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BSMG Blog: Protecting the Future of Families and Businesses

College Planning

Back to School!

And just like that summer is over. Every year summer seems to breeze by faster and faster and if you have a child entering college this summer probably seemed to fly by extra fast. Whether you're sending your first or last off to college it is a big transition that calls for a lot of planning. Most parents are thrown into the world of FAFSA's pretty quickly and without much direction save for a few information sessions at local high schools. Most likely you have clients who are in this very position, and if you've been there yourself you know how stressful this can be. Make sure your clients are armed with all of the facts and start talking to them about planning for college as early as possible. Both your clients and their children should be looking forward to this new chapter, make sure they are prepared. We've found a few resources for you to share with clients to help get the planning process started! 

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The Solution to Calculating Your Clients' RMDs


Do you have clients with traditional IRAs? Are they close to age 70 or older? If so, you need to read on.

Current tax law requires clients who have an IRA and certain other retirement products to start taking a required minimum distribution (RMD) at the age 70 1/2. These minimum distributions are calculated annually based on their age, account balance at the end of the previous year, marital status and their spouse's age. If they do not take the annual minimum distribution, your clients may be subject to a 50% penalty tax on the underpayment, as well as ordinary income tax, as the funds are withdrawn.

The question we typically hear is, “how can I quickly calculate my clients' RMDs?"

We have the solution! Use our simple interactive calculator to get your clients' projected RMDs. This can be accessed when you need it on our website. All you'll need is the following information from your clients.

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Top 10 Life Insurance Blogs for Life Insurance Awareness Month


In celebration of Life Insurance Awareness Month, we're bringing you the most popular life insurance blogs posted by BSMG! 

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Advanced Sales: Creating an Inherited IRA Legacy Plan

 

With the recovery of the equities markets after the economic downturn of 2008-2009, it is common for successful business owners, professionals, and other individuals to have more than $1,000,000 in their IRA account.

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Celebrating Life Insurance Awareness Month

September is Life Insurance Awareness Month (LIAM)! According to Life Happens, the purpose of highlighting life insurance for an entire month is "to make sure Americans are reminded of the need to include life insurance in their financial plans." Each September, Life Happens is joined in this educational initiative by more than 100 of the nation’s leading insurance companies and industry groups.


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Happy Labor Day


Happy Labor Day!

It's starting to feel like Fall in Rhode Island! We hope you have a wonderful Labor Day and a great holiday weekend. We'll be back in the office on Tuesday. 

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Adding Marketing to Your Life Insurance Sales Strategy


The number one reason that people purchase life insurance policies is to protect the ones they LOVE. All too often we hear horrible stories of people who unexpectedly pass away and their families are left scrambling. Life insurance can be a difficult topic to talk about but finding the time to discuss it with your clients is so important. Life Happens is a website that advocates for life insurance awareness. They create campaigns that are dedicated to educating people on the important role life insurance can play in their lives. One of these campaigns is "Insure Your Love" and it's a great way for you to start the conversation with your clients!

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The Lowdown on Referrals


Are you asking your clients for referrals? How are you asking them? Which clients are you asking and how often do you inquire about referrals? You've heard it before, the easiest and cheapest way to grow your business is to tap into the resources you already have - so why not start with your clients? Your clients already have experience working with you so w
hy pay for a prospective client list or for advertising, when you can grow your business for free? Yes, those forms of prospecting should still be a part of your business, but don't overlook the power of referrals. Here are some life insurance sales tips on which of your clients you should be asking referrals from, how you should be asking them and when you should be following up with them. 

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Financial Advisor Prospecting Tips: Callbacks


One of the most highly sought after sales prospecting tools revolves around simply getting in front of more prospects! But how can you get in front of them if they won't give you the time of day? Does this scenario sound familiar?

You spend a portion of your day reaching out to potential prospects as part of your strategy to grow your business. However, at the end of the day all you have to show for that activity is a list of voicemails you've left and emails you've sent. Days turn into weeks and all of a sudden you realize that all of this activity has gotten you no closer to building your client base. So what can you do to ensure more prospects call you back? Follow these tips below! 

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High Risk Life Insurance Underwriting at it's Finest


The Case Challenge:

A 75 yeaIr old gentleman was previously deemed uninsurable by 7 life companies for $9,000,000 of Survivorship coverage due to extensive coronary artery disease history. An initial clinical triage unveiled past inferior and anteroseptal heart attacks, diffuse coronary artery disease, enlarged heart, Stage II chronic kidney disease and a 2012 brain injury.


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