What It Means To Be A Salesman

7:02 and I just walked in the door. It has been a long time since I did a dinner table meeting at a client’s home. On the way home I thought a lot about salesmanship. I thought about all the old clichés about what it means to be a salesman.

I thought about all the books I have read over the years, the movies like Tin Men, or Match Stick Men, or even Death of A Salesmen. I tried to think about what normal people think of salesmen. I couldn’t really think of anything positive that a normal person would generally think about a salesman. Add to that I am an insurance salesman, which to most people ranks right up there with the stereo typical used car salesmen and it is really hard to think about myself or classify myself as a salesmen, yet a salesmen I am.

But then I saved myself. I thought about the meeting I just left. I thought about the process I went through on behalf of my new client, and her family. I had meet with an older client, and her children this was our second meeting where I was proposing solutions to the family’s financial issues.
I had taken the time over the years to study and master financial planning, taxes, business planning, estate planning, and yes insurance. Some would say I paid the price, or my dues, but I would say I am a life time learner, reader, and of late audio book listener.

The first meeting I learned all the details about the family’s current estate and financial plan. They said they didn’t have one when they asked for my help about a month ago. But several years ago, 20 to 30 wow, I can’t remember when exactly I had learned that everyone has a plan, they just may not be able to articulate it, or have a plan they are doing on purpose. Ie… they stumbled into their current state of being, financially or otherwise. In any event they were really concerned about having enough money to care for their mother, deal with taxes, and then pass on what is left to the kids, and grand children.

This is all pretty basic stuff, and easy to plan for? I use a question mark here although it is basic and easy to create a plan, the vast majority of families I have worked with seem to just not have a plan. Which is why I guess I get referred to so many families that need some help.

After gathering the information, I put together a plan using simple guaranteed fixed annuities. One set for the qualified money, and one set for the non qualified money, leaving some in a basic CD which will be owned by the family trust.
So this 71 year old now will be able to take $4,000 a month from qualified money for exactly 16 years based on a 5.5% return. (For those with a financial background you should be able to figure the principle from the numbers I just gave you)… Hint, hint, if you can’t then you may not be a financial planner!

Then by 87 years old the balance of the non qualified assets (also placed in an annuity) will have more than doubled increasing her total net worth by over 23% as compared to what it was today. All the money left is now non qualified which pass nicely to the heirs as compared to qualified monies. (It is always interesting to me that most people chose to save their IRA’s until they have to take the money and spend their savings down, which basically disinherits their heirs because of the income tax affects).

What was really fun was that the kids all my age or older thought that their mom needed to get returns of 12% or more to have enough to live on, and pass on the assets to the family. This was a major concern of the parent, wanting to leave an inheritance.

So I thought about what it means to be salesmen. It means a commitment to lifelong learning, listening to what our clients want to accomplish, gathering the facts about where they are, where they want to go. Then taking all the information applying all the knowledge I have, organizing it, proving it, compiling it, finally putting it into a proposal that is first correct, then easy to understand and follow, backed up by undisputable third party proof, tax, and mathematical facts that any CPA, or Estate Attorney cannot refute.
As I left tonight a family had a plan and was happy there CPA had told them to call me last month.