BSMG Blog: Protecting the Future of Families and Businesses

NAIC New Best Interest Standard for AZ, AR, DE, IA, OH, & RI

Arizona, Arkansas, & Iowa Regulation:

Agents who have already completed a four-hour NAIC training course prior to January 1, 2021, must complete one of the following by July 1, 2021:

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Optimizing Required Minimum Distributions

Required Minimum Distributions (RMD) are always a hot button with brokers and clients, especially recently when Donald Trump asked the Treasury Department to examine RMD life expectancy and distribution tables due to longer life expectancy and more people working well into their 70’s. Nevertheless, RMDs “are what they are”, a required distribution that every individual who turns 70.5 must start taking from their IRAs. At its simplest level, an RMD will be withdrawn and either deposited into a client’s checking account, or reinvested. Let’s look at other ways to utilize an RMD.

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Tax Advantages of Annuities

We all balk at the many get rich quick schemes clients may be exposed to today. However, have you ever stopped to think about whether their current investment strategy is driving them to slowly go broke?

By the time taxes and inflation eat into your client's already modest gains made on a bank savings account, money market, or CD, their purchasing power is dwindling, ever so slowly. So slowly, in fact, that it's almost imperceptible. 

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Four Ways To Grow Client Interest in Annuities

 

Fixed indexed annuities posted $16.2 billion in sales through June 30, which is 30% higher than the same period last year...Fixed indexed annuities attained their highest-ever annual sales total last year, reported InvestmentNews.

How are you presenting annuities to your clients? Do you tee up the conversation before just jumping straight into why they should purchase an annuity? Often clients will become reserved if someone recommends the purchase of an annuity without totally comprehending the details of what the product really is and can do. The best way to present annuities to your clients is through story telling; paint a picture with the most favorable outcomesIf you describe all the advantages annuities offer to secure retirement, then explain the product, your client is more likely to be receptive and willing to purchase an annuity. 

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"Zero-Gift"GRATs and ILITs

 A Tax Efficient Capital Transfer Strategy

Using a so-called “Zero-Gift” Grantor Retained Annuity Trust (GRAT) coupled with an Irrevocable Life Insurance Trust (ILIT) can provide estate, gift, and income tax free transfer of estate assets to heirs in an economically efficient manner.

This article, by BSMG's very own Russell E. Towers, takes a look at the long list of GRAT advantages available under current law. As well as a case study on a zero-gift GRAT in tandem with an ILIT.  

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Using Persona's to Get to Your Annuity Pot of Gold

Happy St. Patrick's Day! We thought we'd share a great tip to help you reach your own "pot of gold". Establishing and targeting personas is a key tool to grow your business and here's why.

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