The majority of family businesses in the U.S. do not have a proper business succession plan in place for senior roles, according to a recent report from PricewaterhouseCoopers US Family Business Survey. In fact, 73 percent of family businesses found themselves without a documented succession plan – a trend financial professionals must help their clients combat.
It’s no secret that expanding your offerings is a great way to grow your business. This is the primary reason many financial professionals focus on a multidiscipline approach to their practices. However, expansion doesn’t just mean going from concentrating solely on life insurance to providing estate planning and wealth transfer services, as well. It also applies to the types of clients you court.
Each new year brings with it the promise of changes for financial professionals, and 2015 is no different. The question is: How will you react to these changes and ensure you remain on the forefront of client services?
Whether they’re a brand new client or someone you’ve been working with for years, there’s a good chance one of your customers has gaps in their insurance coverage. While this can be a risky state of affairs for them, it also represents an ideal opportunity for you to sit down with your client and help them understand all the options at their disposal to ensure comprehensive coverage.
Insurance sales don’t exist in a vacuum – any number of outside factors can influence a client’s willingness to invest in a product or service. And nothing can impact producer success quite like consumer feelings regarding the economy. It’s for this reason that producers would be wise to stay up to date on general consumer sentiment.
For life insurance producers who are fully immersed in the industry day in and day out, it can be easy to forget the average consumer may not be familiar with certain concepts or terms.
A recent report from LIMRA highlighted a number of changes on the horizon for insurance producers. The question for these professionals is how they plan to meet these challenges.