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Mary Beth Franklin is an author, speaker, award-winning journalist, Certified Financial Planner, and one of America’s leading experts on Social Security and Medicare. Her weekly column and e-book, Maximizing Your Social Security Retirement Benefits, can be found on Investment News. She is also frequently called upon to discuss these topics on radio and television programs.
Takeaway Quote:
“A robo advisor is not going to hold your hand during that funeral. Your financial advisor probably will.”
Show Timeline:
1:14 A missed opportunity by advisors working with retiring clients
Establishing yourself as a trustworthy advisor
2:55 Leveraging Social Security and Medicaid strategies
The contrast between these and what’s possible in a traditional portfolio
6:13 Helping clients understand your expertise
Using software to help clients visualize the effects of their decisions
9:47 Ways in which advisors can start demonstrating their expertise to prospective clients
Live seminars, online communications, podcasts
12:45 Thoughts on the kinds of advisors who can establish this as a niche
Understanding clients’ psychology when they move from accumulation to distribution
14:41 An example of identifying an opportunity and showing your expertise in action
How a piece of advice can make a lasting impact
17:56 Other characteristics of advisors who can connect with this niche
Asking clients the right questions to dig deep on needs
19:54 Ideas for how advisors can enhance their expertise in this area
CE credits, new designations, white papers
22:23 The future of Social Security
Mary Beth clarifies the current trajectory and the solutions she sees on the horizon
26:17 Intentionally driving referrals in this field
Mary Beth’s example of building a communication channel to keep the conversation going
29:24 Additional helpful resources for advisors
Along with tips for using the right ones for your business
Links:
Email: MBFraklin@investmentnews.com
LinkedIn: https://www.linkedin.com/in/mary-beth-franklin-ab7a9a3/
Twitter: https://twitter.com/MBFretirepro
Book: Maximizing Your Social Security Retirement Benefits–
Resources mentioned:
Social Security – The Inside Story
Social Security Analyzer
Social Security Timing
National Social Security Association
Want more?
Stephen Wershing: www.TheClientDrivenPractice.com/checklistblog
Julie Littlechild: www.absoluteengagement.com/blog
Episode Transcript:
Julie:
Welcome to another episode of Becoming Referable. The podcast that helps you be the kind of advisor people can’t stop talking about. I’m Julie Littlechild and on this week’s show Steve and I are thrilled to be speaking with Mary Beth Franklin. Mary Beth is one of the country’s leading experts on Social Security and Medicare. She is an award – winning journalist, and writes a weekly column on retirement issues for Investment News. She’s also the author of a great e-book called Maximizing Your Social Security Retirement Benefits.
We really wanted to understand the connection between, deep expertise in a specific topic and referrals and Mary Beth is the perfect person to talk to about that. She talks about the impact of being a true expert, both on client outcomes and also on growth. And she talked about how you can leverage expertise to set yourself apart.
Julie:
And with that let’s get straight to our conversation with Mary Beth.
Steve:
Well Mary Beth Franklin. Welcome to the Becoming Referable podcast, so nice to have you.
Mary Beth:
Thank you for the invitation.
Julie:
Yeah. Absolutely.
Steve:
Now, Mary Beth you’re an expert in Social Security and Medicare and for financial advisors who have not specialized in it what are some of the most significant things you think they’re missing in terms of counseling clients who are on their way to retiring?
Mary Beth:
I think they’re missing a great opportunity to be considered a trustworthy advisor. I go all over the country giving educational seminars on Social Security and Medicare. Usually the host groups are either independent financial advisors who are sponsoring client events, or events for perspective clients, or major financial services companies. Clearly, they want to get perspective clients into the room to learn about things like Social Security. And then, later in follow up meetings they might able to discuss broader retirement income planning.
What I found is people are so thankful to get straight forward information about these Social Security benefits that they have worked so hard for and paid so much for. And frankly the claiming rules are very confusing, that they walk away from these seminars saying, “Wow. I really learned something, and nobody tried to sell me anything. Gee, maybe I’ll come back and talk to this advisor when I’m ready to talk about a broader retirement income plan.” I think that is the true value of educational seminars on important topics like Social Security and Medicare.
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