the holidays.” Consequently, some advisors decide to go into hibernation, ready to emerge from their caves early in the New Year.
Marc Montini
But what if you looked at the holidays differently? Is there a hidden sales opportunity you’re missing?
During the holidays, clients are in a “family” mindset. What better time to make sure all their assets are in order and to confirm wealth transfer occurs the way they intend? Getting clients to make significant financial decisions, including the purchase of a fixed index annuity, in the coming months may be a challenge. But advisors can still provide a vital service to their clients and get referrals in the process.
Most of our advisors focus on retirement income planning, 401k rollovers and even Roth conversions. But many neglect one of the easiest method of estate planning: the Beneficiary Review. Taking time to conduct a year-end review of clients’ current assets and spell out for them who will be getting what—according to their current documents—can make you a hero. Especially if you uncover a mistake they knew nothing about.
You’d be amazed at the volume of fixed index annuity applications that come through our doors with incorrect or incomplete beneficiary designations. Annuities are one of the most efficient wealth transfer vehicles available. What a waste to send an annuity through probate simply because the beneficiary designations were set up incorrectly.
The ramifications can be even worse for stretch IRAs and 401k rollovers. Call our in-house CPA, Joe Arsenault, to learn more.
How can conducting beneficiary reviews benefit you?
- Additional Deposit-A client can’t do a comprehensive beneficiary review on just the annuity you sold them. To do it right, you’ll need access to their other financial assets as well.
- Referrals-A client who does a review on their assets will easily recommend the same free and painless service to their brother, sister, best friend, etc. The possibilities for referrals are endless.
What can we at Shurwest do to help you?
1. Shurwest will provide a beneficiary review kit featuring the important questions to ask.
2. You will get a “cheat sheet” to gain a better understanding of why you need to ask certain questions.
3. Participate in our brief Beneficiary Review webinar. The date will be announced right here soon (so be sure to subscribe to Carter’s blog if you haven’t already).
4. Shurwest will provide you a compliance-approved client advertisement and approach letter.
5. Complete access to our in-house CPA, Joe Arsenault to ensure all your questions are answered so you can conduct reviews with confidence.
An advisor once told me he loved the holidays. When I asked him why, he said, “Because there is NO competition!”
A strong November and December is a great way to jump start 2011! Shurwest can help you make it happen.
