Friday, January 30, 2015

How to create productive referral relationships with CPAs & attorneys - Generating High-Value Referrals



One of the largest and most sought after markets for financial advisers and insurance professionals is the fiduciary community, comprised of CPAs, attorneys and trust officers. Bill walks through a 3 phase approach that penetrates the professional marketplace.

Syndicated financial columnist and talk show host Steve Savant interviews nationally recognized client referral expert Bill Cates, President of Referral Coach Academy. The vast majority of financial advisers and insurance professionals are continually seeking out new clients. The acquisition cost of a new client can be expensive and time consuming. Bill's methodology of acquiring high value prospects and clients through referrals and introductions is unique in practice enhancement services.

Thursday, January 29, 2015

How to turn referrals into introductions - Generating High-Value Referrals



Bill addresses how to turn referrals into introductions by taking a lesson from the Food & Drug Administration. It takes a strong collaborative effort for a strong introduction that doesn’t fall through the cracks. Bill talks about approaching referral prospects in a way that leverages the full value of referrals. You can also create introductions through client events / event marketing.

Syndicated financial columnist and talk show host Steve Savant interviews nationally recognized client referral expert Bill Cates, President of Referral Coach Academy. The vast majority of financial advisers and insurance professionals are continually seeking out new clients. The acquisition cost of a new client can be expensive and time consuming. Bill's methodology of acquiring high value prospects and clients through referrals and introductions is unique in practice enhancement services.

Wednesday, January 28, 2015

How to approach clients for referrals without pushing or begging - Generating High-Value Referrals



There are 7 great ways in promoting referrals using the VIPS Method for referrals and introductions. And how do you address clients, who feel uncomfortable talking about giving recommendations and referrals. This episode focuses on the "approach" to our existing client base.

Syndicated financial columnist and talk show host Steve Savant interviews nationally recognized client referral expert Bill Cates, President of Referral Coach Academy. The vast majority of financial advisers and insurance professionals are continually seeking out new clients. The acquisition cost of a new client can be expensive and time consuming. Bill's methodology of acquiring high value prospects and clients through referrals and introductions is unique in practice enhancement services.

Tuesday, January 27, 2015

How to create client engagement - Generating High-Value Referrals



Interestingly enough, referrals and introductions can be acquired without asking for them. Oddly enough, client satisfaction and loyalty don't generate referrals. This episode lays the ground work for the entire series Acquiring High Value New Clients through Referrals and Introductions.

Syndicated financial columnist and talk show host Steve Savant interviews nationally recognized client referral expert Bill Cates, President of Referral Coach Academy. The vast majority of financial advisers and insurance professionals are continually seeking out new clients. The acquisition cost of a new client can be expensive and time consuming. Bill's methodology of acquiring high value prospects and clients through referrals and introductions is unique in practice enhancement services.

Monday, January 26, 2015

What is Your Referral Gap - Generating High-Value Referrals



Acquiring referrals and introductions should be a major component in a business marketing plan. And although every business wants to increase their client base, the basic strategies and tactics of client acquisition are neglected. This creates a referral gap. The first step in learning these fundamental concepts is the elimination of the limiting beliefs and mistaken assumptions that are pervasive among financial advisers and insurance professionals. This episode addresses the referral gap part one of Acquiring High Value New Clients.

Syndicated financial columnist and talk show host Steve Savant interviews nationally recognized client referral expert Bill Cates, President of Referral Coach Academy. The vast majority of financial advisers and insurance professionals are continually seeking out new clients. The acquisition cost of a new client can be expensive and time consuming. Bill's methodology of acquiring high value prospects and clients through referrals and introductions is unique in practice enhancement services. http://youtu.be/kzvP7aU3pcw

Friday, January 23, 2015

Why foreign nationals married to Americans can be a way to advertise - Foreign National Market



It's been said that love knows no bounds and apparently no boundaries. The number of married couples comprised of foreign nationals and American citizens is significant. This segment of our society is the easiest entry point into the foreign market and a huge opportunity to advertise an adviser's practice online.

You can gift the annual exclusion, currently at $14,000. But it's relatively small (some planners call it the amount that doesn't count.) A relatively unknown financial planning concept is called the "super annual exclusion" is $145,000 from non resident aliens to their American spouses. Many planners in this arena use the $145,000 to leverage the amount to the spouse to purchase life insurance because there is no unlimited martial deduction. This is a planning tactic worth exploring.

Syndicated financial columnist and talk show host Steve Savant interviews foreign market expert Carey Rokovich, CFP, CLU, ChFC. The foreign national market is a large, growing population that faces unique US planning challenges. Foreign national have a significant need for information on financial planning concepts, and desire US dollar denominated products. This series reveals the untapped foreign national market in America. It's a niche segment of our society that could be a significant opportunity for advisers. http://youtu.be/IBLDb8KVXcw

Thursday, January 22, 2015

How learning multi-jurisdictions can enhance your business - Foreign National Market



Foreign nationals can employ an international team of accountants and attorneys to layer various entities, i.e. foreign trusts, which is in turn a major partner in a foreign partnership, which is in turn a major partner in a US partnership, which in turn owns the US real estate. Sounds complicated? It can be. Multi-jurisdictional planning requires initial fees as well as ongoing administrative expenses. Some structures may fall into a gray area, and there may be some question as to whether or not the elaborate plan will work to shelter US assets from US estate tax.

Sometimes using a life insurance policy is straight forward solution to the complex financial planning challenges presented by a non resident aliens (NRA). As an example a non-US citizen, an NRA with a $10MM US estate can buy a $5MM life insurance policy on their own life, and the US estate will not jump to $15MM. This simplifies the plan with no trust required, no gifting of premium, no attorney’s fees, no Crummey letters. NOTE: Not all countries will allow their citizens to own a US policy outright.

Syndicated financial columnist and talk show host Steve Savant interviews foreign market expert Carey Rokovich, CFP, CLU, ChFC. The foreign national market is a large, growing population that faces unique US planning challenges. Foreign nationals have a significant need for information on financial planning concepts and desire US dollar denominated products. This series reveals the untapped foreign national market in America. It's a niche segment of our society that could be a significant opportunity for advisers.

Wednesday, January 21, 2015

Why foreign nationals generate such large cases - Foreign National Market



Non resident aliens (NRA) owning businesses, homes, investments and other assets are generally upper middle class to the uber wealthy. With lifetime estate tax exemption only $60,000 ($13,000 credit against estate tax) and the same estate tax rate table as U.S. citizens, a huge untapped market exists.

There are planning alternatives such as change tangible property into intangible property or making gifts of intangible property an NRA's lifetime during life to their heirs.Structured correctly, there may be no estate tax or gift tax, but, the client loses asset control.

Syndicated financial columnist and talk show host Steve Savant interviews foreign market expert Carey Rokovich, CFP, CLU, ChFC. The foreign national market is a large, growing population that faces unique US planning challenges. Foreign national have a significant need for information on financial planning concepts, and desire US dollar denominated products. This series reveals the untapped foreign national market in America. It's a niche segment of our society that could be a significant opportunity for advisers. http://youtu.be/jZ0SkFdioC8

Tuesday, January 20, 2015

Why foreign nationals are seeking help from American advisers - Foreign National Market



Immigration status is very important in the foreign national market.

The resident alien market is defined as non U.S. citizens who live in the U.S. The prospects in the foreign market have a poultry $60,000 estate exemption with no unlimited marital deduction. Qualified Domestic Trust (QDOT) planning can help mitigate some of the tax issues with foreign nationals. Interestingly enough, all worldwide assets are subject to estate taxation.

Often advisors are unaware that a solution is available, or fear they will not be able to offer a solution when the client is a non-US citizen. Once the status of a resident alien is established, the rules of engagement for that particular people group can be applied.

Syndicated financial columnist and talk show host Steve Savant interviews foreign market expert Carey Rokovich, CFP, CLU, ChFC. The foreign national market is a large, growing population that faces unique US planning challenges. Foreign national have a significant need for information on financial planning concepts and desire US dollar denominated products. This series reveals the untapped foreign national market in America. It's a niche segment of our society that could be a significant opportunity for advisers.

Monday, January 19, 2015

Why the foreign national market could be the niche you’re looking for - Foreign National Market



The world isn't flat, but it's shrinking. The globalization of the planet through lightening fast communications, currency exchanges and the emerging status "citizens of the earth" has created, for the most part, borderless nations.

Global citizens are buying homes, investing and marrying outside their own countries like never before. In the U.S. there's a growing segment of America's population, no longer limited to living in the gateway cities of New York, Los Angeles and Miami. Case in point, 21% of Las Vegas is foreign born.

The American foreign market is virtually untapped by financial advisers, who are either unaware of this demographic group or the rules of engagement for people who are not U.S. citizens. The foreign community is presently niche market, but in the near future it will go mainstream. This episode is part one of a five part series introducing the foreign market to financial and insurance professionals.

Syndicated financial columnist and talk show host Steve Savant interviews foreign market expert Carey Rokovich, CFP, CLU, ChFC. The foreign national market is a large, growing population that faces unique US planning challenges. Foreign national have a significant need for information on financial planning concepts and desire US dollar denominated products. This series reveals the untapped foreign national market in America. It's a niche segment of our society that could be a significant opportunity for advisers.

Friday, January 16, 2015

Why a medical review is crucial - Life Insurance Portfolio Review



Life insurance has several expenses, but the largest expense is the cost of insurance. The cost of insurance is directly correlated to the underwriting offer. Matching the proposed insured's health with the most benevolent underwriting is the goal.

There are several non rated underwriting classifications for non smokers: Super Preferred, Preferred Plus, Preferred, Standard Plus and Standard. Even tobacco users have several underwriting classifications. Many insurance companies offer table reductions to standard, some reductions as high as table D. The life insurance market is extremely competitive, so it pays to shop the brokerage market for the best underwriting offer.

Syndicated financial columnist and talk show host Steve Savant interviews nationally recognized product due diligence expert Sam Rocke, CFP. This series explores the product review process for life insurance, not only for traditional indemnification strategies, but for tax advantaged distributions for retirement income. All financial products need to be reviewed on an annual basis for performance and continued relevance in the overall financial plan. http://youtu.be/KkewGKjy4MM

Thursday, January 15, 2015

How the discovery process works - Life Insurance Policy Review



The discovery process for policy reviews can uncover opportunities for policy improvement as well as premium savings. The methodology employed in a thorough policy review addresses many policy points to consider. The protocols of the top policy reviews include many of the topics cited in this episode.

Policy reviews generally include the collection of pertinent documentation such as the annual policy statement, the original proposal, an in force ledger and a review of policy ownership/ beneficiary information.

Medical underwriting is a major component in a policy review. Most reviews attempt to match the policy insured's health condition to the most benevolent underwriting in the carrier market.

Syndicated financial columnist and talk show host Steve Savant interviews nationally recognized product due diligence expert Sam Rocke, CFP. This series explores the product review process for life insurance, not only for traditional indemnification strategies, but for tax advantaged distributions for retirement income. All financial products need to be reviewed on an annual basis for performance and continued relevance in the overall financial plan. http://youtu.be/CaVxwMXUJtk

Wednesday, January 14, 2015

Why fiduciaries have a responsibility to review life insurance policies - Life Insurance Policy Review



The fiduciary market is comprised of CPAs, attorneys and trust officers and is generally perceived and relegated to tax preparation and audits. However, many CPAs oversee their client's entire financial dealings, which include life insurance policies. Attorneys, who practice in the probate or estate planning arenas, often have oversight of their client's trust documents and their asset management. And similarly, some trust officers have an obligation to manage assets, or at the very least, maintain an awareness of portfolio performance, including life insurance policies.

But the fiduciary community may not have the training or education to review life insurance products in their client's overall financial product holdings. Often they're seeking to outsource policy reviews to advisers, who are knowledgeable in product provisions and medical underwriting. This is a huge marketing opportunity for advisers to offer policy review services to the fiduciary community.

Syndicated financial columnist and talk show host Steve Savant interviews nationally recognized product due diligence expert Sam Rocke, CFP. This series explores the product review process for life insurance, not only for traditional indemnification strategies, but for tax advantaged distributions for retirement income. All financial products need to be reviewed on an annual basis for performance and continued relevance in the overall financial plan. http://youtu.be/W7MspZ1LOng

Tuesday, January 13, 2015

The basics - Life Insurance Policy Review



There are several check list items in a policy review. Impaired risk expert Tim Ash is often fond of saying, "that 50% of American life insurance policy insureds are in the wrong rate class." So underwriting can play be a significant variable that may be able to in improve policy benefits or lowering policy premiums. Matching a policyholder's health condition to the most benevolent insurance company is one key factor in securing the best price.

The best price is contingent on an array of policy provisions, accompanying riders and pricing models that can create quite a premium disparity between insurance companies. Advisers who shop the market may be able to improve their client's policy positions substantially.

Syndicated financial columnist and talk show host Steve Savant interviews nationally recognized product due diligence expert Sam Rocke, CFP. This series explores the product review process for life insurance, not only for traditional indemnification strategies, but for tax advantaged distributions for retirement income. All financial products need to be reviewed on an annual basis for performance and continued relevance in the overall financial plan.

Monday, January 12, 2015

Why reviewing your client’s life insurance portfolio is necessary - Life Insurance Policy Review



Performing an annual financial review needs to include all financial and insurance products. A second opinion may uncover cost savings and/or improved benefits. There are significant opportunities in acquiring new clients and retaining existing client through product reviews.

Life insurance reviews often result in an improvement to the policy holder's position, either saving money or improving benefits. Over 65% of policy reviews end a policy exchange.

Syndicated financial columnist and talk show host Steve Savant interviews nationally recognized product due diligence expert Sam Rocke, CFP. This series explores the product review process for life insurance, not only for traditional indemnification strategies, but for tax advantaged distributions for retirement income. All financial products need to be reviewed on an annual basis for performance and continued relevance in the overall financial plan.

Friday, January 9, 2015

Why annuities may have the benefits consumers are looking for - End-of-the-Year Annuity Update



Many advisers have an appreciation for indexed annuities until they discover that dividends are not part of the returns. One of the unique product propositions of annuities, that may be viewed as an alternative to dividends, are mortality credits.

Although the deferred income annuity has been on the market since the 1990s, few advisers have heard about it. And still fewer have heard about qualified longevity annuity contracts that exclusively use deferred income annuities.

Syndicated financial columnist and talk show host Steve Savant interviews nationally recognized annuity expert Mike McGlothlin, ChFC, CLU, CFP. This end of the year update highlights some of the industry's leading annuity product innovations and planning concepts into a five part series. http://youtu.be/pqFCVtABpQg

Thursday, January 8, 2015

Why Indices play such an important role in annuity products - End-of-the-Year Annuity Update



There are several indices both domestic and foreign that are found as index options in annuities and life insurance. The S&P 500 is the most popular domestic index with over 72% of the indexed annuity and life insurance marketplace. The Russell 2000 is also receiving some attention as it's over all performance. Two popular foreign indices are the Euro Stock 50 and the Heng Sang.

Goldman Sachs has a multi asset class index with a three year point to point, so you're committed to a three year period before crediting to your account occurs. Goldman Sachs is targeting a 5% volatility with several allocations and Allianz which has a similar volatility approach has just two allocations.

Syndicated financial columnist and talk show host Steve Savant interviews nationally recognized annuity expert Mike McGlothlin, ChFC, CLU, CFP. This end of the year update highlights some of the industry's leading annuity product innovations and planning concepts into a five part series.

Wednesday, January 7, 2015

How qualified longevity annuity contracts will affect retirement plans - End-of-the-Year Annuity Update



Qualified longevity annuity contracts (QLACs) use deferred income annuities. The IRS has granted a particularly favorable status to QLACs for the purpose of deferring required minimum distributions.

The QLAC rules of engagement permit a qualified plan participant to use 25% of their qualified plan, not to exceed $125,000 ($250,000 for married couples) and defer distributions until age 85. The vast majority of qualified plans and retirement models will need to be reconfigured to accommodate the impact of adding QLACs to their overall planning strategies. The potential ramifications of deferring QLAC monies could have a profound effect, the result of which could be the reduction of taxes. Syndicated financial columnist and talk show host Steve Savant interviews nationally recognized annuity expert Mike McGlothlin, ChFC, CLU, CFP. This end of the year update highlights some of the industry's leading annuity product innovations and planning concepts into a five part series.

Syndicated financial columnist and talk show host Steve Savant interviews nationally recognized annuity expert Mike McGlothlin, ChFC, CLU, CFP. This end of the year update highlights some of the industry's leading annuity product innovations and planning concepts into a five part series. http://youtu.be/qO7b8z7msMc

Tuesday, January 6, 2015

Why annuities are so important in retirement planning - End-of-the-Year Annuity Update



Annuities are going mainstream with Wall Street names like Goldman Sachs and Barclays'. Even the secular press has been highlighting annuities in retirement, especially income annuities like single premium immediate annuities (SPAIs) and deferred income annuities (DIAs). And don't forget guaranteed lifetime withdrawal benefits (GLWBs).

But the key component of these income annuities is mortality credits. With the exception of cash values life insurance, which can also be annuitized for life, no other product line offers longevity credits to enhance retirement income like annuities.

Syndicated financial columnist and talk show host Steve Savant interviews nationally recognized annuity expert Mike McGlothlin, ChFC, CLU, CFP. This end of the year update highlights some of the industry's leading annuity product innovations and planning concepts into a five part series. http://youtu.be/NMibNJE3ZLc

Monday, January 5, 2015

Overview of Fourth Quarter Annuity Product - End-of-the-Year Annuity Update



ING has a new name VOYA, but more importantly some new indexed annuity products that have unique opportunities for new clients. Goldman Sachs has entered the annuity market as a major player with their dynamic allocation that can deliver consistency by reducing volatility.

Qualified longevity annuity contracts (QLACs) use deferred income annuities. The IRS has granted a particularly favorable status to QLACs for the purpose of deferring required minimum distributions. The QLAC rules of engagement permit a qualified plan participant to use 25% of their qualified plan, not to exceed $125,000 ($250,000 for married couples) and defer distributions until age 85.

Syndicated financial columnist and talk show host Steve Savant interviews nationally recognized annuity expert Mike McGlothlin, ChFC, CLU, CFP. This end of the year update highlights some of the industry's leading annuity product innovations and planning concepts into a five part series.

Friday, January 2, 2015

How past life events impact future financial decisions - What Women Want from Financial Advisors



We all come to an event or a meeting with preconceived ideas. If you went through a financial crisis in the past, you may still be experiencing the anxiety of scarcity. So you have fears. Or perhaps your parents have always been there for you and you never lacked money, but you lack valuing money. So you spend recklessly. Studies show that women search for financial advisers after the death of their husband.

Other events can trigger the need to seek financial advise, generally seeking a referral from friends and family like an inheritance, purchasing a new home or entering into retirement. It’s clear that there is a life cycle involved with financial planning. Financial planners who have built relationships with their clients will be able to get in front of these life changes and proactively assist their clients. And when they know their clients past dealings with money, they can anticipate their future 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/kq8rCfmJ1lo

Thursday, January 1, 2015

How using sensory communication styles enhance your message - What Women Want from Financial Advisors



All good adult educators are aware of different learning styles and will use a variety of methods to convey information. Just as we are all unique and different – the way we learn is different as well. Financial planners are in a position to teach their client about financial concepts. Here are some ways they can engage with women in a financial planning session.

Visual, verbal, auditory, solitary, social, logical and physical. Learning what sensory communication styles to use takes time, but it's an investment worth making. Once women feel they have made a connection and built trust with a financial planner, they often tell others and recommend their services. Obtaining references and recommendations from other trusted sources is the number one way women make important purchases.

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/xSkZGBYuxj4

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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