BSMG Blog: Protecting the Future of Families and Businesses

Memorial Day Fast Facts 2017

Happy Memorial Day!

Memorial Day marks the beginning of summer but here in Rhode Island it's still a little dreary! It is easy to get caught up in the excitement of this long weekend but we should also remember to take the time to thank our troops and show them our support during Memorial Day weekend. We at Brokers' Service Marketing Group appreciate all that the troops do to protect and serve our country. 

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The Pathway to Tax Reform in 2017... (2018?)

The financial and economic news is filled with articles and commentary on major federal tax reform in 2017. U.S. Treasury Secretary Steve Mnuchin has called President Trump’s tax proposals the “biggest tax cuts” in U.S. history. Just when these business tax, estate tax and income tax cuts will be enacted into law remains unknown. The political process to pass major tax reform is long and difficult. It requires ongoing cooperation by various political coalitions in Congress and the members of the Trump Administration. 

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BREAKING NEWS: DOL Fiduciary Rule Not To Be Delayed Further

BREAKING NEWS 5/22/17: Yesterday, the new Labor Secretary announced in the Wall Street Journal, that he will not delay the DOL Fiduciary Rule further. He did, however, announce a temporary enforcement action that will delay the enforcement of the rule until January 1st , 2018. This means that firms will have temporary relief through January to finalize their plans.

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Disability Insurance Awareness Month- 6 Facts to Share With Your Clients

May is Disability Insurance Awareness Month

Everyone knows someone who was sidelined from a job due to an unexpected injury or illness, and yet Disability Insurance (DI) is still one of the most overlooked types of insurance. The most common reason people tend to shy away from paying for DI is because they don't think it will happen to them, however we use the word unexpected for a reason. According to a Life Happens survey, "a person has a three in ten chance of suffering a disabling illness or injury that would keep them out of work for three months or more during their career".

So why aren't people protecting themselves, their family or their income? We think it's because advisors are not having the conversation. Here are the 6 most eye opening facts that should have your clients signing up for DI tomorrow. 

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Tactics & Talking Points to Introduce a Policy Review



It is a common misconception by consumers that once a life insurance policy is purchased they can "set it and forget it."

Has your life changed in the last five years, how about the last two years? I don't need to tell you how quickly life can change. Your client's lives are also continually evolving, so shouldn't their life insurance protection be reviewed to match? Use these life insurance sales tips to keep in touch with your clients and ensure their current policy still matches their needs.

Life is busy, your clients may (or may not) be aware that they need to update their policy coverage. They also may not have the time to research new products or even to pick up the phone to call you for help. Be proactive and check in with your clients. Do they have a new career, business, child or home? The simple question of "when was the last time someone reviewed your policy?" may be all you need to open the door.

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How Successful Insurance Agents Approach Small Business Owners

Check out these tips on approaching small business owners for insurance agents & advisors.

Small business owners respond well to an approach that includes educational information and planning for their future success. They feel their business is unique. If you can teach them something new, they will be more open to meeting with and listening to you.

“Tell me what you’ve done for other small business owners and why it is right for me.”

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5 Techniques to "Rescue" Your Client's Life Policy From an ILIT

Do your clients ever ask if there are options for transferring a policy out of an ILIT when the terms of the trust no longer meet their planning objectives? Review these 5 techniques to "rescue" their life insurance policy from an ILIT and be prepared with the answer!

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Is Policy Review Risky Business?

Do you shy away from policy review because of the notion that it's too risky of a business? When you assess your client's policy, their health and financial circumstances, you qualify the best fit for their current position and needs. Preforming a policy review is a part of an advisor's due diligence, as needs change and new products are continually becoming available. Identifying an opportunity to put your client in a better position will boost your business, while also build client loyalty. What happens if you uncover an impactful health condition that could affect your client's chances of obtaining this new policy? With the right back office support and impaired risk underwriting team you can overcome what may seem like an impossible policy rescue.

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BREAKING NEWS: House Committee Approves Possible DOL Repeal

BREAKING NEWS 5/4/17: Yesterday, the House Financial Service Committee voted to approve the Financial Choice Act 2.0. The Act includes a repeal of the DOL Fiduciary Rule, which is set to be implemented on June 9th. The vote was 34-26 along party lines and came after three days of considering amendments from opposing Democrat members of the House Financial Service Committee. This is a revision of the previous Financial CHOICE Act by House Financial Service Committee chairman JebHensarling (R-Texas) last year. The full House could vote as early as next week. 

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Calculators to Help Identify Client Needs

When you sit down with your clients are you answering key financial questions relating to their savings, taxes, insurance, education, business or retirement investments?

Your client comes to you for your expertise and depends on you to provide them with a strong plan for their future. Don't waste time by using a hand held calculator to compute complex equations or fumbling with excel, or worse a paper form. Get quick, clear cut information with automated financial calculators so you can properly and easily answer questions like these:

  • How their 401(k) or Roth IRA will affect their retirement?
  • How the inflation rate will impact their retirement income needs?
  • How taxable, tax-deferred and tax-free investments may compare?
  • How long their money will last?
  • How much they'll earn in their lifetime?
  • How much they should save for college funds?
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