Coop's Scoop

Episode 8 - What's working for advisors right now

April 03, 2020 Cooper Lewis at Highland Capital Brokerage Episode 8
Coop's Scoop
Episode 8 - What's working for advisors right now
Show Notes Transcript

It's been weeks since the Covid-19 pandemic started drastically changing our way of life. And 5 weeks ago, the stock market started it's decline in response. In light of all that, we've had advisors who have been able to continue doing business. Some reflection on what they've been doing and how you can do it too.

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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 over one. It is Friday afternoon, just sitting here, basically reflect him back over the last four or five weeks when all this started to happen. I don't even know what you wanna call this. It was about five weeks ago that the market started its decline due to the Corona covert 19 or as a response to the cove in 19 issues we've been hearing about other countries and their experience with this And over here you are. Health concerns have have been mixed because we started out questioning if it was real and how bad it could be. And could it really spread like they were predicting? And at this point, now most of us realize it. Israel. And now not only are we asking how bad it could be, but we're asking, how bad can it get as it seems to be getting worse every day? The other side of what's happening on the cove in 19 is the financial damage and how that's an unknown. We've had two back to back weeks here of unprecedented job loss, and now we're also asking, How bad can this get? Because most of us have seen our communities locked down and closed up. We've been put on stay at home orders. So in all the negativity I wanted to share with you some of the areas where we've seen advisers having success and working with their clients, and most of them are doing so and help easing their questions or concerns or fears about their future. So I thought I'd just passed that along as to where we've seen activity so that you can look forward in your own client base and not dismiss it. One of the easiest things that has come to light has been policy reviews. You know, I started my podcast, Siri's, with that first episode being a policy review being the lowest hanging fruit. Well, now we've seen that at this point in time, with most folks sort of shut in our locked at home, they are looking for some things to d'oh, and at this point in the situation. Ah, lot of these folks air sort of older. They've been told day after day how the older population is the most at risk, and a lot of them are now asking, What if What if this happens to May? Are things as buttoned up is? I thought they were. So it's been a good opportunity or a good time for advisors to try to get their life policies and not take a look at them so much as to whether they're performing. Although that is a side benefit, you know, Is there something that can be done to improve their position? But just right now, to make sure that their beneficiaries or who they thought they were, that they have not had issues with, Maybe they moved and they haven't updated their addresses with the insurance companies. There's a lot of things in the details that have come to light that people may need your help with Policy review is a great place to start because clients are starting to. I want to make sure that their life insurance is exactly what they thought, itwas and who's going to get it. If something were to happen so policy reviews have been easier at this point from a client perspective. Now I won't tell you. It's not so easy from the company, the insurance company perspective, because even though we hear it, Highland are usedto working remotely. A lot of these insurance companies employees are not used to working remotely, and they have dispersed most of those employees out to their homes. So getting some of these things done has been a challenge because they don't have access to all the systems that they used to when they were there on site. But that shouldn't stop you from a least attempting in gathering the information and getting a tow us so that we can try to get what's needed and just make sure everything is squared away. One of the other things that has come to light from clients has been who has the stomach for where things are. At this point again. Your clients have aged, so even if they were risk tolerant years ago, they may not be so much these days. So a lot of advisers have come to us saying, You know, my clients want to know if there's something else out there that they could diversify or get into that would allow them to have some peace of mind that they're not having to worry so much about there. Money. And the market's going down or not only just down about up today, in a big way and down tomorrow in a big way, it really is kind of nerve racking. So indexed you. Els and even fixed indexed annuities have become a hot topic at this point. So it's it's they've opened the door for you in this regard, so it's not like you're gonna have to do much quote unquote selling. A lot of these clients at this point are very open to talking about diversification into asset classes that provide them upside with downside protection. Because in the last five weeks they may be whip salt and are tired of it, and now you have the ability to go in there and show them something new, and they'll be open to hear it. Whereas before they were not as open, and especially for the younger folks, someone in that 32 50 range an index ul with retirement dollars is excellent vehicle at this point because they can now see the power of having a zero as opposed to ah ah, hole to climb out of With the markets somewhat down at this point being able to put them into a product that resets every year. And if you listen to the economic gurus, this market is gonna go back up. So now we've got the ability to get them in a very low price point, if you will. So they've got a got protection with upside potential index. You Els, an index product door has been open for you on that one. And again we had Highland. We have to uncapped products, so we've got excellent vehicles to take advantage of this at any point in time, this just happens to be a very good one, because obviously, since these products use options, we've got a low starting point to buy an option. And then the third thing that has come to light over the last couple weeks has been the Link benefit products. We've had a huge interest in those products. At this point, the only way thing I could get attributed to his people have been thinking about what life may look like for them in the future, and they would rather go ahead and get that taking care of today rather than worry if they'll have the money to take care of it later s. So that's that's the only thing I can think has has triggered this. So they're they're willing to have those conversations, and they're willing to part with their money today if you will invest in their future. We're using today's dollars knowing that future dollars after these last five weeks may not be there. So that door has opened for discussion. So those are the three things that we've sort of seen come to the table over the last four or five weeks to give you some possibilities, opportunities with your clients. And again, you're not trying to sell him anything. You're just trying to have a conversation and see if that is something of concern to them, having been through five weeks of uncertainty here. So Highland has Elektronik tools that are available. I know you all have been hearing how to do virtual meetings, so hopefully you've been able to take advantage of some client face to face virtually. If you haven't explored anything, let me encourage you to look into Zoom z 00 m. Excellent virtual meeting tool free download to your phone, your tablet, Your desktop. As long as you have a webcam and some sort of audio, you've got the ability to do a virtual meeting to piggyback on the virtual meetings Highlands electronic submission tools. So you've got abilities to quote, take and submit Elektronik applications on your clients so you can still conduct this business Elektronik Lee and remotely today. And I will tell you, a lot of states are starting to limit the pyramid companies from going out to see clients. So this is where an accelerated underwriting or a limited underrating product comes into play. So that's where we Highland are here to help you navigate those waters for your clients so you can sell all these products electronically at this point in time. So don't let that be a hindrance to you. You zoom or whatever other tool you use for your virtual meeting with your client. Let's move over into an electronic application and get things going. Who knows? This may be the new normal. For all we know, Maya's well, dip your toe in the water right now. while everybody is locked up or stay at home quarantined while we're waiting on this thing to sort of play out. But let's not let it derail your business totally again. Just some thoughts. I had to try to shed some some light on what we've seen happening over the last four or five weeks. Cross the country as we've watched these different areas sort of tightened down on what can be done and how advisers have adapted and what clients have come to them with. Possibly an indicator. What's coming your way? Just bought a chair with you so you might be ahead of the curve. Well, off to a weekend. Not sure what that means. I have to figure out what, uh, what we can do tomorrow or Sunday. Probably like the rest of you. The last couple weekends. I won't say we finished everything, but I have to find something new to keep ourselves busy these days. Here to help. If you need me business as usual here, Highland, Everybody be safe. Be safe for your neighbour. So a lot of people out there not thinking about their neighbor when they're out there moving around and thinking it's not gonna happen to them. But yeah, think about yourself. Think about your neighbor. But by 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 so 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 that 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