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While we at POM Planning believe our conservative, low-risk money-management platform (click here to learn more) is certainly unique and while our advisor training (click here to learn more) is unmatched in the industry, there are times when it is important to have the ability to call on a mentor to help close a big deal.
What is a mentor?—a mentor is someone who has been in the business long enough to have “been there” and “done that” and who can teach advisors how to conduct business professionally, provide the best advice to their clients, and help close cases.
A mentor you can work with can be invaluable when dealing with affluent clients.
Mentors available through POM Planning:
Drew Horter—the founder of POM Planning RIA and has been in the business for over 29 years. He has held Securities licenses that include the Series 6, 7, 22 and 63. Drew has been mentoring and working with advisors for several years, and his specialty is picking apart brokerage-account statements of competitors such as Merrill Lynch and others. He also created the three-bucket, wealth-building system that properly uses FIAs, EIULs, and POM Planning’s conservative, low-risk money-management platform to help clients reach their financial planning goals in the least risky manner possible.
Mike Plumlee—the President of Advantage Financial Partners and has been in the business for over 20 years. Mike’s business model revolves around helping advisors provide comprehensive advice to their affluent clients. The topics Mike is familiar with include but are not limited to captive insurance companies, IDGTs, freeze partnerships, asset protection, 401(h), 412(e)3, and cash balance plans, and of course the proper use of fixed indexed annuities and equity indexed universal life insurance.
Mike is what most people call a “closer.” Advisors bring him in to work with affluent clients because he can educate and motivate them to take action to implement proper planning and to buy fixed life and annuities when appropriate.
Roccy DeFrancesco—an attorney licensed in Michigan and Indiana as well as insurance licensed in 20+ states. He is the founder of the Wealth Preservation Institute (www.thewpi.org) and author of The Doctor's Wealth Preservation Guide; The Home Equity Management Guidebook; The Home Equity Acceleration Plan; Retiring Without Risk; and Bad Advisors: How to Identify Them; How to Avoid Them. Roccy has been helping advisors design complex plans for clients and close big cases for over twelve years and comes to the table with credibility that is unmatched in our industry. He is also the creator of the CALM sales platform. Click here to learn more about CALM.
Sign up NOW to learn more—if you would like to learn more about how you can use POM Planning’s unique mentoring program, please click here to fill out a request-for-more-information form.
Do you need a mentor or should you be using one?
Let’s look at some real-life examples of when a mentor came in handy. Each example is one where an advisor has access to a high-income and/or net-worth client and doesn’t exactly know what to do to help or is not confident in closing a sale.
Insurance broker – Barry —had a local CPA refer him a profitable business client so Barry could discuss his finances and how to help him build more wealth. Mike Plumlee traveled with Barry to Austin, TX, for a meeting with the potential client. After visiting for an hour, the client decided that a Captive Insurance Company (CIC) sounded like a good fit for his company. To make a long story short, the client did his due diligence on CICs and ended up creating one. His company paid a $500k premium to the CIC in year one; and he plans on budgeting a $500k premium each year for the next 10 years. The client was so impressed with the benefits of a CIC that he is considering another captive to benefit several key employees and has three friends that own businesses that he believes could benefit from captives which he referred to Barry/Mike.
Bottom Line—Barry was not familiar with CICs; but by bringing in Mike to meet with and help the client, he will be able to capture millions of dollars under management and will probably sell an EIUL policy in one or more of the CICs.
Insurance Broker – Charlie—has been an insurance salesman for 10 years and has NEVER generated more than $100k in annual commissions. Charlie had a number of clients he had worked with over the years that he wanted to revisit to see if he could do more for them. Charlie worked with Mike Plumlee by phone when discussing these clients and then took the information from Mike and met with them on his own. Over the first four months, he sold two FIAs ($72k and $88k). After four months, Charlie decided to have Mike come in and meet with some clients in person. He set up eight appointments over a two-day period. These appointments have produced some product sales and are projected to produce $450k in total commissions for Charlie.
-Client 1 placed $26k target life in an EIUL policy.
-Client 2 placed $28k in an FIA and is doing a CALM Memo with Roccy DeFrancesco.
-Client 3 is an accountant who has set up an appointment with his largest client, a multi-million- dollar family business that wants help with estate and tax planning.
-Client 4 placed $19k target life in an EIUL policy and $2k target in term life insurance.
-Client 5 has a Section 79 plan he needs to get out of (because it’s junk) and is transferring a $250k pension plan which they will place in FIAs. The client’s company is paying a $150k into a CIC (Captive Insurance Company) which will create $50k in target from positioning some of the reserves in an EIUL. $40k is being transferred from Edward Jones in mutual funds and we are replacing $2 million in term
-Client 6 is paying $1.2 million a year into a Captive Insurance Company (CIC) which will create $250k+ in target life premium from repositioning 50% of the reserves in an EIUL policy. Additionally, the client is replacing $2 million in permanent life for estate planning and replacing an old $5 million key man policy. The client is also doing a CALM Memo with Roccy DeFrancesco.
-Client 7 is purchasing a $10 million survivorship life policy, transferring two SEPs with $600k, doing a 1035 of $750k from a few VUL policies which will go into an EIUL policy, replacing $6 million of variable annuities with FIAs and structured settlements, transferring $7 million from his Merrill Lynch account which will be invested with various money managers and investments yet to be chosen which will create a trail commission for Charlie. Client 7 is doing a CALM Memo with Roccy DeFrancesco.
The broker had done an $80k variable annuity with Client 4 and handled the 401k for Client 6. He had not done business with any of the others before although he had been trying for years. After bringing in Mike to meet with these clients, things opened up; and these clients that had previously not done much business with Charlie are now moving some of or all of their managed money to Charlie and have requested help with estate planning, tax planning, etc.
Bottom Line—if you have clients with money and don’t know what to do with them, with a mentor who can work in a hands-on manner, you can pick up those clients on multiple levels which will be good for the clients (better advice) and good for you as an advisor.
Sign up NOW to learn more—if you would like to learn more about how you can use POM Planning’s unique money-management platform to help you grow your business, earn more income, and provide better services to your clients, please click here to fill out a request-for-more-information form.