Old folks home

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Sep 10, 2009 11:27 pm

I've been volunteering at an old folks home for about 3 weeks now:


75k annuity
 
25k muni
 
190k bond ladder
 
3 households/3 weeks. 7 more intersted prospects I think will turn into clients
 
Anybody else have success with this type of volunteering?
 
 
Sep 10, 2009 11:31 pm

Don't have any experience with an old folks home, per se, but would be interested in hearing what type of role you volunteer for at the home? Is the home located in a wealthy area?

Sep 10, 2009 11:36 pm

130 patients. 1/4 alzheimers. Upper middle class community. Definetly not a cheap place to stay.

 
I just hang out with them and mostly lead recreation classes, let them tell me the same story each time i come, etc.
Sep 10, 2009 11:37 pm

There's a guy at my company that specializes in working with seniors in retirement homes / senior housing (usually pretty limited means).  I can see parts of his mix of business and I'd peg it at:
5% wrap
5% load funds
10% Variable Annuity
15% life (usually burial type policies i'd assume)
15% Med Supp & Advantage
50% Fixed Annuity/SPIA

The guy's been MDRT 3 out of his 6 years in the business so I wouldn't knock what he's doing but it's got to be dull spending your days doing senior seminars in cafeterias of homes / apartment buildings and writing a ton of small policies and annuity contracts.  Since he's probably earning 3x what I make though I shouldn't talk.

Don't be fooled, it's not fun or exciting but there's money to be made in that market if you're willing to work hard and can develop a niche for yourself.

Sep 11, 2009 12:06 pm

i just did a talk at an assisted living facility yesterday and have another scheduled for next week.   The nice thing is no expenses what so ever.  I had 20 people show up, I did no advertising, brought a plate of diabetic cookies and just talked about increasing income.  It is mostly women who are in need of some help, plus a good majority said they would talk to their kids too.  It looks like 3 really good prospects and I have an open invitation to come back next month.   All it took was a call to the activities director and a promise not to do any actual sales during the presentation.  They did all the advertising, and these people are always looking for ways to fill up the day!  It sure beats spending $$$ on a dinner and invites.  It works for me and I will continue to keep doing them!

Sep 11, 2009 6:15 pm

You couldnt pay me enough to take clients like that. I recently made up my mind that i am not going to prospect for retirees any longer, let alone retirees living in a "facility". These people have too much time on their hands and there is no such thing as a 5 minute conversation.

If i had a million dollar prospect who is retired and seemed ok, i'm not saying  that i would turn him or her away, but i would not actively prospect that market. They suck up your time and dont want or understand risk.
Sep 11, 2009 8:09 pm
Sportsfreakbob:

You couldnt pay me enough to take clients like that. I recently made up my mind that i am not going to prospect for retirees any longer, let alone retirees living in a "facility". These people have too much time on their hands and there is no such thing as a 5 minute conversation.

If i had a million dollar prospect who is retired and seemed ok, i'm not saying  that i would turn him or her away, but i would not actively prospect that market. They suck up your time and dont want or understand risk.



I think you're missing the boat here.  I've had some luck with elderly folks looking for some guarantees with their money.  These are not affluent "Investor Class' types, these are seniors with <$150k investable assets and no interest in the stock market.The products they need are simple and have zero chance of blowing up.  How many angry calls are you going to get about a fixed deferred annuity or a $15k life policy?  I have gotten 2 calls this year when SPIA checks have been late but other than that very little work and you call them maybe once per year to review and ask for referrals.

Sep 15, 2009 9:15 pm

I would stay away from this.  I think you are asking for a trouble soliciting business there.  If you get a reputation as the broker who goes to the assisted living to sell investments people will look at you in a different way.  I am not saying you have bad intentions but it looks really bad from an outsiders perspective.  Personally, I don't even like doing business with anyone over 75, plus dealing with estate issues when the client dies can be a pain.

Sep 16, 2009 8:29 am
LA Broker:

I would stay away from this.  I think you are asking for a trouble soliciting business there.  If you get a reputation as the broker who goes to the assisted living to sell investments people will look at you in a different way.  I am not saying you have bad intentions but it looks really bad from an outsiders perspective.  Personally, I don't even like doing business with anyone over 75, plus dealing with estate issues when the client dies can be a pain.


I agree.  If you continue to do this, word will get out, and it will affect your business in a negative way elsewhere.  Regardless of your intentions, this just LOOKS really shady and slimy.

Sep 16, 2009 9:50 am

The thing I would be concerned about is the pending arbitration hearing.  If the facility is 1/4 Alzheimers patients, how well qualified would you be to judge whether or not the person you're speaking with has enough mental capacity to make decisions with their money.  I know it's tough to think like that, but I would be seriously concerned about having to have a discussion with their kids or grandkids and explaining why their loved one's money is now, at that age and physical condition, doing something different.  I would just be extremely careful. 

Sep 16, 2009 1:49 pm
mrjones99999:

I've been volunteering at an old folks home for about 3 weeks now:


75k annuity
 
25k muni
 
190k bond ladder
 
3 households/3 weeks. 7 more intersted prospects I think will turn into clients
 
Anybody else have success with this type of volunteering?
 
 
 
Tell me, how does this work? Once you run out  of prospects you move on?
 
This may not be you, but the people I've seen running biz through old folks homes have been bottom feeders. One religious based home gets kick backs from the independants running through the place. Coincidentally, everyone is an annuity prospect. I found this out from one of my clients who wanted to liquidate her 300k bond port. to buy a VA pitched by a salesman to one of her nursing home friends. She wanted to buy the same bullsh*t inappropriate loaded with commish doesn't pay a monthly income POS. If i didn't stop it it would have happened. The nursing home where the friend lives and the salesman clean up victimizing the home's residents. Turns my stomach.
 
 
 
Sep 16, 2009 1:54 pm
mrjones99999:

130 patients. 1/4 alzheimers. Upper middle class community. Definetly not a cheap place to stay.

 
I just hang out with them and mostly lead recreation classes, let them tell me the same story each time i come, etc.
 
Really not trying to be a jerk, but do you think it's wise to be selling people investments that are telling you the same story day after day? Sounds like a lawsuit waiting to happen to me...
Sep 16, 2009 9:14 pm
eman07:
LA Broker:

I would stay away from this.  I think you are asking for a trouble soliciting business there.  If you get a reputation as the broker who goes to the assisted living to sell investments people will look at you in a different way.  I am not saying you have bad intentions but it looks really bad from an outsiders perspective.  Personally, I don't even like doing business with anyone over 75, plus dealing with estate issues when the client dies can be a pain.


I agree.  If you continue to do this, word will get out, and it will affect your business in a negative way elsewhere.  Regardless of your intentions, this just LOOKS really shady and slimy.


Good points both.
What i was referring to was a little different. Older people tend to pour over their statements line by line, and call you with a million stupid questions about a $3.00 item And heaven forbid they have a computer and try to go online, you will get all kinds of calls.
I have one client who has been with me for 8 years, he is 77 yrs old now. $5MM Muni account. Wont buy out past 5 years, nothing less than AA underlying, then complains about yields. Over the last few years i have noticed he has gotten a little slow. Calls me with the dumbest questions. Real pain. But he's a good guy, he has been with me a long time, and frankly, i need the gross, so i keep him. But i can see he is getting more and more difficult. Very easily annoyed, etc.
JMHO

Sep 17, 2009 7:12 am
Spaceman Spiff:

The thing I would be concerned about is the pending arbitration hearing. If the facility is 1/4 Alzheimers patients, how well qualified would you be to judge whether or not the person you're speaking with has enough mental capacity to make decisions with their money. I know it's tough to think like that, but I would be seriously concerned about having to have a discussion with their kids or grandkids and explaining why their loved one's money is now, at that age and physical condition, doing something different. I would just be extremely careful.







Agreed, I don't have many seniors over 75 as clients, but of the ones I do have, every investment decision is reviewed with their kids and notes are taken.



You can certainly make some cash selling fixed products to old folks, but is that really the type of business you want to have? I understand you are entitled to make a living, but I don't know if that's the best way.

Sep 17, 2009 9:13 am

This seems slimy to me, like the attorneys who have people hanging out at the hospital to pick up cases. Not a good rep to be cultivating.

Sep 20, 2009 10:24 am

I'd be really careful given they might come back at you with complaints and an arbitration hearing  panel that learns you volunteered there might not look favorably on you in the event of a complaint.  Document everything and then some.