Spread the Word
Have you talked to your network about life settlements? Yes, they may be familiar with the concept, but are they aware of the real value life settlements can bring to their clients?
As a life insurance expert and trusted resource, you want professional advisors to refer you opportunities when they have a client who needs new life insurance coverage. Who do these advisors contact when a client is looking to dispose of their life insurance or alter coverage? They should be calling you; however, they often fail to recognize that you offer valuable solutions in such circumstances.
Here are a few simple strategies to broaden their knowledge and unlock fresh opportunities for your business:
- Ask for one-on-one meetings to go over relevant life settlement opportunities. It’s much easier for other advisors to see the application of a life settlement transaction if they can be viewed in the context of a real-life planning scenario.
- Hold a workshop for affiliated professionals. This exposes advisors to others who are active in the market to create a forum for reviewing specific life settlement situations which can lead to referrals.
- Form an interdisciplinary study group comprised of your key strategic relationships.
- Reach out to your network with periodic emails sharing recent life settlement stories to demonstrate that the market continues to create new opportunities.
The key is making the life settlement market and the value it represents real. In doing this, you can be sure your network will see that the opportunity is real as well. Extend this thought to your entire network – CPAs, trust officers, financial planners – they may be sitting on a significant source of potential business. Bottom line: if advisors are in a position to make recommendations on insurance needs, they need to fully understand the options presented by the secondary market.
To find out how Coventry can help you and your fellow advisors, contact a Coventry team member at 877.836.8300.