How do you prepare
your clients for a
downturn? Go to
to share your ideas.
This is a dangerous and uncertain time for the global economy. Our industry — insurance agents and financial
advisors in particular — will play a pivotal
role in the financial and retirement well-being
of the American people now and in the near
This is because you can solve financial
problems political leaders of our country cannot. You can make sure your prospects and
clients do not have to rely on government
benefits to enjoy a quality retirement. You
can make sure they don’t need to worry about
changes to their Social Security, Medicare
or pension. You can give them the financial
independence they need.
Not only do you provide the tools for your
clients to succeed financially, but you also
provide something even more valuable: peace
of mind. You are the only people who can do
that; attorneys, accountants, bankers and
trust officers cannot.
That is partly because your prospects and
clients probably do not share their hopes,
dreams and fears with their attorney, accountant, banker or trust officer. But if you ask
your prospects and clients the right questions, they will share them with you.
With the right questions, you can open
discussions about family, income, college
education, business transfer, retirement,
disability, critical illness, longevity, nursing homes and more. In fact, in many cases,
your prospects and clients have never really
thought about the answers to these questions
before because no one has ever asked them.
As a result, many prospects and clients do not
even realize all the challenges they face.
Your contributions are so valuable because
you are the only people who can help Ameri-
cans make the necessary transitions that will
be required to survive and thrive in the 21st
century. You are the only people who can spur
them to take action.
This is the greatest time ever to be an
insurance and financial professional because
we play a vital role in the financial success
of the American people. If you do not do
what you do to the best of your ability, many
Americans will see their financial and retirement dreams ripped away from them in the
next economic downturn. That downturn will
be one of the most serious economic disasters
in the history of our country.
This is where many agents and advisors
miss the point. They ask, “If everything is
going to be so bad, why should our clients do
anything?” They forget there is no good news
or bad news, there is only news.
Do not portray doom-and-gloom scenarios
to your prospects and clients. Instead, ask
them whether they understand planning
for these scenarios can help them and their
families prosper, even during difficult
economic circumstances. Ask them if they
understand the only way these scenarios can
hurt them is if they are not prepared for the
Then ask your prospects and clients how
they would like to proceed. Ask if they want
to get started today.
Remember, the parents of the baby boomers
— known as the Silent Generation — control
70 percent of the wealth in America. These
people lived through the Great Depression,
and they became wealthy because they
learned two important lessons from that
experience. First, they learned in order to
achieve financial independence, they must be
great savers. Second, they learned they must
live within their means.
They want to work with agents and advisors
who understand these core lessons. They
want agents and advisors who understand the
point is not to make them rich, but rather to
make sure they are never poor again. RA