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Slide 2 Communicating Effectively CLTC Graduate Webinar Series February 2009 L08086108[exp0711] Why Clients May Not Understand You Slide 3 Jargon? Living Benefits GMIB Surrender charge SPIA Death benefit Survivorship credit VAs Annuitization Slide 4 Financial-speak doesnt make the grade Source: AARP Financial, Inc., April 2008 CDFCDF Slide 5 Jargon is costly Slide 6 Consumers believe its intentional Source: AARP Financial, Inc., April 2008 Slide 7 Slide 8 Left Brain Uses logic Reality based Facts rule! Detail oriented Sequential Practical Slide 9 Right Brain Big picture Symbols and images Imagination rules! Possibilities Risk taking Simultaneous Slide 10 Slide 11 Slide 12 How do we begin the discussion? Slide 13 Preparing for retirement is like navigating without a map Slide 14 How consumers view retirement Retirement is a journey Retirements become a personal responsibility requiring expert help High hopes and high anxiety Source: MetLife RSG Proprietary Research Slide 15 What do people want? Inspire, not scare Maximize, not just protect Enlighten, dont sell Hey its me not you! Source: MetLife RSG Proprietary Research Slide 16 Ideas that resonate Help me take concrete steps to help protect and maximize my income and assets Product solutions that work together and complement my other investments to help make the most of what I have Source: MetLife RSG Proprietary Research Slide 17 More ideas Be positive, optimistic and realistic in language and tone Frame quality of life in retirement positively Source: MetLife RSG Proprietary Research Slide 18 How to say it Old Odds are that over half of you will live past age 85 and one in four will live past age 92. You dont want to use your retirement assets too soon and end up with no financial options later in life New People are living longer and spending more time enjoying retirement. Youd like to ensure you will have enough to enjoy your future. Source: MetLife RSG Proprietary Research Slide 19 New We can work with you to help make the most of what you have What else to say Source: MetLife RSG Proprietary Research Old You have a one in two chance of spending some time in a nursing home Slide 20 You can teach an old dog Plasticity Slide 21 The Aging Brain Right brain more dominant intuition, creativity, emotions. Speed of processing information slows down. Difficult to absorb and remember rote facts and figures. Greater need to put things in context, to draw from experience. Slide 22 Communication with Older Adults Move away from focus on features depend more on values-based messages Once drawn in, provide essential facts and figures Allow people to examine material at their own pace Slide 23 Lessons about the brain Slide 24 Change is hard Slide 25 The dawn of the Conceptual Age 18 th Century Agricultural Age - farmers 19 th Century Industrial Age-Factory workers 20 th Century Information AgeKnowledge workers 21 st Century Conceptual Agecreators and empathizers Daniel Pink: A Whole New Mind Slide 26 Medicine Meaning Source: Richard Leider, 2006 Money Retirement is more than wealth Slide 27 Place People Work Purpose Source: The Inventure Group 1996, 2001 The Good Life Inventory Getting to the Good Life Slide 28 Its All About Choice Dignity Slide 29 Some day it will all come to an end Slide 30 Barbara Howard Director, Gerontology MetLife Mature Market Institute 57 Greens Farms Road Westport, CT 06880 www.maturemarketinstitute.com bhoward1@metlife.com