Advisor Survey 2012

"Referrals from existing clients!!!"

"Referrals from P&C agents and financial guys."

Our expert advice: Giving back to the communities in which we live is an essential core value for our business. By giving back to the community through charitable initiatives, we're not only impacting the lives of others, we're also rallying our employees around important causes and fostering a team environment. Community involvement can open doors for your business. I'd encourage any advisor, or business owner for that matter, to talk with well-known charities, community organizers as well as church leaders in their hometown, and brainstorm how to get their business involved. ~Jim Brogan

"Email and social media have been great for current client passive marketing, but not a huge success in gaining new clients."  

"All are working, but not to the level I want."

MEDIA:

"Many older adults are not engaged in social media and that is my client base. I feel like I need to be developing social media outlets but at the same time 80 percent of my clients are reluctant to share an email address. They don't want solicitation but then they complain that consultants like me are hard to find!"

"It's difficult to take the time to update all avenues of technology."

"You still have to call on people personally. Some help a little."

"More efficient production of low premium sales."

"Allows me to communicate more easily and frequently."

"I do not use social media due to B/D restrictions."

"We see social media as a necessity that doesn't necessarily translate into new business, more a credibility thing."

SALES:

"Discounting your rates devalues you and the services you provide. I am worth what I am paid."

"The carriers have done that for us."

"I've actually raised my fees considerably."

"I am not able to charge a fee, as I am not Series 65 licensed. The companies I represent have the ability to lower my commission, but at this point, I do not believe they have done so."

'There are more people that have anywhere between $5,000 and $100,000 and I am helping them safeguard their retirement."

"Accounts that small are too costly to keep. I can't charge enough to make them profitable."

"I am willing to work with folks of all backgrounds."

"I never limited my client base. For lower asset clients, I would charge a flat fee rather than an AUM fee."

DEMOGRAPHICS:

Do you customize your marketing and sales approach between senior and boomer clients/prospects? No 52%  Yes 48%

"I provide more education and details to the boomer group—they seem to want it. The older clients are less receptive to information and prefer simple guidance to fit their needs. Boomers want to make the decisions for themselves."

"Yes, but only a little. Although they both face the same circumstances, for the most part, boomers are new to retirement and tend to be more worried about outliving their money."

"You must speak differently with boomers than you would a senior. Much like you would speak differently to a 20-something vs. a boomer."

"Boomers are mostly still in the 'accumulation' stage, while seniors, with the current financial/economic/legislative mess we are in are much more conservative than ever."

"Attitudes of boomers differ from previous generation. Much more impatient for results"

"More money that needs guidance and someone to trust. We're at the tip of the iceberg."

"They are more receptive to guarantees and advice. They realize they need advice in planning for retirement now more than ever."

"Many clients (age 50+) are concerned about LTC options."

"I am finding the majority did not plan well for retirement and those that did now have less money."

"I am spending a lot more time with Medicare clients, explaining how it works and the options they have. Time consuming and poor income return on time invested, except for those that have money to use toward LTCI and estate planning sales."

"They have had to use their 401(k)s and IRAs to keep from losing their homes. A lot have lost their jobs, and along with that their pensions and retirement income."

"Women are more intuitive and emotion- based than men. Men are more fact-oriented."

"Men seem to prefer a more analytical approach in general, focused on the 'value' of the acquisition. Women seem more focused on the benefits of ownership."

"They have different priorities, women more about medical, outliving their money, family, understanding how their money is invested. Men still think they can hit it big with one big deal, sale, will always work or want to retire now and what they have will last."

"I find it much easier to sell to women, who generally are wiser and more thoughtful about our services than the majority of men."

"Gender doesn't matter to me in terms of recommendations. I need to work with the decision maker, man or woman, and help them based on client profile and needs."

"I have learned that only 33 percent of females have a written financial plan/goals. So I send our marketing pieces geared to that message."

WHAT A DIFFERENCE A YEAR MAKES
The results of Senior Market Advisor's 2012 Advisor Survey pretty much tracked the 2011 version. However, there were two striking differences from last year:
• 41 percent said they were having their biggest success with annuities, followed by life insurance (29 percent).
• Lead generation was the top cause of sleepless nights (42 percent).