People often underestimate the financial responsibilities of parents. Outside of careers and taking care of the kids, acting as a financial officer within a family can seem like a full-time job. This job can include tracking budgets, paying bills, and making decisions about savings. Debating on when and how much to save for retirement can fall into this category. With an unpredictable economy, we are often unsure of how to make these decisions as we get closer and closer to retirement. When to start saving? How much to save? Is the money being saved in the right place? These are questions better left to the professionals.Read More
Most Popular Sales Pitch...
It's amazing the amount of content that a simple query brings up in a Google search. Page after page of things you should say, things NEVER to say and prospecting phrases that are sure to bring in business. It isn't as simple as canned pitches. Our industry isn't a catch all, every client is truly unique and should be treated as such. Upon searching we stumbled upon an article from InsuranceNewsNet that discusses 10 Financial Phrases to Ban... and What to Say Instead. Below, we've shared the phrases we found most helpful, along with other powerful financial advisor marketing tips.Read More
It’s Not as Easy as You Think...
Wealthy clients from high tax states will often consider moving to a lower taxed state to save taxes. These taxes may involve state income taxes and state estate taxes. You may have heard people say “If I live for more than 180 days in a particular state, then my residence has been changed for state taxes”. This statement has a small degree of truth to it, but it is far from accurate.
The first tax to talk about are state income taxes on retirement benefits. Then, we’ll talk about state estate taxes. Finally, we’ll enumerate the hurdles to jump over when thinking about changing legal residence from the current state of residence to a new state of residence.Read More
Are your clients' policies performing as originally designed and on track to meet their financial needs? Reviewing your clients' policies is an integral part of an advisor's business. Your clients rely on you to ensure that they have proper coverage and the most competitive pricing available.
You're likely aware of the importance of policy review. However, time is often hard to come by and perhaps policy review gets set aside due to other priorities. Now is the time. July and August are typically less busy and a perfect time to start focusing on policy reviews. Use our top 5 policy review resources to get you started and save you time.Read More
IRC Section 1035 provides that exchanges into life insurance or annuity contracts with Long Term Care (LTC) riders will be income tax free because these riders are treated as LTC contracts under IRC Section 7702B(e). These Section 1035 tax free exchange provisions positively impact so-called linked benefit life insurance-LTC products and linked benefit annuity-LTC products.Read More
No Comments 3 Jul 2017
Happy Independence Day!
The sun is shining and the temperature is climbing! We wanted to take a minute to wish you all a Happy Independence Day. We have pulled out some fun facts to share with you below. Have a wonderful and safe holiday!Read More
Market volatility and low rates adversely affecting retirement assets?
Not with FIA's!
During high market volatility and low rates, advisors often lean towards FIA’s as a safe money asset; offering protection from potential loss, while still allowing for modest upside potential.Read More
On Monday, June 26th we hosted our 16th Annual Charity Invitational. Each year we host this event to support two local Rhode Island charities, Amos House and Day One. Amos House is a nonprofit social services agency that provides hospitality and direct services to the homeless and poor of Rhode Island. Day One is an agency whose mission is to reduce the prevalence of sexual abuse and violence as well as to support and advocate for those affected by it. Day One is the only organization of this kind and actively participates in national reform.Read More
How are you answering your clients' No. 1 fear of running out of money in retirement? BSMG's VP, Retirement Wealth Strategies, Rob Cantin, discusses how Qualifying Longevity Annuity Contracts (QLACs) can protect your clients' retirement income and increase your annuity sales.Read More
What are you doing to ensure your clients' portfolios are protected? Here's how to implement a life insurance sales strategy that will protect your clients and the assets you manage.
How do you start the conversation of life insurance with your clients? Perhaps you begin by storytelling to help your clients visualize a situation in which their lives are impacted to show how life insurance would help. The scenario that's all too familiar is when the husband (or wife) dies and doesn't have life insurance. What happens to the surviving spouse? They're often forced to start spending down their investments in order to make ends meets.
Their investments quickly deplete.Read More