What is an annuity?
An annuity is a contract or agreement under which one or more persons receive periodic payments in return for prior his or their payments. It can also be defined as an investment in which a person receives payment for a specific number of years.
There are several types of annuities: single-premium or flexible-premium annuities (depending on the number of deposits to be made), immediate or deferred-payment annuities (depending on when payment is required to start), qualified or nonqualified annuities (depending on the kind of money you pay—pre-taxed or after-tax) and fixed-interest rate, indexed, or variable deferred annuities (depending on how interest payments are to be accounted for).
Annuity Selling Success
If you want to achieve your annuity selling successful and sustainable for a long period of time, you must have the right system that can get your name out there. You have to create value for yourself to your annuity prospects. The right annuity selling system can help them to know more about you. These are systems that can generate high quality prospects through endorsements and referrals. Also, these should also help you to give quality service your current clients so as to build good client-advisor relationship and generate repeat sales.
When will you know that you got it right?
You will know that your system works when you:
• Have a continuous stream of people eager to make an appointment with you.
• Find prospects that do not come with financial advisors with them.
• See sales flourishing using quick and painless sales approach.
• Are in a situation where you are not being asked for future time commitments by your clients.
How will you get it right?
You will get the system right by:
• Finding a good prospecting system that all the other annuity sellers are dying to know of. Finding this system is the key to your business success.
• Narrowing down your target prospects into prospects without other financial advisors attached with them. To develop a good system, you should get high quality prospects that do not have financial advisors that may contradict you. Your system should also target a group of prospects in a certain finance bracket (those who can afford financial advising).
• Improving my sales techniques through trying out different approaches that works. You should also employ marketing strategies that can convince your prospects to sign up with you.
• Making a point that you have done your job well enough that your clients do not bug you with any follow up services. It is important that you do your best service in every engagement you are involved with to create lasting customer relations. And there is nothing better than doing this without the need for future time commitments to your clients.
Tips in creating an annuity selling system that works:
• Write a business plan
• Set your goals
• Settle on a target market prospect (seniors are a good group target)
• Think on how you will approach them (be cost conscious)
• Construct pre-made plans readily available for prospects that can fit in on them.
• Devise good impression techniques when you meet with your prospects
• Outsource the marketing of your annuities (if you are not good at it)
• Believe in what you are sell (Annuities are great!)