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YOUR WORK MATTERS. CAN WE RECAPTURE PUBLIC RESPECT FOR ANNUITY AND LIFE AGENTS?

December 4, 2023
Reading Time: 6 minutes

Under the new, proposed DOL rule, you and other independent agents will be
deemed fiduciaries. Yes, it’s a big change, but will it really shift the “big
debate” around agents vs. fiduciary, fee-only advisors? I’m not 100% sold that
it will.

Many financial professionals selling fixed-type annuities are fiduciary
advisors, but most annuity agents haven’t gone down that road. Still, I see some
agents marketing themselves as “advisors” or something beyond the realm of
insurance.

No wonder why. Countless media articles out there talk about how consumers MUST
work with a fiduciary, fee-only financial advisor in every circumstance. Many
agents get defensive when someone asks them about being a fiduciary or implies
they are somehow inferior to such an advisor.

Don’t get me wrong. There is a big need for that sort of financial advice in
America. But that advice tends to focus more on investments, not insurance.
Those firms also don’t have the unique expertise that you have as an agent, and
what’s more, there is a sizable demand for your knowledge of insurance products.

Not sure about what I mean? Well, what about the huge, growing public need for
financial protection? For folks having a strong financial foundation in their
post-career years? Tens of millions of people are underinsured or have no game
plan for how they will generate enough reliable income in retirement.

And those advisory shops that offer little to no annuities and life insurance?
They don’t know the products, their uses, or how to set them up for proper
protection as you, the independent agent, do. Your knowledge and experience fill
a huge, much-needed gap. Let’s talk more about why that matters.



A CHANGING INDUSTRY

My team talks to hundreds of agents and advisors each year. Based on that
feedback, deep down, I think that many agents aren’t quite happy with their
business – and maybe also with how the public sees them. It’s sad. The life
insurance profession used to be more respected.

This is my opinion, as I have watched our space for over 20 years. But as
annuity/life product distribution has grown and evolved, among other drivers,
lining one’s pockets somehow became a bigger priority in our sales. Living out
core values which bring our business dignity and meaning? That seems to have
taken more of a backstage.

Let’s be clear. I’m not saying that profiteering is the driving force of annuity
and insurance sales, just that it seems to be more noticeable (to me) than what
it used to be. That doesn’t always end up in the best outcomes for our clients
and for agents’ practices.

Now, some independent groups seem fairly focused on pushing their reps to pedal
as much premium into their pet carriers over providing custom-tailored client
solutions. If you need an idea of what I mean, you know of the IMOs that push
their “proprietary product” or an exclusive carrier on you over, and over, and
over again, via emails and marketer phone calls.


THE CALM IN THE STORM

Now, let’s go back to the purpose of our business. Think about the financial
dignity and comfort that you bring to families. No matter what the naysayers go
on about, no other profession in financial services can do what you do.

To the widow when you deliver a death benefit claim check and give her financial
peace of mind when all else is bleak. To the couple who will spend decades in
retirement, after years of hard work, and who worries about running out of money
more than death or public speaking. To the father whose disability coverage will
save his family from financial ruin, because he had a nasty accident at work and
can’t work for the next six months…

Your specialty in protection brings a peace of mind that very few other
professions can. But the focus on ‘always be closing’ over helping people has
warped how the public sees us, and it’s time for that to change.


REGAINING PUBLIC TRUST AND CONFIDENCE?


The insurance industry was a major source of retirement financial protection for
Main Street America. In the mid-1900s, TV programs featured family members who
were life insurance agents and respectable parts of society. Insurance products
made up a bulk of U.S. household wealth. Group annuities were widely used for
corporate pension plans. Life insurance policies and other protection products
were held by many middle-income American families.

Of course, family roles as well as other financial and social norms have changed
since then. The need for financial protection has also gone up and isn’t going
away. So, here is the key question. What can you, and all of us, do to regain
consumer trust and help elevate public confidence in our business?


BACK IN THE DRIVER’S SEAT

First, reclaim your independence. The IMO doesn’t have all the answers for your
business, and sometimes they push sales agendas on you that aren’t immediately
clear. Changing regulations, such as the DOL fiduciary rule, and rapid industry
consolidation aren’t necessarily making any of this easier, either.

Back in 2017, when industry consolidation of IMOs was picking up, the Obama-era
DOL fiduciary rule was making waves. Certain big IMOs started calling agents and
telling them that they had to get their Series 65 license to sell qualified
annuities AND get contracted with their IMO. Otherwise, the agent’s business
would be dead on arrival when the then-fiduciary rule went into full effect. I
couldn’t tell you how many hundreds of agents and advisors that we heard this
story from.

Sure, there are advantages to running a full-service advisory firm as a
financial professional with a Series 65 license, but it also comes with
demanding requirements, such as more compliance headaches. What if you had
wanted to just remain an annuity or life agent? In hindsight, we now know that
the recruiting push toward Series 65 licensing and big IMO contracting wasn’t
accurate. Who knows what these recruiting tactics might look like as our
industry evolves?

You are the owner and CEO of your business. You know the clients whom you serve
and what they need. If your IMO or other companies that partner in your business
recommend something that doesn’t align with your goals or values, you can
question it. New products, marketing programs, financial planning software,
sales concepts, whatever – they need to make sense for your business, and
whoever is making these suggestions should be able to justify them to you.


YOUR VALUE AS AN AGENT

Secondly, own your identity as an insurance agent. Protection is your
wheelhouse, and that is a legacy that spans hundreds of years of economic
history. But also be public and bold in your financial specialty. And work at
being the best that you can be in that space.

It’s cliched, but the “riches are in the niches.” Every annuity agent is aiming
to serve consumers of near-retirement and retirement age. Great. Let’s narrow it
down further from there. Who is best served by your knowledge and expertise?

Federal government employees with their benefits? Pilots at a major airline
employer in your area with corporate pensions? Owners of small- and mid-sized
businesses that are counting on a lucrative exit to finance their retirement?
Corporate directors and executives with hard-to-understand benefits?

If not that, then what about other demographics for retirees? Widows? Divorced
individuals heading into retirement?


GROW YOUR MARKETING REACH

Once you have your niche, get to building your brand and a compelling online
presence up and running. Then turn up the volume on your “megaphone” – start
creating consistent content for prospective clients to see what you are about.
When done right, your content will attract prospects that fit your ideal client
and repel those that aren’t. Keeping it simple, someone in their mid-50s might
be a good candidate for an FIA since retirement is around the corner, and
another saver in their 30s and with an aggressive risk tolerance wouldn’t be a
great fit (perhaps at all).

Over time, as your brand grows, your referrals will grow and more people will
learn of your business in different ways, as all of your marketing efforts
snowball. You can also lean into association with big national brands that align
with your own agent identity and client focus so that your efforts are
well-complemented.

At SafeMoney.com, we have built a national brand that consistently attracts
prospects that are safety-minded and gives a powerful first impression. You have
an opportunity to plug into our national brand without any contracting or
business requirements. If you wish to go to the next level, you can also develop
your own brand and reputation as an elite agent in your local markets if you
choose to work with my IMO. (Shameless plug, I know.)


BUILDING UP CLIENTS AND COMMUNITY

Finally, do good for your clients and your community. The reputation gains start
locally, and they build over time.

Have thorough conversations with your prospects about their hopes, dreams, and
worries for the future, and find the best solution for their situation. Many
successful producers whom we have helped build their practice or whom I have
spoken with put their clients’ needs ahead of their business, including in their
recommendations. They find ways to communicate that to their prospects. Ex: “I
have two possible annuities for you here, and #1 is better because of this
reason, even though #2 offers more comp for my business.” Your clients will
appreciate the difference. Find ways to give back to your community with
organizations or causes that are meaningful to you, and then be public about how
you support them.

High-quality agents also don’t shy away from how they are paid. You give
consumers of all backgrounds, especially working-class individuals, a powerful
value in how you receive your compensation from the insurance company. No one
should expect you not to be paid for your hard work and putting together a plan
with guarantees for your client relationships.

We are in the business of relationships. Strong relationships are built on
mutual trust and respect. While the life insurance profession might have an
image problem, it doesn’t have to be so.

We have a great legacy to build on. Our clients are counting on us. Let’s give
them our best, make our work matter, and leave behind a proud, caring, and
competitive industry to those who will come after us.


Categories: Industry Commentary
← Don’t Fall into the IMO Trap: My Experience with Hidden Sales Agendas



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