Business Development Resources
Your clients can act on something they don’t know. Teach them how they can easily leverage our industry’s tax-favored solutions to their advantage.
Related Resources:
- News You can Use: Authoritative 3rd Party Recommendations
- Initiate Giant Life Cases / Estate Tax Conversation Starters
- Make Your Estate Tax Cases Bigger with Tom Lipscomb
- EY Study: Life Insurance & Annuities Retirement Savings Strategy
- Put Al Granum’s One Card System on Steroids
- LinkedIn Business Development Strategies
News You can Use
Insurance sales start with an idea, one that must be immediately relevant to a client. It helps if you can support your recommendation via authoritative third party sources. The Wall Street Journal is generally recognized as one of the most authoritative news portals when it comes to:
- Tax mitigation strategies
- Retirement planning
- Life insurance deployment
- Long-term care financing
- Estate & gift tax reduction
Estate and Wealth Transfer Planning Resources
The estate and gift-tax exemption is about to get cut in half, exposing exponentially more wealthy Americans to the death tax. Bookmark our Estate and Wealth Transfer Planning Resources page and you’ll always have access to the latest estate tax reduction or elimination strategies.
Sales Idea: Forward the Wall Street Journal articles linked on our resources page to appropriate clients. Then, deploy our super simple Federal Estate Tax Estimator to quickly educate your high net-worth clients about this increasing tax! Be the first Advisor who brings this urgent topic to your clients’ attention. Help them avoid a voluntary tax of $400,000 per $1,000,000 of wealth if they miss the exemption deadline. Open giant life insurance cases, with ease.
Incorporating Permanent Life Insurance into a Retirement Savings Plan
The business consultants at EY have analyzed the effectiveness of several retirement income funding strategies. Their study concludes that a well-diversified mix of investments, permanent cash value life insurance, and annuities optimize risk-adjusted after-tax retirement income.
Sales Idea: Forward the EY study to introduce your clients to the advantages of incorporating a permanent cash value life insurance policy and annuities into their retirement savings program.
Advanced Life Insurance Marketing Concepts
When your clients have complex business planning, retirement, or estate tax planning needs, you’ll benefit from Nationwide’s Advanced Life Marketing Concepts overview. The most common advanced planning techniques are broken down into:
- The Concept
- Tax Considerations
- Implementation Steps
- How it Works Schematic
Sales Idea: You’ve met with a business owner or c-suite executive but are not sure which strategy is right for your client. Quickly scan through the well organized pages of business and wealth planning opportunities to explore which one makes the most sense, based on what’s important to your client. Of course, we are here to help too! Connect with us or send us an email to discuss.
Informal Business Valuation
Owners of closely held businesses want to know the value of their company. Such insights form the basis upon which business succession plans can be developed. Therefore, offer your clients a complimentary business valuation. Take advantage of the services of our affiliated attorneys and CPAs. For many types of companies, they offer to partner with you and your clients to value the firm and plan for a properly structured, legally binding, and adequately funded business exit plan. You can download a sample informal business valuation here.
Sales Idea: Which of your business owner clients would not want to know what their business is currently worth? Is the financing of their exit strategy in place so they can retire with peace of mind? Offer an informal business valuation to start conversations about these important topics.
Buy-Sell Agreement Reviews
Many owners of small and medium sized companies lack an up-to-date business succession plan. Even those that do may not have access to adequate financing. Therefore, consider offering your clients complimentary access to our team of affiliated attorneys to analyze their current buy-sell agreement. In many settings they will be able to recommend agreement enhancements and help structure tax-efficient, legally binding, and properly funded business succession strategies. You can download a sample buy sell review here.
Sales Idea: Which of your business owner clients have never gotten around to formalizing a business succession plan? What happens to the business if something happens to an owner or key executive? For your clients who have been wise to structure a buy-sell agreement, has it been more than a few years since they last considered its terms? Is the agreement supported by adequate funding? Offer a complimentary buy-sell review to open conversations with business owners about their business succession strategy.
Long-Term Care Conversations
Washington was the first state to require their residents to purchase long-term care protection. Several additional states are now developing their own taxpayer funded programs. Residents who purchase quality long-term care insurance policies may be exempt from paying taxes into their state’s public system. Of course, insurance policies also give policyowners much greater flexibility to design coverage, based on how they wish to receive care. Educate your clients about the importance of policy portability. Their policies will pay benefits, even if they decide to move to another state. Some policies even offer international policy benefits. Does their state’s program offer portability?
Sales Idea: As you can see, it’s important to engage your clients about the need to plan for long-term care. If you prefer to focus on other planning strategies, collaborate with one of our Experts. Alex Schneider has access to all of our industry’s top long-term care insurance solutions. He offers to educate your clients’ about their options, based on how and where they wish to experience care.
Executive Carve-Out
The higher the business owner’s or executive’s income, the wider the retirement income gap relative to most employees. Deploy guaranteed issue life insurance policies to close the gap for the highest paid leaders of your client companies.
Put Al Granum’s One Card System on Steroids
Al Granum’s legendary Client Builder and One Card System is recognized as the foundation upon which Financial Advisors have built their practices since the 1960s. Modern technology now enables us to turn 10-3-1 into 50-20-10. Learn how to accelerate the growth of your practice by leveraging Al’s concepts using modern technology.
LinkedIn Business Development Strategies
LinkedIn makes it super easy for you to identify, connect with, and cultivate ideal future clients, whether they are dentists, lawyers, or construction company owners. Our series of articles shares best practices tips applied by Financial Advisors who are using LinkedIn as their primary prospecting engine. If you want to find a dozen or so ideal fresh prospects in your inbox every morning, optimize your LinkedIn presence today, and begin to see results by tomorrow!
Easy Access to Whole Life Cash Values
Modern technology now makes it much easier for whole life insurance policyowners to access their cash values without the downsides that come with surrendering paid-up additions or taking policy loans. One fintech provider that specializes in such arrangements is Inclined. They specialize in arranging for easy collateralized loans for whole life policies from the major mutual life insurers.
Next Steps
To learn more about our industry’s top business development resources, talk to your CPS Advantage representative or request a callback by email. Let’s put our heads together and figure out how you can deploy these tools to your strategic advantage. Also, be sure to subscribe to newsletter to be notified of fresh additions to News You can Use or other time-sensitive updates.
