Give Every Dollar a Job: The 3 Types of Money
- By Jake Bailey
- May 19, 2016
Recently, in a Retirement University webinar, we discussed Premium Financing. While this technique brings great value and leverage to your very wealthy clients, it is also limited by the number of people that have the necessary resources to utilize the idea.
We are going to focus on how you can bring that same value and leverage to the rest of your clients and prospects.
As you meet with people who are in or near retirement, there is a concept that will help you start conversations that you may have missed out on previously.
The concept is simple: Give every dollar a job
The 3 Types of Money###
Most of the people you meet with will have money that they are currently living off of; we will call that now money.
They also have assets that they intend to turn into cash flow in the future so we will label that later money.
Lastly, many of these clients and prospects will have assets that they do not ever intend to use. They may have plans to leave it to children, grandchildren, or a charity that they care about. These assets, we will call never money.
The great thing about this labeling strategy is that there are multiple ways to help in each category and there are challenges your clients must deal with. We hear over and over:
“I used to do that and it worked great, but then I got busy and never really got back to doing that again.”
This is another one of those ideas that you probably used to employ with great success. In the webinar below, you’ll learn how to put ideas into practice that work.
We look at how giving every dollar a job description will also help you identify the challenges your clients will face in a way that makes sense to them. We also share easy talking points and examples of how a brief fact finder can turn into great value for your client and big commissions for you.
To watch the webinar, click below. Embedded content: https://www.youtube.com/watch?v=OkPOBbQiJis&feature=youtu.be