The IRS is Forcing IRA CD Holders to Move Their Money to YOU!

Okay, slight exaggeration but you can make it come true!  As you probably know a recent Tax Court ruled that only 1 rollover a year is allowed starting in 2015.  Here’s your sales opportunity…

People who use CD’s for their IRA’s could be in big trouble.  A bank will open a new IRA for each CD and at the end of the term the IRA is closed and distributed to the customer to reinvest.  If they have more than 1 IRA CD mature in a year, they are violating that rule.  Look through your files to find your clients with bank CD IRA’s and get them moved to your watchful eyes.

Posted in Marketing Tips | Tagged , , , , , , , , | Leave a comment

Are You Capitalizing on the Habits of the Rich or Poor?

I recently read Tom Corley’s Rich Habits: The Daily Success Habits of the Wealthy. Corley looked at how the wealthy think and act. He defined wealthy as making over $160,000/yr. or having assets of over $3.2 million. He compared them to the habits of people making less than $30,000 a year.

Here are some key comparisons:

 Habit                                                                              Rich        Poor  
Get up at least 3 hours before work                           44%         3%
Maintain a To-Do list                                                    81%        19%
Say what’s on their mind                                              6%          69%
Read more than 30 minutes a day for education    88%        2%

First, pay attention to the fact that most wealthy won’t reveal what’ on their mind… what are you doing to overcome that? At 5Q Group we’ve been using the Discipline of Psychology Motivational Interviewing for the last 15 years. It works fantastic! If you’d like to see more on 5Q Group and how we use psychology you can watch a 45-minute video here.

Second, how many of these habits do you have? Invest in yourself and pick up his book.

Posted in General | Leave a comment

These numbers will shock both your clients and prospects!

Whoa! These numbers from Forbes magazine are shocking! You need to know them to both protect your current client base or to leverage to bring on new clients.

In the article “The Real Cost of Owning a Mutual Fund” they make a case, based on empirical evidence, that when you include both the reported and hidden fees of a typical mutual fund the fees are astronomical.

MF in a Tax-Deferred Account      MF in a Taxable Account
Expense ratio                  0.90%       0.90%
Transaction cost              1.44%       1.44%
Cash Drag                         0.83%      0.83%
______    1.00%
3.17%       4.17%

That should shock some prospects into moving into Managed Money or Fixed Indexed Annuities!

If you’d like the link to the article you can find it here.

Posted in General, Marketing Tips | Tagged , , , , , , , , | Leave a comment

Hot News Sells!

Target, JP Morgan Chase Bank, Sony and so many more companies have lost consumer data… how are you capitalizing on these hot bed issues? When you capitalize on what’s on people’s minds… your marketing can score huge gains.

How can you capitalize on this? How about hosting a town hall at your local library about how people can protect their data? This is purely informational and if you pitch it right… and get a joint presenter from a local web manager company… you should have no problem getting the library to agree.

Then put together a press release about the town hall and send it to all the newspaper, radio and TV stations… they are always looking for these types of things to feature.

What kind of topics could you cover:

• How to create and REMEMBER passwords
• What questions to ask your financial institution and advisor to ensure they are keeping your personal information private
• What to do if you find your information has been taken
• Open questions for your local “web expert”

What a great way to provide value and get a leg up on your competition! What are you waiting for?

Posted in General, Marketing Tips | Tagged , , , , , , , , | Leave a comment

A Simple Eye-Opener for Your Clients

I have used this simple illustration to sell lots of annuities…

People have been told over and over to buy and hold and their accounts will come back… and they do, but how does that affect someone who is retired?

Let’s assume you get a 10% rate of return on $100,000 each year for the next 3 years:

Begin with             $100,000
End of 1st year      $110,000
End of 2nd year    $121,000
End of 3rd year     $133,100

The 4th year you lose just 10%…  $133,100 X 90% = $119,790.

That means your annual average rate of return is 4.5%.

Starts to make an FIA look pretty smart doesn’t it?

Posted in General | Tagged , , , , , , , , | Leave a comment

Happy Anniversary… You’re On My Mind! Can generate lots of business.

Every major marketing company and retailer can tell you how profitable a personalized… surprise contact is.  Why our industry doesn’t use this fact baffles me.  You NEED to do this!  It’s cheap and effective.

Here’s I use it.  I send out anniversary emails and personalized notes… over 100 a month.  I send them to clients, prospects and centers of influence.  What kind of anniversary you ask?  Any kind I can think of.  Here are some examples:

  • Anniversary of the date they became a client
  • 6-month client anniversary
  • Anniversary of the date they came to a seminar or first contacted my office
  • Clients Wedding anniversary (if you know them)
  • Retirement date anniversary
  • Anniversary of the date their child graduated college
  • Anniversary of the date they first subscribed to your newsletter
  • Etc.

If you have their email, then do it for free… BUT I’ve always been a big supporter of sending handwritten notes (like I said earlier, I sent over 100 handwritten notes a month—is that a good use of my time?  I don’t know, but I made over $1million a year, so I must have been something right).

Please set aside 4 hours a month to send out these anniversary contacts… put it in your calendar right now… it will pay you huge dividends over the next 12 months.  It’s amazing how many of these notes turned into additional sales for me.

Posted in General | Tagged , , , , , , , , | Leave a comment

How to be at the Right Place at the Right Time (in other words put yourself in front of money when it is moving)

The easiest way to make more money with NO marketing cost is to put you in front of people when they are making financial decisions.  This simple form does just that.  You should have it in all of your client’s and prospects hands… and mail it out to them every year.  If you do, you’ll bring in tons of money with not a cent in marketing cost.

You can download it here:

Posted in General | Tagged , , , , , , , , | Leave a comment

Commit to This and The Next 12 Months Will Be The Best You’ve Ever Had

There are 365 days in a year.  After you take out weekends, holidays and two weeks’ vacation you are left with 225 Days a year.  Heck, I’ll even give you Friday’s off which brings us down to 173 days.

So here’s what you need to do with those 173 days to blow the doors off your past year – commit to doing one, simple marketing activity each of those days.  By simply doing one little marketing thing a day (something that will probably take you less than 5 minutes)… you’ll build a pipeline that will be huge by the end of the year.

What kinds of things can you do?

  • Send a handwritten note of congratulations to someone that got a promotion (find their names in the section of your local paper that reports this)
  • Send a small birthday present to one of your client’s grandkids… you want a huge bang for your buck… this is it.
  • Write an endorsement for a local business and send it to them… or post a super positive comment on their website.
  • Write a letter to the editor about a topic that is near and dear to your heart, as well as your target market’s hearts.
  • Pick up the phone and call a prospect just to check in on them and make sure they are doing alright.
  • Make a business introduction that benefits both parties in a significant way (I did this twice a month and, I guarantee you will become the #1 financial advisor in your town by doing this).
  • And the list is endless…

Do one simple marketing task each day you work, and your marketing worries will quickly disappear.  Can you hold yourself accountable to do this?  You know the saying…

Successful people do what unsuccessful people are unwilling to do.

Posted in General | Leave a comment

Who is Your #1 Competitor?

New research should have us looking over our shoulder.  Even after the financial disaster of 2008… or maybe because of it, more and more investors are going it alone with online investment accounts.

In a recent study by Aite Group, LLC they found that online brokerages gained 3% over the year while retail brokerages lost 4%.  That means that while online assets grew by over $1 trillion dollars… yep, that’s with a “T”… retail brokerages lost much more than that.

So what do you do to make sure this doesn’t happen to you?  Make sure you have a “value ad” that has NOTHING to do with money.  You have to become irreplaceable to a client for non-investment related reasons.

You cannot win if you try to compete on a financial basis only!
• Online is always going to be cheaper
• Online is always going to be cutting edge on technology
• Online is always going to be the favorite of every magazine article that your client’s read… remember, we are the bad guys of every reporters and book authors copy.  (We are money grubbing thieves that have nothing of value to offer… not true, but they get a lot of mileage with that garbage point of view.)

So what are you doing to make your clients want to be with you for reasons in addition to your fine money management skills?  Do you have fantastic client thank you gatherings? Do you provide services for free that they would have to pay for elsewhere? (One advisor I know has his client’s car washed in the parking lot while he is meeting with him.)

What non-investment services do you offer? (i.e. notary services, free tax prep, etc.)

It’s these types of things that both insulate you from your clients leaving and get clients to choose you over online investing.

I use what I call a 21-Point Checklist that helped me close 232 clients in two years without a single charge-back or free look. If you’d like to see a quick video on how it works, you can view it here.

Posted in General | Leave a comment

Have People Pay You to Market to Them

This concept has been around for ages but few advisors take advantage of it. I know an advisor in the town I live in that has a huge practice and he’s never spent a dime on marketing… in fact, people paid him to market to them.

What does he do?  Community adult education classes.  He has brought on 20 new clients a year by using this methodology.  Now 20 clients might not seem like much to you… but remember he spent ZERO on marketing so all of the profit from those clients went right to his bottom line.

Does teaching classes take some planning? Yes.

Does it take some creativity to come up with a topic that people will actually be interested in? Yes.

Does it take some patience to wait for each new Community Education catalogue to come out? Yes.

Can it grow your business for free? Yes… ‘nuf said.

Posted in General | Tagged , , , , , , , | Leave a comment