| Closing annuity sales is the point of the exercise, | | | | bedrock values along with irrational beliefs, |
| and every professional knows the euphoria of a | | | | paralyzing fears and whimsical dreams. This |
| perfect presentation and close. Some salespeople | | | | exercise has nothing to do directly with closing |
| believe it is the hand of destiny ushering them | | | | annuity sales or getting to their money... but |
| through the signatures, to the button-up, the | | | | everything to do with getting to know who |
| handshake, and the drive home where they bask | | | | earned their money. The value of their assets is |
| in the good fortune of finding that "low-hanging | | | | less important that the values that created them. |
| fruit." The true professional spends the drive | | | | Next I say, "Tell me about the work you did |
| home replaying a different visual, a series of | | | | before you retired." A person's identity is largely |
| familiar steps that lead inevitably, unerringly to a | | | | defined by their occupational history. What they |
| new client for life. One salesperson gets lucky, the | | | | did for a living is who they are. Their need to find |
| other gets validation. | | | | a sympathetic ear to acknowledge career |
| The perfect presentation and close takes on a | | | | accomplishments is on equal footing with their |
| Zen-like quality, like the sound of one hand | | | | need to trust someone to respect what they've |
| clapping. There is no sale, no close. There is a | | | | accumulated along the way. Talk of work often |
| problem that finds a solution, a fear that finds | | | | leads voluntarily to talk of IRAs and 401(k)s, but |
| comfort. All reasoning, all motivation comes from | | | | this is not an invitation for you to pounce on their |
| the client. Aristotle nailed it 2400 years ago: "The | | | | nest egg. They've been waiting all their lives for a |
| fool tells me his reasons, the wise man persuades | | | | financial advisor to just listen to them. Use |
| me with my own." | | | | conversation extenders like, "...and you feel this |
| Now that you've given your first pair of Safe | | | | way because?" or "...and that experience is why |
| Money Seminars and collected a couple dozen | | | | you've kept your money in CDs all this time?" Get |
| appointments, here are some defining dos and | | | | to the blood, sweat and tears that went into |
| don'ts. When precisely executed, my three | | | | earning their nest egg. |
| appointment process of closing annuity sales will | | | | Then I say, "Now then, John and Mary, tell me |
| assure not only sales, but new clients for life. For | | | | why you asked for this appointment and maybe |
| example, do remember that all prospects walk | | | | the two or three most important things you'd like |
| into your office (or await your arrival at their | | | | us to talk about." They usually have a list of items |
| home) with important core emotional values - | | | | to go over from your Safe Money Seminar, but if |
| wants, fears, hopes and dreams. Don't jump into | | | | at this point they look at you like a deer in the |
| your pitch. If you insist on jumping into your pitch, | | | | headlights, try an alternate question like, "Tell me |
| save yourself the trouble and take a loaded | | | | about the best financial move you ever made." |
| revolver, get in the bathtub and blow your brains | | | | Many people will seize the opportunity to gloat |
| out. You'll earn roughly the same commission. | | | | over victories. Surprisingly often, however, they'll |
| The FUD Factor | | | | volunteer their worst financial moves in painful |
| Instead, do observe the FUD Factor. All people | | | | detail, blow by blow, reaching deep to expose |
| have fears, uncertainties and doubts that haunt | | | | feelings that cry for emotional connection. This is |
| subconscious caverns and, unless confronted, | | | | when you know at a primal level that nothing in |
| render their host incapable of making decisions. | | | | your arsenal for closing annuity sales equals the |
| These FUDs not only define their host's sense of | | | | fire power of getting your prospects to tell their |
| self but also dictate how they relate to their | | | | story. |
| money. Mr. and Mrs. Prospect are their fears, | | | | A Few Wows |
| uncertainties and doubts as well as their money - | | | | Your ratio of them talking to you talking should be |
| all in varying yet fuzzy degrees. You must use | | | | about 5 to 1 or, in an hour, 50 minutes them to |
| your first appointment, your get-acquainted | | | | 10 minutes you. Remember, in your Safe Money |
| session, to deliberately and profoundly connect | | | | Seminar you asked them to bring copies of last |
| with these inner emotions. | | | | year's tax return, life insurance and annuity |
| How? Never lead with statements when you can | | | | policies, and brokerage account statements. Since |
| lead with questions. Ask questions -- well-crafted, | | | | the first appointment is not about the diagnosis |
| provocative, incisive questions -- and don't be so | | | | (finding what's broken), nor the prescription |
| eager to tell your story that you neglect to hear | | | | (closing annuity sales), you'll use the little time you |
| your prospect's story. These are your money | | | | have to 'Wow' them as much as possible. For |
| moments. The more time you spend soaking in | | | | example, if their tax return shows $7,000 to |
| the FUDs of your prospects, the more they will | | | | $8,000 in interest income, it's a safe bet they |
| respect your advice, then help you craft solutions | | | | have roughly $200,000 in bank CDs paying 3.5% |
| to their liking. The more they will think it was their | | | | to 4% interest. You quickly do the math, glance |
| idea. | | | | up from the documents and say in nonchalant |
| And pay attention to body language, words they | | | | doctor speak, "And you've got, what, about |
| choke on, core emotional issues and outright | | | | $200,000 in bank CDs?" They verify the dollar |
| fears. People are motivated by fear and greed, | | | | amount for your notes and think, "Wow, how |
| but fear will move them to action faster and with | | | | does he know that?" |
| greater resolve than greed. Key in on the | | | | Finally, you conclude the meeting. The simple |
| boogeyman, what keeps them up at night, what | | | | message here is that, like any good doctor, you |
| haunts their dreams. Most people need a | | | | have not attempted any diagnosis and are far |
| psychiatrist more than they need a financial | | | | from prescribing any cure. The operative word |
| advisor. Fact is, a financial advisor is not very | | | | here is "research." It will take you a week to |
| good at closing annuity sales until he or she | | | | research their current portfolio and/or assorted |
| becomes a good psychiatrist. | | | | financial documents and identify areas that are |
| Three Questions | | | | not reaching their highest potential, not serving |
| My favorite leading question is simply, "Where are | | | | their needs, or outright broken and need fixing. |
| you from originally?" When asked sincerely, the | | | | Set the return appointment for the same time, |
| question gives them permission to take an | | | | same place, one week from today. Of course, |
| autobiographical stroll down memory lane. Their | | | | you'll need to keep their documents for your |
| eyes take on a nostalgic glow. There is a scant | | | | research which, incidentally, reinforces the element |
| grin as they drift back in time recalling their | | | | of trust and assures their return visit. Then stand |
| childhood, their parents and siblings, schoolmates, | | | | up, shake hands, look them in the eyes and thank |
| the home they grew up in, what things were like | | | | them for sharing their lives with you. |
| in those days, and the passport that led them into | | | | You have done more toward closing annuity sales |
| adulthood. Your job here is to clam up and listen. | | | | than anything you could have told them. |
| Take notes like a freshman. You'll discover | | | | |