Q&A with Henry Vazquez

A Matter of Trust

HENRY VAZQUEZ is no stranger to fighting battles. In 1990-91, he served in the first Gulf War. Today, as managing general agent of the Henry Agency of Georgia, his mission is to help his clients, particularly senior citizens, avoid financial ruin by providing them with products running the gamut from annuities, life insurance, Indexed Universal Life, final expense, Medicare Advantage and Medicare Supplement plans.

Vazquez: Then we have to provide a benefit plan and always be on a consultative level with them. I believe that consultations are the best way to meet that suitability requirement, try to match them up with the best products that you have and become a consultant for them. And then follow up with them. A lot of them may not purchase right there, but just following up with them, having a system in place such as a contact management database so that you're touching base with them is most effective with this market.

SMA: What products seem to be most popular in terms of life insurance, annuities and Medicare supplements?

Vazquez: I think that most of them like life insurance because when they get life insurance they get it for themselves, their family, their children. And then they turn around and give you a bunch of referrals. If you do a good job, you're going to get some good referral business. The old saying rings true, if you treat them right and you put a good policy in place, and they're happy with it, they're going to tell everybody that they know. If you take care of them with a product, let's say a Medicare Supplement or Medicare Advantage Plan, that also is going to give you some good referrals if they're happy with the plan. If they're not happy with the plan, you will hear about it. They will call you back. They're not shy and they will call you back. They will not cease until they get you so you want to answer the phone.

"The number one thing with the Hispanic community is to establish that rapport and trust."

SMA: A recent study from ING indicated that a majority of Hispanics do not feel prepared for retirement. Do you find in this community that they need to be educated about retirement plans and retirement planning?

Vazquez: Yes, some of them. Most of what we're hitting is the business owner. You can really educate them more. But the sales cycle is little longer for the Hispanic market simply because they're not really familiar with terms, they're not familiar with how it works, and again, the number one thing with the Hispanic community is to establish that rapport and trust. I've had my clients when I come to offer them other products that I think would be best, say, "Well, Henry, whatever you think. Whatever you think we need is what we're going to do." You know you've arrived when that happens because they truly trust you.

SMA: What would you tell other advisors looking to enter this market?

Vazquez: Number one, it's an untapped field. It's a great niche for you to get into. If you're Hispanic, you need to be in that market servicing those clients. I don't know what the numbers are, but I don't think there are a whole lot of Hispanic agents. I just hired a Hispanic agent down in El Paso. If you're Hispanic, you need to be in that market, number one. Number two is to realize that this market is different. You have to go out and beat the streets. You have to go out and see them first, give them a brochure, follow-up with them. And though it may require more follow-up with them, it will yield you [better] percentages in terms of building your client base.