Fulfillment Introduction Hello, is there? SMILE! This is from McCann Management located here in Fresno. How are you today? Great! As a professional courtesy, I m following up on the information that (you had requested / I sent you) on. (choose one) financial planning / retirement planning investment planning funding college education estate planning long-term care What exactly are you trying to take a closer look at in terms of? (goal)
Opening Resistance If any resistance: [Referrer] thought you might find taking 20 mins of your time to have a coffee with me beneficial. The information tends to be pretty general in nature. If I could ask you a couple of quick questions, maybe I could provide you with some of the information you were looking for. Would that be okay? What prompted you to request the information? By requesting the information, what were you trying to take a closer look at? Financially speaking, what is your main concern? If you could improve on one thing financially, what would it be? What do you think will happen if things don t change?
No or I Don t Know If you ask a question and they answer no or I don t know Responses: Does that concern you? Do you think that would be important to know? How do you feel about that? That is exactly what I do as a Financial Advisor
or I m All Taken Care of If you ask a question and they answer I m all set or I m all taken care of Responses: Great! It sounds as if Financial Planning is important to you! (follow up with ) How much have you identified that you need to save between now and (goal) and what rate of return do you need to maintain? How will inflation impact your goal? How will taxes impact your goal?
Are daytimes or evenings better for you (and your wife)? I am looking at or (Date & Time) give 2 choices Which would be better for you? OK, I have you scheduled (Date & Time) Is this convenient for your spouse also? If not reschedule! Do you know where we are located? We will send you directions / a map showing our location. Is there anything I can research between now and? If no: have you ever sent away for a Social Security estimate? It is extremely important to get an estimate. If any errors have occurred, they are only required to go back 3 years for corrections. I ll have the paperwork ready. Is there anything I can research for you? Before I let you go, do you mind if I ask you a question? What do you expect to get out of our meeting? Great, then I ll see you on (Date & Time) Have a good evening.
What concerns you most about your current debt? What types of debt do you have? What interest rate(s) are you paying? Are you paying extra on your payment? If yes how much? Is the interest you pay tax deductible? Closing
Closing If I could show you a way to restructure your debt to free up dollars for other goals, would that be worth 1 hour of your time? If I could show you a way to possibly make the interest you pay tax deductible, would that be worth 1 hour of your time? That is exactly what I do as a Financial Advisor
Can Not Save What do you see as the biggest road block in improving your cash flow? What is stopping you from increasing your net worth each year? What is preventing you from saving on a regular basis? On a good month, how much do you feel you could save? What do you think will happen if things don t change?
Planning What kind of insurance (protection) do you have in place? Disability Health Life Homeowners Long Term Care Closing Property & Casualty How much is the premium? Is that paid by you or your employer? Are you confident that you have the right amount of coverage? Why do you feel that way? What coverage is available to you upon retirement? How much insurance do you feel your family would need upon death? Most families I meet do not have the right amount of insurance. What lifestyle would you like your family to have in the event of your death? What is the biggest challenge in providing for your family in regards to protection? What do you think will happen if things don t change? What obstacles are preventing you from guaranteeing the continuation of your income in the event of a death or disability?
Planning Closing That is exactly what I do as a Financial Advisor I can determine the appropriate amount of coverage so that in the event of a death/disability/ you will be adequately covered.
Income Closing What concerns you most about your current tax situation? What is your tax situation like? What kind of taxes are a concern to you? Federal Sate Soc Sec (FICA) Property Soc Sec Income Minimum distributions on qualified plans (IRA, 401k) What tax bracket are you in? If you share with me your income, I can approximate your tax bracket. What are you currently doing to reduce your taxes? Basically there are only 3 ways that you can reduce your taxes: 1. Tax exemption Muni s, CV of Life Ins. 2. Tax deferral IRA s, 401k s, Annuities 3. Tax Credits - $ for $ write off against any tax liability entered on line 44 of return
Income ctd... Do you have any IRA s established? How much would you like to reduce your taxes by each year? Do you owe or get a refund when you file your taxes? How much? What obstacles are preventing your from reducing your taxes? By reducing your taxes, what impact will that have on your financial goals? What do you think will happen if you don t do anything differently? Closing
Income Closing If I could show you a way to save several hundred dollars a year on your tax bill, would that be worth an hour of your time? If I could show you a way to pull your IRA s / 401(k) s tax favored, would that be worth an hour of your time?
Closing How many children do you have? What are their ages? As parents, do you have a preference as to what type of college they will attend? (state or private) Are you looking at being able to fund 100% of the college costs? If no how much? 50% etc Do you know what the cost of colleges are these days? Ohio State for example, is around $10,000/yr in tuition alone. In today s dollars, that s around $40,000 for a four year degree for tuition alone! The amazing thing about that is that the inflation rate on college is between 7 & 9%/yr which is over double what inflation is at. Do you understand how the financial aid system works? Do you currently have anything going for your children s college education? What type of investments are they? What rate of return are they getting?
ctd... Closing How are the investments titled you name or children s? Who is paying the taxes? Were you aware that there are investments that are non-reportable to the IRS and cannot count against you for financial aid eligibility? What do you think will happen if you don t to anything differently? What do you think will happen if things don t change?
Closing That is exactly what I do as a Financial Advisor planning is very complicated so what I recommend is that we schedule a time to review your situation. The first step I take with my clients is to develop a written Financial Analysis. In doing so I research anything you have going towards funding your child s college education correctly. And through the analysis, we re able to determine exactly what you need to be saving on a monthly basis, what rate of return you need to maintain between now and when your children go to college.
Closing How far from retirement are you? At what age would you like to retire? Will your spouse retire at the same time? What line of work are you in? What company are you with? How would you like to live after retirement? Have you and your spouse sat down and figured out how much income you would like to have coming in terms of today s dollars? Do you have any retirement programs through your employer? Pension does it have a cost of living adjustment? No COLA means once you retire, you will never get a pay raise Do you feel you could live on what you were earning 20 years ago? Would you like to live on that today? Have you given any thought to what effect inflation will have on your goals?
ctd... Closing 401(k) are you contributing? How much? ($ or %) o Is the company matching your contributions? o How do you have your 401(k) allocated? o How did you come up with that allocation? Do you have any other investments earmarked for your retirement? What do you think will happen if you don t do anything differently? What is it about retirement that troubles you? Are you confident that if you stay on your current path, you will have: 1.Enough to retire, and 2. the ability to retire when you would like to?
Closing That s exactly what I do as a Financial Advisor As a Financial Advisor, I help people like yourself determine: 1. exactly how much you should be saving between now and retirement and 2. what rate of return you need to maintain on your investment. We also help you select the most appropriate mix of investments in order to make that happen! If you don t plan for retirement, there are two possible outcomes: 1. You won t have enough to retire 2. You won t retire Are you willing to take that chance?
Already Closing In working with my retired clients, we work hard to minimize the effects of taxes on their investments because obviously if you can minimize the amount of tax you pay, you will realize a higher overall return! Let me ask you a question do you know what rate of return you need to maintain on your investments in order to maintain your standard of living for the rest of your retirement? What do you think will happen if you don t do things differently? What do you think will happen if things don t change?
Already Closing That s exactly what I do as a Financial Advisor. I help people determine what rate of return they need (or exactly how conservative they can afford to be) and help them select the most conservative mix of investments in order to make that happen! It sounds as if you worked extremely hard for your money, I feel it is time to let it start working harder for you! Would you agree?
Allocation Closing We have a state of the art program that is specifically designed for individuals like yourself, it is called Allocation! What do you know about Allocation? Allocation is a Nobel Prize award winning program. This program takes your current allocation and makes specific recommendations that will allow you to get the highest return given a certain level of risk you are willing to assume. (Alternative) We have various quality systems and proven models we use to recommend asset allocation based on your needs and the level of risk you are willing to assume. We also have various asset managers that we have hand selected and worked with over the years. They have earned our confidence and trust, and as such we may recommend using them to actively manage your assets within the parameters we provide.
Allocation Closing The asset allocation model and process is very difficult to explain over the phone, what I recommend is that we schedule a time to meet and review your situation. It s hard to do Financial Planning over the phone, so I recommend we schedule a time to meet.
Long Term Care Closing What concerns you most about long term care? What are you currently doing to protect your assets in the event of a long term care stay? What would you like to see happen with your assets in the event of a long term care stay? What is your biggest challenge with? What do you think will happen if you don t do anything different? A lot of my retired clients have worked their entire life to accumulate assets. If a nursing home situation arises, those assets are depleted within a very short period of time. Is that a concern for you? Were you aware of the government s decision regarding? If no the government has legislated that the transfer of assets for the sole purpose of qualifying for Medicaid is a criminal offense. Due to this legislation, the premiums paid for may be tax deductible.
Long Term Care Closing Part of the planning I do is to identify the exposure and incorporate estate preservation strategies. It is extremely difficult to do financial planning over the phone, so what I recommend is that we schedule a time to meet.
Planning What kind of business do you run? C Corp Sole Proprietorship S Corp Closing Partnership What is your role in the business? How many employees do you have? Have you considered a way to: Control the cost of health care benefits? Use deductible business dollars to pay for employee benefits? (retirement plans etc.) Pass your business assets to your heirs in the most cost effective way? What concerns you most about your business? What do you think will happen if you don t do anything differently?
Planning Closing It is extremely difficult to do Financial Planning over the phone, so what I recommend is that we schedule a time to meet.
Planning What concerns you most about estate planning? Cost Delays What have you done so far in the area of estate planning? Wills Trust Work Do you have a good understanding of exactly how Probate and the Federal and State Tax systems work? It is a very complicated system, but one that we do a lot of work with here at McCann Management! We try and make it simple to understand and help our clients evaluate what types of estate planning tools they need and which ones are probably unnecessary. It is also important to understand how income taxes come into play when you talk about Planning. We address income taxes in the comprehensive Financial Planning we do for our clients.
Read about the Market Group Age before you call, so you can know what issues to keep in mind when calling. Acheiver <50 years old 50-65 years old Mature/ 65 + years old
Achiever Characteristics Less than 50 years old. 4 sub segments: Traditional parents, older parents w/younger children, parents with teens, empty nesters Hot buttons: Choices, control, experts, relevant issues, life-stage & presence of kids Top financial goals: Education, retirement, investment basics, taxes Value product performance and personalized strategy. Want quick, hassle-free results with minimal work or input from them. Young Achievers Have little or no time available to them. Most often are part of a dual career family with younger children.
Achiever Characteristics ctd Older Achievers (age 40-50) Are more likely to be thinking about retirement and how they need to plan for it. May have children who are getting older and/or they may be taking care of elderly parents. Like clear direction on what they need to do and what the benefits are. Prefer a pressure-free selling approach, good service, responsiveness, no mistakes and personal contact & attention. Prefer face-to-face meetings in the evening at the advisor s office. Those with children use financial advisors most.
Characteristics Ages 50-65 years of age. Value product performance, reliability of advisor, company reputation and variety of products. Are less likely to ask friends or relatives for financial information, but are more likely to use financial institutions information. Like soft low-key approach, good service, responsiveness, no mistakes and personal attention/ contact. Do not like to be told they only want advice when they are ready for it. Prefer face-to-face contact in the evening in the advisor s office. Are interested in both the company s and advisor s integrity and years of experience. They want one contact of building trust and expediting the process. Have retirement planning issues and they want one contact building trust and expediting the process.
Characteristics ctd Have retirement planning issues and their financial interests range from aggressive saving to pension distribution decisions. Are seeking to minimize taxes and maximize savings. Need advisors with demonstrated experience and knowledge of pension distribution and investment strategies when moving into retirement, Social Security, Medicare, Long-Term Care and transitional life issues.
Mature Characteristics Ages 65+ years of age. Primarily value company reputation and product performance. Highly customized approaches to older consumers are required. Are more likely to respond to print media financial institution brochures, articles or ads. Are significantly more likely to use stockbrokers/financial consultants than other segments. Mature women use consultants more than men. Are interested in the integrity and reputation of both the company and the representatives they deal with. Want one contact and prefer fact-to-face meetings, a personal relationship, a step-by-step approach, and options rather than directions.
20 Minute Phone Script Introduction There are two types of 20 Minute Interviews you will set up. 1. Opportunities these are people you know. 2. these are people you have been referred to. These two types of calls, although very similar, will have some differences. You will be more likely to experience objections when you are calling a lead. You will scripts for both kinds of calls, followed by some scripts to help you handle objections you may encounter. Start With An Opportunity Start With A Lead
Opportunities Without a sent brochure Hello, [Client Name], this is [your name] calling. I was wondering if you would have some time this week or next where you and I could do a business get together. I d like to buy you a cup of coffee and take twenty minutes of your time to show you the type of work I am doing now. Would this week or next be better? Would Monday or Tuesday work for you? Morning or afternoon? How about 9am? With a postcard Hello, [Client Name], this is [your name] from McCann Management calling. I sent you a postcard the other day inviting you for a cup of coffee. I was wondering if you would have some time this week or next where we could get together. I d like to take twenty minutes of your time to show you the type of work I am doing now. Would this week or next be better? Would Monday or Tuesday work for you? Morning or afternoon? How about 9am? With a brochure Hello, [Client Name], this is [your name] from McCann Management calling. I sent you a brochure the other day with some information about me and what I m doing now. I was wondering if you would have some time this week or next where we could get together. I d like to take twenty minutes of your time to show you a little more about what I m doing. Would this week or next be better? Would Monday or Tuesday work for you? Morning or afternoon? How about 9am?
Hello, [Client Name], this is [Your Name] from McCann Management calling. I sent you a brochure the other day with a note from Paul and Cindy. I was wondering if you would have some time this week or next where I could buy you a cup of coffee and take twenty minutes of your time to show you the type of work I do. Do you have some time this week or would next week be better? Would Monday or Tuesday work for you? Morning or afternoon? How about 9am?
What s all this about? [Client Name], that s why I would like to get together with you. I would like to show you what my services are all about. It will only take 20 minutes, and then, if you ever need me or my services, you ll know where you can find me. Would you have some time this week, or would next be better? Would Monday or Tuesday work for you? Morning or afternoon? How about 9am?
Can t You Just Explain it Over the Phone? Not really, [Client Name]. We can t shake hands and become better acquainted, and I do need to show you the kind of work I do and I can t do that over the phone. I believe you ll find my services to have value that s why [referrer s name] suggested I contact you. Would you have some time this week, or would next be better? Would Monday or Tuesday work for you? Morning or afternoon? How about 9am?
I Can t Afford Your Services / You d Be Wasting Your Time That s not really a problem, [Client Name]. Quite frankly, I have no reason at this moment to know if we should even consider a business relationship. I m merely interested in meeting you and letting you know who I am and what I do. Then, in the future, if you need my services, you ll know where to find me. With that in mind, would you have some time this week, or would next be better? Would Monday or Tuesday work for you? Morning or afternoon? How about 9am?
My (Spouse) and I Make all Together, so no Point in Meeting Just me That s exactly the way we do things around our house too, [Client Name]. I m not going to ask you to make any decisions that involve your (spouse). In fact, the only decision to be made is when is the best time for us to get together. Would you have some time this week, or would next be better? Would Monday or Tuesday work for you? Morning or afternoon? How about 9am?
Is This Life Insurance? I handle a broad variety of financial products to help people plan and organized their insurance and financial security affairs. Life insurance is one of them. But before considering any directions, [Client Name], let s take just 20 minutes so I can familiarize you with the services I provide. Then you ll know whether or not you want to take advantage of any of them. Would you have some time this week, or would next be better? Would Monday or Tuesday work for you? Morning or afternoon? How about 9am?
I Don t Need Life Insurance Quite frankly, [Client Name], I would be surprised if you said you did. Our services go beyond life insurance. I simply want to take 20 minutes of your time, buy you a cup of coffee and show you the type of services I provide. If you re familiar with my work and you know where to find me, perhaps you ll call when the time comes. Would you have some time this week, or would next be better? Would Monday or Tuesday work for you? Morning or afternoon? How about 9am?
Last Ditch Effort [Client Name], I sense you re somewhat uncomfortable at the thought of a meeting. Let me make you two promises. My first promise is this: During our 20 minute meeting I will not try to sell you anything. My second promise is that there will be no further meetings unless you want them. And besides, [Client Name], I m buying the coffee. Does that sound fair? Would you have some time this week, or would next be better? Would Monday or Tuesday work for you? Morning or afternoon? How about 9am?
Alternate 20 Min Call Endings/Ways to Ask for an Appointment Time Is before work the best time for you, [Client Name], or would a coffee break mid-morning be better? Great, let s make it Tuesday morning at 8AM. Would that be ok for your, or would Wednesday morning be better? So what does your schedule look like [Client Name]? We only need 20 minutes. Is before work a good time, or is a different time of the day better for you? Is there a convenient place at your office, or would a restaurant nearby be better? Now [Client Name], what is the best plan could you find 20 minutes during the morning some day, or is before work a better time for you? Would Thursday at coffee break work for you or would Friday be better?