The summer normally brings blazing hot temperatures (especially where I live in Texas!) … but business isn’t usually hot for financial professionals this time of year. Yes, summertime can be a slump for many of us. Your clients probably head out on vacation and are usually too busy with activities to stop for meetings with their advisor. Or maybe you need a break yourself and would like to take some time off with your family.
But, summer doesn’t have to mean slow, and the adage, “Sell in May and go away,” doesn’t apply everywhere. Now is a great time to take advantage of the opportunities life insurance can bring to your business. Here are three ways you can avoid a summer slump:
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Review Existing Policies
When was the last time your clients’ coverage was reviewed? Their needs, as well as market offerings, can change with time. The Ash Life Audit team can analyze existing policies to ensure they’re still fulfilling your clients’ goals. We find 65 percent of the strategies we review can be improved by either saving your client money or suggesting a change to keep pace with clients’ changing lives.
A Life Insurance Portfolio Analysis includes an in-depth overview of your clients’ current coverage along with recommendations for improvements. Best of all, there’s no wet signature required, and we do all the heavy lifting, so you can spend your time in in the sun and let us gather policy information. Go ahead and put us to work so you’re geared up and ready for the fall!
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Focus on Tax Efficiency
Next April seems so far away … but the sting of watching clients write checks to Uncle Sam last April may still be fresh in your mind. Before you forget about the taxes that whittle away your assets under management every year, consider cash value life insurance as a way to soften the blow. Life insurance can be structured as s a non-correlated asset that limits clients’ downside market risk while providing tax-advantaged growth. For the right client, this strategy makes a world of difference come tax season. Ask your Ash RVP how cash value life insurance can protect your managed assets from tax drag.
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Connect with Your Clients’ Families
Will your clients be getting together with their families in the summer? Good, that’s the perfect time for them – and you – to talk about the future. Industry studies say most beneficiaries will replace you as an advisor when your client passes away – unless you establish a relationship with them, that is.
Before they have their next reunion or cookout, suggest your clients share their future plans with their families. By making sure everyone’s on the same page, especially when it comes to long-term care planning, they can avoid future discrepancies and will know you’re the person they can turn to for help. You can offer to come flip burgers, or set a meeting at your office while everyone is in town. By simply starting a conversation, you’ll show the whole family that you care about everyone, not just the primary bread-winner. This simple step will bring you closer to the next generation, and safeguard the business you’ve worked hard to build.
About the Author
As Regional Vice President for Northern Texas, Oklahoma and Arkansas, Dave Pergande is responsible for consulting with financial advisors and providing guidance on defensive planning strategies. David joined Ash Brokerage in 2015 because he believes in an unbiased, client-centric approach to financial planning. He established his foundation of values in the long-term care industry as a wholesaler for Lincoln Financial Group.