A big thank you to our sponsors who keep this newsletter free to advisors:

With over 29 videos, several copy-and-paste email templates, and 8 power strategies, The Advisor’s Playbook to Collecting World Class Testimonials is one of the best-kept secrets to building authority.

👉 Access here for a major discount during today’s limited-time flash sale!

✌️ Thrift Shopping for the Win

In the most unlikely story of the week, horse-trainer Jessica Vincent bought a vase for $3.99 at Goodwill, only to discover it was a “Murano” vase by Italian architect Carlo Scarpa.

She put it up for auction, where it sold for $107,100. 

After the auction house gets their cut, her windfall will be $83,500.

Not bad for a quick stop at the thrift store.

- Team Advisorist

In Today’s Issue 👇️ 

• Most pre-retirees are confused about this part of Social Security

• How to reach and convert stressed prospects

• The ultimate marketing playbook for 2024

Research: Most Pre-Retirees Don’t Understand SS Earnings Test

We often assume that our clients understand basic aspects of how things like Social Security work.

But new research suggests that might not be true. 

Between 20% to 50% of pre-retirees don’t know that their monthly benefits might be lowered if they continue to work after claiming Social Security. 

And of those who are aware that their benefits will be reduced, only 30% to 40% know those reductions will eventually be added back to their benefits when they reach their full retirement age. 

Clear as mud, right?

➗ How the Retirement Earnings Test Works

If a beneficiary is under their full retirement age (generally between 66-67) and continues to work, their benefits may be reduced by $1 for every $2 they earn in excess of $21,240.

(Next year, that number gets bumped up to $22,320.)

And once an individual reaches full retirement age, $1 is deducted for every $3 earned in excess of $56,520 (increasing to $59,520 in 2024).

The problem is that many people might actually work less if they knew that this rule existed – keeping their income under that threshold. 

And while the Social Security Administration's policy calls for all field office staff to discuss the retirement earnings test with applicants to whom the rule applies, it rarely gets communicated. 

📕 Advisor Action Plan

As an advisor, it’s up to you to clear things up and help your clients decide what’s best for them. Some tips:

• Clear the fog by explaining the test's ins and outs. A concise, client-friendly video could work wonders in bridging the knowledge gap. Consider recording a short 60-second video and sending it out to all of your clients who are over the age of 60.

• Make sure that your clients also understand that continuing to work means continued Social Security payroll taxes, potentially hiking up future benefits.

Not every situation is cut and dry. It’s not your job to make their decision for them. It’s just up to you to lay out the facts so that they can make an educated choice.

🧠 Bottom Line: Clarify, Educate, and Empower

Take the lead in demystifying Social Security intricacies. 

Equip your clients with insights to make informed decisions. 

Encourage transparency and provide the clarity needed to navigate this aspect of retirement.

Headline Roundup

🏠 Affecting Your Clients

• More Couples Choosing ‘Dual Income, No Kids’ Lifestyle [CNBC]

• Jobless Claims Inch up to 205K. U.S. Layoffs Near Record Low [MW]

• U.S. New Car Sales Expected to Rise Slightly in 2024 [CNBC]

📈 Markets & Economy 

• 3Q GDP Growth Trimmed to 4.9%; Consumer Spending Weaker [MW] 

• Despite Viral TikTok Theory, U.S. Not in ‘Silent Depression’ [CNBC]

• U.S. Bond Yield Rates on the Rise [MW]

💼 Industry Roundup 

• Annuity Sales Are on Track for a Record Year [CNBC]

• 60% of Advisors Say Clients Don’t Take Advice on Annuities [IN]

• Study: 34% of Young Investors Act on Online Financial Misinformation [IN]

Sponsored

📕 How to Get People to Rave About You For All to See

Can I tell you the truth?

One of the things that’s always frustrated me about our industry is how SLOW it is to evolve.

When you compare financial services – and especially advisory – to other industries, we’re years behind.

It’s not that we’re incapable. (Some of the smartest folks I know are advisors.)

It’s that we’ve been handcuffed for soooo long by strict regulations and rules.

So when I heard that the SEC was FINALLY giving advisors the green light to start collecting and using testimonials in marketing…

…we couldn’t contain our excitement.

Within HOURS we designed an entire playbook with 29 videos, email templates, and ideas for how advisors can start leveraging testimonials to build social proof.

(Seriously…we almost pulled a couple of all-nighters doing this.)

Here’s some of what’s included:

• 2 “Foolproof” Questions To Generate Testimonials At Scale

• Two Powerful Copy-and-paste Email Templates that Get Lay Down Testimonials

• Sample Presentation Slides That Make Your Testimonials LOUD

• 8 Testimonial Power Strategies That We’ve Used To Help Advisors Generate Millions In AUM

I’m offering a flash sale where you can get my entire playbook at a heavily discounted price.

👉 Click here to get the lowest price!

😫 How to Reach Stressed Out Prospects Without Overwhelming Them…Even More

A survey conducted by the American Psychological Association reveals people are more stressed than ever.

Roughly half of people report elevated stress levels this year, due to a host of issues that are outside of their control, including:

• Health/pandemic concerns

• Inflation

• Violence and crime

• Political climate

• Stock market volatility

And here’s the most alarming statistic: 27% say they’re so stressed “most” days that they “cannot function.”

Don’t gloss over that.

More than 1-in-4 people – meaning your clients and prospects – are so stressed out they can hardly function normally. 

😫Marketing to Stressed Out People

According to consumer psychologists, this high state of stress should change the way we advertise and market to prospects.

As advisors, we can’t use the same messaging with a stressed consumer as we can a calm and poised prospect.

Here are some things to keep in mind as you reach out to people and develop marketing content/outreach strategies in today’s climate:

• Avoid shock value. Hyper-stressed prospects relate shocking ads and headlines to negative emotions, which hurts your chances of building a relationship.

• Reduce choices. Overwhelmed prospects will walk away when presented with lots of choices. Don’t highlight every single product/service you offer. Lead with just one or two primary ones.

Validate emotions. Whether it’s a LinkedIn message, email, or website copy, acknowledge that people are stressed and frustrated. It goes a long way.

🗓️ Upcoming Industry Event Calendar

• Tuesday @ 3pm EST: [Encore] How to Attract Doctors & Dentists Clients

• Jan. 8-12: 58th Annual Heckerling Institute On Estate Planning

• Jan. 13-15: Global Financial Planning Institute’s CONNECT 24

• Jan. 15-18: AICPA PFP Summit

🤖 Tech Tip of the Week

Want to quickly familiarize yourself with a complex topic that you don’t understand?

Try this ChatGPT prompt:

Pretend like I’m a college freshman in a 101 class on [topic]. Please teach me about the basics of [topic] so that I have enough understanding to talk about it confidently.

Try it with something like cryptocurrency or thermodynamics and see what you think!

✌️Good Vibes

In a heartwarming display of community spirit, a young man with autism experienced the joy of a lifetime during the Eureka Trucker Parade.

It all started when Parker almost had his dream of riding in the parade shattered, after the truck he was originally going to ride in had to back out due to a mechanical failure. 

But word spread in the trucking community, and a quick Facebook post by his family went viral.

Local trucker Mike Divine reached out.

Not only did he let Parker ride along with him, but went the extra mile to decorate the truck with thousands of lights.

"Everybody needs to be loved," Mike said. "They want to be loved, accepted, and if I can make his night, why not. It's all about him." 😊

Sharing looks good on you.

When you copy that link at the bottom and share it with a few financial planning colleagues, you look like the smartest advisor in the room by keeping them informed.

Plus, you earn rewards. Sweet.