Cross selling is the practice of marketing additional products to existing customers, often practiced in the financial services industry.
Financial advisors can often generate additional income by cross-selling additional products and services to their existing client base.
Care must be taken to do it right to stay away from regulators and protect the client’s interests. Consultants who simply make recommendations to gain additional incentives may face client complaints and disciplinary action.
Upselling is a sales tactic in which an upgrade or a more advanced version of a product or service is promoted.
Wells Fargo has been fined over $185 million and reimbursed customers over $2.8 million for the cross-selling scandal.
The Consolidated Comprehensive Budget Reconciliation Act (COBRA) allows many employees to remain in their employers’ group health plans for a specified period of time after losing their job.
Death benefit is a payment to the recipient of a life insurance policy, an annuity or pension in the event of the death of the insured or the recipient of the annuity.
Reducing term insurance provides a death benefit that decreases each year according to a predetermined schedule, whereby premiums also decrease over time.