New prospects:
Silent Generation:
Sample Transition:
Many people who have retired have expressed concern about having a plan to pay medical bills and for health care that’s not covered by their Medicare plan. (slight pause to listen and evaluate the prospect) We help our client manage and invest their finances so they have the money they need to pay these expenses without reducing their retirement income.
Probing Questions Samples:
How do you feel about having a plan to pay these expenses when they occur?
Is having a plan to pay medical bill without reducing your retirement income important to you?
Probing & Support Response Examples
Prospect: If your prospect says something similar to this. “I know I could be facing medical expenses, that’s why I have a medical supplement plan.”
Advisor: You could Probe to clarify the meaning behind what they said. For example you might say, “Then you feel having a plan to pay medical expenses not covered by Medicare is important to you, is that right?
Prospect: Yes
Advisor: This is an opportunity to Support. You could say, “That makes sense because Medicare coverage can leave many medical bills unpaid. Unfortunately so do many supplemental plans.
That’s why we help our clients identify the bills that would be left unpaid so they can make plans to pay them without derailing their retirement income stream.
Boomer Generation:
Sample Transition
Many people who are nearing retirement are concerned about having a way to pay medical bills not covered by insurance. (slight pause to listen and evaluate the prospect) We help our clients create sample financial plans that anticipate uncovered medical bills and other types of risk that could prevent financial security. This process is based on your goals and provides you useful information so you can make any adjustments necessary to protect your investments and achieve the retirement income you want.
Probing questions to consider:
How do you feel about having a plan to pay medical bills so they don’t reduce your retirement income ?
What plans have you made to pay medical bills after you leave your job?
Probing & Support Response Examples
Prospect: If your prospect says something similar to this. “I’m planning to retire before I’m eligible for Medicare because I want to retire when my spouse does.”
Advisor: You could Probe to gather more information. For example you might say, “Then you will need to plan for two time periods one before and the other after you’re eligible for Medicare, is that right?
Prospect: Yes, I will
Advisor: This is an opportunity to Support. You could say, “It makes sense to plan ahead because the cost of your coverage will be different before and after. We can show you a sample strategy to pay insurance costs and uncovered expenses before and after you are eligible for Medicare.
Generation X or Y:
Sample Transition
Many people who are saving for retirement are concerned about the future of social security. (slight pause to listen and evaluate the prospect) We help our clients create retirement plans so they know much they have to save to reach their retirement goals even if social security is drastically changed or reduced. This straight forward process is based on your preferences and provides you a sample plan so you can save with confidence
Probing questions to consider:
How do you feel about having a retirement plan that considers the consequences of major changes in social security?
What’s your opinion regarding the future of social security?
Probing & Support Response Examples
Prospect: If your prospect says something similar to this. “I think by the time I’m of that age there won’t be any social security
Advisor: You could Probe to gather more information. For example you might say, “Then you feel you better make a retirement plan that’s not dependent on social security, is that right?
Prospect: Yes, that’s right
Advisor: This is an opportunity to Support. You could say, “That makes sense because if you plan on it and it’s not available to you could come up short with your retirement savings. We can help you create a sample plan based on your goals so can figure out how much to save for retirement.
These examples are word sensitive because according to the MDRT study the older retired Silent Generation is more receptive to the phrase financial plan while the younger generations are more receptive to the phrase retirement plan.
Concerns also vary by generation with medical expenses not covered by insurance being at the top of the list for Silent and Boomer generations. Also living longer than expected and out living their money is a greater concern for older generations. Lack of personal savings and the uncertainty of social security are greater concerns for the majority of Gen X and Y.
Boomers and Generation X want straight forward advice, sample plans and goal based planning. Younger generations want their advisor to help them make money while the older Boomers and silent generations are more likely to talk about investments or finance.
