Misconceptions About Selling Annuities

Lloyd Lofton joins today’s Power Hour at 12pm EST / 9am PST to discuss the untold secrets and debunk myths surrounding annuity sales.

👉️ Click to register and join for free!

🌭 We Can’t Have Nice Things…

For 25+ years, the Philadelphia Phillies have hosted dollar hot dog nights. 🌭 

It’s become a fan favorite event – a rite of passage for fathers and sons.

Starting this year…the team says, “NO MORE!” 🚫 

Apparently a lot of those wieners became projectile missiles last year, causing a safety issue for players and fans.

But, hey, if cheap meats are your thing, you can always head across the state and catch a Pittsburgh Pirates game, where there are SIX $1 dog nights on the calendar in 2024.

- Team Advisorist

In Today’s Issue 👇️ 

• #1 thing holding successful advisors back

• How to attract more HNW boomer clients

• How Americans view pensions in 2024

🧠 🏃 Harvard Psychologist Says This Holds Many Successful People Back

According to a Harvard psychology expert, the number one mistake that can lead highly successful people, including advisors, to burnout is toxic productivity.

🧪 What is Toxic Productivity? Productivity becomes toxic when you feel pressure to be productive at all times and prioritize your perpetual to-do list at the expense of your well-being.

Anyone? 🤔 

While this isn’t technically a medical diagnosis, it’s something that a lot of successful people deal with.

🖐️ Here Are 5 Signs It’s Something You Struggle With Too:

1. You are on the go all the time

2. You feel guilty or ashamed about not getting enough done

3. Your self-worth is determined by how productive you are

4. You find it difficult to relax or to have downtime

5. You neglect self-care

🛠️ What to Do About It

1. Next time you’re doing an activity, try to actively focus on your breathing while doing it. It’ll force you to slow down.

2. Tell yourself that “partial success” still counts as success.

3. Practice encouraging self-talk as if it’s coming from another person. (e.g. “John, you’re doing great today!”)

4. Try reframing your downtime as an opportunity to restore energy (which is an accomplishment).

5. Create a bedtime routine that includes multiple elements of relaxation…every day.

Headline Roundup

🏠 Affecting Your Clients

• Target Latest to Adopt Paid Membership Model [RTRS]

• New Rule Caps Credit Card Late Fees at $8 [CNBC]

• Banks Turning More Would-Be Borrowers Down [USA]

📈 Markets & Economy 

• Bitcoin Touches All-Time High; Cools Off [CNBC]

• Gold Futures Continue to Rally [MW]

• China Sets 2024 GDP Target of ‘Around 5%’ [CNBC]

💼 Industry Roundup 

• Nationwide Hit Record Revenue in 2023 [TCD]

• Zelle Sees $806B Transaction Volume in ‘23 [PRN]

• Over 50% of Clients Open to Remote Financial Advice [AW]

🪝 How to Create Powerful Hooks to Attract HNW Boomers

There’s a silent stress factor brewing among wealthy Baby Boomers.

And if you have clients in this demographic, you need to be tuned into it.

A study highlighted in Forbes this past week shows rich Boomers are stressed about how they’ll hand their fortunes down to their kids.

Some of the findings:

• 70% of HNW investors are concerned about their heirs using the money wisely

• 76% say a “smooth transfer of assets” is one of their biggest financial worries

• 70% are concerned about how to pass money to heirs in the most “tax-optimized way”

With $73 trillion expected to be passed to younger generations in the U.S. over the next 20 years, these are critical concerns for your clients.

As an advisor, this current state of the landscape represents a major opportunity to grab a competitive advantage.

If you can position yourself as the advisor to proactively address these concerns, you’ll have a much more powerful voice in the room.

Rather than hosting run-of-the-mill retirement webinars or sending out emails about standard insurance products…

…try shifting to topics that are already top of mind for them.

If I were hosting webinars, creating lead magnets, or writing books for an audience of HNW Boomers, I would be thinking about “hooks” that address the findings from this study.

Examples:

👉 The 7 Things Every 50+ Year Old Must Do to Ensure Your Heirs Don’t Squander Your Money After You’re Gone

👉 How to Guarantee a Totally Smooth Transfer of Assets (So That You No Longer Have to Worry About the Future of Your Family)

👉 Little-Known Techniques The Top 3% Are Using to Pass Money Down in the Most Tax-Optimized Manner

Do you see how much more compelling it is to focus on topics that your audience already cares about, rather than manufacturing your own generic ones?

🗓️ Upcoming Industry Event Calendar

Mar 6: The Virtual Advisor Power Hour

Mar 12 -14: 9th Annual FA Magazine Invest In Women Conference

Mar 24 - 25: Shift: Human First Financial Guidance

🧮 By the Numbers

83%

That’s the percentage of Americans who believe all workers should have a pension, according to a new National Institute on Retirement Security Report.

Other findings include:

• 75% of Americans agree that those with pensions are more likely to have a secure retirement

• 79% say there is a retirement crisis (up from 67% in 2020)

✌️Good Vibes

In an amazing, heartwarming story out of Utah, engaged couple Kelsey Poll and Tyler West made an astonishing discovery while flipping through old photo albums.

On one of the pages of Kelsey book, there it was…

A picture of Kelsey on the day he was born, getting her footprints taken at the hospital by none other than Mary Ann West, Tyler’s mom.

"We were looking through my baby book to find some pictures for our wedding video… and we see this picture, and it's Mary Ann there," Kelsey exclaimed with disbelief. "[Tyler was] like, 'That is my mom.' And it was undeniably Mary Ann."

The coincidence deepened when the couple found a certificate that Kelsey's mother had received after her birth, featuring none other than Mary Ann West's distinctive handwriting.

"There are some things that are too, are just too strange and strong to be a coincidence and that’s exactly how I feel here," Kelsey says.

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.