Getting Started With Social Security Planning

  • Originally published January 4, 2013 , last updated December 31, 2015
  • Social Security
Getting Started With Social Security Planning

Social Security planning: Almost every marketing organization is talking about it. Software companies are coming out with tools left and right. And many of your clients are asking questions. It makes sense that it’s such a hot topic. With 76 million Baby Boomers electing Social Security in the coming years, they will all have the same decision to make: elect now or later? As an advisor, you’re in an ideal position to help your clients with this decision.

The question you should ask yourself is: “Is Social Security planning right for me?”

The easiest way to find out is to register for a free trial of Social Security Timing and start familiarizing yourself with the process. You can also learn more about Social Security planning by watching this video and listening to this webinar.

But let’s say you’ve already signed up for the software and you’ve started learning the ins and outs of Social Security. What do you do next? Most people will point you toward seminars, something our advisors have had tremendous success with. However, you’d be missing a step if you did that.

(The process below is outlined in more detail, along with worksheets, FINRA-reviewed seminars and more, in the Social Security Timing Marketing Guide. Call a marketer at 1-877-645-4939 to learn how to get your copy of the guide.)

Before you do any marketing or seminars, you need to sit down with some real people and go through this process because when you get up in front of an audience to talk about a subject, you have to truly believe what you are saying and this process will make you a believer.

First, you’ll want to think about people you know — either existing clients, friends or family — who fit the following criteria:

  • Married, widowed or divorced
  • Age 60–66
  • One or both spouses have yet to elect Social Security

Try to set up 5 to 10 meetings. Tell them you are considering offering a new service as part of your financial practice and you would like to run a free personalized report for them that will help them determine the best time to elect Social Security benefits.

This allows you to start with people you know, people you already have a rapport with. It also gives you a chance to work out any awkwardness in your presentation. But the best part is when you get to see firsthand the client’s reaction! Imagine watching their faces light up when you share a report that has just uncovered an additional $100,000 or even $200,000 in Social Security benefits they didn’t even know they had. Also, those reactions, and the feeling of helping people, will give you great stories to share when you work with other clients or lead seminars down the road.

During these initial meetings, it is also very important to ask for referrals — not to other clients but to other professionals. Ask if they know any accountants or attorneys who would benefit from this information. These are great opportunities to build COI referrals, which we will cover in another blog post.

Complete the above steps and you will be well on your way to incorporating Social Security planning into your business. We will support you along the way! Social Security Timing’s advisor support line connects you with experts who can answer your questions, help you run repots and help guide you through this process. Training videos, webinars and a host of articles are available at socialsecuritytiming.com to further your training.

Does this sound like a way to grow your book of business?

The above process is outlined in more detail, along with worksheets, FINRA-reviewed seminars and more, in the Social Security Timing Marketing Guide. Call a marketer at 1-877-645-4939 to learn how to get your copy of the guide.

Click here to download a free preview of the SST Marketing Guide.