Member Insights - Winning the Trust of Seniors

An Interview with NEB Member Larry Capretta

“Seniors are suspicious because they are taken advantage of so often,” says Larry Capretta, owner and founder of American Senior Advisors in Phoenix, Arizona. As a result, advisors need to work hard to win their trust.

Capretta should know.  He’s been in the trust-building business since 1969, starting in Ann Arbor, Michigan.  Back then, he worked mainly with college seniors and graduate students.  After a stint running his own insurance agency in Denver, Colorado, he eventually moved to Phoenix, where he’s been working with seniors for the last 10 years.  A former teacher prior to entering financial services, Capretta believes trust is the foundation of any successful senior-oriented financial services firm.

Capretta’s trust-building formula involves these elements:

1. Always give seniors accurate information.  “Never ballpark,” he warns.
2. Treat them as individuals, not as sources of sales.
3. Look professional.  “You’re asking seniors to have trust and confidence in you,” he says. “So never walk into a client’s home with a short-sleeve shirt and a bolo tie.  I wear a suit even when it’s 110 degrees outside.”
4. Make a commitment to serve your senior clients. “Service is one of the most important elements of a successful practice,” advises Capretta. “Always return their phone calls right away.  If you don’t, they think there’s something wrong.”
5. Always recommend the right product for the right situation. “We deal strictly with fixed annuities,” notes Capretta, “so we don’t have to give apologies for what we do.”

The last element of Capretta’s formula is NEB membership.  Capretta frankly admits there are some advisors in the business who “don’t live up to ethical standards.”  But ethical advisors have a great opportunity to differentiate themselves by becoming a member of the National Ethics Bureau.

“Being a member really helps our credibility,” Capretta says. “Potential clients can get information about us from an independent third party. That boosts our credibility a lot.”

So much so that Capretta had three other members of his firm—his two daughters and a son-in-law—apply and get accepted for membership. 

Becoming an approved NEB member is just the first step, though.  The second step is to promote your membership to prospects and clients. Capretta says he hands out the NEB member brochure to all workshop attendees, explains what NEB membership means, and encourages all attendees to verify his background either by calling the (800) number or by visiting the NEB web site.

How are you maximizing your NEB membership to grow your business? Would you like to be featured in our newsletter? The National Ethics Bureau welcomes your input. Send your comments to: hlew@ethicscheck.com