Bad Adviso ors Lead Progr g

Bad Advisoors
Lead Progr
gram
By: Roccy DeFrancesco, JD, CWPP, CAPP,
C
CMP
Author of: Bad Advisors:
How to Identify Them: How to Avooid Them
www.badadvisors.com
Founder: The Wealth Preservation Institute
www.thewpi.org
[email protected]
1
Traditional Marketin
ng
• What is traditional marke
eting in 2011 and beyond?
• II’m
m not sure there is a firm
m definition.
• What is really old school marketing?
– Sending letters
– Sending faxes
– Asking
A ki ffriends
i d and
d ffamily
ily for
f referrals
f
l
• What is just old school marketing?
m
– Post card mailings
– Plate licker seminars
2
New age marketing
•
•
•
•
Facebook; Twitter; Blogss
SEO (search engine optimization)*
G
Google
l ads
d
Have y
you tried any
y of the
e above?
– Most advisors have not
– Most who have tried have
e failed miserably
– And there is a significant cost when trying to use the
above ((outside costs and staff costs and time))
• Interactive web-sites
– Most advisors have web
web-ssites
s
that are boring
boring, not
motivating, and not intera
active.*
3
Many good advisors not
n doing well
• Trying to find and keep a new client’s attention is
more difficult than everr.
• Most advisors are strugg
gling to get in front of
enough new clients.
clients
• The result is that many re
eally good advisors are
making less money (an
nd have for the last 2
2-3
3
years).
• This
Thi iis a trend
d that
h iis cau
using
i many advisors
d i
to
worry about their families and future in the
business.
4
Solutions?
• Spend more money?
• Some advisors certainly are not afraid to spend
ain, the question is where
money to market, but aga
to spend that money to g
get the desired results
results.
• Find an IMO that has a “marketing program.”
–M
Mostt are bogus
b
and
d give
i e terrible
t ibl lleads
d outt th
thatt h
have
been worked multiple times by multiple advisors.
• How
H
about
b t the
th Bad
B d Adv
Advisors
i
lead
l d program?
?
5
Bad Advisors book
6
Table of Contents
• Acknowledgements
• Preface
ut the Author)
• Foreword (Including Abou
• Chapter 1-Everyone’s Wo
orst Nightmare
• Chapter 2-Insurance Markketing Organizations
(IMOs)
• Chapter 3
3-Life
Life Insurance//Annuity Agents
• Chapter 4-Broker Dealers
s (BD) and Security
Licensed Advisors
• Chapter 5-Financial Plann
ners/CFPs®
7
Continued
• Chapter 6-Fee-Only Advisors
• Chapter 7-Sales
7 Sales System (Missed Fortune 101®, Stop
Sitting on Your Assets®, United First Financial , LEAP
®, College-Planning
Systems
y
g
g Systems,
y
The Infinite
Banking System®, and Bankk On Yourself)
• Chapter 8-Attorneys
• Chapter 9-CPAs/EAs/Accountants
oducts Good Advisors
• Chapter 10-Concepts/Pro
Should Know
p 11 -Real-World Horror Stories
• Chapter
• Help from the Author
8
What will readers take
e from the
book?
• This book is “the” dirty liittle secrets book.
• They will be absolutely floored by what they read.
• What they read is very re
eal world and verifiable if a
reader follows the steps I give them to determine if
d advisors.
they are working with bad
• They
Th will
ill h
hopefully
f ll ttake
k ffrom the
th book
b k th
thatt I’m
I’ a
brutally honest person who is not holding back and
that
h I’I’m really
ll trying
i to h
he
elp
l them
h
avoid
id fifinancial
i l
problems by reading the book.
9
Continued
• What’s
What s really important is that readers come away
nking that I really know
from reading the book thin
what I’m
I m talking about
about.
• Not only that, but that I kn
now more than any
advisor they’ve ever had and any advisor they
anticipate having.
• That may or may not be trrue, but the goal is to
impress
p
upon
p them that iff they
y don’t seek help
p
from my team to help the
em determine if they have
bad advisors and then ultimately to find a good
advisor, they could be loo
oking at financial problems.10
Bad Advisors Lead Program
• I knew this book would b
be my best chance to get
into the public space.
• I planned
l
d on spending
di my
m own money and
d
marketing efforts to get the book out there.
• I know that if people read
d this book they will figure
out that they
y have bad ad
dvisors and will ask me to
find them a good advisorr in their local area.
• However,
However by good accide
ent I had the book picked
ent,
up by a publisher who us
ses Baker & Taylor the #1
distributor of e-books
e books in tthe industry to sell books
books.
11
Continued
• The lead program will revo
olve around book sales.
• The publisher has contracttually committed to selling
20 books in 2011
20k
2011, 30
30k bo
ooks in 2012,
2012 and 40k
0 books
in 2013.
• 20k b
books
k di
divided
id d b
by 365 days
d
iis 55 b
book
k sales
l a
day; 30k books is 82 book
ks a day; 40k is 110 books
a day
day.
• The publisher is obligated to provide me with the
names and all contact in
nfo of anyone who buys an
electronic version of the bo
ook.
• The book will also be going
g into bookstores like
Barnes and Noble.
12
Continued
• Sales will drive many rea
aders to the web-site
where they
y will fill out forrms to
–
–
–
–
Find out if they have bad advisors
Find a good advisor in the
eir local area
Report a bad advisor
Sign up for the horror story message board
• Again, I will have the con
ntact info of thousands of
people who buy the bookk.
• They will be dripped on and
a information forwarded
to local advisors in the prrogram.
13
Web-site
14
More marketing
• The publisher is going to
o be scheduling me book
signings
g
g all over the co
ountry
y ((as manyy as I want
to take time to go to).
• Advisors in the program can request that I come
out to their local area for a book signing.
• The only catch is that myy travel expenses will need
to be picked up (the publlisher will setup as many
as I want,
want but they do no
ot pay my travel expenses)
expenses).
15
More marketing
• I just recently found out that
t
the publisher is going
to market in person con
nsumer seminars based
on the book.
• You
You’ve
ve seen them before
e come attend an all day
e,
event by the writer of this
s book and learn first hand
the secrets of what he discusses in the book
book.
• The first such seminar is May 21st in Los
Angeles.
Angeles
ogram are going to be
• Again, advisors in the pro
able to request that I com
me out to their area of the 16
country for these semina
ars.
Will I generate leads
s?
• The question isn’t will I ge
enerate leads, the question
is how many leads will be
e created, how good will
they be, and where will th
hey be located.
• At this point I can’t
can t say forr certain.
• What I know is that literallly thousands of people will
be reading my very motiva
ational and scary book
book.
• I will have the contact info
o of many of them because
th bi
the
big push
h will
ill b
be e-boo
b oks.
k
• I can guarantee you when
n I get in front of people at
in person seminars I will generate
g
very good leads.17
Motivated
• R
Readers
d
who
h contact me
e or fill out a fform on
www.badadvisors.com will
w be motivated.
• They will have read the book
b
and now fear that
theyy are working
g with the
e wrong
g advisor or are
fearful that when looking for a new advisor they will
pick one I consider a “ba
p
ad advisor.”
• That means they are actually looking for a reason
to get rid of their current advisor and/or are looking
for a new one.
• They
Th are primed
i d and
d rea
ady
d tto have
h
advisors
d i
iin th
the
18
lead program work with them.
t
Retiring Without Ris
sk
• The publish is also picking up
my book Retiring Without Risk
and will be getting that book in
bookstores as well.
• The book covers growing
wealth with EIUL and FIAs and
compares
p
both with traditional
ways to grow wealth.
• www.retiringwithoutrisk.com
g
• If you want to sell FIAs or
EIUL, y
you should be handing
g
out copies of this book to your19
clients.
H.E.A.P.™
• The publisher is also
picking up my HEAP
book.
• This is the #1
marketing tool you can
use to pick up new
clients.
• It’s a mortgage
acceleration program.
• The publisher right now
is only picking up the
rights
i ht tto sellll thi
this b
book
k
20
in electronic format.
HEMGB
• The publisher is
g up
also picking
the rights to
y
distribute my
HEMGB in
electronic format.
• It’s my version of
MF101 but done
with honest math
and attention to
21
the tax code.
How do you get into
o the leads
program?
• It’s pretty simple, you have be selected by
me to
t gett them.
th
• What’s the criteria?
• 1) You
Y
h
have
to
t be
b compettent.
t t
– To ensure that you are comp
petent, every advisor will have to
take the CWPP course within the next four months. (There
(
are no exceptions).
– I can’t tell the general public that I’m referring them to a good
advisor and not make sure e
each advisor knows the material
from the CWPP course.
– For advisors who conform to
o the rules to join the leads
program there will be no cos
st to take the course
course. This is a
$1300 value.
– As a value to those who hav
ve already taken the CWPP
course, they
h will
ill h
have first
fi
c
crack
k at territories
i i if they
h can
22
comply with the other rules to
t join the program.
Continued
• 2) You have to have a good
g
record.
– Meaning if you have fraud
d suits or ethics complaints,
etc, you are not going to make
m
it.
– A past lawsuit or SEC issu
ue is not a deal killer. I just
need to know the circumstances and feel comfortable
that any mistake was an h
honest mistake that can be
avoided in the future.
• 3) You
Y mustt b
be willing
illi to
t give
i advice
d i that
th t is
i
always best for clients.
– It sounds obvious, but anyyone found to be “selling
products” vs. “solving solu
utions” will be booted from the
program.
23
Continued
• 4) You will need to use my CRM program so
the leads can be tracke
ed.
– I will set you up with the system
s
for free.
• 5) You have to move “A
A
ALL”
ALL
of your fixed life
and annuity contracts to
t the IMO I deal with.
– There are no exceptions
s.
– Transfers need to happen
n quickly because leads
should be coming in startting in February
February.
– Your move will be lateral
– If the
th IMO doesn’t
d
’t have
h
a product
d t th
that’s
t’ b
bestt ffor the
th
client, you can place it ou
utside the IMO.
24
What does it cost to
o get into the
leads program?
• No out of pocket costs.
• The cost (which is really not a cost) is you putting
ALL off your fifixed
d lif
life and
d annuity
it b
business
i
th
through
h
the IMO I work with.
• I will make most of my money
m
from overrides and
I’ll take that out of the IMO’s pocket.
p
• 10% of each case on clients referred.
– My name or a company n
name will go on each fixed life
or annuity contract.
• Remember
Remember, you are nott paying anything to
receive these qualified leads.
25
Other benefits
• Because advisors in the pr
program
g
will be p
placing
g their
fixed life and annuity busin
ness through the IMO I work
with, they will also receive the other benefits of working
with that IMO.
IMO
• They include all of my marrketing tools (25k worth of
tools).
)
• Ghost web-sites
• CRM
• E-newsletter systems (with
h the e-mails to send out)
• Several different software packages (H.E.A.P.™, roth
IRA conversion,
i
GIB rider,
id CVL vs. stocks
t k and
d 401(k)
plans, etc).
• Discounts on books
26
• The ability to write the fore
eword for my books, etc.
How do you get starrted
• You need to fill out the ad
dvisor questionnaire and
e-mail it to me.
• http://www.thewpi.org/pdf_files/advisor.questionnaire.pdf
• I will look at the questionnairre and see if you look like a
good candidate.
y want to talk with yyou about
a
yyour practice
p
to g
get a
• I may
feel for the kinds of advice you
y are currently giving clients.
• If y
you are,, I will let you
y know
w and if not I will let yyou know.
27
After you are selecte
ed
• Once you are selected yo
ou will have to sign a
contract.
• What will it say? It will be
e very basic and will say:
• 1) That you agree to mov
ve ALL of your fixed life
and annuity contracts to the IMO I work with (and
that you will move them within
w
a certain time
frame).
• 2) That you will always give advice that is in the
client’s best interest.
• 3) It will specify the territo
ory you are given.
• 4)) It will specify
p
y how yyou can keep
p yyour territory
y or
be removed from it.
28
FAQs
• Do you have to have a seccurities license to be
in the program?
– No. But you must disclose to
o clients that you do not have
one so they
th can seek
k securrities
iti advice
d i ffrom someone who
h iis
if they feel the need.
• When can I expect to start seeing leads?
– As soon as they start poppin
ng up in your area. It could be in
February
y or not.
• What kind of guarantees arre there that I will get leads?
– None. I’ve told you how the book will be marketed and how
leads will be generated. Som
me advisors will be luckier than
others. There is nothing I ca
an do about that unless you want
me to come out to your area
a for a book signing or in person
seminar.
29
Continued
•
How will leads be divided?
– By zip code
code.
•
What tools are available to me?
– All the tools I and the IMO I work wiith have at our disposal.
– That includes my help on case design,
gn talking with the client or their CPA
CPA,
attorney, etc.
•
Will there be a script or approach letter?
– Probably
Probably, but I have not given that m
much thought yet.
yet
– I envision personally introducing advisors to each lead with an e-mail or
phone call.
•
Are we committed to writing
g only
y sp
pecific products?
p
– NO. Whatever product is best for th
he client.
– However, I believe there are the “be
est” products in certain sectors. If we are
not in agreement on them, you may
y not be invited into the program. I can’t
have advisors recommending produ
ucts I know to be inferior to others in the
marketplace.
•
Does my broker dealer have to apprrove this?
– BDs are an issue for anyone who ca
an’tt place their fixed life and annuity
an
business outside of the BD. The IM
MO I work with is huge and should be
approved by any BD.
30
Conclusion
• If you are looking
l ki for
f a no costt way to
t grow your
business and make more
e money, there is not a
better option available
available.
• Nowhere else in this indusstry can you can get leads
that are primed like the ones that will come from this
lead program.
• In addition, you will be takiing the CWPP course which
is an invaluable tool when learning how to provide the
best advice to clients.
• In addition, you’ll have acccess to all my marketing
tools, me and my team ass a resource not only for
clients that come from lead
ds, but all of your other
31
clients.
Questions
• If you have questions, ple
ease feel free to e-mail
me at [email protected]
@
give me a call at
.com or g
269-216-9978.
• II’ve
ve already had 53 peop
ple turn in forms to sign up
for this program.
• Territories are going fast and you should act
prudently to determine if you want to apply for this
lead program
program.
32