Wednesday, December 31, 2014

How acting as a facilitator gains greater participation with women - What Women Want from Financial Advisors



Some describe children as “empty vessels to be filled” with the fundamentals of ABC and 123. Teachers are the knowledge holders that impart fundamentals for children. Adults are very different in that they already have life experiences, information and knowledge that they bring to the table.

Financial planners have worked years earning different certifications and designations that make them experts in their field. They can’t come to the conversation and assume their client has the same level of knowledge and understanding of financial services. It is important for financial planners to be able to quickly assess the knowledge of their client and teach them what they need to know to make knowledge investment decisions. Financial planners can leverage many of the same skills a facilitator uses.

The art of facilitation is not salesmanship nor closing techniques. It's more of an escort process where you manage expectations and answer questions along the way.

Syndicated financial columnist and talk show host Steve Savant interviews Dr. Barb Provost, adjunct professor at Roosevelt University in Chicago. With multiple Masters Degrees and a Doctorate in Adult and Continuing Education, Barbara Provost MS EdD is an expert in how adults learn. Her insights into women and money are considered at the forefront of the most neglected demographic among financial advisers. She has also developed training programs for Fortune 100 companies and is a Certified Coach of the International Coaching Federation. http://youtu.be/a5HTLqMk_vw

Tuesday, December 30, 2014

How to work with women in an engage setting - What Women Want from Financial Advisors



Whether women are solo or with a partner, it is important to create an atmosphere of mutual respect and trust for all parties at the table. This can be done by setting up comfortable seating where she feels a part of the conversation and is engaged in the dialog. You want to create a comfortable setting and atmosphere where people are open to staying and engaging (think Starbucks). Get to know who she is, what she wants and needs. Ask good questions. Be patient and listen. Write her responses down! Repeat what you heard to see if you have captured the information correctly. Keep an open dialog. Encourage collaboration and freedom to participate. Don’t dis questions – in fact – encourage questions.

Women will get up and leave if they need to. They are extremely scheduled and not acknowledging time constraints could be a deal breaker. Propose how the time together could be spent, and ask her if that is the best use of time for her. Keep on task, stay on time! Use time checks within her during the conversation to be sure you are tracking with her. Make the time spent worth it! Most women come to a meeting with some kind of idea as to what they expect to get from the time spent. Check in to see if she is getting what she needs.

Syndicated financial columnist and talk show host Steve Savant interviews Dr. Barb Provost, adjunct professor at Roosevelt University in Chicago. With multiple Masters Degrees and a Doctorate in Adult and Continuing Education, Barbara Provost MS EdD is an expert in how adults learn. Her insights into women and money are considered at the forefront of the most neglected demographic among financial advisers. She has also developed training programs for Fortune 100 companies and is a Certified Coach of the International Coaching Federation. http://youtu.be/IlId2b77jG8

Monday, December 29, 2014

How women learn & what’s Important to them - What Women Want from Financial Advisors



As an adult educator, an adviser needs to know their audience, whether they're a client or prospect. Everyone is NOT starting in the same place in terms of knowledge, skill or motivation. Everyone is NOT able to act immediately as additional information or input, may be needed. Everyone does NOT learn at the same pace or takes in new information at the same speed. Everyone doesn't learn the same way.

Women don’t want to be “sold” or “marketed to,” they want an engagement process. Women are a monumental demographic force. but they cannot be painted with the same broad brush. It is important to also look at and learn about the differences across women groups and what they need to be financial solvent now and in retirement.

Syndicated financial columnist and talk show host Steve Savant interviews Dr. Barb Provost, adjunct professor at Roosevelt University in Chicago. With multiple Masters Degrees and a Doctorate in Adult and Continuing Education, Barbara Provost MS EdD is an expert in how adults learn. Her insights into women and money are considered to be at the forefront of what she calls the most neglected demographic among financial advisers. She has also developed training programs for Fortune 100 companies and is a Certified Coach of the International Coaching Federation. http://youtu.be/4fZecb8mp5c

Friday, December 26, 2014

How split interest charitable trusts can be significant for donors (2) - Part 2 - End-of-Year Charitable Giving Strategies

Charitable Lead Annuity Trust generates income to the charity and at the end of the term, the remainder returns to an individual, trust or reverts back to the donor. The grantor charitable lead annuity trust is for income tax planning. The non grantor charitable annuity lead trust is for estate and gift tax planning. These advanced charitable strategies can have a significant impact on donor income and/or tax savings and a dramatic endowment effect on a non profit organization. This is part 2 of 2 shows explaining the strategies of split charitable trusts. Syndicated financial columnist and talk show host Steve Savant interviews financial authors and speakers Mike Kilbourn, CLU, ChFC and Ron O'Dell, CFP on end of the year charitable planning for 2014.

Thursday, December 25, 2014

How split interest charitable trusts can be significant for donors - Part 1 - End-of-Year Charitable Giving Strategies

A Split Interest Trust have two parties:the income interest (donor or charity) and the remainder interest (individual, trust or charity.) You need to compute a 7520 federal rate and the distribute interest rate (whatever is the target income.) Charitable Remainder Trusts are one of the most popular charitable giving strategies financial professionals employ. Donors make an irrevocable gift to the trust, receive a tax deduction for the present value of the charitable interest. The remainder interest is the charity. Charitable Remainder Trust has some unique iterations: Charitable Remainder Annuity Trust and Unit Trust. This episode is part 1 of 2 shows on these advanced giving strategies available for tax and charitable planning. Syndicated financial columnist and talk show host Steve Savant interviews financial authors and speakers Mike Kilbourn, CLU, ChFC and Ron O'Dell, CFP on end of the year charitable planning for 2014.

Wednesday, December 24, 2014

How family foundations can create philanthropy for the community - End-of-Year Charitable Giving Strategies

Family foundations are private charitable organizations that apply for non profit status and have significant regulations to adhere to that traditional charities are not obligated to comply with. And although they're private entities, their filings are in the public domain, i.e. so full disclosure. Donor Advised Funds are little to no cost, remain anonymous, and can be independent to select the charities of choice. Donations become part of a large account, but are still segregated in a sub account by donor. The donor can advise, but can't control the funds.This episode describes the advantages and disadvantages of private family foundations and donor advised funds. Syndicated financial columnist and talk show host Steve Savant interviews financial authors and speakers Mike Kilbourn, CLU, ChFC and Ron O'Dell, CFP on end of the year charitable planning for 2014.

Tuesday, December 23, 2014

Why retirement plans can make a sudden impact on the tax returns - End-of-Year Charitable Giving Strategies

Qualified retirement plans are an excellent charitable asset for clients who don't need the income or want to modify their required minimum distributions (RMDs) because of taxation. One of the newest strategies waiting for President Obama's signature is the Charitable IRA rollover, which allows direct RMD giving to a IRS approved non profit or charity. There are several qualified plan giving strategies that can yield significant tax savings, generate income and, with the middle class, potential tax free Social Security benefits. This episode addresses the use of qualified plan giving as a tax saving strategy. Syndicated financial columnist and talk show host Steve Savant interviews financial authors and speakers Mike Kilbourn, CLU, ChFC and Ron O'Dell, CFP on end of the year charitable planning for 2014.

Monday, December 22, 2014

How end of the year charitable giving strategies can benefit tax payers - End-of-Year Charitable Giving Strategies

Year end charitable giving is generally comprised in two areas one called check book giving, i.e. cash and two appreciated assets like stocks. Charitable gifts are also called below the line deduction. The tax deduction depends upon the charitable entity, whether giving direct to a charity, Private Family Foundations or Donor Advised Funds (the poor man's foundation.) Many affluent charitably minded contributors have Private Family Foundation in tandem with Donor Advised Funds.This episode introduces the basics into year end charitable strategies. Syndicated financial columnist and talk show host Steve Savant interviews financial authors and speakers Mike Kilbourn, CLU, ChFC and Ron O'Dell, CFP on end of the year charitable planning for 2014.

Friday, December 19, 2014

How proactive planning interfaces with tax bracketology - End-of-Year Tax Planning

Many advisers have a good understanding of U.S. Tax Code and the marginal tax brackets utilized in a progressive tax system. But managing these marginal tax brackets with "bracket bumping" can maximize tax strategies for better cash flow now and in retirement. This is one of the theories behind "Bracketology." After the Bush tax era expired a new 7 tier tax bracket system was developed for ordinary income. And remarkably there are now 4 capital gain tiers because of Obamacare. Syndicated financial columnist and talk show host Steve Savant interviews financial authors and speakers Mike Kilbourn, CLU, ChFC and Ron O'Dell, CFP on end of the year tax planning for 2014.

Thursday, December 18, 2014

How qualified plans & Social Security income are correlated - End-of-Year Tax Planning

Almost every form of income affects Social Security taxation, especially qualified plans. So qualified plan strategies need to integrate with future Social Security income to manage the taxes in retirement. Roth IRAs are not deductible, but is an excellent tool, not only as a tax deferred plan, but as a tax free form of income. It's important to note that tax diversification is necessary in retirement to manage net income or "spendable" income. Using Roth IRA is one option that can help manage taxation during retirement. Syndicated financial columnist and talk show host Steve Savant interviews financial authors and speakers Mike Kilbourn, CLU, ChFC and O'Dell, CFP on end of the year tax planning for 2014.http://youtu.be/cHz_iUGqgvE

Wednesday, December 17, 2014

How charitable giving can help you give less to Uncle Sam - End-of-Year Tax Planning

Charitable giving can be a major tax advantaged strategy to reduce your tax liability and create a bit of philanthropy in your community. Low basis stock is an excellent asset to give to an IRS approved charity and is a targeted asset for end of the year giving. Donor advised funds and family foundations are two ways to leverage charitable giving. Each has it's own advantages and disadvantages. In this episode, Steve and his guests explain the basic ideas of both and identify the prospects for each concept. Syndicated financial columnist and talk show host Steve Savant interviews financial authors and speakers Mike Kilbourn, CLU, ChFC and Ron O'Dell, CFP on end of the year tax planning for 2014. http://youtu.be/aRtZdDN4RSo

Tuesday, December 16, 2014

What deductions rule the roost in income tax planning - End-of-Year Tax Planning

Tax deductions are the holy grail when it comes to keeping more of your money in your pocket. Creating cash flow using tax deductions is an art of the advanced financial planner, who designs tax planning as a way to generate more money for savings and retirement. Itemized deductions on Schedule A are comprised of several categories that can yield tax deductions: Medical, Charitable, State Taxes, Mortgage Interest, Professionals Fees just to name a few. Keep in mind that some of these items are subject to phase out rules based on income. Syndicated financial columnist and talk show host Steve Savant interviews financial authors and speakers, Mike Kilbourn, CLU, ChFC and Ron O'Dell, CFP on end of the year tax planning for 2014.

Monday, December 15, 2014

How to frame the game of paying the least amount of taxes - End-of-Year Tax Planning

Individuals as well as businesses are always searching for tax strategies, especially towards the end of the year. The skillful use of deductions, exemptions and tax credits can significantly reduce tax liabilities and therefore increase cash flow. Understanding above the line and below the line accounting can help in the understanding of adjusted gross income (AGI). In addition to understanding AGI, the real targeted area for tax strategies is reducing modified adjusted gross income or MAGI. This episode introduces you to the basics of tax planning that can help consumers pay only their required tax liability and no more. Syndicated financial columnist and talk show host Steve Savant interviews financial authors and speakers Mike Kilbourn, CLU, ChFC and Ron O'Dell, CFP on end of the year tax planning for 2014.

Friday, December 12, 2014

How Using Truth Concepts Supports Prosperity Economics - New Prosperity Economics



Kim Butler, RIA espouses her truth concepts with missionary zeal and self certainty. Kim disassembles the traditional planning methods as assumptive to the point of creating a false sense of financial security for retirees.

Kim's makes a significant distinctive between maximizing your money and optimizing your money. Kim says that maximizing is accumulating money to create a huge sum, whereas optimizing your money makes your money as efficient as possible.

Truth concepts premise takes the snap shot of current money use is more important than projected assumption use. Truth Concepts centers on money efficiencies that include financial product expenses, RIA fees, taxation consequences and inflation impact.

Syndicated financial columnist and talk show host Steve Savant interviews controversial author and registered investment adviser Kim Butler over her contrary views of retirement. Her books include Busting the Financial Planning Lies, Busting the Retirement Lies, and Live Your Life Insurance. http://youtu.be/PMIqzDgCjYc

Thursday, December 11, 2014

Why the 7 Prosperity Principles Will Replace Financial Planning - New Prosperity Economics



Kim Butler, RIA developed the prosperity ladder that illustrates the concept of prosperity economics for consumers to understand the steps involved in moving towards financial freedom. But she begins with and also defines poverty as working people without assets, a redefining alternative to government's categorization of the working poor. Kim goes on to say that controlling your money is beyond simply owning the accounts your money is deposited in. Real control is having access to your money for opportunities.

The seven principles of prosperity deal with a new mindset, avoiding tunnel vision, measuring opportunity costs, creating cash flow, controlling your money, using the velocity of money and leveraging money multipliers.

Syndicated financial columnist and talk show host Steve Savant interviews controversial author and registered investment adviser Kim Butler over her contrary views of retirement. Her books include Busting the Financial Planning Lies, Busting the Retirement Lies, and Live Your Life Insurance. http://youtu.be/2j3ePDNvFHM

Wednesday, December 10, 2014

Why Busting Financial Planning Lies is Necessary - New Prosperity Economics



Kim Butler, RIA maintains that prosperity economics is the original concept of money management, not financial planning which she refers to as the new kid on the block (since 1950.)

Retirement is a big misconception in Kim's view. Retirement, in her understanding, is counter productive to the life and lifestyle of seniors. Kim shares an alternative approach to consumer mortgages. She also addresses opportunity costs including the embedded expenses in financial products.

Syndicated financial columnist and talk show host Steve Savant interviews controversial author and registered investment adviser Kim Butler over her contrary views of retirement. Her books include Busting the Financial Planning Lies, Busting the Retirement Lies, and Live Your Life Insurance. http://youtu.be/dWkjZAfTPSQ

Tuesday, December 9, 2014

Is Prosperity Economics Better than Financial Planning? - New Prosperity Economics



Registered Investment Adviser Kim Butler compares and contrasts the 12 fundamental differences between her revolutionary prosperity economics and traditional financial planning.

The two schools of thoughts have similar goals, but the methodologies and approaches in achieving those goals appear to be diametrically opposed to each other. This episode outlines the conventional mindset of financial planning versus the new construct (which Kim says is the old tried and true way of money management.)

Syndicated financial columnist and talk show host Steve Savant interviews controversial author and registered investment adviser Kim Butler over her contrary views of retirement. Her books include Busting the Financial Planning Lies, Busting the Retirement Lies, and Live Your Life Insurance. http://youtu.be/guZ9eIixlrQ

Monday, December 8, 2014

Why Financial Planning Doesn’t Work - New Prosperity Economics



Every so often an articulate contrarian surfaces to challenge the status quo. Kim Butler is a self proclaimed recovering certified financial planner, who defies the cultural conventionality of the financial services industry.

Kim doesn't believe financial planning works. She says that assumptions that are traditionally used are often incorrect. Mathematical models don't reflect real life. She says most consumers don't realize the difference between investing and saving.

Qualified plans get drained with fees and and opportunity costs. Most plan participants are under a false sense of security, believing that they will have sufficient funds for retirement. Kim says that's just not true.

Syndicated financial columnist and talk show host Steve Savant interviews controversial author and registered investment adviser Kim Butler over her contrary views of retirement. Her books include Busting the Financial Planning Lies, Busting the Retirement Lies, and Live Your Life Insurance. http://youtu.be/Xgd8tXnW7sI

Friday, December 5, 2014

How cash value life insurance can enhance retirement income - Advanced Retirement Strategies



For many Americans retirement income is about cash flow. But in practical terms net after tax spendable money. So tax diversification is just as important as asset diversification. A TAMRA compliant cash value life insurance policy designed and managed to create the lowest cost of insurance can distribute tax free withdrawals of basis and policy loans of gain as long as the contract is kept in force for the life if the policy insured.

Many advisers use tax advantaged cash value life insurance as a strategy to delay and maximize Social Security to age 70 as well as mitigate taxation in tactical tax bracket management.

Syndicated financial columnist and talk show host Steve Savant interviews insurance product expert Mike McGlothlin on the impact of life insurance contracts.

Thursday, December 4, 2014

Why Wall Street Giant Goldman Sachs is in the indexed annuity market - Advanced Retirement Strategies



This new indexed annuity is used in an allocation option with no interest rate cap to limit performance. The GSMAC Index aims to deliver returns that maximize gains for a given level of volatility. Six diverse asset classes are rebalanced monthly, offering long-term potential for more consistent returns across different market cycles, both high and low. Still, index objectives may not be met. Diversification may not protect against market risk.

Indextra,, a fixed indexed annuity issued by Integrity Life Insurance Company (Integrity), offers both growth potential and income guarantees for retirement planning. Allocate your account value among four interest crediting choices, including three indexed interest options.

Syndicated financial columnist and talk show host Steve Savant interviews annuity product expert Mike McGlothlin on the impact of qualified longevity annuity contracts. http://youtu.be/C29K7NnsSNo

Wednesday, December 3, 2014

How QLAC & MAGI correlate in retirement taxation - Advanced Retirement Strategies



Many consumers and some advisers don't realize that taxation for most tax payers has migrated from adjusted gross income to modified adjusted gross income. And to further complicate the understanding taxation, modified adjusted gross income calculations have multiple iterations depending upon income sources.

The tax correlation as it relates to MAGI and tax deferral can significantly impact retirement cash flow for retirees, so it matters to perform several models to deliver the best net income results.

Syndicated financial columnist and talk show host Steve Savant interviews annuity product expert Mike McGlothlin on the impact of qualified longevity annuity contracts. http://youtu.be/X9S35Htd2H0

Tuesday, December 2, 2014

How QLACs fit into Existing & New Retirement Plans - Advanced Retirement Strategies



Qualified longevity annuity contracts (QLAC) can be used in existing qualified or new plans like 401(a), 401(k), 403(b) governmental 457(b) and individual retirement accounts (IRA). The retirement plan documents must change to accommodate QLACs.

A QLAC can be single or joint life, life only or with life cash refund. The deferred income annuity (DIA) can support the QLAC can offer with CPI-U, 1-5% simple or compounded or flat dollar amount.

Roth IRAs, inherited IRAs and retirement accounts currently in required minimum distributions (RMD) mode are not eligible. There is no death benefit return on premium plus interest (ROP), just ROP or death benefit.

Monday, December 1, 2014

Why QLACs may be a blockbuster retirement strategy - Advanced Retirement Strategies



Qualified longevity annuity contracts (QLAC) using deferred income annuities (DIA) can lower the required minimum distributions by delaying distributions as far out as age 85. The amount of deferral can be up to 25% of qualified retirement plan monies not to exceed $125,000 per person.

About Steve Savant

Steve Savant

As the National Marketing Spokesperson for Ash Brokerage, Steve Savant looks forward to meeting financial professionals in every way possible - in person or by video through conferences and social media.

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