As we all adapt to our new normal, many of the ways that we attract and convert prospective clients—such as educational workshops, seminar dinners, or face-to-face meetings—are suddenly off the table. But social distancing doesn’t mean you have no way to engage potential clients. In fact, getting in front of prospects now via well-run webinars is key to moving your business forward.
Despite social distancing and shelter-in-place orders, you can still have meaningful conversations with clients. Whether over the phone or through video conferencing platforms, you can provide clients a sense of security and control in such unprecedented uncertainty.
Within three months of the passage of SECURE Act—a law intended to provide more opportunities for Americans to save for retirement—the federal government passed another historic piece of legislation that essentially does the opposite. On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, a historic $2 trillion dollar emergency fiscal stimulus package and the third piece of major legislation passed since the coronavirus outbreak began.
In the last few weeks, COVID-19 has caused a massive change to our country’s way of life. Not only have the financial markets been in constant flux, but everyday routines are turned on their heads.
HCB is continuing operations but has established a Work from Home requirement for all nonessential staff. All our operational and sales resources are available and able to provide you the services you have come to expect from Highland Capital Brokerage.
These are unprecedented times. Almost daily, our society is dealing with new disruptions and unanticipated challenges. But in spite of this unsettled and anxious environment, there is a silver lining. As a society, we are working together to protect and support those who need it most. It’s a commitment that we in the industry make every day to our clients.
As social interaction is restricted over the coming weeks, we must rethink how we conduct business. Face-to-face meetings are no longer an option, yet clients still want to be reassured of your commitment to them and their financial objectives, particularly during such uncertainty.
In today’s customizable, satisfaction-guaranteed world, it’s no surprise that investors, too, want it all. They expect retirement solutions that provide guaranteed income, while still insulating them from downside risk. There is a solution that offers both: annuities. But even though annuities are one of the only vehicles that deliver income and risk mitigation, surprisingly only 42% of financial advisors recommend them as part of retirement and income plans. Misconceptions or outdated views on annuities may be keeping advisors from offering the financial stability their clients need. Dispelling the most common annuity myths is the first step in remedying this.
On December 20, 2019, President Trump signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which has a laudable goal of expanding opportunities to increase individual retirement savings. The new law enacts several changes to employer-sponsored retirement savings plans, which historically have helped individuals save more for retirement than traditional IRAs.
The New York State Department of Financial Services (NYDFS) best-interest Regulation 187 (NY 187) is effective February 1, 2020 for life insurance transactions, and August 1, 2019 for annuity transactions within the state of New York.
Clients fall into the psychological traps of investing all the time. They stick to old ideas and protect earlier choices, even those that aren’t financially beneficial. They follow the herd mentality, investing in the latest, hottest product without concern for how it may fit into their broader financial plan. Or they may hold as truth the advice of a friend or family member whose financial goals don’t match their own.
On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). The new law has the laudable goal of expanding opportunities for individual retirement savings. However, several key changes made by the SECURE Act may affect your clients’ retirement and legacy plans, requiring possible reconsideration and adjustments.
How much money could you make if you had a steady stream of quality leads and referrals? We’ve all asked ourselves that same question. The reality is that 20% of all agents generate 80% of all commissions. And the top 20% of those high-performing agents generate 80% of the commissions in that group. What separates that top 4% from the rest of the field? They spend the vast majority of their time working at their maximum-income tasks. For most of us, that means face-to-face selling situations with a client.
I never cease to be amazed at the way some advisors obsess over every change made by a vendor: “The sky is falling, the sky is falling!” Translation: rates or benefits are changing. Your client doesn’t care, because clients buy solutions, not features.
Why a FLP Strategy in 2020 Could Benefit Your High-Net-Worth Clients Harry met Wilma and started a family. Now, they’re looking for a valuable wealth preservation or asset protection instrument for their $100 million estate. Family Limited Partnerships (FLPs) have been and continue to be one of the most powerful tools in an estate planner’s toolbox due to the ability to significantly discount the value of gifts made from parents to the next generation(s). Utilizing the doubled lifetime exemption afforded by the Tax Cuts and Jobs Act ($11.4 million/single, $22.8 million/married), a parent may be able to use a FLP strategy to gift heirs more assets from their estate than what they’d otherwise be able to directly gift, while also maintaining some control over those same assets.
HighCap Financial is always proud of the integrity, generosity, and consideration that our advisors exhibit not only with their clients, but with their communities. A prime example is Erv Woller who, along with his partner Bob Anger, have funded the Heins Woller-Anger Scholarship for 30 years through the University of Wisconsin-Madison’s (UW-Madison) School of Business. The goal of the scholarship is to not only promote the industry by providing financial assistance to select students in the Risk and Insurance Department, but also to honor the late Richard Heins, a former UW-Madison Risk Management professor whose passion for risk management was infectious.
During this holiday season, many of us consider making charitable donations to a favorite cause or institution. In fact, according to the Giving USA Foundation’s annual report, American individuals gave $292 billion to charity in 2018.1 Many of the donations were large gifts as opposed to a few dollars here or there. If you’re considering making a significant gift, keep in mind these three strategies that could help both you and your charity of choice.
Transition is tough. Nobody leaves a broker/dealer (BD) they’re happy with. In fact, the pain you’re experiencing with your current BD has to exceed the pain of moving on, especially since the old days of “block” transfers are long gone. Today’s transitions are like going through a divorce and remarriage in 30 days with 300 children, but at some point, you may realize it’s worth it. Here are 10 things to consider before notifying your current BD of your intent to move on.