One party in a divorce settlement may be required to get life insurance to insure alimony or child support obligations, writes attorney Jennifer Weisberg Millner. Among the things to consider are how much life insurance is needed, how long it will need to be in effect and who the beneficiary…
Goals-based financial planning may not work well for many clients who may not know what their financial goals are, especially when retirement is years away, says Michael Kitces, co-founder of the XY Planning Network. Instead, Kitces recommends “possibilities-based planning,” which involves an ongoing approach that adjusts for successes and setbacks….
Repeat business is extremely important for financial advisors, which is why they need to focus on serving existing clients, writes Bryce Sanders of Perceptive Business Solutions. Among Sanders’ suggestions are having fair pricing, treating existing clients with respect and engaging on their terms. Full Story: Financial Advisor online
Last year was a strong year for life insurance application activity, which was up 4%, according to MIB Group, marking the largest increase since 2011. The pandemic highlighted the need for life insurance and many companies streamlined the application process, MIB Group said. Full Story: ThinkAdvisor
Life is full of contradictions, and some of these paradoxes can affect financial planning. This article explores several common paradoxical situations related to issues such as retirement accounts and inheritance. Full Story: ThinkAdvisor
Michigan, Arkansas, Maine and Nebraska are the latest states to seek best-interest annuity sales standards based on the model law developed by the National Association of Insurance Commissioners. Delaware, Alabama and Rhode Island also previously introduced annuity sales rules. Full Story: InsuranceNewsNet Magazine online
The New York Department of Financial Services is proposing revised principle-based reserving requirements for annuity and life insurance products. The public comment period on the proposal will remain open until March 1. Full Story: JD Supra
The upheaval and temporary law changes of 2020 led some people to make financial mistakes, financial planner Dan Moisand writes. These included waiving required minimum distributions without considering the full tax implications, mistaking a deferment of payroll taxes for a waiver and taking unnecessary student loan deferments. Full Story: Financial…
The coronavirus pandemic prompted more young people to buy life insurance and prepare wills and trusts last year. MIB Group found life insurance applications from people under age 44 grew 7% in 2020, while 32% of people 18-34 drafted wills because of the coronavirus pandemic, according to a LegalZoom.com survey….
Many financial advisors start annual client reviews in January, and those reviews can be an opportunity to increase business, writes Bryce Sanders of Perceptive Business Solutions. Sanders offers seven topics to discuss with clients that can lead to new business. Full Story: ThinkAdvisor
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