Dr. Wade Pfau and the RISA Plan

With the financial services industry changing so rapidly, today Marc Rogers and Jag go back to the basics.  We interview Doug McDermott, Marc's mentor, who started in this business in 1979.   Doug explains how an early assignment helped him find a passion for what he does.  And you'll hear just how contagious that passion is as you listen to this episode.

Doug speaks at length about "having a servant's heart."   If your "why" is to serve others, everything else will take care of itself.  In some ways, that's a lost art in today's world.   He also shares a brilliant way he explains his compensation to investors. The words you use are vitally important.

In addition to helping investors and advisors, another piece of Doug's "why" is his foundation, The Gift of Gratitude Foundation, helping military veterans and first responders.  You can learn more about that organization here: https://giftofgratitudefoundation.com/

Marc asks Doug about his perspective on the current market, with the traditional 60/40 mix performing as badly as ever.  Doug explains the upside of fixed index annuities, and how they can be used not just to get clients to retirement, but get them through retirement.

The key is in the details.  Using the right language with your clients, Doug's oversized business cards, and more that shows you care and will go the extra mile for your clients.

And when it comes to dinner seminars, Doug still updates his 3-inch thick manual of how to take care of all the little details.  Spoiler: He'll tell you why he always serves carrot cake.

Email Doug: Doug@conceptsbenefitsfeatures.com

To access Marc and his team, as well as more tools to help grow your practice, give Marc a call at 800-829-5526, or visit online: https://www.producersprospect.com/

Marc Rogers is back from his recent travels, which included being in Knoxville for the epic Tennessee-Alabama game.  No doubt the Vols had a great pregame plan for how to attack the Tide, and they executed it when it mattered.   Pre-game preparation and in-game execution are also key to client events.  And you want to be putting on events, not "workshops."

Certain brands know how to position themselves as customer-focused and a cut above.  Marc and Jag cite examples from Marriott and Delta to Chick-Fil-A.   Everything about the customer experience and brand matters.   That's what you need to keep in mind for your events.

Marc explains what you need to do for these dinner events - from screening candidates and hitting multiple touchpoints, to picking the restaurant, music, and host to introduce you.   Jag draws on his experience in radio - when you go to a concert, you know which station is the "big" station and which is the also-ran.  They are pretty easy to tell apart. Which do you want to be?

Marc explains how he and his team at Producers Prospect work hand-in-glove with your staff to handle every aspect of this process, both ahead of the event and during it.    Next time, we'll talk about the post-game and the follow-up.

To access Marc and his team, as well as more tools to help grow your practice, give Marc a call at 800-829-5526, or visit online: https://www.producersprospect.com/

Dr. Wade Pfau is a world renowned expert in the field of investing and he joins Marc Rogers and JAG today on the podcast.

We start the show talking about some of the major challenges retirees face today in an ever changing world, and how you, as an advisor, can best be equipped to help them.  This includes sequence of return risk in our current stock market, bond market, and inflationary economy.  Also longevity risk: we are living longer and don't know how long the money will need to last.

Investors no longer fit into one of five cookie-cutter strategies.  That's where Dr. Pfau's RISA Plan comes in. It stands for Retirement Income Style Awareness. This starts with a "probability based" vs "safety first" mindset analysis. Next is "optionality" vs "commitment."  The RISA Plan it helps you determine everything about your investors' risk tolerance and planning mentality.   And interestingly, investors' results from the RISA plan do not tend to change with market or economic conditions, as the research showed between March and September of 2020.  

Wade explains how advisors can employ RISA to best serve their clients.  Knowing how clients answer these questions ahead of time gives you a knowledge of their retirement style as well as how they want to implement financial advice, which can make for a better introductory meeting.  Also, as an advisor, you may have worked with one line of thinking when it comes to retirement planning your whole career.  This may open your eyes as to how to work with investors who have a different style.  It's all about getting investors into a strategy that they will be comfortable with into and throughout retirement.  Dr. Phau explains that may include both investments and insurance.  This leads Marc to ask him about the "bad rap" that annuities often get.

More:

RISA Profile Website: https://risaprofile.com/

American College RICP Program: https://www.theamericancollege.edu/levelup/ricp

Dr. Wade Pfau's Retirement Planning Guidebook: https://www.amazon.com/Retirement-Planning-Guidebook-Navigating-Important/dp/194564009X

Article Marc Referenced on the 60/40 strategy having its worst year since 1936: https://finance.yahoo.com/news/60-40-strategy-worst-year-since-1936-114330825.html

Dr. Pfau's article on Risk Pooling vs. Risk Premium: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2860775

Dr. Wade Pfau Bio: https://www.theamericancollege.edu/our-people/faculty/wade-pfau

To access this research and more tools to help grow your practice, give Marc a call at 800-829-5526, or visit online: https://www.producersprospect.com/

Today it's the Marc and Mark show, as  Marc Rogers of Producers Prospect and Jon "JAG" Gay are joined by Mark Gaffney, of Mark Edward Gaffney.  Mark's got decades of experience coaching some of the country's most successful financial advisors on how to maximize their revenue.  From event marketing to traditional mail to radio and television Mark does it all.

It all comes down to the data.  Emotions and opinions don't matter.  Mark and his team look at the data, and help you focus on 3 main marketing funnels for your practice, to grow your client base.   But you've got to be willing to do the work, and as Marc Rogers says about your potential clients, be "qualified, committed, and coachable."

As with any small business owner, many financial advisors try to do everything themselves.  But that's no way to grow a business.   To connect with Mark, Marc, and the rest of the team at Producers Prospect, reach out.

Give them a call at 800-829-5526, or visit online: https://www.producersprospect.com/

Today, Marc Rogers of Producers Prospect sits down with Jon "JAG" Gay to talk about Jon's area of expertise - podcasts.

As a radio personality for 15 years, Jon has parlayed his interviewing and technical experience to create broadcast quality podcasts for advisors all over the country, including this one right here.

Advisors like you are always wanting to find new ways to reach potential clients, and the days of paper mailers, tv ads, and radio shows have gone the way of the dodo.  A podcast creates evergreen content for your current and potential clients, can be used over and over as a marketing tool, and as Marc can attest: they are fun!  It also gives you an opportunity to bring on subject matter experts, tap into their expertise, and as a result, their networks.

Over 80% of Americans age 12+ are familiar with podcasts, but there are a number of myths to dispel in the space.  First, podcasting is not just for young people.  Since the pandemic, it's experienced exponential growth across all demographics.  We also talk about how Apple charts don't matter, and how people are actually finding your podcasts.

Podcasts can be short - you don't have to put together 60 minutes of content for every show.  And your compliance department won't be an obstacle.  They can preview and approve all audio before it publishes to the world.

We've all seen the sales and marketing funnel presentations.   A podcast can skip the first stages of your funnel, because it's creating familiarity and establishing credibility before you even meet a potential client.  Have them listen to a show before coming to your office, or even before you bring Marc to town for a seminar!

What about ROI? Everyone wants to know about ROI before they commit to any sort of marketing. Are you immediately going to sell ads and make money on your show? No.  But the ROI comes in marketing.  If you bring in one high net worth prospect to your practice, the show has paid for itself many times over.

What about video?  Marc and Jag talk about the pros and cons of video, but explain why it's not as important as you may think.

The key to a successful podcast is planning out your content before pressing record.  And the first step is by reaching out to Marc and the team at Producers Prospect.  Find them online at  https://www.producersprospect.com/ or give them a call at 800-829-5596.

Marc Rogers of Producers Prospect is joined once again by Ryan VanSickle of Leading Response.  Too often, as advisors, we get busy, we don't put thought into making all of our marketing vehicles work cohesively, and we don't consider the perspective of our potential clients - the ones we want to bring in.

Ryan describes the sales and marketing funnel.  Often, we gravitate toward "low hanging fruit" - the 10% of clients that know they have a problem.  But what about the top of the funnel?  What about the 90% of potential clients that don't know they have an issue with their current advisor.  This is where not just dinner seminars themselves, but the touch points before and after, come in.

It may be human nature to write off a dinner seminar participant as a "plate licker" if they don't become a client immediately.  But they might not just be ready. Changing advisors is a complex decision for investors, with potentially life-altering consequences.  Also, where are they in the funnel?  Are they still at the research phase? Maybe they need more information before they're willing to commit?  Maybe topic-specific events can be employed here - related to taxes, social security, and more.

It's all about being in the right place at the right time for when the potential consumer is ready to make a decision. And that means providing value, and fighting off the stereotypes that your dinner seminar or other content is just a "commercial" trying to sell something.

When potential clients move from the research phase to the evaluation phase, you want to have a wealth of material and touchpoints available to them, on their timeline.

Marc closes with an example of a pair of advisors who don't take a dime from potential clients until they complete a seven meeting process.  He explains how and why that works.

Marc and his team at Producers Prospect have launched a turnkey dinner Seminar Steps for Success.. For more information, contact them below.

Contact:

www.producersprospect.com

Email: mrogers@producersprospect.com

Or call 800-829-5596

Today, Marc Rogers of Producers Prospect is joined by another "Mega Producer" in his orbit.  Robert Binkele of the Estate Planning Team deals with high net worth clients and gives you, the advisor, some insight into the Deferred Sales Trust™.

We start by asking Robert about his 30 years of history in the financial services industry and how it's changed over three decades. After playing football for the Utah Utes and San Francisco 49ers, he's worked with many different types of investments.   And he was ahead of his time in moving parts of the business over from commission-based to fee-based. Diversify for your clients, differentiate yourself from other advisors, and be passionate about your work.

Advisors spend tons of money on advertising and marketing.  Robert talks about figuring out how to market yourself, and the importance of being a good public speaker - or working with someone who is while you build up your skill set.  It also helps when you have a great product.  And that brings us to what Robert and the Estate Planning Team built - the Deferred Sales Trust™, a strategy to defer capital gains tax on the sale of highly appreciated property.

Marc and Jag ask Robert how he explains what he does, to someone at a cocktail party.  After walking through that, he also talks about targeting commercial real estate agents, business brokers, CPAs, and attorneys, and how to get them working for you.

To learn more about what Robert and the Estate Planning Team do, you can visit his website ate https://www.myept.com/

To get started working with Robert and Marc, visit https://www.producersprospect.com/

Or give Marc Rogers a call at 800-829-5526.

Marc Rogers of Producers Prospect continues his series with guests who can make a real difference for financial advisors.  Today he is joined by Phil Graham, talking about the Beneficiary Liquidity Plan.

We see it all the time - advisors have a great relationship with a client.  Then the client passes away.  In the vast majority of cases (anywhere from 67%-95% depending which study you read), that next generation fires the advisor.  Why? There's no relationship there, and upon the passing of a loved one, there's no way to quickly access capital for funeral expenses and more.

Enter Phil and the Beneficiary Liquidity Plan.  It's a simple form you can have you clients fill out, and it requires no change to your RIA or any other affiliation. It's 3 pages, a 10 minute conversation.  And it enables you to make money on an existing client, while also protecting them, and giving their heirs one less reason to walk away.   When they need money upon death, they're able to access it.  It's part of the Hero Bridge process that Phil uses to help you get introduced to those beneficiaries through your clients. He's got email templates, scripts, a pre-written survey, and more.  This translates to you making $100 per minute on this process. He explains how this "Refrigerator Perry" type of process works.

This is a proven system that Marc and Phil can set you up with.  To find out more, contact Marc at Producers Prospect:

800-829-5596 or ProducersProspect.Com or on social media. 

Find Marc on LinkedIn here: https://www.linkedin.com/in/marcrogersqb14/

Phil Graham has quite a legacy in this business, having raised over $22 billion in assets over his career. As we wrap up, he and Marc discuss the importance of having a mentor, and a mentor who's been where you want to be.  That's where Marc and Producers Prospect come in.  Marc and Phil really believe in giving back to the industry and the people in it.

Today, Marc Rogers of Producers Prospect welcomes long-time collaborator Skip Johnson.  Skip has re-invented himself several times, including building a $1 Billion RIA, Great Waters Financial.  Great Waters was recognized in several publications as a top  business in the state of Minnesota.

Skip explains how the key to financial planning is the plan itself, not the products you are selling. When we experience market volatility (as we are now), investors will sometimes question the products.  But if this is all part of a master plan, that plan accounts for volatility when it's created.

The flip side of this is an opportunity for financial advisors to bring in new clients.  Maybe these clients have reached a pain threshold with their old advisor that's causing them to shop around.  This is where branding yourself as a thought leader in your industry comes in.

Create multiple touch points with your clients - have them see your name on the byline of financial publications, have them see your name on television and other media.  And have an opinion.  Skip talks about how these strategies have worked for him.

Also, have investment options available for clients.  The democratization of financial planning has created a lot more access and knowledge for investors.  Be ready to meet them where they are.

Finally, don't lose sight of what's important.  Find a way to maintain your work life balance.  But get to know your clients. Caring about them will go a long way.

Want to improve and grow your practice?  Contact Marc and his team at Producers Prospect at https://www.producersprospect.com/

Or send him an email - mrogers@producersprospect.com.

Today, Marc Rogers of Producers Prospect and Jag are joined by Marc's longtime collaborator Eszylfie Taylor, creator of The Taylor Method.  A man of many talents, Eszylfie has a tried and proven method to help you, as an advisor, grow and improve your client base.  How do you get more referrals? How do you get the right referrals?

The Taylor Method is broken down into four parts: the approach, the fact find, the opportunity, and the close.  Eszylfie walks us through his "objection free sales process."  It's not about selling someone a product; it's about solving someone's problem.

If you want this process to work, you have to put in the work.  As Eszylfie says, the elevator to success is broken. You have to take the stairs.

As we wrap up, Marc asks Eszylfie about some of his other projects, including "Mind, Body, Money" - the app, upcoming reality show, and more.

To learn more:

https://www.taylormethod.com/

https://www.mindbodymoney.com/

https://www.producersprospect.com/

Find Eszylfie on social: @EszylfieTaylor