There’s a strange gray area for young financial advisors today. These fresh college graduates are eager, smart and ready to make an impact on the industry. The problem is, not many people are giving them the chance. These advisors will go from firm to firm, trying to find somewhere they feel comfortable, but it can take too long to find a company that embraces their skills. By the time they find somewhere that’s a good fit, they’re getting old enough to shed those “young advisor” stereotypes. You know the kind, things like, “how is this kid going to advise me when he’s never bought a house or had children?”.Read More
Preparation & Perseverance: The Pillars of RDU
The express purpose of Risk Differentiation Underwriting (RDU) is designed to deliver high risk life insurance underwriting pricing based upon the individual merits of a client’s unique clinical profile, versus a risk assessment based upon the law of large numbers. In the arena of high-risk underwriting, RDU strategies are built to recognize specific idiosyncrasies of a clinical impairment in order to favorably separate that risk from an otherwise statistical/actuarial grouping. However, achievement in this regard requires an RDU practitioner committed to meticulous preparation and persevering earnestness.Read More
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
Which entity to own life insurance?
The popularity of the irrevocable life insurance trust (ILIT) is well documented. Billions of dollars have been gifted by estate owners to single life and survivorship life irrevocable trusts to help fund the payment of federal estate taxes. Yet, a number of disadvantages revolving around lack of flexibility and lack of control discourage the use of such trusts in certain situations. When estate owners realize an irrevocable trust cannot be changed, they sometimes decide to think about it. Or when estate owners realize they don't own the cash value of the policy and have no access to it for lifetime financial needs, they feel a loss of control.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
When your client calls to discuss a lapsed policy, what do you do?
Oversights happen, here are some life insurance sales tips on what you can do to prevent a lapsed policy, put it back in force and provide your client with the protection they need.
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