A study of 2,000 recent retirees featured on Journal of Financial Planning’s website reveals a few tidbits you can use to close a lot more business in a hurry… if you pay attention. And pay attention you should with over 75 million people retiring in the next twenty years!
Here are some of the findings and the lessons to be learned:
- Only 16% of retirees have a written retirement plan when they retire
- Only 54% of retirees with over $500,000 net worth have an advisor
- Lesson: You have a wide open playing field if you know how to get in front of retirees.
(Hint: it isn’t by offering to teach them about financial issues)
- Lesson: You have a wide open playing field if you know how to get in front of retirees.
- Only 20% of retirees are withdrawing systematically from their retirement accounts
- Lesson: All this talk about emphasizing income planning may be out of whack
- More than 75% have no LTC protection
- Lesson: This is obviously the reason that the hybrid (no premium) LTC products were the financial industry’s fastest growing product the last two years.
- Social Security makes up 41% of their retirement income
- Lesson: You are missing a big opportunity if you are not using Social Security heavily in your marketing plan
At 5Q we are having terrific success on all of these fronts. Our no upfront cost marketing is putting advisors in front of an average of 61 new people a month and they are selling a tremendous amount of the hybrid LTC at 6% to 15% commission and Fixed Indexed Annuities.
