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Regardless of whether or not Financial Services Journal On-Line readers like or agree with the recent national criticism of those who sell annuities, the fact remains, we are getting a lot of bad press! We've been getting negative exposures for years due to the clowns!
This makes it more-and-more difficult for you and other responsible financial professionals to operate successfully. And, this bad publicity is likely to get even worse, before it gets better. Some of the criticism we're getting is just sensationalistic journalism. Controversy increases ratings and sells advertising space! Some of it's from well meaning people who have no idea of the genuine value of the products and services we provide. Some of it's coming from the conflicting advice being given from people within our own industry. Some of it is very justified.
Much of the criticism of our industry is coming from our competition. Unfortunately, whether all of the criticism is justified or not, it's going to make setting appointments and closing sales a lot harder for you. As Forrest Wallace Cato, the image authority has often written, "The clowns do great harm to the good and responsible financial professionals." And, coupled with our now struggling economy, this bad publicity can force some agents and planners out of the business.
The sad truth is that most of the bad publicity our industry receives is highly deserved! You can thank the clowns for that! There are a lot of less than ethical tactics being taught and used to market and sell insurance, annuities, and other products.
What Phil Calandra Says …
Phillip A. Calandra, RFC, is one of America's highly respected financial planners. Phil Calandra operates, Pinnacle Financial Services in Kennesaw, Georgia. This noted financial professional explains, "One of the reasons for the problems of everyone in the financial products and services industry, is the less than ethical sales practices of a few of the financial services companies: investment houses, insurance companies, brokerage firms, banks, etc. They are primarily concerned about making the quickest and largest profits they can today. They are developing and pushing products that suit their best interests first. These products are designed to make them huge profits with a multitude of hidden fees, tiered payouts, smoke and mirrors, and even bait and switch tactics."
According to Phil Calandra, "A major problem we have today is poorly trained insurance agents, financial advisors, and financial planners. For the past 30-years, there has been a very serious breakdown of the training provided by our insurance companies and the agent support organizations."
- The insurance industry, as a whole, is doing a very poor job of training insurance agents, financial advisors and financial planners.
- Insurance companies and recruiting organizations are no longer willing to spend their time or money teaching agents how to ethically market their services, generate sales and really help people.
- And, they aren't actively promoting the long established and recognized industry leading support organizations, associations and training groups as they have in the past.
- With the new IARFC courses our dynamic organization is taking the lead. The value of these IARFC courses is truly priceless.
This industry-wide lack of training has resulted in a lot of agents who are absolutely desperate to make money, just to keep a roof over their family's heads and food on their tables. When people are desperate enough, they'll say and do almost anything to close a sale to make money.
Unfortunately, where there is desperation, there are always going to be a few people who will take full advantage of any opportunity to make a quick dollar. The desperation of the some clowns in our industry has created a sub culture of so called agent or advisor support companies who are catering to and promoting the old "get rich quick and easy" mentality! They are getting away with this because desperate people are willing to believe and do almost anything just to survive. And, once these folks see that these unethical marketing and sales tactics work, they are willing to believe that this is what they must do to make sales to succeed in this business. This "get rich quick and easy" concept is fostering most of the unethical practices that are being used today and they are causing many of the problems we see in our industry. This is often even encouraged or abetted or condoned by marketing vice presidents or other executives who do not know how to market.
How Will You Survive?
If you want to survive the bad publicity in our industry (caused by unethical abuses of clients and prospects), and if you want to survive our struggling economy, then you can not believe that there is are "quick and easy" ways for you to make money in our industry. The International Association of Registered Financial Consultants is taking a lead as the concerned support organization that actually helps the financial professional to learn and adhere to the right and ethical ways to market and sell products and services while truly basing this on the client's best interest, affordability, and needs. Responsible financial planners know how to really help people, instead of pushing the highest commission products.
With an outstanding support organization like the IARFC, you'll learn and stay aware of the ethical ways to market yourself to build trust, credibility and respect. Using a fake magazine with your picture on the cover with a fake article about you, a fake radio show interviewing you, a book that anyone can be a fake author of, or a fake designation after your name, to impress prospects is all very wrong indeed. This is being a con-man! This is not just being a clown. This is being a crook! And we all know where crooks belong.
What Dr. Geoffrey VanderPal Says …
Geoffrey A. VanderPal, CFP, CLU, CTP, MBA, Ph.D., RFC, of the Elite Financial Planning Group in Las Vegas, says, "Besides being wrong, these fraud tactics are not real marketing. Fakery will not help you to be in front of prospects, nor will fraud attract prospects to you. Real marketing is getting your article published in a real magazine or your local newspaper, being interviewed and taped on an actual local television or a real radio program, writing a real book and qualifying for a real industry recognized designation like the CLU, ChFC, CFP or RFC."
Dr. VanderPal continues, "These are the right, ethical ways to build your image, because this constantly puts your name and special persona in front of qualified prospects. Honest agents do not claim their internet broadcast is heard in 39-countries. Honest financial professionals do not claim that their vanity (they paid to have it printed) book is a national best-seller. Everyone knows this. We should not have to point this out."
Plus, you'll want to use free reports, monthly newsletters, press releases, and client appreciation workshops such as the important events Jerry and Nick Royer perfected, with client testimonials and endorsements from industry leaders, joint venture partners, civic groups, churches and more. This is how you legitimately build trust, credibility, and respect. It's how you consistently attract the right people to you and why people will ask to meet with you.
What Jerry Royer Says …
T. Jerry Royer, RFC, the industry leader who heads Group 10 Financial in Haines City, Florida, reports, "With a proper sales trainer, you'll learn how to conduct a good, thorough fact-finding interview to help people see and understand the problems they face today and those they will encounter in the future. You'll be able to tailor your recommendations to actually meet and help their exact situation, instead of just selling them a product. This is how you easily overcome the tough objections and close sales. Fraud is not necessary. And, you won't have to resort to using unethical sales practices like scaring people, glossing over important product details, or exaggerating product benefits and rates of return just to close."
According to Jerry Royer, "You'll learn to ask the emotional based questions to uncover the prospect's attitudes, opinions, and unspoken feelings. A good, thorough fact-finding interview is about you being genuinely engaged in asking and listening beyond a sale motive to take the conversation, and the relationship to another place. You'll become their partner in solving their problems, because you cared enough to ask questions beyond the obvious. You cared enough to ask about what's really important to them, and then you really listened to what they wanted. Rather than do what the clown does, -- just push a product for the quickest sale."
If you want to survive this increasing bad publicity that produces a negative image which taints all of us, and if you plan to withstand our struggling economy, then you can't afford to take shortcuts. You'll need to invest your time and money to obtain real up-to-date marketing and cutting-edge sales training to become the advisor people want to see!
Lew Nason, LUTC RFC, with his sons Jeremy Nason, RFC, and Will Nason, RFA, are the founders of the famous Insurance Pro Shop and the creators of the Found Money Management™ Advanced Life Insurance Sales System. Financial Services Advisor Magazine reported, "This is the most endorsed and successful life insurance prospecting and sales system available for today's financial planners and insurance agents!" Lew has been helping financial professionals to achieve long-term success in the financial products and services industry for over two decades. When he sold insurance he became well-known in the insurance world as "The nine out of ten guy!" because he closed nine out of ten presentations. His unique perspective, on how to truly help clients, has enabled scores of agents and advisors reach the top levels of their profession. Visit his web site at www.insuranceproshop.com or call him toll free @ 877-297-4608.
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