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Whole life insurance can strengthen a financial plan

Whole life insurance can improve financial planning by providing a level of certainty and stability, write Ross Junge and Michael Finke. The guaranteed death benefit and tax-deferred cash value provide financial security, as well as planning flexibility, they write. Full Story: ThinkAdvisor

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How to help bring clients long-term financial success

Financial advisors need to reimagine portfolio allocation strategies, as well as their coaching strategies, to help clients work toward long-term financial success, writes Mark Matson of Matson Money. He urges advisors to consider client biases, stick with long-term investing principles and keep sight of long-term goals. Full Story: ThinkAdvisor

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How to deal with a client’s bad idea

When clients have an idea a financial advisor thinks isn’t very good, the advisor should “be protective, yet supportive,” writes Bryce Sanders of Perceptive Business Solutions. Sanders offers several strategies for dealing with the situation, including asking questions and suggesting similar but better solutions. Full Story: Financial Advisor online

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Life insurance may be required in divorce settlement

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…

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Expert: Plan based on possibilities, not goals

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….

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Focus on existing clients and repeat business

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

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Life insurance application activity up 4% in 2020

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

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These financial planning paradoxes may plague clients

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

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4 more states seek to add best-interest annuity rules

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

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N.Y. considers revised annuity, life reserve requirements

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

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