In last week’s Marketing Corner, we covered the history of CD replacement months. Traced back to the October 19, 1987 “Black Monday” stock market crash, this marketing opportunity comes around every April and October due to the product’s 6- and 12-month renewal periods.
As a financial professional, you’re probably already familiar with this history lesson. The question is, are you putting it to use? CD replacement month is a good occasion to sit down with clients to discuss how CD alternatives might be a better way to achieve their retirement goals. Or maybe you have a client whose situation is more conducive to using CDs as a savings vehicle. Or, an even more likely scenario, you have clients who aren’t fully aware of their options.
CD replacement month is an opportunity to dig deeper into the client’s needs, goals, and unique situation. Rather than limit the conversation to CDs and CD alternatives, use your probing skills to gain a sense of the client’s financial know-how and educate accordingly.
If the client owns or is interested in a low-interest rate product like CDs, they:
- Are gun shy about putting their money into anything tied to the market; or
- May not know about other, more valuable, options available to them.
Either way, the door is open for discussion.
Of course, it’s highly unlikely that they’re going to look at the calendar and think, “Hey, it’s October! I should call my advisor about these CDs.” That would almost be too easy. If you need help planting the seed, we have a wealth of marketing materials designed specifically for that reason.
The IAMS 2020 CD Replacement Kit is a comprehensive and complimentary package that includes:
- Taxable Equivalent Yield Chart
- CD vs. Annuity Comparison Chart
- Split Annuity CD Beater Strategy
- CD vs. FIA Sales Strategy
- CD Prospecting Letter
- Customizable Fact Finder
- Retirement Pitfalls Presentation
- Going Broke Safely Presentation
- IAMS Top Annuity Solutions Report