Chad Owen walks away from a client who demands 6% returns and rejects guarantees. He explains why misrepresenting annuities costs more than losing a sale, and why strong lead flow lets you say no to bad fits.
Hello, Chadowin with Annuity Agents Academy. Just got out of appointment and ran.
Into kind of an interesting experience as an older gentleman, 76 years old, his wife is 68 years old. They had a pretty decent amount of income coming in.
I would say they barely met their monthly expenses but they still had a good income coming in.
And we're starting to discuss, I'm going through the facts finder, find out where.
He has all of his money and.
What, what type of products does he have it in? What does he feel about risk?
And he starts telling me about how.
He has a muni bond that makes.
9% and he has a dividends that pay 5.5%.
And I said oh okay. I said, but is that guaranteed? You know, oh, nothing's guaranteed.
He said, you know, if you're gonna tell me anything's guaranteed here, then, you.
Know, then we're gonna have another conversation. I said, okay.
I said, you know, really, we do have gu, but it's not based off.
Of that type of return, it's based off of an income guarantee.
And he goes well if you're not.
Going to tell me that this product.
Can average over 6%, then you know, I'm not interested.
So I started packing up my bag, I started putting a stack in the papers and put my pen away and.
Things like, what are you doing?
I said well you just said if.
This product can't make more than 6%.
On a regular basis then you're not interested.
And he goes well yeah. I said well this product, I'm not.
Going to tell you that it can do that.
And he's like well, you know, is that it? And I said well yes, that's it.
I mean I'm not going to misrepresent a product.
I'm here for safety, security. I'm here for guarantees. I'm here for no market risk. I'm here for no more volatility.
But it sounds like you think that is fine.
He's like well no, no, I don't really like volatility but you know, I make good amount.
I said well how long have you.
Been with your current broker?
And he goes well I've been with.
Him for a year.
And I said well of course everything's going to be great, of course your returns are going to be high.
So he goes well what do you.
Have to leave with me?
So I did leave him my leave behind kit.
I left him everything there with my book and my branded material that I have. But here's the point to this, don't be afraid to walk away.
Never misrepresent a product. Don't try and drag out of it. And this is once again why it's so important to have a great lead flow because with a great lead flow.
You don't have to beg for sales.
But even if you only get one.
Or two leads a week why are.
You trying to convince someone that's okay with market risk that thinks they can get a better return?
Why even bother with the argument now? He did say when I left he.
Goes I am going to read that book I'm going to go over that material.
If he does then great. If he doesn't then that's fine.
But the point is be comfortable with.
Walking away if you can't meet the perception of what the client has.
You can only do so much to.
Try and convince someone they're wrong but.
Just pack up and go. You guys have a great day.
We'll talk to you later.
Bye.
