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Turning Crisis into Opportunity

By Joe Elsasser

crisis (kri-sis) noun.
a) A crucial or decisive point or situation; a turning point
b) A condition of instability or danger

Lehman Brothers, Merrill Lynch, AIG: A trio of Titanics—once thought too big to sink—crashed into the iceberg last week, creating a chain reaction throughout Wall Street that resulted in the largest one-day drop in the market since 9/11.

Crisis? You bet. Opportunity? You bet.

This is a turbulent, scary time in our economy—especially for seniors who don’t have the time or income to make up for huge losses sustained in retirement—but it could also be a time of great opportunity for agents who offer stable, secure products like annuities. If you’ve been selling annuities for some time, you can actually turn the recent bankruptcies and bailouts on Wall Street to your favor simply by picking up the phone.

This is the perfect time to reconnect with existing clients and quell their fears by initiating an “state of the union” type conversation about their portfolio. Review what you’ve done for them in the past—maybe you helped them move some money into an annuity a few years ago—and point out how that has fortified their position in the current economy. This will reaffirm that the service you provided has put them in a strong position, safe from market risks.

And, now that you’ve got them talking about what a great job you did, it’s a perfect opening for you to ask for referrals. It’s not a hard sell. Your older clients, who are well-positioned with diversified asset protection plans, are probably feeling pretty thankful right now. Let them know that if they are happy with the position they’re in and the service you’ve provided, the perfect way to say ‘thank you’ is with referrals.

The timing in this is critical. This isn’t a call you want to put aside for a week while you attend to more “regular” business. You want to be the person that called first, because you’re the only person with any news resembling good news.

Every crisis comes with its own unique opportunities for those keen enough to see them. This is your opportunity to reaffirm the role you play in your clients’ stability and safety in any economy, and perhaps win some new business.