Isn't that what we do in the "Safe Money Places" insurance business. We transfer the risk from the individual to the insurance company. It has been done for years. In the most simple explanation... you buy a car, you are fearful of damage due to an accident... so you buy an auto insurance policy. Then, if you are unfortunate enough to be involved in an accident, your insurance company covers the cost (or the majority of) the claim.  Let's look at life insurance… it’s the same thing.  

Someone or something like a business would suffer severe economic loss were you to die.  If it is a family need, spouse and kids, you want to make sure that there is enough money left after you pass, to keep them in the world that they have become accustomed to. Maybe pay off the mortgage, the car loans, the student loans, etc. I also refer to it as "dream completion" where the dreams of the family unit can be completed after the insured passes on.
 
This is also a prevalent need in the business community. You may have a key employee whose death would cost the company much in lost revenue, stock price, consumer confidence and more.  So, you shore things up with a life insurance policy that can assure that the enterprise continues to move ahead. In all of these cases, we are transferring the risk to the insurance company.  And, for nominal premiums we can make this happen.
 
Here’s another point: I was reading an article in the April 18, 2016 issue of Pensions and Investments written by Trilbe Wynne. In this article, he had a paragraph that was highlighted as "Transferring Risk".  So, I read with great interest and found a great example to us in explaining what we do for our prospects and clients.  

Let me summarize a little. He was writing about the drop in pension assets due to lack of growth  among other reasons.  He wrote about the pension liabilities that companies had (the amount they will have to pay to retirees in the future...and now).  And, many were underfunded (please excuse my elementary approach...this means they didn't have enough money to meet all liabilities short of a "Macho" bull market that lasted a long time).  So, what were they going to do...or did they do?  They transferred  the risk.

Here are a couple of real examples that he cited: "Kimberly-Clark contributed $410 million in 2015 and purchased group annuity contracts that transferred pension benefit obligations totaling $2.5 BILLION for about 21,000 US retirees to Massachusetts Mutual and Prudential."
 
Lets' move to another... J.C. Penney purchased group annuity contracts from Prudential after offering lump sum buyouts to about 31,000 retirees and beneficiaries in 2015.
 
So, what is my point?  You are assisting your clients in transferring retirement income risk when they purchase an annuity that can be converted into a guaranteed stream of lifetime income. And, it is guaranteed for as long as the live. You transfer risk when your client purchases a life or an annuity policy that also offers chronic illness accelerated benefits. Yes, life insurance, long term care, critical illness policies also do the same.

So, in closing... when someone asks you what you do for a living, how about telling them "I transfer risk".  Until next time... good selling!

That appears to be the question that many Americans are asking when it comes to their retirement planning.  A recent study, conducted by The National Association of Retirement Plan participants, stated that, "Consumer trust in banks, brokerage, insurance and other financial companies has fallen from 13% in 2015 to 8% today".  Now, as scary as that might seem, the study went on to say that the problem has been linked "to people's lack of confidence in their own ability to make financial decisions (especially in retirement issues)."
 
So, where does that leave today's financial professionals?  Simple, the ones that can exhibit credibility (believability) and offer help and tools to their prospective clients, will become the victors .  I have written before that the new breed of 10,000 people turning 65 years old every day are far different then their parents. They want and desire access to information  to assist them in decision making when it comes to their retirement. They want safety and service.  And, they demand more than "lip service".

Today, more than ever, we need to separate ourselves from the crowd to win the business.  Do I have ideas to help you ... the advisor?  Of course.  You see, you are just like the consumers. You may be losing confidence in our industry, the insurance companies and the IMO's. So, we must be ... a different experience. 

Let's take a look "around the store".  How about www.safemoneyplaces.com?  Give that a visit. How would you like that link on your website?  Don't have a website ... no problem.  Go to our retail site www.ohlsonfinancial.com.  We will build a Safe Money Agent Website like that for you. When you are at the Safe Money Places site, take a look at the "Safe Money News." We will send the Safe Money News to your list every 90 days, and personalize your landing page. When you're at www.safemonyplaces.com,  take a look at the agent locator... we would love to see your name there ... and so would your clients and prospects.
 
In closing, you need to show your stuff.  Mouthing it is not enough today. You have to earn the trust. I hope that we have earned yours. Call us if we can be of help at 1-877-844-0900.

Until next time ... good selling!

Here’s the bottom line:  we’ve been writing about the fiduciary rule in our DOL Report every week for the last 8 months. To tell you the truth, I am ready to get to work.  The “paint isn’t even dry” on this new ruling, and I think there will be a number of new translations of the rule over the next few months.
 
Seriously, we have been putting everything out there for you to read. Yes, it will be different and there will be some casualties.  This isn’t the first time this sort of thing happened. Some of you remember Section 79, Retired Lives Reserve, Single Premium Life before there was a Modified Endowment contract . What about the advent of Universal Life?  Wasn’t that going to kill the business?

​Some of these events were tough right out of the gate. Some, like the elimination of the career system by many companies, is now starting to really hurt our industry due to an aging field force.  But, as they say “Behind every adversity lies an equal or greater opportunity.”  I believe that our best days are ahead of us, and here’s why…
 
The Ohlson Group, and The Safe Money Places Agent Network, have been preparing for this for 8 months. Now, don’t get me wrong, we have been advocating (with some other great industry IMO’s ) against this ruling.  We were the same people that did the “151A “ fight.  But, I felt that the will of The White House, certain Senators and the “supporters of big government” were going to slam this through… and they did.  So, while I am not ready to opine on the final outcome, we are ready with the tools, technology and support that our associates in the field will need.

But, let’s go back to my opening line (my attempt at rap), the rule is phased in starting in April 2017 and the last leg January 1st 2018.  And, I am not going to bet against the chance of litigation that slows this down and maybe someone new on Pennsylvania Avenue that tosses it out. So, worrying will do you no good right now. Be assured that we have your back, and we will march to even greater success in the months to come.

More to follow and until next time… good selling!

To say that we live in interesting times would be an understatement. We will have new regulations and changes, regardless of what comes from the Department of Labor on the fiduciary rule. The public has so much access to information, and there is such a push for transparency. Many consumers have grown both weary and wary of seminars, and it’s hard to set yourself apart from the competition. Are there easy steps you can take to amplify your business? Well, the answer is yes. You must get a little introspective, and make a commitment to follow a mini-plan. Let’s take a look at these steps:

STEP 1 - Find a specialty that you really believe in, excel in, and are ready to commit to. To say that you are in the “financial services business” may just be a little to general, as everyone is in this arena. If you establish credibility (believability) as a retirement income professional, then we have narrowed things down. But maybe you should be a financial services specialist, focused on the retirement income and maintenance needs of Americans. Specialists make more sales, make more money, and obtain more referrals.

STEP 2 - Add to your product mix. Maybe it’s time to offer index annuities with lifetime income benefits, MYGAs and Wealth Transfer/SPL with chronic illness benefits to hit the top 3 needs of baby boomers.

STEP 3 - Get online. If clients and prospects cannot find you online, you will have a rough time convincing them that you are the “go-to person” we described in step 2. An IMO should have the resources to assist you, and give guidance in this area. If they don’t, then try googling insurance marketing organizations or field marketing organizations until you find a firm that can help you. If your “favorite” IMO does not appear on the first or second page, then as the song says, “You better shop around.”

STEP 4 – Have a website that is truly… a different experience for the consumer. Make the site a place full of useful information that your prospects and clients enjoy visiting. Have videos, whitepapers, and consumer info sites available. Sound like a tall order? It depends on what IMO that you work with.

STEP 5 – Get involved in your community. Sponsor a ball team, have a booth at an author’s luncheon, be seen at places where your target prospect goes and do educational meetings.

Let them know, through membership in the Safe Money Places Agent Network that you have the support and assets of a large National organization, while remaining an independent advisor focused on the needs of your clients. Sort of like “think global, act local.”

In summary, this can all be done rather quickly if you are working with the right IMO, have the desire to “step it up” and are serious about improving your practice.

Until next time… good selling.