The Wealth Channel Magazine



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Download ASK AL: Variable Annuities: Boon or Bane? So many financial talk-show hosts and columnists seem to bad-mouth annuities. One even said, “Don’t even get me started on annuities.” What’s their problem? (258 KB)

Download Addressing Longevity Risk: My friend, Cavett Robert, founder of the National Speakers Association, took a question from the audience. A young man raised his hand: “Mr. Robert, may I ask, please, how old you are?” (413 KB)

Download Estimating Your Client’s Life Expectancy: To do a financial plan for a client, it’s necessary to determine the client’s time horizon, which most commonly is the length of time the client is expected to live. The client’s life expectancy can impact the number of years of anticipated retirement, and even the age at which the client chooses to retire. (829 KB)

Download Talking to Clients About Overspending in Retirement: Getting real with your overspending clients means helping them make some difficult choices. (646 KB)

Download Retirement Strategies that Beat Father Time: While most people refer to him as Father Time, in the financial industry we have a more accurate, yet slightly less friendly, name for him: longevity risk. If longevity risk—the risk of outliving one’s money—was an easy problem to solve, most companies would probably still be offering pensions. (572 KB)

Download Advisors Key to Averting Long-Term Care Crisis: Don’t expect the Affordable Care Act to help solve America’s long-term care dilemma. While the Supreme Court’s decision to uphold the health care overhaul is significant, health care costs in retirement remain an issue, and having to pay for long-term care out of pocket is devastating many retirees’ finances. (301 KB)

Download Charitable Retirement Planning for High-Capacity Clients: You are sitting with a couple, age 62. She is a successful executive; he teaches high school. Soon, she will exit her job with more than either need for lifetime financial security. (458 KB)

Download Finding a Balance in Retirement Planning: Financial professionals are constantly struggling to manage the dissonance between rational recommendations and the actual behavior of their clients. This dissonance reaches a crescendo as clients retire and age. Advisors face the challenge through planning investment portfolios, planning future spending and setting life expectancies. (390 KB)

Download Living Too Long Where will you live, and how will you finance it?: When a person retires, a shift in spending patterns tends to manifest itself throughout the different stages of a person’s retirement. Initially, as you leave the work force, there is, of course, a reduction in the taxes you pay. In the preretirement period, you were paying FICA taxes and spending money on work-related needs, such as commuting expenses and meals away from home. (400 KB)

Download Why the “Bucket Approach” to Retirement Income Planning is Conceptually Unsound: The bucket approach (also called agebanding) to retirement income planning is the idea that we think about a client’s retirement years in segments. A simple strategy would be to develop a 30-year retirement income plan for a 65-year-old client with three buckets, each of which covers a 10-year period. (346 KB)

Download Using Life Insurance to Help Supplement Your Retirement Income: In today’s economic environment we are learning how self-sufficient we need to become to support an extended retirement. Pressure is everywhere. Employers looking to trim costs are cutting benefits such as pensions and 401(k) matches; governments are looking to cut costs and possibly raise taxes. (299 KB)

Download What’s Wrong with the Canadian Life Insurance Business?: My experience over the years with senior executives in the life insurance companies for which I worked and executives I encountered from other companies was that without genuine agency experience, the majority of them knew little and understood less about the reality of the industry’s distribution of its core individual products and, in particular, about the agency system in its various brokerage and career agency forms. Indeed, some I have known steadfastly resisted acknowledging the fundamental role of selling stuff to the success of the business their companies were in. (598 KB)

Download The Long-Term Care Risk A Developing and Accelerating Crisis for Seniors: The risk created by the costs associated with long-term care (LTC) should be easily understood and easily transferable to a private and/or social insurance mechanism. However, the risk has thus far been unprotected and costs have been largely borne by the individual through private payment or handled under the public option of the Medicaid reimbursement system. (2.2 MB)

Download The Crime of the Century A Discussion about Elder Financial Abuse: With the U.S. population aging to senior citizens in record numbers, the collective awareness of crimes of elder abuse must also grow to ensure our nation’s elderly are cared for with compassion and the honor and dignity they deserve. With that in mind, I spoke with nationally recognized gerontologist Dr. Sandra Timmermann to shed some light on this growing concern. (949 KB)

Download All That Glitters Is Platinum!: Recently, I was speaking to an old friend, industry leader and all-around memorable human being. We were discussing the attributes of what exactly makes financial services professionals memorable. (755 KB)

Download Why Advisors are Getting the Gen Y Pink Slip: The insurance industry remains befuddled by Gen Y, more specifically those born after 1980. Carriers are trying to figure out when and how to build products for them. (758 KB)

Download Four Skills Needed 27 Seconds Ago: Our customers’ expectations are constantly evolving. Competition and technology drive consumers to demand products faster, cheaper and with a better customer experience than ever before. (497 KB)

Download Women in Field Management: Let’s Go!: I began my career in New York Life’s headquarters in New York City and spent 19 years navigating the corporate environment. I loved it and was thriving when in 2004, after having worked more directly with the company’s agents and field managers, I decided I wanted to switch my career from a corporate environment to one that gave me entrepreneurial opportunity, control, flexibility and a path to field management. (592 KB)

Download Prospecting in the Senior Marketplace: Every financial advisor seems to want to do business in the senior market. How come? It’s simple—like bank robber Willie Sutton once said—that’s where the money is! (565 KB)

Download Understanding Grief What Financial Professionals Need to Know: In 2010 life insurance companies paid out billions of dollars in death claims to widows, widowers, children and other named beneficiaries. Delivering the proceeds of a death claim is a part of the financial planning process that happens every day. (1.0 MB)

Download The Future of Independent Life Insurance Distribution Executive Summary: This research paper provides an insightful and comprehensive review of the evolution of the consumer, the profile of the independent producer, the impact of the financial crisis of 2008, as well as the historical trends, future threats and opportunities for the life insurance industry. The evolving consumer presents future opportunities and potential threats resulting from increased diversity, changing family structures and the erosion of industry trust. (981 KB)

Download Renae Gupta: Renae Gupta and her two siblings never lived a charmed life, but they were comfortable. “We lived in a nice house in the suburbs, a classic white picket fence house,” said Renae, 20. (624 KB)

Download Ellen M. Putnam: A Giant in Insurance Sales and Service: In her long career Ellen Putnam, CLU®, won many awards, but none as important as the John Newton Russell Award in 1978. Standing less than five feet tall, Ellen stood on a box so she could see over the podium as she addressed the audience, calling the award presented annually by NAIFA (formerly NALU) since 1947 the “highest honor that can be bestowed upon an individual serving in the life insurance and financial planning industry.” The (861 KB)

Download Backlash Builds as For-Profit Schools Rake in GI Bill Funds: 7A.M. CDT, July 16, 2012 WASHINGTON – After Moses Maddox left the Marine Corps in 2006, he took a sales job with the for-profit University of Phoenix, making up to 100 calls a day to persuade veterans to enroll using their GI Bill benefits. Only after he enrolled himself did the former corporal discover that the state university he wanted to attend didn’t accept the nine course credits he’d earned at Phoenix. (1.3 MB)

Download Senior Designations Back in the Spotlight—a Regulatory Update: The period before a major election typically generates little action on regulatory and legislative issues in Washington, but two items do bear watching this fall. The Consumer Financial Protection Bureau (CFPB) has begun work on recommendations for the use of senior designations, and the SEC and the Department of Labor continue to struggle with how to approach any broader application of a fiduciary standard of care. (313 KB)

Download “There’s No One With Endurance Like the Man Who Sells Insurance”*: Yes, indeed. The Man Who Sells Insurance has been around your neighborhood, motivated by commissions, since about the 1830s. The agency system for the distribution of life insurance has been with us for about 185 years. (325 KB)


Winter 2012

Publication Date

Winter 2012


The American College of Financial Services


Bryn Mawr, PA


Finance and Financial Management

The Wealth Channel Magazine