In a frightening 2014 Urban Institute study–The State of Retirement–the think tank issued unflattering report cards across the far majority of America’s state teacher pension plans. In a separate recent survey by National Life Group, some 70% of educators said their state retirement plan would be their primary income source down the road. This makes the results of the Urban Institute study even more important, revealing that many teachers may not realize the shortfall they will have if their teacher’s pension is their only source of retirement income.
With precision, Urban Institute rated plans based on the percent of final salary it would replace, how well they reward younger and older workers and how well funded the plans were. All told, not a single state earned an overall A grade from the study, while most states hovered among the mediocre ranks of C-grade territory. Five states plus the District of Columbia received F grades.
That said, with some careful study and well-intended direction, educators can take big strides to make up the shortfall in their pension income. Many already are. In contrast to another honorable profession’s adage “doctors make the worst patients,” educators are incredibly willing to be students themselves in their quest for retirement planning knowledge. In fact, teachers are more likely (31%) to seek the expertise of a financial professional, as opposed to a trusted relative or even the home-grown resources in their own school districts, according to National Life’s survey.
This video is for training purposes only and may not be shared with consumers.
Acquire access to groups of new prospects by winning over their employer. When you’ve gained employer support, and they’ve granted you access, take it to Level 2!
Share this flyer with plan sponsors.
In preparation for your employee meeting, ask plan sponsors to share this flyer with their employees.
Remember when marketing to schools or employees that you must verify with Retirement Services that you are allowed to market within a specific school slot, and you must have prior permission from the school or district to email marketing to any school address.
This program is not just for prospects, further engage your existing book of business by inviting them today to your workshop.
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TAKE NOTE |
Refer to “Plug into School Districts” on the “Contact” tab of this toolkit. The instruction you find here is exactly what you need to make inroads in your next school or school district!
Show them you know them.
Become fluent on the current plan participation rate(s) in the school or school district you are targeting. It is a fact that education increases participation. Use this concept as part of your conversation.
STEP 1: The Greeting
At the beginning of the call take the opportunity to ask your client how they are holding up and if the health and safety of their family is intact. In turn, it is your opportunity to offer ways you’ve stayed connected with family/friends while staying home – showcase your compassion and understanding for the difficult environment the pandemic has placed on the economy, communities, and our families.
Robert! It's so nice to have you on the phone, it’s been a while since we last spoke. How are you? Family/Friends are staying healthy?
STEP 2: How You Can Help
Showcase your understanding and empathy with their circumstances by seeing the economic downturn through their eyes. What would be most impactful to them right now?
In doing some research, it’s come to my attention that the state of Illinois has a pension grade of C which is concerning to me. I’m reaching out to you, as I have been many of your colleagues, to talk with you about what this may mean for your retirement future. It’s important that you learn about what we call the “pension gap” so you take steps now to make sure it is filled come time for retirement.
After gaining an understanding of the client’s current financial needs or concerns, encourage them to attend your upcoming live discussion on how to recognize and fill a pension gap.
In the meantime, I’m going to send you an email. In it is a link to a great educational tool called “Retirement Homeroom.” Take a few minutes to look at it. It will help you better understand and become fluent in expressing your personal retirement needs.
STEP 3: Schedule a Follow Up
For the purposes of this initial call, don’t overwhelm your client/prospect with too many details. It is most important to show that you care for the individuals in your community, specifically those who are preparing for or nearing retirement and to offer your expertise and services in ways to help them.
You have the expertise to guide your client on these easy steps to increasing their savings for retirement. Encourage them to attend your webinar, or to schedule a private meeting to further the conversation you have started today.
Without overwhelming you with too many details now, I am happy to set up some time for us on Zoom (or another video conferencing application) to walk through these potential solutions to help you build immediate savings and to safeguard your plans for a secure retirement.
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I am hosting a collaborative discussion on this topic on [DATE] on howto leverage these practical savings tools for immediate and future financial needs. I would encourage you to join us to see if we can identify areas to help build the cash in your pocket!
…and If any of your colleagues or friends would be interested in attending this conversation as well, feel free to invite them to our meeting, or I can reach out to them directly.
STEP 4: Offer Your Time and Thank Them for Theirs
Close your conversation by positioning yourself as their resource during this difficult time and by thanking them for sharing their most precious asset with you, their time.
Social media is an informal approach to tease some of the larger topics that you can help with, without going into too many details upfront. It also provides you with the insight on who is interacting with your content and how, potentially providing you with a short list of prospective clients to follow up with personally.
We have created a few social posts for you to utilize in your own marketing on social media platforms to make saving for retirement (while getting out of debt) more relatable to your different audience pools.
Affiliated agents, please find these posts in the Hearsay library for use on your approved social media sites. Independent agents, you can post these to your LinkedIn, Facebook Business, Twitter or Instagram pages only - please do not add extra comments about the post.
Pull your clients in with these posts and increase your chances of connecting with them in a very real way. Use the contact to set up private appointments or invite them to a group discussion regarding Pension. By using these social posts to engage with potential clients virtually, you are building your client base in this “new normal” and positioning yourself as a financial professional who pivots when necessary to continue supporting your community.
The email templates included here are intended to aid you in your communication to consumers to attend a webinar, hosted by you. We have included suggested steps below to help you in using them.
STEP 1: Set up a meeting appointment via your preferred video conferencing platform (Zoom, Skype, Ring, etc.) – doublecheck that the time, date, and length of meeting all match what you’re looking to offer your clients.
ESI representatives, be aware of your restrictions for conducting webinars and setting appointments. See ESI Field Notice 2020-06 regarding video seminars, and ESI Supervisory Procedures regarding electronic communications such as appointment setting applications.
STEP 2: Copy and paste the registration link into the [ADD LINK HERE] section on the Invite Email provided
Note: setting up the registration link is a crucial step, so that your clients can access your group presentation discussion. The registration link will also allow you to capture more data on who is planning to attend so that you can appropriately prepare for the group you will have live during your webinar.
STEP 3: Update the other areas necessary in the Invite Email (date, time, agent name, and contact information)
STEP 4: Submit email and Advertising Submission Form to AdReview@NationalLife.com for compliance approval.
STEP 5: Once approved, send email to prospects and current clients to drive up your audience attendance for your webinar, as well as set up private appointments.
When your clients register via the link you provide them with, they will receive an appointment on their calendar from the video conferencing platform containing all direct link to access the webinar. We also recommend reaching out to your attendees and clients to confirm their registeration and provide a reminder of the webinar information. Use the Confirmation Email provided to provide a direct link to the meeting as well as your contact information. Remember to submit your personalized email and an Advertising Submission Form to AdReview@NationalLife.com for compliance approval prior to sending.
Plan Sponsor
Cat# 105679
Consumer email - Invitation
Cat# 105682
Consumer email - Confirmation
Cat# 105683
