Better client income conversations

Your clients want the predictability and certainty that comes with having a source of protected income as part of their overall retirement income strategy. Try these best practices to help you have more powerful, effective conversations.

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Best Practices for Talking to Clients About Protected Lifetime Income provides tips for better client conversations. Download now (PDF)

 73% of retirees who own annuities say they feel confident they'll be able to live the life they want
74 percent of retirees who had a formal retirement income plan said their retirement lifestyle lived up to what they pictured compared to 52% without a plan

To start the conversation and get clients ready to take the next steps in the retirement income planning process, consider these three simple steps.

  1. 1. Invest in an emotional connection with clients

Build trust by asking them about what’s most important to them. This technique raises the stakes of the conversation and lets you help address their most meaningful needs. 

Your action step: Ask open-ended questions

For example, try asking: 

  • What would it mean to you to reliably know what you can afford in retirement?
  • What words would you like to be able to use to describe your income in retirement?
  1. 2. Focus on solutions, not risks

Negative thoughts can make clients freeze up and feel unable to act. Instead, help clients focus on the steps they can take now to help address their concerns. 

Your action step: Reframe concerns into actions

Using what you heard in Step 1, reframe client concerns into opportunities for positive action. For instance, try saying, “It sounds like you might feel more excited to take vacations if you knew you had a reliable source of income in addition to Social Security. How would you feel if you had a protected monthly income for life?”

  1. 3. Keep solutions down to earth

Today’s savvy consumers are sensitive to statements that sound too good to be true. For a more effective conversation, tell them the main benefits a solution may provide, and be frank about its costs, limitations, risks, and tradeoffs. 

Your action step: Be specific

When it’s time to introduce a solution, be specific about the benefits it offers. For instance, explain that an annuity with optional benefits can help provide a protected monthly income for the rest of their lives. As a result, its cost may reflect the value of that guarantee. Take the time to talk through their questions until they feel comfortable.

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Contact your Lincoln representative at 877-533-0265 for more resources on retirement income planning. 


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