Advantages for Financial Advisors / Life & Annuity Sales Reps
As a participating financial professional, you will have the ability to use the Tuition Rewards program to:
Differentiate Yourself from Your Competition. Targeting one of the most vital reasons to save – a college education – gives you a terrific marketing tool. You can provide clients with guaranteed minimum scholarships. You can give prospects a reason to attend a seminar or face-to-face meeting.
Attract New Customers. You can attach Tuition Rewards to various investments – for example, annuities & insurance products (with cash value), equities, mutual funds & retirement plans.
Attract New Money & Additional Investments. You can provide existing clients with a powerful reason to increase investments and deposits under management.
Increase Customer Loyalty & Reduce "Churn". Because your clients earn Tuition Rewards regularly, you motivate them to maintain their investments with you. Moreover, Tuition Rewards provide you with a solid reason to "check in" regularly with clients.
Tuition Rewards have high perceived value to your clients – but are a very affordable "premium" because it's the college that provides the scholarship, not you! Financial professionals are successfully using Tuition Rewards to meet 5 different objectives:
#1: College Savings for Parents
Can you find 5 new prospects per year who are interested in a guaranteed scholarship at 270+ private colleges?
#2: Grandparents Providing Scholarships
Can you find at least 5 Grandparents per year who want to provide a scholarship to their grandchildren?
#3: More Attendees
Can you attract 5 additional attendees to your next seminar if you present them with 500 Tuition Reward Points* for each child or grandchild?
*each point equals $1.00 in college scholarships
#4: More Referrals
Can you get 5 of your existing clients to refer a prospect to you -- if you offer 500 Tuition Reward Points for each referral?
#5: Scheduling Financial Reviews
Can you schedule a Financial Review with 5 Existing Clients if, while meeting, you "complete registration" for Tuition Reward Points based on an investment they've already bought from you?
In a recent survey of existing SAGE account-holders, more than 90% of respondents indicated they would switch financial institutions, if all else was equal, to one that provided Tuition Rewards benefits.
Notes: (1) Families don’t have to use assets identified for Tuition Rewards to pay for college.
(2) According to compliance departments of several of the largest U.S. insurance companies, Tuition Rewards.
do not represent a “sales inducement”.
1st reason: The scholarships are provided by the college, not the financial planner or the carrier.
2nd reason: Advisors are expected to make Tuition Rewards available to “past sales” –not just “new sales.”
3rd reason: Tuition Rewards do not have a "determinate value" for reasons such as: Clients do not receive a check; there are no payments in hard dollars (cash). Rewards have no value if students do not attend a member college; Rewards are not "fungible". The college may decide to award more financial aid than the Reward amount.
