6 topics to talk to clients about in 2021
Your individual and group clients have a lot on their minds. Who knows where the conversation might lead? Perhaps to new business.
It’s a new year. You want to call clients, but you need something to say. Here are six ideas:
3 ideas for personal clients
You have individual clients. The pandemic has them thinking about job security, early retirement and their own mortality.
1. Retirement plan review. The stock market had a good year. Are they on track for their retirement goals? Is their asset allocation consistent with their risk tolerance level?
Business opportunity: Gather assets held away. Rebalance their holdings consistent with their asset allocation model. Should some additional funds go into a retirement vehicle like an annuity?
2. Job security and early retirement. Is this a practical choice for your client? They might like to know if they can start thinking short term instead of considering retirement as something in the distant future.
Business opportunity: Run some models with variables like taking less income in retirement or saving more in the next few years. Consider scenarios involving downsizing or selling vacation properties. Is there a scenario that could work for your client? Most people would like a plan B.
4. Life insurance review. It’s a grim subject, but let’s remember whole life insurance offers protection and can function as a savings vehicle.
Business opportunity: Are they adequately covered? Has the insurance they already own built up cash value? That should give them a “safety net” feeling.
3 ideas for business clients
You provide the benefit plan for their business. The pandemic has them thinking too.
1. Who is retiring? It’s a New Year. Some employees are scheduled to retire this year. Do they receive retirement planning advice from you? From a consultant at their firm, union or government department?
Business opportunity: If not, there’s a need to be met. Put together a talk to present to small groups or 1:1. Their retirement assets will likely be rolled over to somewhere.
2. Is anyone getting downsized? Years ago, firms hooked you up with a firm that helped you prepare for your job hunt. In many cases this has gone away. Is anyone giving them advice?
Business opportunity: You want to tread carefully, but your firm likely has access to a compliance-approved presentation on leaving a firm and getting your job search started. There are governmental agencies that can help. LinkedIn plays a role. Do they know where to start? Finding a new position is job #1 for them, yet later they might be receptive to rolling their retirement assets at the previous firm to your firm.
3. Any new senior management hires? They will be busy proving their worth. They will also want to stay on track for retirement planning. You are an expert. You can help. It’s a “benefit” you can provide. After all, you provide the firm’s benefits plan.
Business opportunity: They might already have a financial advisor providing this service. If not, this is a marriage between an executive used to outsourcing tasks and a benefits professional who is an expert in their field.
These are practical topics, each addressing a need. Who knows where the conversation might lead?
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