BSMG Blog: Protecting the Future of Families and Businesses

Refining the Retirement Conversation

It's time to rethink your approach when talking to your clients about their retirement.

Simply asking your clients if they have a sufficient amount saved for retirement is not enough. As their financial advisor, you need to dig deeper and ask the tough questions. You need to know if your clients are financially prepared for retirement. Tell your clients to ask themselves, “do I have enough money to support myself for the rest of my life?”.

Approach the conversation to better help your clients realize what their expectations are for their retirement, what their spending patterns will look like and how market longevity and spending will affect their savings. Close to 60% of retirees don't budget for leisure activities when planning for retirement! Asking the right questions not only starts the conversation, but engages a productive exchange that could greatly impact the retirement planning process and your clients' future.  

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[Video Blog] - A Growth and Protection Story

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.

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How Changing Residency Affects State Estate Tax and Income Taxes

As the White House begins to change over its residences, let's take a look at the requirements one must take to change their state of residency and the state tax implications involved.  You may have wealthy, older age clients from high tax states considering a move to a lower taxed state to save money. This typically involves state income taxes on retirement benefits and state estate taxes on net worth/gross estates. 

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Retirement Planning is Leading to an Increase in Advisor Training Tools

Six in ten financial advisors recognize that they cannot meet their clients' retirement goals without compiling a retirement income plan. With pensions becoming a thing of the past, annuities and life insurance policies play an increasingly important role in protecting the financial future of families and businesses. People are looking to their financial advisor for expertise in this arena. 

In fact, nearly two-thirds of advisors agree that by not providing retirement income planning options their practice could be threatened, because clients would switch to firms or advisors specializing in that service, reports InsuranceNewsNet Magazine. The numbers don't lie, to stay competitive in this industry and look out for your clients' financial future you must take into account their retirement income needs. 

Learn More: Is retirement planning the biggest part of your job?

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Is retirement planning the biggest part of your job?

Have you, like other advisors, experienced the shift in job responsibilities and title from financial planner to retirement income planner? In today's society, a financial planner is synonymous with the retirement planning process. What has caused the shift in responsibilities? Many say it's not a surprising trend seeing as baby boomers are the largest generation to enter retirement years.

A recent study by the Urban Institute reported the baby boomer generation is changing the retirement game due to better health care, longer life expectancy and more financial responsibilities. The study said that men who are 65 years old are projected to live six years longer than those who turned 65 in 1970.  This generation is also working longer than previous generations. Partly due to better health, but also to afford the increased costs of living. Some adults may even benefit from more Social Security by working longer. Overall they are working longer to be able to afford their future.

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Business Owners - Business Continuation

Do your clients or prospects who own businesses, or are partners at professional service firms, have a succession and retirement plan? Most likely, they need your support to incorporate this plan into their Buy-Sell Agreement as statistics show only 12% of business owners have retirement listed as a mandatory purchase and/or sale event. 

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Are You Ready to Ride the Retirement Income Wave?

In recent years, more Americans have been proactive about making decisions regarding their retirement plans which is causing a surge in sales of retirement income and savings products. Updated research from the LIMRA Secure Retirement Institute projects that the retirement income market will reach $9.4 Trillion for individuals age 55 to 64 and $15.1 Trillion for people over 65 by 2023. Furthermore, they forecast that the IRA rollover market will grow to $550 Billion by 2018!

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A Retirement Planning “Side-Fund” Advisors Can’t Ignore

While most clients have spent many years preparing FOR retirement, most have not given nearly as much thought and effort into how to BE retired. More importantly, many wealth managers aren’t advising their clients about their post-retirement risks and the strategies available to lessen them.

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[Video Blog] Using Life Insurance to Preserve Income in Retirement

If you could show your clients how they could grow their retirement income from $1 Million to $3.5 Million, in a 20-year period with 5 years already in the market, would you? Learn how you can grow your clients' retirement income by adding life insurance to their investments.   

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