Michael Weintraub , CLU , founded Contemporary Pensions , Inc . ( CPI ), a third-party administration firm . Rebranded as Relation Insurance Solutions in 2018 , Mr . Weintraub is president of the retirement plans division . He is a life and qualifying member of the MDRT , as well as Top of the Table .
For Mr . Weintraub , the business is now much more complicated than it used to be , and keeping things running productively has to be embodied in a process that helps maintain a consistent revenue flow :
Cohesive process for success
“ It would be wonderful if financial professionals were still able to have one or two great sales ideas to keep the pipeline and revenue flowing , and I know there are many great producers who do that every day . For many of us , that may not be possible in today ’ s world . We need to be concerned with technology , legislation , compliance , complexity of products and services , and the psychology of the relationship with our prospects and clients . So , instead of a single sales idea , my approach has been to have a cohesive process that embodies all of the above to help consistently make sales .
“ We should be aware of sales opportunities as they come up , but must also use technology , fee benchmarking , and integrated financial wellness tools to provide the kind of advice that is steps ahead of what attorneys , tax advisors , and other financial professionals are doing . We also must constantly be aware of opportunities created by legislation and new products . Our clients , prospective clients , referral sources , and compliance departments demand this , and we must deliver .
“ We must know as much about the products we sell as possible , and that has become more difficult as products have become more complex . This is especially true for many who have a general practice than those who specialize in one area . A best practice
for advisors is to develop a relationship with a brokerage general agent to become a partner in providing specialists to help with finding the best solutions within areas in which you may need help . The advice component that financial professionals give is very important , so frequently we need to go to others for help and advice , and the right BGA can be the place to go .
“ Knowing not only what to say but how to say it is an important part of a cohesive sales process . We should be able to describe , in our initial discussions , what the product does without saying what the product is . For example , when talking with folks who are within five years of retirement , you ’ ll quickly find out they are more interested in what Will Rogers said , ‘ I ’ m more interested in the return of my money than the return on my money .’
Understanding that safety is likely the most important goal a client has , we should be able to discuss a way for them to invest a portion of their nest egg in something that will enable them to have market returns to a point , with a level of downside protection they can choose that will determine how high the upside can go . The best part is they will then have income for life . After they understand the concept , it ’ s time to provide all the details , which may include long-term care benefits they do not need to qualify for , and legacy benefits for children and other family members . If you couldn ’ t guess , that ’ s an annuity .
“ Our business process , the services we provide , and the products we use have become more complicated than ever , but by using technology available to all of us , staying on top of government legislation , and truly understanding what is in the best interest of those we serve , there has never been a better time in our history to help so many people thrive financially .”
Folks within five years of retirement are more interested in what Will Rogers said , ‘ I ’ m more interested in the return of my money than the return on my money .”
Michael Weintraub www . nailba . org 19