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Hey Ohlson Group, what do you do to earn your over-ride?

2/27/2017

0 Comments

 
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​Boy, is that a good question.  You know, it’s a question that isn’t asked of us directly very often. But, when advisors/agents get together, it many times does become a lively discourse.  So, what is the answer? 

The answers that would be given by many fine IMOs would differ and they are, I am sure, offering value. Many times, more value than you think.  I also believe that with the coming of the DOL/Fiduciary rule, the IMOs will be working very hard to earn the revenue they desire. But, since I was asked this recently, let me give you an "elevator response" to that question:
 
Our mission at The Ohlson Group is to support and enhance the advisors relationships with their clients.  We want to be viewed "best in class” when it comes to the areas of marketing, administrative support and education. 

We also assist the professional in "bridging the gap" between traditional branding and the "Best "in digital marketing through the use of our Safe Money Places Agent Network platform.  Plus, we have a stated goal of assisting the advisor in the attainment of a 25-50% increase in net revenue. 

We also strive, with many of our advisors nearing retirement, in the systematic and professional transition of their blocks of business to another advisor in a profitable way for all concerned parties. 

​Finally, we want to offer our advisors with ideas that will "explode in people's minds." I like to use a quote that I have heard several people use but can't find the author: “Never entertain a small idea, as no-one will buy it, including yourself."

 
So, not sure if this answers your question, but we would love for you, in these challenging yet opportunistic times, to give us a shot and find out why agents from coast to coast continue to refer to us as... a different experience. Plus, as a recently elected public official said recently, "What do you have to lose?  Why not give us a shot?” 
 
Until next time...good selling!
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The RMD Rescue

2/20/2017

7 Comments

 
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2017 will probably be the year with the most Required Minimum Distributions (RMD's).  2017 brings about RMD's for the oldest baby boomers born at the beginning of this group in 1946. Many of these "boomers" don't even want the money, but they have to take it. This is not only true for boomers, but for many people that have had to receive this money for years.  You see, many of these retirees have that money earmarked to be passed down to others... or to keep in the case of emergencies. So, what to do?

Well, I see so many RMD's coming out of policies. Some say that the average RMD is about $7500. What a wonderful time for review and show them a couple "RMD Rescue" plans. Here’s an example:
 
70 year old female has $7500 coming out of the qualified plan. We then place in a single premium life policy that gives a death benefit of around $13,000. So, we have almost doubled the amount to be passed down, tax free. We also gave a return of premium so there is no pressure  on the client... money is always available.

​Hard to get? Nope – an on-line app, several "knock out” questions, underwriting decision in minutes (yes, minutes not months) and the policy sent in  PDF form the next day. The company is rated excellent by AM Best and offers very strong commissions.
 
Come on, you probably owe your client a review. This is a great opportunity for you and your client. And, this is where you will get referred leads.  
 
Until next time... good selling!
7 Comments

DOL Fiduciary Rule: Perception is reality

2/10/2017

2 Comments

 
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Well, it has been quite a start to the year. We have the DOL Fiduciary rule now under review since President Trump was elected. But, there are a lot of twists and turns before the start date of April 10, 2017, which can be delayed.  And, repealing the ruling is another chore all together. 

While I believe that the Fiduciary rule will be delayed, and ultimately changed to be of value and not harmful, the "Fiduciary/Best Interest concept" is here to stay and our business will never be the same. And you know what? That is okay.  As long as we are not crushing an industry, blocking out consumers and adding billions of dollars of lost revenue to one of the finest industries in the world... the insurance industry.

So, why will things never be the same? Let's read on…

"The Genie is out of the bottle" states Phyliss Borzi the Chief architect of the Dept of Labor's ruling in this area.  She goes on to say in the piece in the WSJ Feb 6th issue, "The market has already spoken.  The Best Interest is what they are asking for and what consumers are now beginning to expect. Nothing we did was wasted." 

And, yes... there has been so much press regarding this that I have neighbors that are now asking me questions about this new proposed rule. (please note that I did not say this "new proposed standard "as we have been acting this way forever). But we have been painted as high commission chasing, get a free trip, do anything  to get the money industry.

Well, I am a little honked off and I am sure you are too. So, bottom line, they may delay and ultimately roll back this ruling, but "Baby Boomers" read the papers and watch the news and they know about fiduciary sales. So, how are you going to respond?  Let's look:

Many firms  like Merrill Lynch are not going to back down. They got rid of commissions on qualified money and they are going to implement this rule regardless. They like this, as they will want to "rip your lips off" in competition and expose you as a commission sales person.  But hold on… Morgan Stanley, Wells Fargo, LPL Financial and others are NOT removing commission products. That is pretty good company. Here are the tough questions you will be asked... and I have a few answers:

These questions were suggested by Daisy Maxey who wrote the column, “Fiduciary Rule Changes: What investors Need to Know"

"How can Investors protect themselves without a fiduciary rule?"

Her  answer is, "Investors should ask if their advisor is a fiduciary, required by law to act in their best interests” (she continues that all RIAs that charge fees are fiduciaries).

My answer:  If you are asking me if I act under a "best interest rule”, meaning I place my clients best interest before mine, the answer today is yes, and the answer my entire life has been yes.  This writer goes on to say "make sure they are getting advise from a financial advisor and not a salesperson masquerading as a financial advisor."  So, what are you supposed to do?  Keep reading…

"Get some real credentials." 

I have my Chartered Life Underwriters (CLU) designation from The American College in Brynn Mawr, PA. Yes, I have my undergraduate degree from Ball State, but I took an additional 30 hours of undergraduate credit to obtain this designation. I also have one of the most highly touted retirement designations. It is the CRC, The certified Retirement Counselor designation from The International Foundation for Retirement Education at Texas Tech. This designation, according to a Wall Street Journal article, is one of the three best credentials when looking for a retirement planner... hey, that's me.

My son Nick Ohlson, who runs our Chicago office, also has the CLU but he also has the Chartered Financial Consultant(ChFC) designation from The College.

Joe Ohlson, Managing Director of our Carmel, Indiana  office has his LUTCF, Life Underwriter Training Council Fellow, also from the American College and will be taking his CRC exam in July. By the way, The Ohlson Group co-ops the CRC class, books and testing.

So, time to get a credential that counts.  Anything else you say? Why yes, one more thing…

You need to have a proper client assessment before you can give a “best Interest" recommendation.

We have that with AssessBest. this is the DOL-or-not, best retirement sales platform that is also compliant, suitable and in everyone's best interest. Your prospects and clients will feel comfortable and impressed when you treat them with the utmost dignity and respect when discussing their retirement needs. And (as long as I am selling), we will buy that for you, too. So, time to get into the game. It is a new day, with new challenges but the best opportunities since I entered this business many years ago. I would love to hear your thoughts on this topic. Drop me a note and get in on the blog.

​Until next time... good selling!
2 Comments

DOL… Necessity is the mother of invention

2/6/2017

4 Comments

 
DOL Rule Solution
Well, just what is down the road for the DOL /Fiduciary ruling?  Will it be repealed, thrown out, modified, delayed or stand as it is today and ready to be implemented on April 10, 2017? 

I, like most believe that there is a great possibility of a delay.  But I, like many, also believe that there will be some sort of a fiduciary/best interest requirement in the sale of qualified products.  There are many reasons  for this. But, most feel that operating with your clients best interest before ours is just the right thing to do.  I agree,  and I am sure that you have been operating this way already. 

From a political perspective, I , and many of our elected officials, believe it would be hard to just throw this out as we would look uncaring. We all know that is not the case. The BICE makes winners of all attorneys. Lawsuits will fly and there really is not a rule book.  But, even if the BICE is thrown out don't let your guard down because the press on this subject is everywhere and consumers are now looking for people that will act in their best interest. So, how do we stay prepared?  Allow me to explain.

Wikipedia defines "Necessity is the mother of Invention" this way - an English-language proverb. It means, roughly, that the primary driving force for most new inventions is need.  The Oxford dictionary defines it as - when the need for something becomes imperative, you are forced to find ways of getting or achieving.

​So, what does this have to do with our business?  When the DOL ruling came out, advisors, insurance companies and marketing groups looked for solutions that would protect consumers as well as the distribution channels in America. 

The Ohlson Group is proud and excited to be part of AssessBest... a sales maker platform built to handle all DOL requirements.  The unique thing about AssessBest is that it’s a platform developed for advisors by advisors.  And, you don't have to change your business model, be captive or get a securities license. We, at the Ohlson group, term it... "Independence with Affiliation”.

This platform helps illuminate retirement income needs, life insurance needs, gaps in chronic illness and long term care needs and it is all done through an "assessment " process. The consumer states through the interview the most pressing problems keeping them up at night, places them in levels of priority and then await the recommendation you, the advisor, brings to the table.  So, you see, this is a "sales maker" and not a "compliance deal killer." It brings memories of Capital Needs Analysis, Financial Needs Analysis and the other platforms that made agents and advisors s successful over the years. 

This program will launch soon so keep your eyes open or call to get the copy of the webinar we did with Kim O'Brien MBA and CEO of AssessBest and Americans for Annuity Protections.

So, there we are… a need, a necessity, and we needed the invention. We have that with AssessBest regardless as to how the DOL winds blow.  Quite frankly, when you see AssessBest, you will wonder why this wasn't developed for advisors years ago.  I guess there wasn't a necessity.

Stay tuned, and until next time... good selling!
4 Comments

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