As a financial professional, your success hinges on your ability to attract and convert potential clients into loyal, long-term partners. To achieve this, you need a robust lead generation strategy that not only brings in a consistent flow of prospects but also ensures that these leads are qualified and genuinely interested in your services. While lead generation usually relies on ‘traditional channels’ like cold calls or referrals, there are innovative marketing strategies that may help you tap into new pools of prospects faster. 

1. WORKSHOPS & WEBINARS

Hosting workshops and webinars (or seminars in person) is an excellent way to establish yourself as an authority in your field while simultaneously attracting potential clients. These events provide a platform for you to showcase your expertise, share valuable insights, and address common financial concerns. To maximize the impact of your educational workshops: 

• Choose Relevant Topics: Focus on subjects that resonate with your target audience, such as retirement planning, social security, tax optimization, or estate planning and wealth transfer. 

• Promote Online and Offline: Use both online channels (social media, email marketing, your website) and offline methods (local advertising, community centers) to reach a broader audience.

• Collect Contact Information: Capture attendee contact information for follow-up. This can be done through registration forms or sign-up sheets. 

• Offer Complimentary Consultations: Provide attendees with the opportunity for a one-on-one consultation to discuss their specific financial needs.

2. REFERRALS

Word-of-mouth recommendations from satisfied clients are a powerful lead-generation tool. 92% of consumers trust referrals from friends and family over other forms of advertising. (ExplodingTopics) The key to referrals is consistency. You never know who your client might know that could also benefit from your services. Here’s how to make referrals work for you: 

• Create an Incentive Program: Reward clients for successful referrals with discounts, gift cards, or other incentives. (Be sure to check your state and/or Broker Dealer for guidance and limitations). 

• Ask for Referrals: Don’t be shy about asking satisfied clients for referrals. You’d be surprised how many are willing to refer others if you simply request it. Incorporate it into your client meeting routine by adding a reminder to your meeting checklist or agenda. 

• Follow Up Promptly: When a referral is made, follow up quickly to express your gratitude and schedule a consultation. 

• Ask for a Google Review: 87% of customers read online reviews on local businesses. Positive reviews are a great way to attract clients. Additionally, Google reviews have several benefits, including Google ranking for local SEO and enhancing your online reputation.

3. BUYING LEADS

Purchasing leads is a controversial strategy, but when done right, it can be a viable option. Be cautious when buying leads and ensure that they are from reputable sources. Here are some tips for buying leads effectively: 

• Vet Lead Providers: Research and choose lead providers with a track record of delivering high-quality leads to financial advisors.

• Qualify Leads: Before pursuing purchased leads, verify their quality and relevance. Not all leads will be a good fit for your services. 

• Personalize Outreach: Craft personalized messages when reaching out to purchased leads to increase your chances of engagement. This could be a great opportunity to use a :30 video to warm up that cold outreach.

As financial professionals, we understand the significance of offering comprehensive retirement planning solutions to our clients. A holistic approach ensures that their financial future is secure and well-structured. One vital component that often gets overlooked is estate planning.  

More Americans are starting to realize the importance of estate planning, partially driven by inflation. In fact, 1 out of 4 Americans said that inflation caused them to see a greater need for estate planning. Overall, 64% of Americans think having a will is important, yet only 34% of Americans have an estate plan. 

Let’s look at 6 reasons you should be including estate planning as an integral part of holistic retirement plans:

1. Preserving Wealth for Future Generations

One of the primary objectives of retirement planning is to preserve wealth and provide a legacy for future generations. But many people also establish a bequest, leaving a portion of their estates, or specific dollar amounts to a charity. Estate plans play a critical role in achieving this goal.   

By helping clients establish properly drafted and funded estate plans, financial professionals ensure that assets are transferred efficiently and according to their clients’ wishes. Beneficiaries can avoid the costly, lengthy, and complicated process of going through probate to inherit the assets designed for them. This allows clients to leave a lasting impact on loved ones and chosen beneficiaries while minimizing potential conflicts and legal challenges.

42% of Americans haven’t created a will due to procrastination, and more than 1 out of 3 people without a will say they don’t have enough wealth to leave behind.
(caring.com survey)

2. Minimizing Estate Taxes & Expenses

Estate taxes can significantly erode an individual’s wealth, reducing the amount of inheritance passed on to heirs. Besides a Federal Estate tax, which under the current exception limits most people will not be affected, 18 states also impose an Estate or Inheritance tax. Financial professionals who incorporate estate planning into retirement strategies can help clients explore various options to minimize estate taxes and administrative expenses.  

Using techniques such as gifting strategies, irrevocable trusts, and charitable donations can be used to strategically reduce the tax burden on the estate, maximizing the inheritance left for beneficiaries. 

3. Ensuring Smooth Asset Distribution 

Estate plans encompass various legal documents, including wills and trusts, which lay out the distribution of assets according to the client’s wishes. Without a comprehensive estate plan, the distribution process may become complex, time-consuming, and contentious for surviving family members. 

By offering estate planning services, financial professionals ensure a smooth and efficient transfer of assets and gives an opportunity to build a true bridge to the next generation.

Estate planning is a crucial element of a comprehensive financial & retirement strategy, but somehow is also the most overlooked component. This is a huge opportunity for your clients… and your business.
—Brian Donahue, President & CEO, DMI

4. Protecting Business Interests

Many of our clients are entrepreneurs or business owners. For these individuals, a well-designed estate plan is crucial in protecting their business interests and ensuring a smooth transition of ownership.  

By developing a business succession plan within the estate planning framework, financial professionals can help business owners preserve their companies’ continuity and safeguard the hard work and legacy they’ve built over the years.

5. Addressing Incapacity and Healthcare Decisions

Holistic retirement planning should also take into account the possibility of incapacity due to illness or injury. Estate plans often include documents such as durable powers of attorney and advance healthcare directives, which allow clients to appoint trusted individuals to make financial and medical decisions on their behalf in case they become incapacitated.  

By integrating these elements into a comprehensive retirement plan, financial professionals help clients retain control over their affairs during difficult times.

77% of pet owners designate a guardian for their furry friend.
—Trust & Will

6. Strengthening Client Relationships and Loyalty

Offering estate planning services as part of a holistic retirement plan demonstrates a commitment to your clients’ long-term financial well-being. By addressing their broader needs beyond investment strategies, financial professionals can build deeper relationships with their clients and foster loyalty.  

Satisfied clients are more likely to refer their friends and family to you, thereby expanding your business and enhancing your reputation as a trusted advisor. You essentially become a referral magnate!

Conclusion

Incorporating estate plans into a holistic retirement planning approach is a strategic decision that benefits both clients and financial professionals. By preserving wealth for future generations, minimizing taxes, ensuring smooth asset distribution, protecting business interests, and addressing incapacity, estate planning becomes an essential element in achieving comprehensive financial security for clients.  

As financial professionals, offering these services not only adds value to your offerings but also strengthens client relationships and fosters long-term loyalty, ultimately enhancing your overall business success. 

Retirement can be tough. Your clients approaching retirement face a series of high-stakes decisions… like when to start taking Social Security benefits. It’s time to start boosting your client’s risk-protected retirement income with a strategy for optimizing Social Security — a ‘Bridge Plan.’

If you’re any kind of wealth manager, insurance agent, or financial advisor, it’s vital that you have a deep understanding of Social Security & Bridge Capital so you can not only get the best outcomes for your clients, but for your business, too.

A retiree’s Social Security benefit can increase by as much as 76% [without including COLAs] between the ages of 62 and 70, according to research conducted by the Center for Retirement Research at Boston College.

WHAT IS A SOCIAL SECURITY BRIDGE

A Social Security Bridge refers to a strategy using other income sources to bridge the gap between early retirement and when clients start claiming Social Security benefits. By using other capital as a stopgap until Full Retirement Age (FRA), clients can wait to tap Social Security benefits until they’re entitled to maximum retirement payment benefit.

HOW DOES IT WORK?

The whole idea behind a Bridge Strategy is the Social Security check goes up, not even counting for COLA increases, by delaying when clients start collecting. And it works best when the Bridge Capital provides your clients a steady stream of income that is not affected by market fluctuations.

Using other assets in place of Social Security benefits when they retire — as a ‘bridge’ to delayed claiming — would allow clients, in essence, to buy a higher Social Security benefit.” -Andy Robertson 

WHAT ARE THE ADVANTAGES?

According to the Social Security Administration, very few people wait until their FRA to start collecting. But if retirees can wait, benefits can increase by as much as 76% between the ages of 62 and 70. That’s because benefits climb by as much as 8% each year they are delayed.

And there are even more advantages to using a Bridge Strategy like:

Guarantees: Provides your clients a guaranteed source of income not subject to market volatility.

Protection: Helps protect your clients from inflation eroding the value of retirement savings over time.

Flexibility: Bridge Capital offers flexibility in managing retirement income. By using a bridge strategy, clients can avoid locking in lower benefits from collecting Social Security earlier than necessary.

Enhanced Financial Security: By having Bridge Capital to rely on during the early years of retirement, clients reduce the risk of depleting savings or investment accounts too quickly. It provides a cushion of income to cover expenses until they can access full Social Security benefits.

The whole idea behind the Bridge Strategy is to drive up Social Security checks, not even counting for COLA increases, by delaying when you start collecting.

Optimize Retirement Planning: Incorporating Bridge Capital into your retirement income strategy allows for better financial planning. You can allocate other retirement assets and investments more strategically, knowing that your clients have a stable, guaranteed income source from the bridge payment. This can help you optimize the overall retirement income and help clients make informed decisions about other retirement accounts

Health Insurance Coverage: If clients retire before they’re eligible for Medicare at age 65, Bridge Capital can help cover health insurance premiums until eligibility. This ensures access to healthcare coverage without relying solely on savings.

IS A BRIDGE STRATEGY RIGHT FOR YOUR CLIENT?

Determining if a bridge plan is right for clients requires a thorough analysis of their specific financial situation, retirement goals, and risk tolerance. You should also take into account their current Social Security benefit amount and their expected benefit amount at different ages. Once you have a clear understanding of their situation, you can work with them to identify the right amount of Social Security Bridge Capital to supplement their retirement income.

CONCLUSION

A Social Security Bridge Strategy is a powerful tool that can help your clients boost retirement income and protect themselves against risk. Providing a guaranteed source of income, like an annuity that’s not affected by market volatility, can take the pressure off your clients to start taking Social Security benefits early. It also allows your clients to delay taking Social Security until a later age when they can receive a higher benefit amount. As a financial advisor, you can help your clients incorporate a Social Security Bridge Strategy into their retirement income plan to help achieve financial goals and enjoy a worry-free retirement.

For many, a bridge plan is the BEST way to achieve the retirement income experience most clients thought wasn’t possible.