Producers are in a prime position to capitalize on the booming annuity market, and by partnering with LifePro, the potential for increasing their earnings is even more rewarding. After all, if you've reached the milestone of $1,000,000 in qualified annuity premiums, you deserve more than just the standard compensation and commissions.

LifePro’s qualified annuity cost share program is designed to reward your efforts by offering additional financial benefits to help you grow your practice. With this program, you can enhance your profitability and growth by leveraging your cost share credits to reduce or even fully eliminate your marketing costs.

In this episode of Money Script Monday, Kyle demonstrates how LifePro’s lucrative annuity cost share program promotes advisor growth by reducing expenses, increasing margins, and growing their bottom line.

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The average savings rate in the U.S. is alarmingly low due to factors such as taxes and inflation, making it difficult to maintain one's lifestyle in retirement. In reality, retiring comfortably requires more than just accumulating savings; it involves strategic financial planning.

As many Americans face this issue, Indexed Universal Life Insurance, or IUL, rises as a solution to retirement income. IUL offers tax-deferred growth, tax-free withdrawals, and a tax-free death benefit, making it a powerful tool for creating a tax-efficient retirement strategy.

Overall, IUL can mitigate risks by achieving greater tax diversification, maximize growth potential by enhancing overall portfolio growth, and secure your financial future by providing supplemental tax-free income. In this episode of Money Script Monday, Adam discusses how leveraging IUL can provide a comprehensive, diverse, and stable retirement income plan.

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The arduous work and sweat equity of building a business from the ground up is something I learned to appreciate at an early age. I come from a family of entrepreneurs, and witnessing their challenges and triumphs fostered my admiration and respect for small business owners. My grandfather owned a Mercedes Benz repair shop in Los Angeles, and my uncle decided to open one in Las Vegas upon my grandfather’s passing. While my firsthand witnessing of their professional journeys played a role in developing my fascination with entrepreneurship, my father, Ross, had the greatest impact of all, and he set the standard of what it means to be a small business owner.

My father set these principles for me at the early age of ten when he started his trucking company, LFS, in 1999 which specialized in same-day freight delivery across California. Watching him navigate the highs of a prosperous, smooth-running business to the lows of the “.com” bubble and the real estate crisis in 2007 taught me invaluable lessons about resilience and the impact an employer can have on their employees’ lives. Challenging times revealed the most about my father’s character and, in turn, shaped my own.

The 2007-2008 financial crisis caused many hardships to sweep across the nation and presented my father with some of the most difficult decisions he ever had to make in his business—letting go of employees. These people stood by him, contributing to our family’s well-being and the company’s growth for years. He made it his mission to rebuild a thriving business, rehire those same employees he had to let go, and make sure they shared in the successes. I witnessed the impact on the lives of not just the employees but their families also. This experience left a lasting impression on me and offered an incredible lesson that entrepreneurs everywhere can benefit from in the ever-evolving business landscape. Companies that treat their key employees like family and help them achieve their goals will be the ones that attract and retain top talent.

In this article, I will reveal how business owners can take advantage of unique strategies within endorsement-based split-dollar plans and Kai-Zen leveraging to attract, obtain, and retain top talent for their business. After establishing how each of these strategies works and breaking down their main components, I’ll then demonstrate each strategy’s benefits to both the employee and the employer.

Continue reading the full article here »

Contact LifePro Today!

If you are looking for a partner who cares about your clients as much as you do, please reach out to LifePro Financial Services at 888-543-3776. We are a premier IMO located in San Diego, CA that has been in business since 1986 and was originally founded by Bill Zimmerman.

Our focus is getting advisors in front of the right prospects through our proprietary digital marketing systems while offering industry best-case design and reporting, professional back-office support, and competitive compensation with incentives.

This information does not substitute for legal guidance and is meant for educational purposes only. Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Remember to consider your client's individual circumstances and objectives when discussing their specific situation.LifePro is not a government entity and is not affiliated with the Department of Labor. Please note that the new Fiduciary Rules should be upheld in addition to the current laws and regulations that govern your profession.

Every day, 11,000 baby boomers retire, totaling 4 million annually, and this trend will continue until 2030. Despite controlling half of the national wealth, including trillions in retirement assets, many are not prepared to fund the long-term care that 70% of people over 65 need.

Long-term care can cost upwards of $115,000 annually, making long-term care funding a significant part of retirement planning. Between the steep pricing, high likelihood of need, and the historic "Silver Tsunami" of baby boomers retiring daily, financial advisors have a unique opportunity to further support their clients by offering a solution that addresses both current needs and legacy planning.

In this episode of Money Script Monday, Sal outlines a unique IRA strategy that protects assets, provides significant tax benefits, and prevents a strain on savings due to future healthcare costs.

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Towering at 29,031 feet above sea level, Mount Everest is not only the highest peak above sea level on Earth but also one of the deadliest to climb. Hundreds of lives have been claimed by those bold enough to pursue this challenge, with a majority occurring above Camp 4 South Col, often referred to as the “death zone.” Some fail to gather the appropriate provisions to not only scale to the top of the mountain, but also successfully make it back down to the bottom.

The glory, prestige, and self-accomplishment of making it to the top, compounded by harsh conditions, has blinded individuals from making sound choices in this high-stress situation, which can unfortunately result in tragedy, injury, and even death.

In many ways, the journey involved with reaching the summit of Mount Everest parallels the journey to a secure retirement. First, both require thorough preparation for and familiarity with the challenges of the physical or financial environment ahead. Secondly, resources must be efficiently allocated to reach the peak, while keeping in mind those same resources must last through the descent or later half of the journey. Finally, there is always the possibility of a storm, but you can navigate to a safer place that’s less exposed to heightened risks by bringing along a trusted guide. While the retirement journey may be less treacherous and may not mean life or death, it also comes with its own unique risks, challenges, and obstacles.

Continue reading the full article on Advisor Perspectives here »

Contact LifePro Today!

If you are looking for a partner who cares about your clients as much as you do, please reach out to LifePro Financial Services at 888-543-3776. We are a premier IMO located in San Diego, CA that has been in business since 1986 and was originally founded by Bill Zimmerman.

Our focus is getting advisors in front of the right prospects through our proprietary digital marketing systems while offering industry best-case design and reporting, professional back-office support, and competitive compensation with incentives.

This information does not substitute for legal guidance and is meant for educational purposes only. Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Remember to consider your client's individual circumstances and objectives when discussing their specific situation.LifePro is not a government entity and is not affiliated with the Department of Labor. Please note that the new Fiduciary Rules should be upheld in addition to the current laws and regulations that govern your profession.

Did you know your Social Security benefits can be taxed up to 85%? The amount of taxes you need to pay on Social Security benefits is determined by your taxable income level, but many are unfamiliar with the thresholds that define those limits nor the qualifications of taxable and non-taxable income.

Luckily, the tax impact on Social Security benefits can be significantly reduced or even eliminated by lowering taxable income amounts below IRS thresholds through careful and proactive financial planning. By working with financial and tax advisors who can evaluate your income and explore potential strategies to lower that number and keep more in your pocket, your overall financial health can have significant impacts.

In this episode of Money Script Monday, Sean reveals how taxes on Social Security benefits are based on taxable income and offers a strategy to lower that tax liability.

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Rising national debt and unpredictable future tax rates are driving concerns among many retirement savers with funds in tax-deferred accounts such as a Roth 401k or IRA. The government’s budget is consistently increasing, and the deficit gap between their income and their ability to meet that budget is widening.

Financial experts around the country believe tax rates will increase in the future to generate more income for the government in an attempt to address the deficit. This scenario could compromise your savings if you have a tax-deferred retirement account.

Luckily, converting Roth accounts without financial stress or taxes compromising your savings is achievable through efficient money management strategies. In this episode of Money Script Monday, Kevin introduces a step-by-step guide to a Roth conversion strategy that can maintain or increase your account balance, minimize tax burdens, and keep your savings intact.

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Advisory Services offered through LifePro Asset Management, LLC. The information presented here is not specific to any individual's personal circumstances. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials.

Greek philosopher Heraclitus famously captured the dynamic nature of life in his brilliant yet simple quote, “The only constant in life is change.” With the inevitable life changes we will all face, creating an estate plan to determine one’s future legacy can seem daunting, but that does not diminish the need for it.

At its core, estate planning is a vital aspect of financial management that ensures the smooth transition of wealth and assets to future generations. Proper estate planning must consider these inevitable changes, anticipate their impact, and incorporate adaptability to successfully achieve the intended goals.

Individuals can address various objectives such as minimizing taxes, protecting assets, and ensuring the smooth transfer of wealth to intended beneficiaries by incorporating flexible strategies. This article emphasizes the importance of incorporating flexibility into estate plans by exemplifying its necessity within the context of changing tax laws, family dynamics, and individual needs. Additionally, I will provide a solution to this overlooked problem by examining how index universal life insurance (IUL) can provide the necessary flexibility to navigate these uncertainties effectively.

Continue reading the full article here »

Contact LifePro Today!

If you are looking for a partner who cares about your clients as much as you do, please reach out to LifePro Financial Services at 888-543-3776. We are a premier IMO located in San Diego, CA that has been in business since 1986 and was originally founded by Bill Zimmerman.

Our focus is getting advisors in front of the right prospects through our proprietary digital marketing systems while offering industry best-case design and reporting, professional back-office support, and competitive compensation with incentives.

This information does not substitute for legal guidance and is meant for educational purposes only. Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Remember to consider your client's individual circumstances and objectives when discussing their specific situation. LifePro is not a government entity and is not affiliated with the Department of Labor. Please note that the new Fiduciary Rules should be upheld in addition to the current laws and regulations that govern your profession.

Is your email marketing strategy feeling stale, producing less than satisfactory results, or being marked as spam before it reaches your prospects’ inboxes? The balance of reaching as many potential prospects as possible while making your message resonate with individuals with a wide range of needs can be intimidating, time-consuming, and discouraging when the effort you put into it doesn’t produce a rewarding outcome.

The secret to maximizing your email marketing efforts is delivering highly specific messages that engage your audience with relevant and informative content while reinforcing your expertise and commitment to their success. While there are many considerations behind crafting a compelling email campaign that stands out and truly engages your audience, there are five crucial strategies you can implement today that can improve the impact of your email marketing efforts.

In this episode of Money Script Monday, Jaime expands on transformative email marketing strategies that improve your content, increase engagement, and strengthen your connection with prospective clients.

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While the Department of Labor (DOL) has made many adjustments to the fiduciary rule since 2016, the latest release establishes a final ruling that is set to go into effect on September 23rd, 2024, with a one-year transition period following the effective date for parties to come into full compliance. The new ruling broadened the definition of fiduciary investment advice by replacing the 5-part test, clarifying the DOL’s interpretation of when the fiduciary status applies, and adjusting what would be considered a safe harbor. This comprehensive guide will cover:

• Fiduciary Definition Changes
• Determining if Your Transaction is Subject to New Ruling
• Prohibited Transaction Exemptions (PTE)
• Preparing to Implement

Fiduciary Definition Changes

The new ruling expands the definition of fiduciary investment advice to encompass more types of advice and broadens the definition of who is considered a fiduciary, and thus, who must abide by fiduciary standards.

The current five-part test classifies a person as a fiduciary if the following conditions apply:

1. They render advice as the value of securities or other property, or make recommendations as to the advisability of investing in, purchasing, or selling securities or other property
2. On a regular basis
3. Pursuant to a mutual agreement, arrangement, or understanding with the plan or a plan fiduciary
4. The advice serves as the primary basis for investment decisions with respect to plan assets
5. The advice is individualized based on the particular needs of the plan

With the new ruling from the DOL, the 5-part test will no longer be the basis for determining what is considered fiduciary advice. Major changes from this previous version and the new ruling in September include:

• Elimination of requirement that investment advice be provided to advise recipient on a “regular basis”
• Anyone who provides investment recommendations to any investors is a “regular basis.” One time advice will be considered fiduciary
• Elimination of “mutual agreement, arrangement, or understanding” and “primary basis” requirements.
• Would the circumstances lead the retirement investor to believe that it could rely upon the advice as “a basis” for an investment decision that is in the retirement investor’s best interest
• Recommendation is required
• A “recommendation” as a communication that, based on its content, context, and presentation would reasonably be viewed as a suggestion that the retirement investor engage in or refrain from taking a particular course of action
• Definition of a retirement investor includes all retirement accounts including non-ERISA
• ERISA plan, plan fiduciary, plan participant or beneficiary, or an IRA, IRA fiduciary or IRA owner or beneficiary. This means traditional non-ERISA plans recommendations would be covered by this rule
• Disclaimers
• Anyone who provides investment recommendations to any investors is a “regular basis.” One time advice will be considered fiduciary
• Indirect compensation
• If the advisor (or an affiliate) receives any fee or compensation, from any source, specifically for the advice or in connection with or as a result of the applicable recommendation this is covered by the rule.
• Commissions, loads, finder’s fees, revenue sharing payments, shareholder servicing fees, marketing or distribution fees, mark ups or mark downs, underwriting compensation, expense reimbursements, gifts and gratuities or other non-cash compensation

Determining if Your Transaction is Subject to New Ruling

If you make a recommendation on qualified funds or accounts and the 2-factor test deems you a fiduciary, then the new ruling applies to you and a safe harbor exemption is required.

Under the final rule, a person is an investment advice fiduciary if they provide a recommendation in one of the following contexts:

• The person either directly or indirectly (e.g., through or together with any affiliate) makes professional investment recommendations to investors on a regular basis as part of their business and the recommendation is make under circumstances that would indicate to a reasonable investor in like circumstances that the recommendation:
• Is based on review of the retirement investor’s particular needs or individual circumstances,
• Reflects the application of professional or expert judgement to the retirement investor’s particular needs or individual circumstances, and
• May be relied upon by the retirement investor as intended to advance the retirement investor’s best interest; or
• The person represents or acknowledges that they are acting as a fiduciary under Title I of ERISA, Title II of ERISA, or both with respect to the recommendation. The recommendation also must be provided “for a fee or other compensation, direct or indirect” as defined in the final rule.

If you make a recommendation on qualified funds or accounts and the 2-factor test deems you a fiduciary, then the new ruling applies to you and a safe harbor exemption is required.

Under the final rule, a person is an investment advice fiduciary if they provide a recommendation in one of the following contexts:

Prohibited Transaction Exemptions (PTE)

In order for an agent and/or advisor to receive compensation for advice related to qualified assets, the proper “safe harbor” disclosure and documentation requirements must be met. Investment advice fiduciaries will generally need to rely on prohibited transaction exemptions (PTE) disclosure and acknowledgement forms PTE 84-24 or PTE 2020-02. For independent insurance agents, PTE 84-24 is the best pathway for compliance purposes.

• PTE 84-24
• Utilized for rollovers into insurance products: Independent insurance agent would now be required to acknowledge fiduciary status
• Insurance carriers: insurance company would be required to exercise supervisory authority over the independent agent with regard to an agent’s recommendation of the insurance company’s own products
• PTE 2020-02
• Permits various types of otherwise prohibited variable compensation to be paid to financial instructions and investment professionals as fiduciaries
• Requirements:
• Acknowledge their fiduciary status in writing
• Disclose their services and material conflicts of interest
• Adhere to certain impartial conduct standards
• Adopt policies and procedures prudently designed to ensure compliance with the impartial conduct standards
• Mitigate conflicts of interest

It’s worth nothing that insurance carriers are going to be hit the hardest as they have new responsibilities, record keeping, and reporting requirements.

Nevertheless, there are steps you can take to protect your practice:

1. Obtain old plan or account documentation to do a proper comparison of features
2. Document your comparisons (fess/products/services)
3. Attend any available carrier training webinars
4. Utilize an updated PTE 84-24 disclosure when released
5. Keep in communication with your FSR for additional training webinars and resources

Contact LifePro Today!

If you are looking for a partner who cares about your clients as much as you do, please reach out to LifePro Financial Services at 888-543-3776. We are a premier IMO located in San Diego, CA that has been in business since 1986 and was originally founded by Bill Zimmerman.

Our focus is getting advisors in front of the right prospects through our proprietary digital marketing systems while offering industry best-case design and reporting, professional back-office support, and competitive compensation with incentives.

This information does not substitute for legal guidance and is meant for educational purposes only. Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Remember to consider your client's individual circumstances and objectives when discussing their specific situation.LifePro is not a government entity and is not affiliated with the Department of Labor. Please note that the new Fiduciary Rules should be upheld in addition to the current laws and regulations that govern your profession.