I’ve been sending 50 weekly e-newsletters every year for 15 years. I’m not going to lie, it’s tough to come up with the best newsletter every week. Sometimes I get so focused on a topic, concept, or product that I forget what arguably is most important, and that’s the creation and delivery of a comprehensive plan for clients.
Lead Programs and Helping Advisors with Case Design
We’ve been beta testing a few different lead programs/tools, and it’s starting to work.
Even though I consider “my clients” to be advisors, I’ve decided to field some of these leads so I can determine their quality. The byproduct of talking with consumers is that I have to give them advice.
What do my client recommendations cover?
1) Estate planning; 2) Investment risk and mitigation; 4) Roth conversions (most of the leads are Roth conversion leads); 5) Retirement Planning; 6) Income planning
Download My Consumer Memos/Recommendations
(Names Redacted)
To download the actual memos I provided to the following leads, click on the following link:
https://advisorshare.com/download-client-memos
All four of the following reached out for help with Roth IRA conversions. But, as you’ll see, we ended up talking about several different topics that I ended up covering in my memos.
Lead #1—Retired dentist
Total AUM—$8.6 million ($3.5 million in a roll-over RIA);
Married; $165,000 in expected expenses today.
The professor has a personal Risk Score of 40. He gave us his largest account to review ($2.7 million), and it has a Risk Score of 69. He said his other investments were similar.
This retired dentist’s top priority besides Roth conversion was to avoid investment risk and pass the maximum amount of wealth to his heirs. I did two separate memos where I talked about FIAs as bond alternatives, income rider FIAs; our “high-income” portfolio; and Roth conversions.
I referred him to our internal sales rock star Jonathan Camarda, CFA®, and out of the $8.6 million, we’ll probably pick up $4 million of it (another advisor is managing some of the money).
Lead #2—Retired professor
Total AUM—$3.8 million ($3.67 million in a roll-over RIA);
Married; $144,000 in expected expenses today.
The professor took our OnPointe questionnaire and came in with a Risk Score of 47. The following are his accounts and their risk score, along with a merged portfolio risk score. The average Risk Score of the investment accounts combined = 74!
He thought he was in great shape until I showed him that he would RUN OUT OF MONEY if his portfolios took a 40% drop in the market (the problem of sequence of return risk).
In my memo, I talked about Roth conversions, guaranteed income rider FIAs, and our “high-income” portfolio. The recommendation provides much more certainty, and he would NOT run out of money even with a big drop in the stock market. I’m not sure we’ll pick him up as a client (he’s a bit quirky).
Lead #3—Retired widow
Total AUM—$2.1 million ($590k in a roll-over RIA); $85,000 in expected expenses today.
The retiree came in with a Risk Score of 3. Most of her money is in money market accounts (she is VERY averse to risk).
My memo talked about FIAs as bond alternatives, income riders; our “high-income” portfolio; Structured Notes, and Roth conversions. She should have a call with Jonathan Camarda this week to talk about her money. I think we’ll have a good shot at picking her up as a client.
Lead #4—Retiree
Total AUM—$8 million ($3.3 million in a roll-over RIA);
Married; $250,000 in expected expenses today.
He didn’t take the risk questionnaire before our call. His $3.4 million NQ account had a Risk Score of 63, and his $3.3 million IRA had a Risk Score of 44.
His top priority besides Roth conversion was to avoid investment risk and pass the maximum amount of wealth to his heirs.
I did a memo where I talked about FIAs as bond alternatives, income rider FIAs; our “high-income” portfolio; Structured Notes; and Roth conversions. He will have a call with Jonathan Camarda this week or next to talk more specifically about his money. I think we’ll have a good shot at picking up 50% or more of his AUM.
Lead Programs
To help advisors, we (our IMO and RIA) are working on creating our own lead programs.
The first one we are testing is our own “intellectually honest” Roth conversion program. That program consists of 1) Facebook leads; 2) leads that come from consumers reading our Roth book; 3) my new YouTube Channel. We are getting leads from Facebook, and they are ok. We are getting less from the book and YouTube channel, but the leads are really good (like the ones discussed in this newsletter).
Free Financial Planning Software
We are adding a consumer portal to our OnPointe Retirement planning software. That will be great for our advisor users, but it will allow us to roll out a consumer financial planning tool.
And because we are light years ahead of other software when it comes to AI, consumers will be able to use our AI tool to create their own plans. We intend to launch this in January and expect to have a flood of leads who will provide us nearly all their data so they can use the tool.
It’s tough to find a better website address than: www.FreeFinancialplan.ai
New 3rd Party Lead Program
I just talked with an industry veteran (if I told you who it was, you’d certainly know him). He’s been working on a new lead system that just launched with a handful of advisors.
Because he doesn’t care for Simplicity, Integrity, and most of the other large IMOs, they will NOT be getting access to it. I just got a demo of the system last week, and it blew me away.
What’s even better is that it’s only going to cost agents $250 a month. The majority of the revenue will come from splitting the overrides with the IMO. I was honored that I was the first person to demo the system, and I was told the reason was that he knew he could trust me not to screw him (no surprise that he’s been screwed by big IMOs in the past).
Sign Up for Info on These Lead Programs
If you would like more info on the lead programs we are building or on the new 3rd party lead system that is just rolling out, click on the link below.
https://advisorshare.com/lead-programs
RoccyKnows YouTube Channel
Every week I’m posting a NEW YouTube video. Last week’s was on Estate Planning Mistakes to Avoid. This week is on one of my favorite sales tools the Home Equity Acceleration Plan (HEAP).
To watch the NEW consumer YouTube video, click on the following link or video:
https://www.youtube.com/@RoccyKnows/videos
