Are You Benefiting Or Costing Your Clients? | 7 Figure Annuity Sales Podcast | Ep. 158

Hello, everyone. Welcome to this week's podcast. I am Chad Owen, the annuity sales coach, and next to me is my retirement. So if you listened to us last week, you would know why I call him that. But what are we talking about today?

One time you dropped a one liner.

And you said one time I dropped. I drop one liners all the time. That's fair, that's fair. One time I remember you dropped a one liner. That impacted my life. That always changed the way I look at the entire meaning of life. About. Okay, go ahead.

It's true. And it really transcends even the annuity industry. Specifically, it goes into, I think, all sales.

But basically what it was is you can sell for the benefit of somebody or you can sell at the expense of somebody, at the cost of somebody. And the idea behind that is the somebody in both scenarios is the client, the person who's actually purchasing the product. But what does that like when you think about that and you think about that in relation to what you get to do with clients, how does that affect what you do and the way you do it?

You know, it's funny, when I had that revelation, I was actually talking to someone else about sales in general. They were trying to learn how to sell something. And I said, you know, the reality is you can sell at the cost at someone for the cost of someone or the cost for the benefit of someone for someone, or the cost of someone. Oh my gosh. You know what? See, revelation usually only comes once. Yeah. And then it's.

And then it's like, gotta write it down.

It's like a firecracker. It blows up and then it's never there again. But you can sell at the cost of someone or the benefit of someone. What I mean by that is if you're selling the cost of sub as you're selling at the cost of someone, that means it's hurting them.

Right?

I mean, that's really how I look at that. You're trying to do what's my commission, what's my benefit, what's my recognition, what's my paycheck? That drives me nuts. And anybody who's followed me over the years knows I don't even think about the commission. I honestly don't. If I help someone with a hundred thousand dollars, I feel the same. If I help someone with a million dollars, it's the same thing. Did I find solution to their problems? Well, when you sell for the benefit of someone, that means you're always looking at what's best for them. That's why? You know, this is a quite a few years ago, but they used to be this big stink because some insurance companies would pay higher than another. Some insurance companies would have nicer trips than others. I mean, I know of a company right now that's going to a very exotic place in Europe and I'm just like, you know what.

I mean? If your product was better, yeah, sure. But it's not. So it doesn't matter me at all to do that. Even though this is a place I'd really like to go. So. But the way I look at it, so I. And this is just where my mind goes. So I get to this place, I'm in. It's a bucket list place for us. And then I really start to think about how did I get there? I got over by messing over other people and putting them in inferior products. How could you ever enjoy that?

Right.

You know, it's just. Or if you sell something that has a higher commission and you did it knowing that there was a product that was better. Once again, even if you didn't know, if you're not researching, that's still the same result. You still put them in an inferior product. But the way I look at this is I need to know in my heart that I did the right thing for my clients. This is why when we help agents, it's always okay, you live in this state, this is your product line. This is what I'd recommend for what you're doing.

Right.

And that's why we have all the little trackers, we have all the comparison tools. We just want to make sure you have the best thing possible for your client.

Absolutely.

And that's what it comes down to. So don't ever sell at the cost of someone. Sell for the benefit of someone.

Yeah. That's so good. And you know, you think about the idea of sales in general and it has such a tainted perception.

Because people do it at the cost of others all the time.

All the time. Right. That's why I do like a lot of insurance companies now. I mean, almost every products approximately the same compensation now.

Right.

And very few do any trips right now.

Sure.

So so be it. You know, I don't agree with it.

Right.

Because I think why should anybody care what I'm getting paid as long as I'm doing my job? It's because people used companies that paid them more in compensation.

Yeah.

Even though it wasn't the best thing. So it's always, it's always the case. There's always a handful of people that do the wrong thing that messes up for everybody else.

It's true, it's true. That's very true. Okay, well, trying to think how to like extrapolate that a little bit more. And where my brain goes with this, Chad, is the way that, that actually impacts the push that you have in those situations where it is beneficial. So I want you to think, think about you've got somebody across from you, it's not the best for their situation.

So it's so easy to walk away.

So you walk away.

You walk away. I mean, there's, there's been clients. I could have easily got a 2, 3, 4, 500 million dollar sale. And I'm like, this is not best for you right now. You say, well, how is it with someone who has a million dollars? How can you tell me that's not best for them? Well, when they're requiring 250,000 a year to live off of, I can't get that out of a million bucks.

True.

Not even close. So I could easily say, hey, you know what, why don't you do this? I mean, even if they said, hey, I want to do, I'm 60 years old, I want to pull out 10% per year, I'd be like, no, you don't have any income. Obviously we do the full fact finder.

Right.

But if I find out in 10 years they don't have enough income, if that, if the hypothetical doesn't work and it has to work off the guarantees, if they don't have an income, then I'm not writing it.

Right.

I mean, I need to make sure the guarantee covers their expense.

Yeah, absolutely.

And sometimes it's tight, but sometimes I'm going, well, you don't have enough to cover your expenses, but you need to cut back your expenses. Because I'll ask them how much they're spending eating out things like that. So then I go, okay, well, 200,000 would work with this, but you have to do your part and cut back your expenses. Oh, I will, I will. Who knows? Only time will tell if they did right. But I know I can leave there going, yeah, this annuity here wasn't enough to cover their current expenses, but I advise them on what they need to do to make that happen.

Right.

And as long as they do that, then we don't have a problem.

Right, right. So on the flip side of the coin, where, like I say, you're sitting across from somebody, it's not the best thing for their situation, so you walk away. And I hear about those times you talk about you have an appointment with somebody, you realize it's not the best thing. A lot of times it comes up on the phone.

Yeah.

You realize on the phone, wow, this is not actually going to be. So then you give them advice and wisdom on the phone. Okay. On the flip side of the coin, you've got somebody you're sitting across from and it is the best thing for their situation and you know, beyond the shadow of a doubt that this is what they need in their retirement situation, which is primarily what you're dealing with. How much harder does that allow you to really push for them? Because you know, you're selling for the benefit of them now, at the end of the day, they have to want.

It more than you have to want it. Yeah. So it still goes back to. Even though. So I'll use this analogy, I'm obviously a Christian. I state that many, many times. This is not a surprise to people who followed me. How much benefit do I get whether they accept Jesus or not?

You.

Yeah. Does it affect my eternal stance, whether I'm getting in it? I mean, you could talk about different doctrines, different theologies about, you know, every time someone gets saved, you know, you get a bigger mansion or whatever. You know, I don't even look at that side of things that. But if we look at it, what actual benefit, does it affect my eternity at all?

No, it gives you some joy in the moment, you know, some excitement.

So I guess you could definitely say that. But if they choose, they stop. Free will and what I tell people this all the time. If God gives you a free will, then why is you, man, have a right to take that away, you know, that's up to you. Now, free will has consequences. If I'm driving in a car and my free will is to go 150 miles an hour, then the consequences, I will be pulled over, probably lose my license, probably end up in jail.

Right.

But it was still my free will. When I'm helping people with retirements, I say this affects your retirement way more than it affects mine. I mean, I own a lot of companies. Whether I sell this 500 million dollar annuity, it does not affect my retirement.

Right.

It doesn't even. Honestly, I mean. Yeah. Is it great? Absolutely. But I like being successful and that doesn't matter what I'm doing.

Right.

So if I help someone find a solution to the problem, I'm looking at that success right there.

Right.

That's what it comes down to.

You know, another thing, people are naturally pretty good at reading through people's facade.

You would think then a Bernie Sanders. Not Bernie Sanders.

Bernie Madoff. God, those Bernie's. What's going on with the Bernie's messing us over, man. But yeah, Bernie Madoff. I mean a lot of people should have caught that. I mean I heard someone tell me that they were audited, think two times or four times by the SEC, but one organization alone reported him 250 times about, hey, something's not right here. And he still didn't get caught until he finally did. Sure, but how many people got messed over? When you have a really slick person, they can get away with a lot.

That's true.

I mean think about how many relationships are started off of the perception that that's a good guy. I tell ladies this all the time because we do a lot of counseling. I don't know how you slip through.

The cracks somehow, some way, somehow.

But I say, you know what? Remember, if they're not on their best behavior when they're dating, then I assure you, when they're not dating anymore and you're married, things are going to go downhill. Not always. Every once in a while you see some guy that just sobers up and something happened, they changed. But it's so rare. Well, he was never like this in the beginning. Oh I, Yep, absolutely. We know this person. They were like that. So you know, when you, when you're helping people, you have to look at, you know, look past and that's where the facts come into play.

So true.

So it's not my personalities. Here's my numbers, right? Here's how much you get, this is how much you have. So it's not a matter of, it's no, not emotion. Yeah. It's not an emotional.

When you even tell clients that, you.

Tell them, yeah, money have no emotions, numbers have no emotions. It's only what you put to it.

Right.

So I'll tell them and go, hey, here's factually how your numbers work. Hey, here's factually how they don't work. Yeah, you might be working longer. Sure, they do that too. Or you're never going to retire. I hate those, but those are tough, man.

I remember one guy you had a phone call with the 65 years old thinking about retiring. He's got nothing in IRAs, nothing in 401k, no type of pension plan and he's got 10,000 in the bank.

Yep, 65 year old and his he required way more than Social Security will ever cover, ever.

So it's crazy, but I got to think too that when you are doing what you know, to be best for the client. The conviction that you have about that situation for them gets picked up and perceived by the client.

Yeah. You know, for the most part, I'd agree with that.

Yeah. They can really tell, like, this guy is actually trying to do what is best for me. This lady is actually trying to do what's best for me.

And that generally is more recognized by your passion for what you're doing.

Okay.

Because very few people are passionate about messing someone over.

Right.

They'll do it to get what they want, but they don't have that drive, that passion, that light in their eyes that goes to, man, this guy's just loves what he does. I hear that. My clients tell me that all the time. You really love what you do. Don't you said, think about this. If I can get your retirement situation to work, you never have to worry about market volatility ever again.

Right.

Why would I not be excited about that? You know, there's. There's things that. Two things that kill seniors more than anything else. Stress and rocking chairs. You think about it, stress causes all sorts of health issues.

There's a book about that.

There is a book. I wonder who wrote that. I think someone. Some kind of shadow guy, some guy. But yeah, it's. You know, you have that book. But I did that. I created that title because that's. I kept thinking about it. People that are stressed out are usually miserable, and then they're just as miserable as often the person who's stuck in a rocking chair just wishing they would add money to do something or they had the health to do something. Right. So, you know, you tell your money what to do, or it will tell you what to do. You tell your health what to do, or it will tell you what to do. You tell your time what to do, or it will tell you what to do. And so I want to make sure that, you know, it's perfect for their situation as long as they provided the method to the means.

Right.

But, yeah, how can you not be passionate about it? And they do sense that. Absolutely.

Okay, so how would you encourage somebody who maybe if they were to be real with themselves and candid with themselves, would say, you know what? I've been doing this. Or I've had this mindset of, you know, trying to sell these things for my own personal gain. How would you encourage somebody to kind of break through that?

Yeah, you know, it's funny because somebody would say, well, would you sell your mom this? There's a lot of dodos out there that would sell their mom and have sold their mom. I'm like, oh, why? Oh, My son helped me with my retirement. Your son doesn't love you or what?

Yeah.

It's like you look at the product and you just go, what the heck happened? But, you know, you really have to look at this. Do you want to be someone 60, 65 years old, 70 years old, and be put in a situation where you can't retire? Well, they don't either. So make sure you're doing everything possible. It really comes into serving. I'm there to serve my clients and help them. This isn't about getting chat, a bigger truck, a bigger whatever, boat or whatever. I don't even have boat right now. I really do want a boat. But it's not about that. It's about really what is the best for the client. It's their money. It's their 30, 40 years that they spent saving up that money. It's not yours. You have no claim to it. So do what's best for them.

You can't consider annuity sales your means to an end when in a lot of situations, the safe retirement is the end for your clients. Meaning this is. This is their. This is what they're trying to figure out. This. It's a much bigger deal for them than it is to you. You have to think about it in their terms and from their point of.

View, and it's got to be what's best for them. So that's so good. I think that's it, guys. I hope this helps you a lot, and somehow I'll untwist my tongue and I might be able to talk again. But you have a great day. And of course, happy selling.

Sam.