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Posted in Blog | Posted by Impact Partnership

Steps to Recharge Your Practice

Posted on June 15, 2020

Since March 19, our world has been turned upside down — or outside in, depending on how you look at things — with 95% of the country having a “shelter in place” order.

Statistics have shown that most small businesses have 30-60 days of cash reserves.

So, where do you go from here?

Step #1 — Pick up the phone and call all your clients if you haven’t already. First make sure they are safe and healthy, and then have a conversation with them about their risk tolerance.

Ask if, with everything that’s happened in the market and economy, they would like to set up an additional principle-protected growth strategy or create guaranteed income for life.

Lastly, ask them if any of their friends or family members are wrestling with uncertainty. Remind them you can also build a plan for them if they need some guidance.

When you get a referral, consider the following:

*Overnight that person a packet about your firm.

*Call them to let them know their name came up in a recent conversation with (insert client name) and you wanted to check on them and make sure they are OK.

*Pivot into a conversation about your firm. “We’re here to help families in our community offer growth potential, protection, and reduce taxes on their wealth.”

Step #2 — Use Impact’s templates to invite your database of old leads to attend a “How to Survive a Bear Market” virtual workshop.

These can be:

  • Old seminar/workshop attendees who never booked an appointment
  • People who RSVP’d for a seminar/workshop but never attended
  • People who came into your office but never became clients
  • Those families who you know don’t have all their money with you

Aside from the referrals you generate, this will be your fastest path to a new client.

Step #3 — Schedule a virtual workshop. American Retirement Institute has “Facebook  approved” ads, which reduce the time it takes to push an ad live. For tips and helpful suggestions, go to Impact’s Advisor Portal.

Step #4 — Reach out to any employers in your community who have been affected by the recent economic hit and have furloughed or laid off employees. Ask them if they would allow you to share how you can help those nearing retirement navigate these challenging times and book a virtual workshop.

Step #5 — Make sure you have your own house in order. Many have seen a recent drop in reoccurring revenue from this correction. The CARES Act was passed for small business owners to provide funding for your overhead. Reach out to your CPA or possibly use these links as a reference for a starting point. This article has proved helpful for many of our advisors so far, along with this link from the U.S. Chamber of Commerce. 

Perhaps the best quote about advertising in a recession came from Sam Walton, the founder of Wal-Mart. When asked, ‘What do you think about a recession?’ he responded, ‘I thought about it and decided not to participate.

Annuity guarantees, including optional income for life, are backed solely by the financial strength and claims-paying ability of the issuing insurance company.

Kyle McClung, Senior VP of Annuity Sales


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