BSMG Blog: Protecting the Future of Families and Businesses

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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Russell Towers Presented With Lifetime Achievement Award From RI Estate Planning Council

On Monday, May 1st, Russell E. Towers, JD, CLU, ChFC was presented with a Lifetime Achievement Award from the Rhode Island Estate Planning Council. 

The Estate Planning Council of Rhode Island's Lifetime Achievement Award is given to a current or previous member who has excelled in his or her respective field and demonstrated professional leadership and service to their community. 

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BREAKING NEWS: White House Releases One-Page Tax Reform Outline

BREAKING NEWS 4/27/17: Yesterday, the White House released an outline of President Trump’s tax reform plan. 

The financial and economic news is filled with articles on major tax reform in 2017. Treasury Secretary Steven 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 still remains unknown. The political process to pass such major tax reform is long and tenuous. It requires cooperation by various political coalitions in Congress and the Administration. 

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5 Steps to Transition to Advanced Markets

Are you ready to take your career to the next level and break into advanced markets?

With few hours in a day, it can be tempting to trade traditional and individual life insurance business sales for more advanced markets, where the bottom line is often notably increased and the cases more intricate. Why would you spend the same amount of time for a less prosperous and sometimes more routine result?

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Minimizing Tax Implications by Using Life Insurance for Retirement Income

Do you have investors who have reached their qualified plan annual contribution limits and are looking for additional ways to create supplemental retirement income? Income replacement is often the primary reason to consider purchasing a life insurance policy, it is often overlooked as a component of a solid financial strategy tailored to address ALL your client’s specific needs. While there are many vehicles to choose from, it is important to know how life insurance may fit within your client’s short-term and long term financial goals.

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Which clients should you meet with this tax season?

Tax season is the ideal time to reach out to clients in order to ensure that their assets are protected from unnecessary taxation. Clients are more aware of their impending tax liability than at any other time of the year. By coming to them with solutions, you can build trust and set the table for future sales. 

We asked our in-house CPA which clients financial advisors and insurance professionals need to meet with this tax season and here’s some advice...

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Increasing Your Client Retention

Over the last decade, we have seen growth in financial services and life insurance retail options for clients, most notably the explosion of the robo-advisors. More options are available to consumers, meaning buyers can be more particular with whom they do business with. Some businesses are so focused on obtaining new clients, they forget about their current clientele. There is something to be said for providing that extra attention to your loyal clients.

Statistics show that customers care more about service, quality and personalization, than cost. Wouldn't you rather do business with someone who caters to you individually and gives you customized service? Your clients certainly do. So, while other advisors and firms may fall short by focusing primarily on the pursuit for new clients, take the long game by setting up a life insurance sales strategy that includes paying more attention to your current customers. Recognize your current roster and make each client feel like the MVP. This will build customer retention, brand loyalty and make your business stronger.

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