Next Steps: Preparing for the Future
4 Steps to Successful Succession Business Planning
In today's industries, progress is the heartbeat to an inevitable cycle of change and the advisory business carries no exception. As successful advisory practices continue to evolve, it is becoming necessary to undertake a succession plan that suits your clients' needs.
Whether you are ready to hand over the keys or you are thinking about a succession plan, consider four of these best practices to creating a smooth transition for your clients and organizing an effective plan.
1. Create a list of goals.
2. Maintain consistency.
3. Establish some familiarity.
4. Communicate the outcome.
National Life Group Strengthens Products
What New Universal Life Insurance Products Can Do
National Life Group member companies, National Life Insurance Company (National Life) and Life Insurance Company of the Southwest (LSW), introduced a new indexed universal life product that may benefit families and small businesses. The new IUL FlexLife II offers features to help consumers secure the life insurance protection they need for themselves and their dependents.
FlexLife II provides additional convenience, such as streamlined underwriting, to simplify the process of finding clients the life insurance protection they need. Moreover, there will be a fixed loan rate option. If clients choose to take a loan against their policy, they will know the loan rate in advance, eliminating the risk of unknown loan costs.
The Power of Tax Preferral
As a part of financial planning, it is without question that life insurance is a powerful tool when it comes to retirement income. Several important aspects to consider during this process are tax advantages as life insurance can provide:
1. Income tax-free death benefits.
2. Tax-deferred accumulation.
3. Tax-free income.
There are a variety of options you can use to save for retirement and if you are already maximizing your qualified plan contributions, there are situations where a life insurance policy can complement your future financial portfolio because of its tax advantages.
Consider how your assets are taxed now and in the future:
Rejected: DOL Rule Injunction
Kansas Judge Sides with DOL in Second Court Decision
A Kansas judge supported the Department of Labor in the second court decision against plaintiffs challenging the controversial fiduciary rule that governs anyone giving financial advice on money within retirement accounts.
Judge Daniel Crabtree, an Obama appointee, issued a 63-page decision Monday rejecting plaintiff Market Synergy Group's (MSG) request for a preliminary injunction stopping the rule. MSG took a stand with its request for an injunction, citing irreparable harm if fixed indexed annuity sales require a Best Interest Contract Exemption.
The TBA Mobile App was designed to give advisors the ability to be more efficient while away from the desk. This app has all of the tools needed to create sales as well as process paperwork more efficiently. It can be downloaded on your phone or tablet. It is available for download for free from the app stores of apple
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