Retirement Income Planning is one of the hottest topics in the financial service industry today. Not to mention it’s one of the easiest ways to grow your business and offers the path of least resistance in doing so.
Here is a conclusion of a joint study conducted by LPL Financial and New York Life. I couldn’t have said it any better myself.
If I was to enter the business today as a green, wet behind the ear rookie, I would focus all of my efforts on branding myself for years to come as “Retirement Income Central” in my community.
Every qualified prospect I would meet, I would offer a no cost, no obligation Retirement Income Analysis. You would gather assets like never before and offer a tremendous value proposition that is desperately needed.
Whether you’re new in the business just starting out, or you’re a seasoned veteran needing a shot in the arm….there’s one thing no one would argue with…
Building your business around Retirement Income Planning will allow you to build a long term, sustainable practice faster, quicker and better than any other method.
According to a recent study by Wells Fargo, 37% of middle income Americans surveys said they expect to work until they die or become too sick. Thirty four percent said they expect to work until they’re 80, up from 25% just two years ago, and 30% last year.
Here are just a few reasons why Retirement Income Planning makes sense…
• 10,000 baby boomers a day are reaching retirement age for 18 more years so you’ve got a steady stream of never ending prospects to contact. (Almost 2,000 a day in Canada)
• 88% are worried about maintaining a comfortable standard of living in retirement. (72% in Canada) Those are big numbers.
• That’s what you would call a “target rich environment”. In other words, throw a dart at anyone over 50 years of age and 9 out of 10 of them are prime candidates for a Retirement Income Analysis. (7 out of 10 in Canada)
• Our OnDemand Seminar solves the biggest need for any advisor today on the front end. How do I generate a steady stream of qualified prospects coming in the front door that have already sat through your seminar, raising their hand virtually saying YES to a Retirement Income Analysis?
• It solves the second biggest need of any advisor today on the back end. How do I grow my practice from this day forward by referral only? See, if you do it right, one Retirement Income Analysis leads to another and another, and pretty soon, your business is self-perpetuating.
• People are concerned about the rising cost of healthcare and how it might affect their retirement. They need your help to figure it out.
• Social security alone is no longer enough. They are living longer and need to find ways to maximize the returns in their portfolios. (Same with OAS and CPP in Canada)
• Our OnDemand Seminar leverages your time, effort, energy and marketing by making it easy for the prospect to view your seminar on their terms without leaving the comfort of their home or office.
Accumulating assets is easier than spending them. As Baby Boomers move from the accumulation phase of retirement planning to the spending phase, they desperately need your help. One of their greatest concerns is running out of money before they run out of life and they are ill equipped to come up with correct answers on their own.
I could go on and on and on about the reasons why Retirement Income Planning makes sense, but I’ll leave you with this story.
We’re all presented with choices every single day.
If you’re not offering a Retirement Income Analysis to your prospect…someone else will and they will be the one seen as that valued and trusted advisor, and you’ll be wondering why they’re getting all the business and you’re not.
I’m often reminded that they’re three types of advisors in our business…those who make it happen…those who watch it happen, and those who wonder…what happened.
I would encourage you to be in the first group. If you would like to make it happen and start positioning your business now for the long term success that awaits you, start doing what is necessary to position you as “Retirement Income Central” in your community.