The corona virus has impacted our way of life, doing business, and interaction with one another. It has forced some major changes upon us, with new changes announced every hour it seems like. What was once a solid plan for your client may need some revision at this point. Listen to some ways Highland can help.
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Hello, everyone. This is Cooper Lewis with Highland Capital Brokerage. Welcome to Oops. Oops. Skills goes, goes podcast where I helped you become a more complete financial planner or advisor with your clients using protection products to protect and enhance their family portfolio, lifestyle and retirement. Hey, welcome to Coop Scoop Episode eight The Corona Viruses Changing Things. Unfortunately, I think we're just on the front side. Still, we do not have a light at the end of the tunnel yet, so I thought I would record a little something here to try to help all of us understand that we're in different times in different times requires changing and adapting. We've seen the market turmoil caused by this unknown. It's been labeled that we're are in a recession. This morning I read an article that brought up the D word depression. Economists don't know where we are or where we're headed yet, and it used to be. Recession meant it happened to your neighbor, and depression meant it happened to you. Unfortunately, based on that language, that definition most of you are in a depression. You just haven't seen it yet, But you will come your commission statements in this next cycle because most of you have clients who have reduced assets under management at this point, which means that your income will be affected. So depression means it's affecting you. There's a lot of market fear out there. Maybe fear's a strong word apprehension. So even when things bottom and start to turn around, they may be resistant to jumping right back in or adding to their positions because they are afraid of what could still happen. And I think part of this apprehension or fear that exists in everybody's lives today is the news. We have information overload about this situation and about the economic forecast. It's coming to us from all directions, and there's always conflicting opinions or information, which, as you know, just causes inaction or paralysis by your clients. And most of your clients are trusting independent on your information analysis and guidance. But I still think that there is a bit of caution in the back of their mind as to how safe and secure they really are. One of the upsides or positives of this downturn is that it might cause you or your client to consider new options for their financial future. You've got to learn some new things to survive in this new frontier. I've brought up you l's in previous podcast index you Els index Universal Life. So maybe this is what it takes to open the door for exploration and consideration. Because where else can you get a both an offensive and the defensive tool in the same product market? Upside but market downside protection. No other product out there like this. And let's face it, your income is going to take a hit because of this decline. Now you can offset that decline by working more closely with your clients to re evaluate their plan. In light of the current environment, you should be working with them to make sure that they have enough assets or protection in place for when that health event happens, or if they die too soon or now the biggie that the odds of them outliving their assets or income is now more a reality rather than a possibility. Now I don't want to scare you. I don't wanna be a scare monger, but these air extraordinary circumstances and unfortunately, in my opinion, as I've just said, we haven't seen the light at the end of the tunnel yet we're still on the unknown front edge of this thing. But I wanted to plant the seed that you may have to adapt. To survive, you might need to consider new things. Years ago, a broker that I worked with was in desperate need of hiring an assistant. He was working himself to death, but he couldn't afford to pay her out of his current income stream. So we showed him how expanding his planning to include life and annuity products could give him the income that he needed to be able to hire that person. And that still applies today. So out of this turmoil and confusion and fear can come new life for new positive outcome for everyone. But just to be transparent here, we highland have concerns. Also, how long are prospects going to take a face to face meetings with you? Yeah, big concern. And that makes it tough to complete an application, doesn't it? So maybe you finally have to try our Elektronik application process. Easy life. We have more companies participating on that platform now more than ever from term products to permanent products, including some limited hybrid product offerings. So the e et process. Is it really that easy? Well, the answer is yes. There's two variations on an E application through easy life, one you'll see labeled as drop ticket and the other you'll see as e application. The difference between the two is a drop ticket is really not an application. It's just a CZ the name describes. It's a very quick and easy way for you to enter your clients contact information and basic coverage information, and then the insurance company will reach out to the client and do the heavy lifting. They'll take the application with the client over the phone. That frees up your time from doing any of that and especially asking any of the medical questions on E application. On the other hand can be a very scaled back application and the company still reaching out to do a Tele interview all the way to the full E application itself, with you asking a lot of the medical questions, every company is going to be different in how they have approached this. But all of this process does rely on Elektronik signatures. So the mechanics of how the APS or this process works is once you've entered in whatever's required, you will slick submit, and your client will receive a link to click, and then they won't be able to open the document and review the process. And, doc, you sign it, then it's going to come back to you for review, and then you will dock. You sign it, and then you will do the final submission now, depending on the company and how it's configured, that submission process can be toe highland for us to review and then submit to the company. Or it could be to the company and Highland simultaneously. Either way, since this is already Elektronik, Lee gathered, there is no delay in handwriting. Translation, if you will, because we know some of you you're ledge ability is suspect and is awful tough to read sometimes. So this really cuts down on input errors from the insurance company because you've done the work Elektronik Lee. So it goes in much cleaner. Hence, that's why getting the application in the system Elektronik Lee is much more beneficial to the whole process because it's now cleaner and quicker, because once this is gone in Elektronik, Lee the underwriters can start revealing are working on the case file pretty quickly. We've seen applications go from submission to approval in 72 hours or less. Takes a clean client, not a lot of records that need to be gathered for that to happen and gives you in your client a much quicker and cleaner experience in getting coverage for life insurance, because now the process has been shortened due to all using technology in the way that we're able to. So going to an electronic application at this point in time might be very advantageous for you and for your client, both from US efficiency and speed standpoint, but also because of the social distancing that's built into the process. So it allows you to take this from start to finish without having to get face to face with your client. If you will think of easy life in the e application process as part of the new norm, since this is something that a lot of you have not done yet, Highland is in the process of pulling together some instructional webinars and material to make this process a little easier for you. Some of our companies have also taken this as an opportune time to reintroduce what they have in the marketplace. Also, so look for an email from Highland with some of these opportunities to brush up and get better at the Elektronik application process to get the insurance coverage that you need for your clients in these troubling times, with less face to face or social distancing built into it automatically. Well, that wraps up this edition. Thanks for spending a few minutes with me today. Hopefully, these concepts expanded to your thought process as how to help your clients and your existing practice and those that you're looking to work with. As always, I'm here to help, if needed. 9802333419 That is East Coast time. This is primarily designed for Advisor Group Advisors, and if you're already working with a highland rep, more than happy to help get you connected to them, said they can continue this conversation with you regarding today's information. But if you're a consumer has found my podcast. Thank you for listening all the way through. If you're currently working with somebody, maybe you will share this information with them and my podcast address. If you're not working with somebody, I work with a number of advisors around the country, and I'm more than happy to make an introduction if that's something you would be interested in, otherwise we could just have a conversation and see where it goes. Thanks, everybody Have a great day.