Monday, May 01, 2017

Put More “Life” Into Your Practice

By Matt Kaas, Life Marketing Consultant

Most financial professionals will agree that a successful financial strategy should be well-diversified, including a wide variety of asset types and utilizing various financial vehicles. A successful financial strategy should address core planning topics such as retirement, estate planning, and tax strategies. However, some financial professionals disregard the importance of life insurance as part of a well-diversified financial strategy. Not only can life insurance help protect one’s portfolio against a sudden loss of income due to death, it can also offer a powerful financial engine to work alongside a client’s other savings and investment vehicles.

I have at least one conversation every day with a financial professional who, after about five minutes, ultimately agrees with me that life insurance should be a critical part of any client’s financial strategy. Now if it is that easy to convince financial professionals of the importance of life insurance, why do so many still fail to incorporate life insurance into their practices? The answers are all the typical responses you might expect: lack of education, lack of experience, the application paperwork, the underwriting process, etc.

That’s why I am here to tell you that aligning yourself with a reliable field marketing organization (FMO) like Ann Arbor Annuity Exchange can ease a lot of the anguish that comes with offering your clients life insurance. The dedicated support structure of an FMO is critical to the successful and efficient running of any independent financial professional’s practice. But not all FMOs are created equal, so what should financial professionals look for when choosing which FMO to work with?

Product portfolio
While this may not be the most important factor in choosing an FMO, it should be where you start. Make sure that the FMO you choose to partner with has access to all of the major insurance carriers. Not only does this ensure you will have access to the most competitive products, but also that your FMO will be able to service all your life insurance cases, including substandard risk and life insurance products that also include long term care benefits.

What good is marketing if you cannot get your policies issued? A well-run back office is irreplaceable! Financial professionals need to be doing what they do best, which is getting in front of more clients and helping to solve financial goals, not getting bogged down in application paperwork, tracking down attending physician statements, or following up with insurance carriers to get policies placed and in force. Look for an FMO that has personnel dedicated to new business, licensing/appointments, and most importantly, case management that will work hard to turn your life insurance applications into actual policies your clients can benefit from, and also to help you get paid faster.

In today’s environment, technology is everything! An FMO’s website should include easy-to-navigate tools to increase the efficiency of your business. Term and guaranteed universal life insurance quoting engines are a must – these allow financial professionals to enter a little of the client’s information and quickly get a list of carriers sorted by premium (cheapest to most expensive). Your FMO should offer an online platform for getting up-to-date status on all of your pending life business so that you can get updates 24 hours a day, 7 days a week. Other tools that your FMO should have available include form databases and electronic applications.

These are by no means the only things to look for in an FMO. At the end of the day these partnerships are about creating relationships. Look for an FMO that takes the time to learn about you and your clients and will work hard for your business. Don’t fall victim to some flashy promotion! Remember, the FMO that works diligently to earn your business is the FMO you want to partner with. To hear more about Ann Arbor Annuity Exchange and the services we offer to improve your life insurance business, please give me a call at 800.321.3924 x133.

Matt Kaas | Life Marketing Consultant
Ann Arbor Annuity Exchange
Ph: 800.321.3924 x133 | Dir: 734.786.6133


Designed for Financial Professionals.