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Was 2023 a good year? Were goals met? Have you set goals yet for 2024? Do you have a plan in place to capitalize on opportunities in the new year?
Successful insurance agents and financial professionals take note of what has worked in the past, consider what’s trending now and apply that knowledge for future success. This article helps by going over some key takeaways from 2023, trends for the new year and how Senior Market Sales® (SMS) can be your partner in helping you capitalize on said trends.
Important takeaways from 2023:
- The Federal Reserve increased interest rates in an attempt to slow the economy and reduce Americans’ spending on items like housing, autos and credit card purchases
- Annuity rates mirrored the Federal Reserve’s increases which resulted in a booming annuity-sales environment, specifically multi-year guaranteed annuity (MYGA) sales
- Prospects continued to trend toward eclectic meeting preferences including in-person, online and over-the-phone interactions, with the option to take sound advice and apply for coverage on their schedule
What this means for you in 2024:
- If rates continue on an upward trajectory, it will spell further opportunity to lock clients into MYGA products with guaranteed rates not seen in years
- If annuity rate growth slows, it’ll create a great opportunity to review your clients’ retirement plan and holdings to help ensure optimal returns with maximum safety
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Take a look at the client’s life insurance portfolio to see if they can take advantage of preferential treatment of life insurance cash values through withdrawals and loans that could potentially supplement their retirement
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Review the client’s IRA holdings because Roth IRA strategies and proper life insurance planning could save clients significant tax dollars
- With more and more clients preferring to meet in ways other than in person, agents who want to maximize success need solutions for catering to those eclectic meeting preferences
How can you make the most of 2024’s opportunities?
Agents who have access to proprietary technology, competitive health and wealth solutions, compliance-friendly marketing materials and knowledgeable back-office staff are those who stand to pull ahead of their competition. One partner that can provide all this and more is SMS.
SMS offers its agents:
- Virtual meeting solutions
- Proprietary technology
- Leading back-office support
- Proven marketing systems
- A comprehensive product portfolio of health and wealth solutions from top carriers
- On-point client-facing marketing materials
- Exclusive programs such as the CirrusView™ process
- Improved ability to review client and prospect needs through Nextek
- Complete collection of quoting, enrollment and electronic application tools for all product lines
SMS has everything you need in one place to meet the demands of today’s convenience-driven customer while growing your business and setting you apart from your competition. Connect with an SMS marketing consultant at 1.800.786.5566 to learn all that we offer and make 2024 your best year yet.
*Coming in 2024.
For Licensed Insurance Agent/Advisor Use Only. Not for General Public.
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