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...]
Volatility Control Indices – Help or Hinderance for FIA Clients?
Volatility Control Indices have become the new buzzwords in the fixed indexed product world. According to recent data from Wink, Inc.’s AnnuitySpecs tool, there are 78 indexing options that include volatility control. We get overwhelmed on a daily basis with back-casting and other statistics stating how well these various indices would have returned in the past. So, is the concept of volatility control an enhancement to this great product or another confusing variant? First, a quick primer on … [Read more...]
Consumers Investing Earlier, Tapping into Benefits Longer
Annuities can be great investment tools. And with a younger crowd stepping into the early retirement planning realm and later generations living longer, there are a lot of investment opportunities to go around. But annuities can be complex, nuanced and confusing. Annuity advisors are mandated under federal law to clearly explain these investment products to ensure a level of trust between the insurer and the consumer. That's why National Annuity Awareness Month - held annually in June – … [Read more...]
Your Profit in Referring Brokers
When we brokers and advisers take on new cases, the meter starts running as soon as we pick up the phone or reply to an email. That is when we start spending money. Our own time is, of course, immensely valuable. Then start adding to that the cost of all the support personnel we employ. On top of that, consider all the housing costs – rent, utilities, insurance, etc. Then, you have the business services such as marketing, advertising, etc. I don't have to tell you that it all adds up. If you run … [Read more...]
Prepare Annuity Buyers with Investment Options
Annuities can be customized to meet many needs. But consumers may be overwhelmed by their options. Agents should be prepared to quickly explain the pros and cons to potential investors. Annuities generally offer: Guaranteed income Financial security Supplemental retirement funds It's important to acknowledge that annuities are not necessarily for every customer. Annuities provide higher rates of return than other investment options, such as certificates of deposit. However, they … [Read more...]