PARK RIDGE, Ill. (Sept. 4, 2019) — The 2020 Executive Committee strengthens MDRT’s offerings for the world’s leading financial professionals as Regina Bedoya, CLU, ChFC, takes her place as 94th President and newcomer Peggy Tsai, RFP, CCFP, assumes the role of Secretary. The five committee leaders create a unique combination which elevates MDRT’s service and embodiment of its membership base. Bedoya, a 26-year member, succeeds 32-year member Ross Vanderwolf, who will become the Immediate Past … [Read more...]
10 Conversation Starters with the Wealthy
I have a secret for you. Most financial advisors assume the wealthy have tons of advisors chasing them. They don’t. The upper middle income has tons of advisors chasing them but the truly wealthy are sometimes ignored because advisors feel…” Why bother, those people probably have advisors knocking on their door every day.” With a little creativity, you can get a conversation started with someone that is truly wealthy. If you are interested in taking a new look at how you can land the big … [Read more...]
A New MDRT Study: Can Fintech and Human Advisors Coexist?
PARK RIDGE, Ill. (Feb. 18, 2019) — A new study, commissioned by MDRT and conducted online by The Harris Poll among over 2,000 U.S. adults, examines what consumers think of technology in financial services, clients’ perspectives on robo advisors and the technology they expect their advisor to incorporate. Whether they currently use a financial advisor or not, about the same percentage of Americans in each group agree it is important that advisors are both technologically savvy (95 percent each) … [Read more...]
Reduce Client Taxes and Establish Foundation for Growth
Assisting clients with income or estate tax reduction may seem like a small task in comparison to the vast amount of financial planning work advisors do yearly. However, if you can help your client find extra and unexpected funds in their tax returns, you can use those funds to set the client’s foundation for a lifetime of long-term success. Tax reduction techniques New tax reform laws in 2018 created significant tax liabilities to many consumer’s income and estate taxes. Most individual … [Read more...]
Tax Strategies to Ease Client Retirement Preparation
Taxes play an important role at every stage of life and are a crucial aspect of financial plans for advisors to discuss with clients. Clients should regularly monitor how taxes will affect assets over the course of their financial plans and prepare for multiple outcomes. Advisors can help clients take steps earlier in life to mitigate their tax obligations and maximize savings for retirement. Clients can build flexibility into their plans and may choose in some situations to pay taxes during … [Read more...]
Annual Reviews are Due
As financial professionals, our job is to constantly seek new and improved ways to strengthen our client’s financial future. Nothing could be more fitting and fruitful for us to accomplish such an all-important task as annual reviews. Before we contact our clients to schedule an annual review, there are a few key principles to keep in mind. The primary goal and purpose of our annual review is to identify areas where we can make significant improvements together. In doing so, our annual review … [Read more...]
Exploring Alternatives to Traditional LTCi
Sometimes you have to be creative. If a client wants long-term care coverage but doesn’t like the “use-it-or-lose-it” nature of traditional LTCi, try offering them agreeable, non-traditional forms of LTCi protection! According to LongTermCare.gov, “Someone turning age 65 today has almost a 70% chance of needing some type of long-term care services and supports in their remaining years.” Today, LTC services can cost tens of thousands of dollars a year, depending on the type of service. And, … [Read more...]
MDRT Article – Creating a Self-Sustaining Practice
Producers who own their practice have the unique opportunity to increase its value and accelerate growth in order to form a sustainable business model and a legacy practice. Advisors in this position typically take one of two different approaches in their careers. Some operate their practice as though they are simply an employee rather than a business owner. On the other hand, an advisor with a business owner mentality can optimize their practice structure to increase their quality of life and … [Read more...]
2018 MDRT Annual Meeting Draws Over 15,000
More than 15,000 members from 53 countries attended the MDRT Annual Meeting this week in Los Angeles. Through 200 unique sessions and presentations, members exchanged innovative ideas to develop their personal lives and professional careers. The 2018 Annual Meeting brought together key industry experts to share insights with members on a variety of topics such as practice management, retirement and wealth, Top of the Table, risk and products, marketing and the Whole Person concept. Members … [Read more...]
Ways to Help Clients Understand Annuities
Consumers and advisors often feel annuities are difficult to understand and implement in financial plans. Many clients avoid them before they fully comprehend the benefits annuities can provide. While annuities are complex, conversations and guidance from financial advisors can help consumers clarify the role of these investable assets in financial plans. Financial advisors should arm clients with a holistic overview that includes both the advantages and disadvantages of annuities in order to … [Read more...]