You want more annuity leads. There are lots of places that promise them. Should you buy theirs or pan for prospects on your own? Which annuity lead-generating strategies pay off best?

Selling one annuity could net you thousands of dollars in commission. Yes, this type of product appeals to a select crowd, but that doesn’t mean that finding new annuity leads has to be difficult. You just have to know where to look.

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Lead Companies

One way you could get annuity leads is by paying someone else to find them for you. A multitude of annuity lead-generating companies exist; however, they aren’t all safe or worth buying from. It’s this catch that makes purchasing annuity leads one of the riskiest ways to grow your annuity business.

Some companies don’t scrub their leads against the Do Not Call list, and that could be problematic if you plan on cold calling. Violating the DNC list could leave you with a fine of up to $41,484. Additionally, picking the wrong lead company could yield low-quality leads and a negligible return on investment.

If you do use outside vendors, you must be positive they’re reputable and the list(s) will pay off.

If you do plan on using outside vendors for annuity leads, you must be positive they’re reputable and the list(s) will pay off. Be sure to target individuals who are likely to buy annuities, like retirees or pre-retirees who live in affluent areas and small business owners.

Advertising

If you’re willing to put in a little work yourself, you can also get leads for annuity sales by advertising your business and services.

Sending direct mail pieces, having your own website, and placing ads in a local newspaper or on a billboard, radio station or TV channel are all good ways to get your name out there. Depending on the quantity and quality of leads you’re getting though, certain marketing channels may not be worth your investment.

Many annuity companies actually have tried and true marketing slicks (advertisements) that you can download or buy and then mail to generate leads. (Note: If you download and print on your own, the quality will likely not be as professional.) Check with a representative from your field marketing organization or the company itself, and they should be able to tell you how you can access these materials.

Many annuity companies actually have tried and true marketing slicks that you can download or buy.

Seminars and Webinars

Open to putting a little more time and effort into marketing? Hosting seminars and webinars allows you talk to many people at one time. It can also be an effective way for you to establish a presence — online and in your community — as a trustworthy, credible, and professional annuity expert. All of this is important considering annuities are a pretty big investment, and you could increase your chances of making a sale by earning your prospects’ trust.

Utilizing an educational approach can often get you in front of people you might not have had the chance to talk to otherwise. For instance, webinars allow people to tune in from the comfort of their own home, saving them the time, money, and hassle associated with going out to an event. Both seminars and webinars also create a low-pressure selling environment for prospects, which can actually make it easier for you to close sales.

An educational approach can often get you in front of people you might not have talked to otherwise.

Pro Tip: Partner with organizations you already have a connection with, like your church. See if they’ll sponsor the event and/or let you host it on their property. Once you become more familiar with presenting, reach out to other organizations to increase your visibility and pick up more business.

Fact-Finding

Arguably the best way to find annuity leads, fact-finding is a gold mine for potential prospects, especially if you sell other types of products. Why? It helps you realize the prospects who are hiding in plain sight — those already in your current book of business!

If you only offer annuities, consider starting to sell Medicare Supplements. These plans usually appeal to a large number of people (e.g., many Original Medicare enrollees) and the same type of people who may be able to purchase an annuity. Opening the door to cross-selling an annuity can be as easy as asking an individual with one of these plans if they have any CDs or money market accounts and seeing if they’re unhappy with their current interest rates.

Fact-finding helps you realize the prospects who are hiding in plain sight.

As you fact-find, you may even learn that your clients have family members who could use your help as well. Having a relationship with multiple family members can give other agents a harder time moving those clients away from you. And it’s always a good idea to do what you can to try to retain clients.

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If you’re prospecting for annuity clients, you can use many of the same methods that you, or other advisors, are already using to find insurance leads. Often, you can even turn insurance leads into annuity leads via effective cross-selling. There isn’t a set method that works best for this process. Try out a few ways, track your results, and keep doing the ones that keep your pipeline full and business turning a satisfying profit!

A modified version of this article was previously published by Producers eSource in May 2018.