Life is full of decisions. There aren’t enough hours in the day to accomplish everything, and according to research from Franklin Covey, the vast majority of American workers report feeling overwhelmed. Franklin Covey has capitalized on this trend by developing prioritization tools and techniques to help people tackle one item at a time. But what does all of this mean for financial advisors? This same approach can help your business clients create the financial protection plans they so desperately need.
A 2010 study of business owners by Harris Interactive and The Principal shows business owners rank protecting their business and income as their top financial priorities. Yet, the majority of those surveyed don’t have the necessary protection plans in place. And who can blame them? Day in and day out, business owners are worrying about cash flow, the competition, managing employees and successfully growing their businesses. Fortunately, you can help them realize they need to spend more time working on their business, not just in their business.
Showing the financial impact of not having protection products is very effective. I often share the story of a producer who was given a second chance to do the right thing with clients. After a particularly startling series of messages from the spouse of a big client, he realized he had neglected the importance of income protection. In this particular case, his client was diagnosed with a severe illness and died before needing to worry about the income protection gap in his financial plan. The producer took this opportunity to become an advocate on the importance of life and disability insurance in personal and business planning.