Retirement Income Planning Seminar

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May 29, 2009 1:50 pm

I would appreciate some constructive criticism and thoughts on what I would like to do.  I made a fatal mistake the other day by allowing a wholesaler speak to a group of clients I brought to an event.  I had 22 guests which had a cumulative net worth of about $75MM or so, about half were clients, half were not.  At the end of the wholesaler's speech, during the Q&A portion, I made a 2 minute comment that people told me was far better than the entire presentation. 


So I know I can do a better job.
 
So I've created a rough outline that I can build a workshop around.  I would like your opinions, good and bad:
 
-Introduction (Who we are and what we are not)
-The Damage: October 7, 2007 to March 7, 2009 - S&P down 57%
-How Much to Get Back to Even from the Bottom - 132%!
-How We View Retirement Income Planning (Mr. and Mrs. Smith, INC.)
-Retirement Income Sources
   -Social Security
   -Pensions
   -Personal Savings
-Retirement Risks
   -Longevity
   -Health Care Expenses
   -Inflation (loss of purchasing power)
   -Asset Allocation (you need equities)
   -Excess Withdrawals
   -Retiring at the wrong time
-Retirement Income Planning Tools
-How Do We Repair the Damage?
-Our Disciplined Approach and How It was Effective in 2008 (Bucket approach with annuities).
-Q&A
 
That's it.  I feel I can make this an hour to an hour and a half.  I also would rather not use a power point or anything like that.  Every piece of information would be at their table. 
 
My goal is to make this a traveling road show.  I would host an event once or twice a month and also take it to as many offices as possible for lunch presentations.  I have several clients and COI's like CPA's and Estate Atty's that want me to come talk to their colleagues/clients and I feel this would be an effective approach.
 
What do you guys think?
May 29, 2009 4:04 pm

I like the outline, but would never speak more than 30 minutes as your audience will get restless or fall asleep.

May 29, 2009 4:50 pm

I think that's an awesome idea and a fantastic outline.

 
By the way, how do we repair the damage?
May 29, 2009 5:53 pm

Dammit Borker!  If you would just wait a few more weeks the summer regional will be in full swing.  They will have all your answers then.  Be polite, nod your head up and down, give a toast to the RL and Weedle. Your attitude will change or else.......

May 29, 2009 5:57 pm

Don't forget Ted.

May 29, 2009 6:19 pm

It looks boring to me. Sounds just like every other seminar out there.

May 29, 2009 6:51 pm

Will it pass through compliance?

May 29, 2009 9:21 pm

He's an annuity salesmen. They can say anything they want.



Just kidding Snags. It sounds good to me, but does seem a bit long. You're introducing a lot of concepts in the same presentation. I might skip (or just gloss over) the "the Damage" section, Retirement Planning Tools, and How We Repair the Damage sections. Otherwise, you'll be up there talking for 2 hours. It's better to talk for shorter and get lots of questions than ramble for 2 hours.



Question - do you use annuities for each bucket?

May 29, 2009 9:24 pm

And as far as the wholesaler - I normally would only use them to do some sort of "market update" or whatever. Nothing that allows them to talk too long. That way they appear like a "guest speaker" and not the "key note" speaker, or the focus of the event (but can still pay!).

May 30, 2009 3:26 pm
B24:


Question - do you use annuities for each bucket?

 
This is what I've been doing:
 
Bucket 1: Emergency reserves/income for years 0-2. Money market, cash, CD's, etc...FDIC guaranteed.  No market risk.
 
Bucket 2: Income for years 2-7. Fixed annuities and index annuities...Insurance company guarantees/state guaranty fund.  No market risk.
 
Bucket 3: Income for years 7-10+.  Variable annuities...Insurance company guarantees. Equity risk.
 
Bucket 4: Not needed for income.  Mutual funds, stocks, bonds...no guarantees.
May 30, 2009 5:33 pm
snaggletooth:
B24:


Question - do you use annuities for each bucket?

 
This is what I've been doing:
 
Bucket 1: Emergency reserves/income for years 0-2. Money market, cash, CD's, etc...FDIC guaranteed.  No market risk.
 
Bucket 2: Income for years 2-7. Fixed annuities and index annuities...Insurance company guarantees/state guaranty fund.  No market risk.
 
Bucket 3: Income for years 7-10+.  Variable annuities...Insurance company guarantees. Equity risk.
 
Bucket 4: Not needed for income.  Mutual funds, stocks, bonds...no guarantees.
 
Sounds complicated. Do you find that people tend to prefer things to be complicated? Do most of them already have that with their current brokers?
May 30, 2009 10:19 pm
HAAIC:
snaggletooth:
B24:


Question - do you use annuities for each bucket?

 
This is what I've been doing:
 
Bucket 1: Emergency reserves/income for years 0-2. Money market, cash, CD's, etc...FDIC guaranteed.  No market risk.
 
Bucket 2: Income for years 2-7. Fixed annuities and index annuities...Insurance company guarantees/state guaranty fund.  No market risk.
 
Bucket 3: Income for years 7-10+.  Variable annuities...Insurance company guarantees. Equity risk.
 
Bucket 4: Not needed for income.  Mutual funds, stocks, bonds...no guarantees.
 
Sounds complicated. Do you find that people tend to prefer things to be complicated? Do most of them already have that with their current brokers?
 
Do you think most people are too dumb to understand the rationale behind this mix?
May 31, 2009 9:21 am

Snags,



I like the outline but I would stay away from the "damage" portion. At this point, our clients have had enough bad news and have seen the damage reflected on their statements. Keep the seminar on a positive note and get people excited.   Also, I would keep it under 1 hour and give more time for Q & A and general discussion. I've found that the much more effective and it makes the guests more attentive.



Good Luck!

May 31, 2009 9:21 am
snaggletooth:
B24:

Question - do you use annuities for each bucket?



This is what I've been doing:



Bucket 1: Emergency reserves/income for years 0-2. Money market, cash, CD's, etc...FDIC guaranteed. No market risk.



Bucket 2: Income for years 2-7. Fixed annuities and index annuities...Insurance company guarantees/state guaranty fund. No market risk.



Bucket 3: Income for years 7-10+. Variable annuities...Insurance company guarantees. Equity risk.



Bucket 4: Not needed for income. Mutual funds, stocks, bonds...no guarantees.





OK. That's sort of what I do, but I push out the cash/CD's about 3-5 years, then generate income years 5-12 or so with fixed annuities or conservative fixed income. I will also use VA's for GTD income beyond 10 or 12 years when necessary. So many of my clients have good pensions and full SS, so most do not need too much GTD income, but more protection of principle (without locking into annuities).

May 31, 2009 10:46 am

I would use a powerpoint and printed material in front of each attendee.  You want to engage as many senses as possible; some will read from the material others will look at the picture.

It seems like there are 2 main themes to your presentation- recent market performance and how we can recover + retirement income sources and expenses.  I think most qualified attendees are aware of the issues surrounding retirement, where they need guidance is in recovering from declines.  Why they would choose you depends on how well you differentiate what you do from what your competition does.  I would reduce time spent on retirement income/expenses and more time connecting market performance/recovery with how you work with your clients.

Partner with a wholesaler to defray the cost, but give the person strict guidelines for what you expect.  As long as they see business from you, they could care less about how much they talk during the presentation.

May 31, 2009 11:08 am
deekay:
HAAIC:
snaggletooth:
B24:


Question - do you use annuities for each bucket?

 
This is what I've been doing:
 
Bucket 1: Emergency reserves/income for years 0-2. Money market, cash, CD's, etc...FDIC guaranteed.  No market risk.
 
Bucket 2: Income for years 2-7. Fixed annuities and index annuities...Insurance company guarantees/state guaranty fund.  No market risk.
 
Bucket 3: Income for years 7-10+.  Variable annuities...Insurance company guarantees. Equity risk.
 
Bucket 4: Not needed for income.  Mutual funds, stocks, bonds...no guarantees.
 
Sounds complicated. Do you find that people tend to prefer things to be complicated? Do most of them already have that with their current brokers?
 
Do you think most people are too dumb to understand the rationale behind this mix?
 
He's giving them 4 things to object to - any one of which can be a deal breaker. When I get on an airplane, I want to know where my seat is and how to get to the baggage claim once we land. I don't care about lift and thrust and everything else about flying an airplane.
 
I've endured meetings with wholesalers who talk about this concept. I was bored to death.
May 31, 2009 11:20 am
HAAIC:
 
He's giving them 4 things to object to - any one of which can be a deal breaker. When I get on an airplane, I want to know where my seat is and how to get to the baggage claim once we land. I don't care about lift and thrust and everything else about flying an airplane.
 
I've endured meetings with wholesalers who talk about this concept. I was bored to death.
 
Good point.  I can see what you mean.  So, do you feel like the other buckets are not worthwhile, or are you just going after the annuity buckets and leaving the rest alone for another rep to deal with?
May 31, 2009 11:46 am
deekay:
HAAIC:
 
He's giving them 4 things to object to - any one of which can be a deal breaker. When I get on an airplane, I want to know where my seat is and how to get to the baggage claim once we land. I don't care about lift and thrust and everything else about flying an airplane.
 
I've endured meetings with wholesalers who talk about this concept. I was bored to death.
 
Good point.  I can see what you mean.  So, do you feel like the other buckets are not worthwhile, or are you just going after the annuity buckets and leaving the rest alone for another rep to deal with?
 
I'm not a jack of all trades. My business is focused on people who have money that they don't want to lose. Whether it's some of their money or all of their money, it doesn't matter to me. I show the best product options and the client picks out which one they want. If they want some of their money at risk, they should keep it with the guy who believes in risking their client's money. Nice and simple.
Jun 1, 2009 4:46 pm

A niche player.  Simple & effective.  There is a guy in my market (indy guy) that sells only annuities, and only works with retirees.  Doesn't apologize for it, doesn't explain it away, and is real clear about what he does and what he believes in. 

 
It was interesting, a client of mine went to this guy long before he came to me.  He had about $1.2mm.  The advisor actually turned him away and said to come back when he was retiring (he was only about 53 at the time).  Advisor knew he had the money, but he only focuses on the needs of people retiring.  I found that very interesting.
Jun 1, 2009 5:22 pm

I've thought about that niche approach also.


At 7, 8, 10% commissions, can you imagine how little you'd have to produce to make a very comfortable living?
 
Who couldn't find $100,000 a month to put into annuities?