B Trust Basics Part III
For those of you who wilted under the technical detail of
last week's Rant, this week will provide some relief. Today is all about playing nice with others,
and by others I mean working with Insurance Professionals, CFP's, CPA's,
attorneys and the like. If you have not
read the last two week's Rants, I strongly encourage you to do so here.
Why on earth is playing nice part of the discussion? Quite simply, integrating with other advisors
is a potential mine field. We have all
been there regardless of the discipline we practice in. When the communication and collaboration
works, it is a beautiful thing. When it
doesn't, it is like the most horrific traffic accident you have ever seen. This topic provides a common ground for all
of the advisors to come to. Think about
it. Where else do you have the following?
-
An existing legal principle as the basis for the
recommendation to the client from the Uniform Prudent Investor Act (UPIA).
-
Developing case law further clarifying the application of
the UPIA to real planning scenarios
-
Statistical analysis supporting the economic benefit of not
only the life insurance policy, but also the significant benefit to the overall
portfolio based on Modern Portfolio Theory
-
An opportunity to truly serve the client by working with the
other advisors rather than against them.
No
matter which discipline this originated from (Insurance Producer, attorney,
CPA, CFP), there is a fundamentally sound basis across all disciplines for the
recommendation, and it is presented in terms that each discipline
understands. All the team of advisors
needs to do is explain it in terms the client understands (simple, right?!). Of course, this summary may not be enough to
ground you in the very detailed fundamentals of the UPIA, MPT and the
like. Want to learn more? Click here to throw your hat in the ring for
a web presentation on the topic scheduled for September 16th @ 10:00 Pacific time.
Have a great long weekend!
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