Is What you're Doing Working? | 7 Figure Annuity Sales Podcast | Ep. 196

On this week's episode, we're going to be talking about my year to date production and what's working, what's not.

Hello, everyone. Welcome to this week's podcast. I am Chad Owen, the annuity sales coach, owner of Retirement Realized financial Retirement Realized agents Academy. We are all about helping you you be better. That's really what it comes down to.

That's right.

Well, almost helping everybody be better. We'll see. I mean, I got Boy Wonder, Wondrous Boy Boy Wonder Ace Wonder Boy Wonder.

Boy Wonder Bread.

Wonder Bread once it was. If you've ever seen his legs, you would know why we call him White Bread.

Oh, it makes Miracle Whip look like it got a tan.

I converted you away from Miracle Whip.

You did. I do like mayonnaise.

The only way better than Miracle. That's true. Yep.

Okay, so 2022 production update. Chad, okay. Is off to a record year. 17 over 17.3 million sold. You've averaged over 1 million per week that you've worked, which is great.

Yep. My body feels it.

Yeah. And you have over a $445,000 average case size.

Wow.

So all the numbers looking great.

Do you have any chance what my closing percentage. And I said because since somebody said a few weeks ago that I would never retain those or keep those going, I mean, you know, just thinking, you know, I don't know, I could be wrong here.

We can, we can recap again at the end of the year and see. But as of right now, Chad is. Chad has proven me wrong. He still is closing over 70% of the people.

He was 70%. Never over 70.

Over 7.

Just want to clarify.

I'm glad when I have to eat my words. Keep going.

What else? What were the other statistics that I.

Wasn'T going to maintain appointment rate over 72%.

Okay, good.

Which I thought that would dip down to around the 60 mark, but it hasn't yet. So we'll see. Okay, so we'll see long term.

Anything else?

Still lots of we're wrong on.

I'm just checking.

I can recall everything else. I'm pretty much just dead on.

If you're going to be wrong about something, be wrong against your father in law. Definitely. Yes. Okay, that's. That's a good plan. But I think a lot of that honestly has to do with. There's a lot of junk going on in the market right now. And people, if you do your appointment right, people will understand the importance of meeting with you. I mean we're. These drops are just crazy and they're not stopping it. I just don't see anything that's going to stop this market from the slide.

I don't really either. Especially interest rates keep going up which I think only yeah, they'll slow down.

Housing market, that will slow down consumer buying because unfortunately a lot of people don't how to buy with something called cash or paying off their credit cards. So that means credit card rates are going up and you know, it's so important. Oh by the way, please, please, please, please remember to go to YouTube, subscribe to our channel like ring the bell and make some comments if they're good.

Yeah, ask questions because we answer those, we get on there and we answer.

Those because the reality is, you know, it would be a shame to just hear our voices and not see the potential, the beauty of one of us. So you know.

Yeah, one of us.

One of us. I'm not going to say who because.

The terminal of that.

No, it is true.

Yes, I know I'm not pretty to a lot of people. I actually hope I'm not pretty at a lot of people. But anyway, fair enough. Okay, so back to what we were talking about.

So what's working? I know that you've had a lot of conversations with pre existing clients, right. Kind of picking back up annual statements, reallocation opportunities, things like that and always doing a mini fact finder on those to see what, what else is out there, what do they want to protect?

Yeah, there's. It comes multiple fold. One of them is making sure they're okay. I mean that's a genuine thing because there I am getting clients right now that are reaching out to me that are scared and they're like hey, I just want to make sure my annuities are fine, everything's good. And so I am asking them, okay, how much do you have an emerg funds and savings now? Do you have any other accounts you're concerned about? And so yeah, I've picked up some business doing that as well. But it's also important to understand that I do. I mean I have a client that just called me this morning saying hey, I'm a little concerned. I was pulling out my RMDs but I could use a little extra money. Can I draw some extra out from my annuity? I said oh yes, of course you could. And I found out how much extra they needed. I said why don't you just activate the income rider on this? Because we have a product that has a good likelihood of increasing payments at some point over the next 10 years if not multiple times over the next 10 years. And so I'm learning, just go ahead and activate. They're like, what? I can do that? I'm like, yes, of course you can.

And that income beat the RMD for that year?

Oh yeah, absolutely. Because if you look at an RMD, let's just say of a 72 year old, I think it's 4 point or 3.85. Sure. And only have a payout effect. Yeah, it's usually higher than that.

Well, and two, your RMDs coming out of a small or being calculated on your account value if it's qualified, rather than your income account value, which is almost always higher.

Oh yeah.

So higher percentage on a higher account you're dealing with. Yeah, significantly more.

So it really gave them a peace of mind. And so that's working very well right now.

I love it. And lead flow as well. Generally picking up. Come on.

Finally. Oh my gosh.

It felt like it only took correction territory.

No kidding. Yeah, I got from one Internet lead source alone, I think I got seven leads in one day. My other, my radio is just going killer. My other Internet lead sources are just blowing up. Now granted, I'm watching that go through the checking account, you know, I mean.

Better have some business to show for it too.

Credit cards just going jing, ching, ching, ching, ching. Boy, I'm racking up those air miles. I better be taking a trip pretty soon. But I mean, come on, 17 million. Over 17 million in production who went and accept more leads and have more opportunities. So yeah, that's a really good thing.

Well, we kind of hit on this already. But one of the things that is working in our favor is the market being down. Interest rates are going up. Annuity rates are going up.

Yep.

And we're actually going to talk about that in a couple of episodes. The way that the annuity rates are affecting illustrations and how to plan with reasonable expectation. But anyways, as for.

Yeah, that is a good thing to talk about because you know what, I plan everything on and when we talk about, remember that because I only plan it on one thing and one thing only.

Yeah. So a little teaser for in two weeks when we air that episode.

Yeah, good.

But yeah, market is down, which is great for the annuity world.

Helps the mygas, which I don't use hardly ever because if it's a truly income plan, then they're going to need income. They don't need a myga.

I mean you.

But even your, your fixed rate in your index allocation options is really.

There's. There are FIAs right now with fixed rate options for. For one year over 3%.

I know, isn't that 3%? Man, I'm just sitting there going, that's a one year fixed rate. Which will blow away any CD right now.

Oh yeah.

And they have all the other options of doing those fixed rates for the first couple years depending on when the market falls and starts to recover. And then we can move back into the index strategies.

And that's not even Mygas. Mygas are north of that even on 3 year MyGas. 5 year MyGas, especially some up around the 3.8 mark on a 5 year. That's the fixed account in 10 year FIAs.

Yeah.

So pretty nice little option.

Yeah, that is. That's been really good.

Yeah. And then obviously always something that works well. It's full fact finding.

What?

Yeah. Who'd have thought?

Who would have thought?

I mean, what if fact finding, fact finders. If fact finding was a horse. Okay. And this is a Texas, Texas flying term. If fact finding was a horse, it had been dead years ago and we'd have beat it multiple times. You beat. We're beating a dead horse. I mean it. Just because we always go into fact. But it's so important.

I mean there is playing more important than full fact finding. You cannot find a good solution for a client that's relative to their situation unless you do full, complete, not partial fact finding. And yes, we will beat that horse. Where did that ever come out?

Somebody was a psychopath.

I know. I mean, what the heck? Some of these old time sayings, man, it's like nursery rhymes. Ring around the posies Pocket full of posies Ashes, ashes, we all fall down. Yeah, that's what the heck.

Pretty sure it's tied directly to holocaust events.

No. Ring around the Posey was scarlet fever, I believe, or.

Smallpox.

Oh really?

Yeah. Ring around the posies Pocket full of Pocket, ring around the posy Rosie, Rosie Pocket full of posy Ashes, ashes, we all fall down. They had to burn the bodies.

Oh my God.

Yeah, it was. Yeah. London bridges falling down London bridges falling. My fair lady. Oh, yeah. Dude, you don't want it. Yeah.

Some of the nurses. Well.

And we sing those the kids all the time.

Yeah, it's true.

A red rover right over. And the whole object of that game is to clothesline them so they hit their head.

Yeah, largely.

How do we survive?

Hey, well, actually drinking water from.

You were. You were. I still do that.

Yeah. That's good. Yeah, it's good water. Another funny. It's totally off topic, but Another funny thing, if you're really curious about funny laws, some states still have some, like, just arbitrary laws on the books. Like, I'm pretty sure in Colorado, if you get out of prison, like, legally, you're obligated to your first order of business to purchase a horse.

Like, wow.

Or maybe that's Mont.

I can't remember.

It was one of those states out west.

Definitely not Colorado now. But anyway, that's how we get from beating a dead horse.

Yeah, that's. That's what we get.

But some of those things, man. But it is true. We will always talk about fact finding.

I mean, if you're not fact finding, you're not able to make the annuity a solution. It can still be a solution, but you're not able to communicate it as a solution because you don't know how.

Many problems will say they do full fact finding, and then you go to do a illustration for them and they don't have all the information. Yeah. Like, how can you do that?

Well, and full fact finding is not. Okay. Well, the lead. The lead form says they've got $150,000 to put into an annuity. Okay. I'm gonna get their age and when they plan to retire. That's not the extent of full fact finding. Full fact. And if you want the full fact finder that Chad personally uses, reach out to us, because we've got that in our academy. But it is way more in depth than that to where it actually exposes the problem and helps you find the best solution for that problem.

It's so important.

You're not. I love this saying. You're not selling a bunch of bananas when you're selling an annuity. It's not a commodity. It's just. It's a. It's a. It needs to be a solution to a problem.

I would love to find out where you come up with these sayings that maybe in 18 years. I've never heard these sayings before.

Well, that one just originated in my head. But I do love it still. I still love that saying that I just came up with. Or the old one that says, if you ever see an unhappy painter, it's because he's not breathing hard enough.

Oh, that's a good one.

As known a few painters. Yes. So anyways, so what's not working?

What is not working? Okay. Order taking is not working. Because if you're order taking, it means you're not doing fact finding.

No. And you do your complete disservice. I actually had a client. This was A couple weeks ago. They've been listening to my show for a long time, following me for eight years and they were ready to move. And I still went through the full fact finder. I went the full explanation. I said, hey, I know you've been listening to me for a while, but here's the reality. I still want to make sure you understand exactly what we're doing and if this even makes sense for you. Yeah, I mean, if you ever sat in one of my appointments, you would realize how much anti selling. I do.

It's true. You, you pull back so much from trying to push it. You don't push it. You just present it and then you just kind of back off and let them make their decision.

It's like life insurance or. Why do you want life insurance? I told I have to have it. Well, that's not a reason. What's the purpose for it? Do you have big debt? Do you need tax help when you pass away? Do you not have enough income coming if you're gone? I mean, there's all sorts of reasons why, but just saying you need life insurance to have life insurance is preposterous. Preposterous. Yeah, boy. See what happens when I try and say big words?

Yeah, there you go.

Okay.

Another thing that's not working is failing to complete your due diligence, you know, operating. And you've always done this even before dol, you know, 3.0 or whatever. Yeah, but best interest standards, I mean, just doing what is in the best interest of your client.

Well, I get so many deals from agents that were previous or before me. And it's amazing because, you know, for example, I have a product that right now is unbeatable. How do I know that? Because I do a ton of research and I know what the actual payouts are. I know what the likelihood of increase is. I know what the rate integrity is for the company. And as you know, if you've been following me for a while, I am loyal to no company.

Yeah, it's true.

Whoever's the best. And they good customer service and they have great benefits to the client. That's who I use. I could care less about the trip that a lot of companies don't even do trips anymore. But all the commissions are just about the same. So it doesn't and it never has. Even when they had wide range gaps and commissions. I actually used to know this. If you had a stupid high commission rate, way higher than everybody else, that was a dog product for the client. Yeah. So you, you know, that doesn't work. What doesn't work? Chasing commission. You know, you do what's right for the client because it's their money and they will honor that. And then years later they'll call you like they have been doing to me now, saying, hey, I need some more help.

Yeah. That's so good. Well, I guess that's kind of the a wrap on that. And final thoughts being do your own due diligence for your clients for sure. You're abiding by, you know what's best for them. Do full fact finding, reach out to existing clients when it's time for reallocation statements. Know that the market is down and people are going to be reaching out more. And get ready for a ride because I think we're in store for some pretty good months ahead.

Yeah. And we'll leave it with this deep thought. What do you do with an atheist that is behind a Christian that has a car at a green light and they're not going, but they have a bumper sticker that says honk if you love Jesus.

Just confounding.

Okay. Reminds me of Saturday Night Live back when it was clean and it was pretty good. Or the deep thoughts was Stuart Smiley or something like that. It was really funny. But okay, leave that with your thought for you, Road Warrior. And yeah, you have a great day. We'll talk to you soon. And of course, happy selling.