7 questions to use SECURE 2.0 to sell more

I have to admit I'm from what's considered the "old school” of selling. We were trained to talk about what the prospect was most interested in - themselves. We talked in series of three - good, better, best; gold silver, bronze, etc.

We spoke in cadence, kind of the way you speak when telling someone a phone number. Your brain has been trained to remember things this way: “My number is 678-426-1524.” You’re accustomed to my saying it that way and your brain is looking for that pattern. If I say. “ 6 - 784-2 - 61 – 524,” your brain has a hard time following that pattern of communication.

The next problem is that salespeople sell the wrong thing. They sell their product or service they offer when they should sell the problem the prospect has.

How do we sell the problem they have? We ask questions, we engage the prospect and we use their answer to tell mini stories of how we help solve the problem that was brought to light when we asked questions.

SECURE 2.0 passed recently and now advisors are rushing out to inform and educate their clients. At the same time, the advisors I work with are asking me how to handle a client or prospect who “ghosts” them.

Advisors always ask how they can open a conversation, move prospects into the discovery phase and get the prospect or clients to take action. I believe we must stop lecturing them, educating them or trying to impress them with how much we know.

What we must do is start listening to understand, and to encourage clients and prospects to share their fears, concerns and aspirations. Then we can illustrate how we can help solve those problems, prevent future issues and ensure the life they envision can actually happen.

I know what you’re saying: “Duh, Lloyd, great idea. I know that but the question is how?”

Here’s how: We will use questions about SECURE 2.0’s “features” and then we’ll use the prospect’s answer to illustrate the benefit of that particular feature of the act.

What’s the difference? Remember that features are about what the product does, and benefits are why the prospect would want those benefits.

Let’s compare seven benefit-related questions about provisions in SECURE 2.0, which you then can use to illustrate the value of the feature versus making “feature” statements about the act that often result in a closed in answer. Then see which one draws out what the prospect is concerned about.

1. Benefit question: What impact do you think the changes in the income brackets and deductibles will have on your taxes?

Feature statement: The new 2023 income tax brackets and a higher standard deduction may mean tax cuts for many Americans.

Plus, there's good news for savers: higher contribution limits for 401(k)s, individual retirement accounts and health savings accounts.

2. Benefit question: Would donating one or more appreciated securities you’ve held for more than a year and have increased the most in value help maximize the value of your donations?

Feature statement: When donating appreciated securities, you can maximize the value of the donation by looking for securities to contribute that have increased the most in value and that you have held for more than a year.

3. Benefit question: Have you thought about how you can have tax advantages, flexibility and a minimal impact on student aid to help pay for your child’s college education?

Feature statement: The 529 education savings plan offers an appealing combination of tax advantages, control, flexibility, and minimal impact on student aid.

4. Benefit question: What have you thought about how much control you want to retain over any money you gift to your grandchildren?

Feature statement: Determine how much control you want to retain over the money you gift to grandchildren.

5. Benefit question: “How much do taxes drive your investment strategy? How often are you looking for opportunities to manage, defer or reduce taxes on your investments?

Feature statement: Taxes shouldn't be the primary driver of your investment strategy — but it makes sense to take advantage of opportunities to manage, defer and reduce taxes.

6. Benefit question: “How do you think capital gains and losses can help manage your federal income taxes?”

Feature statement: Manage federal income taxes by considering how capital gains and losses are recognized in your portfolio.

7. Benefit question: “In your mind, how could you take advantage of investment losses?”

Feature statement: Investment losses can help you reduce taxes by offsetting gains or income.

Key tips

1. Remember, questions gather information while objections disclose information.
2. Listen to understand, not to respond.
3. Make it about them: what they’ll gain, prevent, eliminate.
4. Make sure your words are congruent with your body language.

Lloyd Lofton is the founder of Power Behind the Sales. He is the author of The Saleshero’s Guide To Handling Objections, voted 1 of the 11 Best New Presentation Books To Read in 2020 by BookAuthority. Lloyd may be contacted at [email protected].

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Lloyd Lofton is the founder of Power Behind the Sales. He is the author of The Saleshero’s Guide To Handling Objections, voted 1 of the 11 Best New Presentation Books To Read in 2020 by BookAuthority. Lloyd may be contacted at [email protected].