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This is it... the dol rule is roling out june 9th

5/30/2017

I was listening to a great Kenny Loggins song, "This is it," which made me think of the DOL /Fiduciary Rule and the way many advisors are reacting. Now, I know that many of you have read my articles and books for years and are used to seeing me write (or hearing me speak) and relate many things to music. But, I think this song sums it up: take a look at some of the Lyrics and think if this is the way you are responding to the soon to be applicable DOL/Best Interest ruling.

"There've been times in my life
I've been wondering why
Still, somehow I believed we'd always survive
Now I'm not so sure
You're waiting here, one good reason to try
But, what more can I say? What's left to provide?

Are you gonna wait for a sign, your miracle?
Stand up and fight

Make no mistake where you are
(This is it)
Your back's to the corner (This is It)
Don't be a fool anymore
(This is it)"

I’m afraid this is what's happening in our business. Some think this is the end. Others know that they have been here before, and they always survived. And, the successful advisor is not gonna wait for his/her “miracle." They are going to "Stand up and fight.” You see, it is as simple as this: it is what it is. It is here and there are solutions. I am amazed at advisors saying they’re going to wait to see how this plays out. Maybe they will repeal this DOL ruling. I am going wait (for the miracle). Well, guys and girls... it ain't happening. The world will never be the same. However, I am getting pretty excited about the opportunities. A couple of weeks ago I wrote in a blog that The Ohlson Group feels as though we are entering the "Golden Age of Life and Annuity Sales." If you feel that way, we are the answer to your dreams. We will be with you all the way.

We have the best assessment and recommendation software in the business for your qualified and non-qualified sales. We can show you how to make 2017 and beyond the best times you have ever experienced in the business. But, you have to get on it now. Our phone lines are open, and we want and need your business. And, just maybe, you might need us as well. We want to be your partner and go through this to victory... side by side. I think the balance of this song really sums up how, and why, you should be working with The Ohlson Group and The Safe money Places Agent Network

"The waiting is over, no don't you run
No way to hide
No time for wondering why
It's here, the moment is now, about to decide
Let em believe
Leave em behind
But keep me near in your heart
Know whatever you do, we're here by your side

For once in your life, here's your miracle
Stand up and fight"

This is it. Give us a call. We don't have a miracle, but we will stand by your side. We have the tools, the aptitude and the attitude that you are deserving of. We want and need your business and...this is it. Thanks, Kenny Loggins, and thanks to you for your time and business.

Until next time... good selling!

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Retirement, Income Needs, John Wayne, and Life Insurance

5/22/2017

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Well, how about that for a title? Wondering where I am going with this?   I’m sure you are not the only one. Let me explain:  it seems like, for many of the lucky ones, retirement is either creeping up on us or it is already here.  Where did the time go... right?   Didn't we think, when younger, that we had plenty of time to cement, activate and protect our financial dreams and plans?  Life, as they say, has a funny way of screwing up plans.  And, if you and your clients are like most, you wish you had some more time to get things where you wanted them to be.  Let's take a look at one of the biggest "worry buckets" for today's retirees... retirement income.

I am just assuming that you have been reviewing you clients retirement income needs and have separated essential income needs from discretionary ones. You then reviewed their guaranteed income from sources like Social Security and pensions, and placed them alongside of the essential expenses.  You are then able to see if they are in a "negative" position without enough income or a "positive situation" where there is money left over for the discretionary needs… such as legacy issues, vacations, gifts, donations etc.

Let's also not forget the big health care worry.  Your client either has long term care... or they don't.  That situation won't change.  You have also explained the benefits of life policies with accelerated benefits for chronic illness (more on that at a later writing).  You then ask them... "How much do you need and when do you need it?" Then, with an fixed index annuity with an income rider, you can guarantee that cash flow... if they have the funds for the annuity. Let me repeat that, "if they have the funds for the annuity". But, what if they don't? Is there a way to still fulfill those income needs? Well, yes...maybe for both, but surely for one. That is where John Wayne comes into the picture. Let me explain.

Okay, the male Baby Boomer thinks he is John Wayne.  You may remember that many Boomer women left their teaching jobs, nursing jobs and other professions (either forever or for a period of time) to raise the kids. "Daddy Boomer" still thought he was the protector and main bread winner.  And you know, it worked out...didn't it?  Then, the moms were in charge of every volunteer group in America. America has never seen such a large group of quality, educated people in the volunteer corps. To continue, the male took care of the finances and told his wife that "everything was going to be okay."  Now, at retirement, "Man Boomer" finds out they are a little short. They don't have enough money to fund the shortfall through an annuity.  So, he must protect his spouse. And, he knows "that is what John Wayne would do."  So, how can he complete this dream for his spouse? There is only one way: through life insurance and "the miracle of paper and ink.”  Let's look…

Pretty simple.  They have a $25,000 per year income shortfall if he pre-deceases his wife (loss of the smaller social security check, reduction in annuity pay out and rising health care costs down the road).  How much is needed to fund this $25,000 shortfall?  I say that he needs $500,000 of coverage. WOW... you say.  Hey, just the facts -  $500K at 5% interest payout is $25K per year.  If he dies later, life expectancy changes and he won't need that much.  Remember, we are funding the entire amount.  So, he says she can take out 10% and be okay... then he needs half or $250K. Need smaller amounts?  Let’s partially fund the dream completion.

Here’s the bottom line:  Boomers are buying more life insurance. They are purchasing everything from final expense, to term insurance, to permanent coverage.  But you have to probe and ask them if they are interested in “dream completion.”

Need a way to get into that conversation? Give us a call at 1-877-844-0900.  The additional income you earn helping others with their dreams might just be the thing that completes yours as well.

Until next time... good selling!

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Best Interest concept is not new or complicated

5/15/2017

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I am not referring to the obstructive DOL ruling from the Obama administration crafted and supported by Tom Perez and Elizabeth Warren.  That ruling is designed to depict all of us as commission grubbing, non-caring financial services professionals. And, basically one of 3 things will happen with this ruling.

We will have another delay (still possible at the time of this writing), it could be modified (maybe get rid of the BICE) or it could be "thrown out.” My guess is that a delay is possible, and modification a real possibility too. But, I don't see it going away. There has been too much discussion and our legislators would fall into the Perez, Warren and Obama trap and make the Members of Congress and Senators look uncaring.

We've been doing our bit... and I hope you have as well. Calling our representatives, writing letters and supporting Political Action Committees that share our views.  But, you know what?  It's going to be what it's going to be.  Yes, we will continue fighting for our cause...and the cause of the American retiree and cooler heads will prevail. But, let's get back to the title of this article. This is not new.  Let's look:

First off, most financial services professionals have always placed their clients' best interests before their own.  Isn't this pretty simple. Don't most of us follow the "Golden Rule" and do unto others what we have others do unto us? Of course we do. Now, on this legislation that we are facing, the side backing the authors of this bill are using this as another reason to make us out as the bandits.  I think they fall into the camp of... "What you're not up on, you're down on." ( I still get a little confused as terms have changed. I used to say... I'm up for that. Now, I think I am supposed to say... I'm down for that? I don't know. But, let's get back to the point.

This fiduciary best interest rule is part of theSociety of Financial Services Professionals (SFSP) code.  It’s also there for the CFP's, the members of MDRT - and it is just the way things should be done. So, what is different now?  Simple, you need to be able to prove it.  You need Assessment vehicles (an example is AssessBEST supported by The Ohlson Group). And, as it stands now, in January 2018, you will need to do the assessment, then have a financial institution sign off on your recommendation as being a "best interest recommendation” and then store it in the cloud for 6 years.

You see, it's all the legalese talk that is making this tough.  We just need to operate from an ethical point of view.  Isn't that simple? I agree that we have some bad actors in our business.  But, isn't that the situation with most professions?  I think we could also include elected officials in that category.

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HAVE QUESTIONS ABOUT THE FIDUCIARY RULE? READ KIM O'BRIEN'S DOL FAQ SHEET

So, we are getting pretty close to June 9th which is kick-off time for the new rule. Most advisors still have questions. So, we have the answers. Take a few moments, read the "FAQ's" and then give The Ohlson Group a call and see how this will affect your practice.

download kim's report >

In closing, it's not going to do any good bellyaching about this. Our lives will change. Even with a potential repeal, the public knows of the "Fiduciary Rule" and you will have to act accordingly. At The Ohlson group, we have embraced this situation as we have the assessment tool that will lead to better sales, bigger sales, cross-selling sales and more referrals. This isn't the first challenge to our business and it will not be the last. The only "road kill" will be those financial professionals that choose to either try to circumvent the rule, or quit the business because it just seems so daunting. I felt the same way with our first office fax machine in the office that needed a separate office. Come on, let's get to work. Lots of people need our help and our ethical approach.

Until next time... good selling!

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You've got questions... we've got answers

5/8/2017

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This week, I’m yielding my commentary rights to Kim O'Brien and AssessBEST. As you probably know, The Ohlson Group is a member of the AssessBEST Charter coalition. Over 40 IMO's, and basically all the "name brand" annuity companies are on board with AseessBEST.

AssessBEST is a sales making software program that handles all of your Department of Labor/best interest needs. AssessBEST was designed "by advisors for advisors."

read kim o'brien's dol faq sheet

So, we are getting pretty close to June 9th which is kick-off time for the new rule. Most advisors still have questions. So, we have the answers. Take a few moments, read the "FAQ's" and then give The Ohlson Group a call and see how this will affect your practice.

Until next time... good selling!

download the faq sheet >

watch assessbest overview mini-webinar

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This is it... the dol rule is roling out june 9th

Retirement, Income Needs, John Wayne, and Life Insurance

Best Interest concept is not new or complicated

You've got questions... we've got answers

read kim o'brien's dol faq sheet

watch assessbest overview mini-webinar

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