About two months ago AgencyONE hosted our Annual Advisor Conference at the Watergate Hotel in Washington, DC. The meeting room was filled and there was so much content presented that we had to add breakfast sessions beginning at 7:45 a.m. Much to our surprise, these breakfast sessions were jam packed as well. The feedback we received from this Conference included “best meeting ever”, “so many actionable sales ideas presented”, “so that is what LinkedIn is all about”, “we need that video of Dennis instructing our clients HOW TO ACTUALLY PREPARE for the life insurance exam”, “I FINALLY understand IUL” and “I can actually become a shareholder in an agent owned re-insurance company – why would I place my business anywhere other than AgencyONE?” – we liked that comment!!!….
If you were not able to attend this meeting, or even if you did, we thought it would be beneficial to highlight some of the ideas that were presented during the meeting.
The In-Depth IUL Discussion
Indexed Universal Life products are some of the best-selling products in the market right now and we spent a great deal of time discussing them. Presentations included whether Accumulation IUL products are suitable for premium financing, and the answer is “YES” so long as all of the risks inherent with these products and the financing (including product performance, interest rate risk, collateral call risk, credit availability and renewal risk) are understood, and there is also an understanding of how bonus multipliers work and how illustration design and cost of insurance charges can impact the performance of both the policy and the associated loan. We also spent time explaining the importance of stress testing IUL products in the illustration process and why you must look beyond the guaranteed column when selling IUL. And finally, we heard from “the numbers guys” behind the IUL process (an actuary and a market strategist) who discussed the details of IUL product design and how to make appropriate product recommendations to your clients.
Marketing Presentations & Sales Ideas
Marketing presentations took front and center as Advisors are always asking us how they can differentiate themselves from their competition. We heard from one of the leading authorities on LinkedIn and Social Networking on how to use LinkedIn to create meaningful connections with prospects and increase your visibility. We also discussed how to attract million-dollar clients through a proven 3-step marketing formula. Advisors were hanging on every word of these presentations and many Advisors followed up after the presentations to inquire how they could obtain additional information on these processes.
Sales ideas were abundant during the meeting. We watched Advisors take copious notes during the presentation on the Section 199A tax deduction and make lists of small businesses and individual investor clients that they could present this concept to. A panel discussion with three of the best legal and insurance planning minds in the industry covered a variety of topics including “New” Wealth transfer planning including long term care, the need for wealthy clients to create long term investment vehicles that should buy life insurance as an investment class, the estate market versus the business market, and how life insurance is currently being used as an employee retention and recruitment tool. Advisors also paid particular attention to a session which offered solutions to clients that have taken loans from policies to pay for premiums and/or to fund cash withdrawals.
Long Term Care & Technology
Long term care sales strategies were also discussed, including utilizing a new vocabulary which must be incorporated into your presentation if you want to successfully sell Lincoln’s MoneyGuard product. Furthering the long-term care discussion, one Advisor showed us how he successfully sells these products and the unique evaluation process that is utilized when considering different carriers and their offerings.
New technology opportunities were also introduced to our attendees. Proformex, the industry leading inforce policy management platform for policy performance monitoring and annual policy reviews, gave a presentation on their system. Advisors left the meeting wanting more detailed information about this platform and AgencyONE recently hosted a webex on this much needed technology and introduced preferred pricing opportunities for our AgencyONE 100 Advisors¹.
Underwriting Discussion & AgencyONE News
Some of the most popular presentations included our very own Underwriting Team and an update from AgencyONE. The Underwriting discussion focused on how unique negotiating skills and carrier intelligence is critical to both navigating the reinsurance marketplace and bringing our Advisors the most competitive offers. The most popular part of the presentation was the video that was shown featuring Dennis Bartos on how clients should be prepped for their medical exams.
The AgencyONE update immediately caught the attention of our Advisors – you could hear a pin drop in the room. We introduced the opportunity for our AgencyONE 100 Advisors to become part of an agent owned re-insurance company; the comments from the Advisors were a resounding “this is a game changer!”. The opportunity is being launched later this summer and more information will be provided in the next few weeks.
There were many more presentations, including state of the industry updates, an update on the life settlement industry, cyber security best practices, how one Advisor re-invented his practice after walking away from a 7-year relationship with an independent RIA, and where the financial markets are headed.
If you have any questions about any of these presentations, would like to go discuss any of the concepts that were presented, or want to make sure that you do not miss the next AgencyONE Advisor meeting, please reach out to us.
Please call AgencyONE’s Marketing Department at 301.803.7500 for more information or to discuss a case.
¹If you are an AgencyONE 100 advisor and would like additional information about preferred pricing that is available to you from Proformex, please contact AgencyONE.