Bad Advisoors Lead Progr gram By: Roccy DeFrancesco, JD, CWPP, CAPP, C CMP Author of: Bad Advisors: How to Identify Them: How to Avooid Them www.badadvisors.com Founder: The Wealth Preservation Institute www.thewpi.org [email protected] 1 Traditional Marketin ng • What is traditional marke eting in 2011 and beyond? • II’m m not sure there is a firm m definition. • What is really old school marketing? – Sending letters – Sending faxes – Asking A ki ffriends i d and d ffamily ily for f referrals f l • What is just old school marketing? m – Post card mailings – Plate licker seminars 2 New age marketing • • • • Facebook; Twitter; Blogss SEO (search engine optimization)* G Google l ads d Have y you tried any y of the e above? – Most advisors have not – Most who have tried have e failed miserably – And there is a significant cost when trying to use the above ((outside costs and staff costs and time)) • Interactive web-sites – Most advisors have web web-ssites s that are boring boring, not motivating, and not intera active.* 3 Many good advisors not n doing well • Trying to find and keep a new client’s attention is more difficult than everr. • Most advisors are strugg gling to get in front of enough new clients. clients • The result is that many re eally good advisors are making less money (an nd have for the last 2 2-3 3 years). • This Thi iis a trend d that h iis cau using i many advisors d i to worry about their families and future in the business. 4 Solutions? • Spend more money? • Some advisors certainly are not afraid to spend ain, the question is where money to market, but aga to spend that money to g get the desired results results. • Find an IMO that has a “marketing program.” –M Mostt are bogus b and d give i e terrible t ibl lleads d outt th thatt h have been worked multiple times by multiple advisors. • How H about b t the th Bad B d Adv Advisors i lead l d program? ? 5 Bad Advisors book 6 Table of Contents • Acknowledgements • Preface ut the Author) • Foreword (Including Abou • Chapter 1-Everyone’s Wo orst Nightmare • Chapter 2-Insurance Markketing Organizations (IMOs) • Chapter 3 3-Life Life Insurance//Annuity Agents • Chapter 4-Broker Dealers s (BD) and Security Licensed Advisors • Chapter 5-Financial Plann ners/CFPs® 7 Continued • Chapter 6-Fee-Only Advisors • Chapter 7-Sales 7 Sales System (Missed Fortune 101®, Stop Sitting on Your Assets®, United First Financial , LEAP ®, College-Planning Systems y g g Systems, y The Infinite Banking System®, and Bankk On Yourself) • Chapter 8-Attorneys • Chapter 9-CPAs/EAs/Accountants oducts Good Advisors • Chapter 10-Concepts/Pro Should Know p 11 -Real-World Horror Stories • Chapter • Help from the Author 8 What will readers take e from the book? • This book is “the” dirty liittle secrets book. • They will be absolutely floored by what they read. • What they read is very re eal world and verifiable if a reader follows the steps I give them to determine if d advisors. they are working with bad • They Th will ill h hopefully f ll ttake k ffrom the th book b k th thatt I’m I’ a brutally honest person who is not holding back and that h I’I’m really ll trying i to h he elp l them h avoid id fifinancial i l problems by reading the book. 9 Continued • What’s What s really important is that readers come away nking that I really know from reading the book thin what I’m I m talking about about. • Not only that, but that I kn now more than any advisor they’ve ever had and any advisor they anticipate having. • That may or may not be trrue, but the goal is to impress p upon p them that iff they y don’t seek help p from my team to help the em determine if they have bad advisors and then ultimately to find a good advisor, they could be loo oking at financial problems.10 Bad Advisors Lead Program • I knew this book would b be my best chance to get into the public space. • I planned l d on spending di my m own money and d marketing efforts to get the book out there. • I know that if people read d this book they will figure out that they y have bad ad dvisors and will ask me to find them a good advisorr in their local area. • However, However by good accide ent I had the book picked ent, up by a publisher who us ses Baker & Taylor the #1 distributor of e-books e books in tthe industry to sell books books. 11 Continued • The lead program will revo olve around book sales. • The publisher has contracttually committed to selling 20 books in 2011 20k 2011, 30 30k bo ooks in 2012, 2012 and 40k 0 books in 2013. • 20k b books k di divided id d b by 365 days d iis 55 b book k sales l a day; 30k books is 82 book ks a day; 40k is 110 books a day day. • The publisher is obligated to provide me with the names and all contact in nfo of anyone who buys an electronic version of the bo ook. • The book will also be going g into bookstores like Barnes and Noble. 12 Continued • Sales will drive many rea aders to the web-site where they y will fill out forrms to – – – – Find out if they have bad advisors Find a good advisor in the eir local area Report a bad advisor Sign up for the horror story message board • Again, I will have the con ntact info of thousands of people who buy the bookk. • They will be dripped on and a information forwarded to local advisors in the prrogram. 13 Web-site 14 More marketing • The publisher is going to o be scheduling me book signings g g all over the co ountry y ((as manyy as I want to take time to go to). • Advisors in the program can request that I come out to their local area for a book signing. • The only catch is that myy travel expenses will need to be picked up (the publlisher will setup as many as I want, want but they do no ot pay my travel expenses) expenses). 15 More marketing • I just recently found out that t the publisher is going to market in person con nsumer seminars based on the book. • You You’ve ve seen them before e come attend an all day e, event by the writer of this s book and learn first hand the secrets of what he discusses in the book book. • The first such seminar is May 21st in Los Angeles. Angeles ogram are going to be • Again, advisors in the pro able to request that I com me out to their area of the 16 country for these semina ars. Will I generate leads s? • The question isn’t will I ge enerate leads, the question is how many leads will be e created, how good will they be, and where will th hey be located. • At this point I can’t can t say forr certain. • What I know is that literallly thousands of people will be reading my very motiva ational and scary book book. • I will have the contact info o of many of them because th bi the big push h will ill b be e-boo b oks. k • I can guarantee you when n I get in front of people at in person seminars I will generate g very good leads.17 Motivated • R Readers d who h contact me e or fill out a fform on www.badadvisors.com will w be motivated. • They will have read the book b and now fear that theyy are working g with the e wrong g advisor or are fearful that when looking for a new advisor they will pick one I consider a “ba p ad advisor.” • That means they are actually looking for a reason to get rid of their current advisor and/or are looking for a new one. • They Th are primed i d and d rea ady d tto have h advisors d i iin th the 18 lead program work with them. t Retiring Without Ris sk • The publish is also picking up my book Retiring Without Risk and will be getting that book in bookstores as well. • The book covers growing wealth with EIUL and FIAs and compares p both with traditional ways to grow wealth. • www.retiringwithoutrisk.com g • If you want to sell FIAs or EIUL, y you should be handing g out copies of this book to your19 clients. H.E.A.P.™ • The publisher is also picking up my HEAP book. • This is the #1 marketing tool you can use to pick up new clients. • It’s a mortgage acceleration program. • The publisher right now is only picking up the rights i ht tto sellll thi this b book k 20 in electronic format. HEMGB • The publisher is g up also picking the rights to y distribute my HEMGB in electronic format. • It’s my version of MF101 but done with honest math and attention to 21 the tax code. How do you get into o the leads program? • It’s pretty simple, you have be selected by me to t gett them. th • What’s the criteria? • 1) You Y h have to t be b compettent. t t – To ensure that you are comp petent, every advisor will have to take the CWPP course within the next four months. (There ( are no exceptions). – I can’t tell the general public that I’m referring them to a good advisor and not make sure e each advisor knows the material from the CWPP course. – For advisors who conform to o the rules to join the leads program there will be no cos st to take the course course. This is a $1300 value. – As a value to those who hav ve already taken the CWPP course, they h will ill h have first fi c crack k at territories i i if they h can 22 comply with the other rules to t join the program. Continued • 2) You have to have a good g record. – Meaning if you have fraud d suits or ethics complaints, etc, you are not going to make m it. – A past lawsuit or SEC issu ue is not a deal killer. I just need to know the circumstances and feel comfortable that any mistake was an h honest mistake that can be avoided in the future. • 3) You Y mustt b be willing illi to t give i advice d i that th t is i always best for clients. – It sounds obvious, but anyyone found to be “selling products” vs. “solving solu utions” will be booted from the program. 23 Continued • 4) You will need to use my CRM program so the leads can be tracke ed. – I will set you up with the system s for free. • 5) You have to move “A A ALL” ALL of your fixed life and annuity contracts to t the IMO I deal with. – There are no exceptions s. – Transfers need to happen n quickly because leads should be coming in startting in February February. – Your move will be lateral – If the th IMO doesn’t d ’t have h a product d t th that’s t’ b bestt ffor the th client, you can place it ou utside the IMO. 24 What does it cost to o get into the leads program? • No out of pocket costs. • The cost (which is really not a cost) is you putting ALL off your fifixed d lif life and d annuity it b business i th through h the IMO I work with. • I will make most of my money m from overrides and I’ll take that out of the IMO’s pocket. p • 10% of each case on clients referred. – My name or a company n name will go on each fixed life or annuity contract. • Remember Remember, you are nott paying anything to receive these qualified leads. 25 Other benefits • Because advisors in the pr program g will be p placing g their fixed life and annuity busin ness through the IMO I work with, they will also receive the other benefits of working with that IMO. IMO • They include all of my marrketing tools (25k worth of tools). ) • Ghost web-sites • CRM • E-newsletter systems (with h the e-mails to send out) • Several different software packages (H.E.A.P.™, roth IRA conversion, i GIB rider, id CVL vs. stocks t k and d 401(k) plans, etc). • Discounts on books 26 • The ability to write the fore eword for my books, etc. How do you get starrted • You need to fill out the ad dvisor questionnaire and e-mail it to me. • http://www.thewpi.org/pdf_files/advisor.questionnaire.pdf • I will look at the questionnairre and see if you look like a good candidate. y want to talk with yyou about a yyour practice p to g get a • I may feel for the kinds of advice you y are currently giving clients. • If y you are,, I will let you y know w and if not I will let yyou know. 27 After you are selecte ed • Once you are selected yo ou will have to sign a contract. • What will it say? It will be e very basic and will say: • 1) That you agree to mov ve ALL of your fixed life and annuity contracts to the IMO I work with (and that you will move them within w a certain time frame). • 2) That you will always give advice that is in the client’s best interest. • 3) It will specify the territo ory you are given. • 4)) It will specify p y how yyou can keep p yyour territory y or be removed from it. 28 FAQs • Do you have to have a seccurities license to be in the program? – No. But you must disclose to o clients that you do not have one so they th can seek k securrities iti advice d i ffrom someone who h iis if they feel the need. • When can I expect to start seeing leads? – As soon as they start poppin ng up in your area. It could be in February y or not. • What kind of guarantees arre there that I will get leads? – None. I’ve told you how the book will be marketed and how leads will be generated. Som me advisors will be luckier than others. There is nothing I ca an do about that unless you want me to come out to your area a for a book signing or in person seminar. 29 Continued • How will leads be divided? – By zip code code. • What tools are available to me? – All the tools I and the IMO I work wiith have at our disposal. – That includes my help on case design, gn talking with the client or their CPA CPA, attorney, etc. • Will there be a script or approach letter? – Probably Probably, but I have not given that m much thought yet. yet – I envision personally introducing advisors to each lead with an e-mail or phone call. • Are we committed to writing g only y sp pecific products? p – NO. Whatever product is best for th he client. – However, I believe there are the “be est” products in certain sectors. If we are not in agreement on them, you may y not be invited into the program. I can’t have advisors recommending produ ucts I know to be inferior to others in the marketplace. • Does my broker dealer have to apprrove this? – BDs are an issue for anyone who ca an’tt place their fixed life and annuity an business outside of the BD. The IM MO I work with is huge and should be approved by any BD. 30 Conclusion • If you are looking l ki for f a no costt way to t grow your business and make more e money, there is not a better option available available. • Nowhere else in this indusstry can you can get leads that are primed like the ones that will come from this lead program. • In addition, you will be takiing the CWPP course which is an invaluable tool when learning how to provide the best advice to clients. • In addition, you’ll have acccess to all my marketing tools, me and my team ass a resource not only for clients that come from lead ds, but all of your other 31 clients. Questions • If you have questions, ple ease feel free to e-mail me at info@badadvisors @ give me a call at .com or g 269-216-9978. • II’ve ve already had 53 peop ple turn in forms to sign up for this program. • Territories are going fast and you should act prudently to determine if you want to apply for this lead program program. 32