SMART ADVISOR MARKETING

In February 2007, Javelin Strategy reported that 8.4 million Americans became victims of identity fraud in 2006. The FTC calls it the ‘fastest growing white collar crime’. When we surveyed advisor’s recently, they told us that almost 40% of them had experience with identity theft with their friends, family or clients. In a follow up question, less than 25% had spoken with their clients about the problem of identity theft.

Affluent clients are becoming increasingly concerned. As CEG Worldwide said in June, 77.5% of affluent investors they surveyed are very or extremely concerned about having their identity stolen. Your best clients might also be the best targets for identity theft - that’s where the money is!

“Financial advisers who take the time to inform clients of heightened risks and simple risk reduction techniques can provide a value-added service to their clients.
- Investment News January 9, 2006.

To help advisor’s with this marketing concept, there’s training and marketing support at www.buildyourmarket.com/idtheft.

We are all familiar with the credit card fraud that stems from identity theft, but the FTC has identified several different types of information misuse including employment, government document or benefit and medical identity fraud. This is why a comprehensive solution is the best approach for your clients.

The consequences of credit card or bank account fraud are limited to $50, but the cost of dealing with medical, criminal or employment fraud can be devastating. “While some identity theft cases may be easily resolved, others can require victims to spend seemingly countless hours and dollars to restore their good names and rebuild peace of mind.” - Investment News Jan 9, 2006

Good Housekeeping’s August issue relates a frightful situation of a mother who’s identity was stolen by a drug addict. Using the stolen identity, the addict checked into a Utah hospital and gave birth to a baby who tested positive for illegal narcotics. This triggered action by the Utah Division of Child and Family Services. DCFS contacted the identity theft victim to let her know they were taking custody of all her children based on the new babies’ blood test. The theft victim protested and explained that she didn’t have a new born. The DCFS agent ultimately ended up asking the 7 year old daughter if there was a new baby. At that point, things started to turn in the right direction

Here’s a suggested action plan to help with your marketing:

1. Get up to speed on the subject of ID Theft & ID fraud
2. Incorporate ID theft into your marketing campaigns - for example during seminars and client reviews.
3. Offer your clients and prospects a security ‘audit’
4. Consider adding a quality ID theft product to your recommendations

Where can you find solid, proven marketing and training on the subject? Visit www.buildyourmarket.com/idtheft today!

So just what constitutes a ‘quality ID theft product’?

Based on what we discussed so far, it’s definitely more than just credit card monitoring. And frankly, most affluent clients would appreciate a product that actually did the identity restoration work instead of doing it themselves.

Here’s a checklist of what you might want covered:

• Credit Report through Experian
• Personal Credit Score and Analysis
• Continuous Credit Monitoring – change of address, tradeline, derogatory, public record and inquiries And…
• Identity Restoration – “a licensed investigator will work on your behalf to help correct identity theft issues you have with affected agencies and institutions including:
  • Credit card companies
  • Financial institutions
  • All three credit repositories
  • FTC
  • Social Security
  • US Postal Service
  • Law Enforcement personnel

Proactive searches of local and national databases on your behalf to search for: criminal activity in your name, DMV records, unknown addresses affiliated with your name, banking activity in your name reported as fraudulent.”

Let’s talk about the scope of the marketing opportunity

• It’s a great value-added service for your clients
• It pays a commission and it pays an over-ride
• Credit Unions and regional banks are good targets - this can be a marketing initiative for them and a source of fee income
• Network with CPA’s and P & C Agents - use this as a spring board to form a strategic alliance
• Businesses – group enrollments & payroll deduction are options with this product. Work-site marketing professionals will appreciate the add-on sale.

Looking for more information?

Visit www.buildyourmarket.com/idtheft today!