It is often said that the biggest fear that most people have is the fear of public speaking. The Seinfeld joke is that at a funeral most people would rather be in the coffin than giving the eulogy. But, if we are thrust into the role of speaking in front of a group what can we do to make the experience positive? Below is a list of ideas taken from Susan Cain’s article “10 Public Speaking Tips for Introverts.”  

Read them and never fear again.

• If you’re an introvert who must give a speech, seize the opportunity. Start by going online and viewing videos of speakers taken from their vantage point. This helps you visualize what it’s like to look out at a sea of people.
• It also helps to get acquainted with the room where you’ll speak. Arrive early and get comfortable standing at the podium.
• If possible, deliver your speech aloud where you’ll give it.
• Whenever you see great speakers (either in person or via online clips), obtain a transcript of their speech. Analyze how they structure their talks, such as the connection between the introduction and conclusion and their use of evidence or experience to support their claims.
• Don’t keep reminding yourself of how much you dread public speaking. Instead, focus on what you do well and harness it. Example: If you are a precise scientific thinker, lace your talk with fun facts and other interesting tidbits
• Most important…if you are not  particularly funny, skip the jokes.
• If you feel stiff reading from notes,devote more time to engaging in Q&A or interacting with the audience

 A Guest Article Written by Harold Goldman of Financial Safety Net

Insurance agents and financial professionals can no longer rely solely on traditional push marketing techniques to capture the attention of prospects or deepen their relationships with current clients. The introduction and success of social media networking has transformed the way services are marketed to consumers, shifting from a push to pull marketing strategy.

Traditionally, we push products at customers —

this is the best policy; you need this rider; buy this investment; I am the best advisor, etc. — however, as customers gain access to a greater number of options and information via online platforms the power of marketing shifts, requiring services and products to be made available on their terms.

Instead of pushing the products and services producers want to sell at clients and prospects, through advertisements which can easily go unnoticed or brushed aside as intrusive, pull marketing invites prospects to pull producers towards the products or services in which they’ve expressed interest.

To remain effective in reaching new clients or inspiring new purchases among existing clients, producers need the optimum mix of concurrent push and pull marketing campaigns. Let’s explore each strategy further and give you some ideas for combining tactics to create interest and harness that interest into opportunity.

Push Marketing

Most businesses are familiar with traditional, outbound promotional techniques which ‘push’ their message in front of prospects without regard for a customer’s interest or desire to initiate contact. Push marketing tactics are useful if consumers are not actively looking for your product or service because of lack of need or awareness of their options.

Here are a few examples of common Push Marketing tactics:

● TV and Radio Ads

● Display Marketing (Print, Billboards, etc.)

● Direct Mailers (Postcards, Coupons, Email Discount Offers, etc.)

● Website Banners and Pop-up Ads

● Mobile Ads (via geolocation or coupon sites such as Groupon

● Sponsored Blogging

● Referral Partnerships (perks offered in return for pushing your products/services)

● Cold Calls or Telemarketing

On one hand, these marketing tactics may be viewed as intrusive and turn off potential customers; on the other hand, these methods are highly effective at establishing brand awareness and reaching target audiences at the right time. When executed properly, a push marketing campaign will allow your business to target your marketing dollars at specific demographics and a direct “call to action” for a quick return.

Unfortunately, these tactics also tend to cost more than other, less-direct marketing tactics; be sure any push marketing strategy is going to reach the audience most likely to buy or is supported by a broad pull marketing campaign.

Pull Marketing

The current spread of online devices has put consumers in the driver’s seat when it comes to requesting information or making a purchase. When it comes to insurance and finances, consumers prefer to control how they receive and process information. Producers can use pull marketing tactics to raise awareness about their business or important products and services, inspire smart choices or snag quality referrals.

An effective pull marketing strategy ensures your business product or service is broadly visible when prospects and clients express an interest or particular need, and are researching potential solutions. There are numerous free platforms and paid services which offer unlimited possibilities for exposure and staying engaged.

Here are a few examples of common Pull Marketing tactics:

● A Well-designed Website

● Search Engine Optimization (SEO) to improve natural search visibility

● Pay-Per-Click Ads (only displayed when someone searches for your product or a related product)

● Educational, Non-Promotional Content (raise brand or product awareness to create interest), Blogging, PR/White Papers

● E-mail Newsletters (Non-promotional and Permission-based)

● Social Network Interactions (actively sharing posts or comments relevant to business)

● Infographics and Video Webinars

Pull marketing works great for luring prospects at various stages of the buying cycle — whether it involves pulling in natural visitors to convert consumer interest into opportunity or simply reaching out to fulfill a request — whereby making your business visible or a valuable resource to encourage a sale.

While pull marketing tactics tend to be less expensive to initiate, they require an investment of time. Natural search optimization takes time, sometimes months, to see results in improved page rank on search engines and increased website views. Social media requires active participation to demonstrate accessibility and value to audiences. And developing original, educational content takes time to plan, write and edit, before it can attract a significant audience base.

Once you have launched a pull marketing strategy, solidify a follow-up plan to ensure that you are subtly pushing prospects and clients towards the best products or services to fulfill their needs.

Striking a Balance: Push and Pull Marketing Plans

Successful businesses are built on effective prospecting efforts. A combination of push and pull marketing is necessary in order to help prospects realize their need and consider your products or services as a solution.

Limiting your marketing strategy to one method or another will impair your ability to reach all prospective buyers while continuing to nurture existing client relationships. Together, push and pull marketing tactics can simultaneously push a message, create awareness, identify prospects, establish your value as an expert and convert opportunity into a sale.

For example, FinancialSafetyNet relies on pull marketing to reel in users looking for unbiased, advertisement-free financial information on the website. The organization focuses its pull marketing and communications efforts on sharing educational content and resources related to insurance, finances, estates planning and more. Prospects are drawn in by articles, such as A Brief Guide to Long Term Care Insurance for Veterans, and seek relevant products from agents or financial professionals.

FinancialSafetyNet rounds out its marketing efforts by offering member advisors a directory listing and monthly email newsletter which contains elements of both push and pull marketing tactics. Producers are pulled to the information and products prospects show interest in, which they may follow-up with a finely tune message to translate interest into a sale.

The newsletter contains educational, non-solicitous content — the organization monitors which emails are opened, including which articles recipients are reading and who is clicking through for more relevant information. That information, combined with direct input from advisors about what industry or content they want to promote, allows FinancialSafetyNet to customize its ‘push’ message for each member advisor.

Adapt to Market Realities

“Work smarter, not harder.”

Push and pull marketing campaigns need to work together to help producers convert interest into business. From insurance to investments, your products and services are already in demand; ensure your business is poised to be pulled towards qualified prospects. Once you are ‘pulled in’ to the demands of a consumer, producers can earn a sale or maintain a long-term relationship by pushing them towards the best products or services for their individual needs.

About Harold Goldman

Harold Goldman is the Founder and Senior Advisor of FinancialSafetyNet, LLC while serving as President of Emes Insurance Services, Inc.. As the visionary of free, unbiased financial information and resources, Harold offers a public platform to connect visitors with financial experts and inspire educated financial decision-making available at http://www.financialsafetynet.org.

Contact Harold directly at hgoldman@financialsafetynet.org or call (951) 833-6917

We have all seen it. The big advertisement from Fisher Investments “I Hate Annuities and You Should Too!” – Ken Fisher is making a splash with this but as is typical with this kind of promo his “Special Report” is one-sided, very poorly researched and limited in scope. In addition, his “Annuity Conversion Program” is misleading in that his reps tell annuity clients that Fisher Investments will “pay for your annuity surrender charges” if you surrender your annuity and move it to Fisher Investments. I ran into this recently with several  clients of mine and looked into it. As I suspected it was not what it seemed.

Here is the claim from Fisher Investments:

“If you determine your annuity may not be the best option for your financial goals…we may compensate you for some or all of the annuity surrender fees incurred when liquidating your annuity.*”

Sounds pretty straight forward yes? But lets look at the fine print…or the * above:

* Annuity Surrender Fee Terms and Conditions

1. Limited Time Offer- The offer is available for a limited time only. Fisher Investments reserves the right to cancel, suspend or modify the offer at any time and for any reason without notice.

2. Eligibility- The offer is valid only to qualified investors who become Private Client Group clients of Fisher Investments and who surrender an annuity and transfer the proceeds to be managed by Fisher Investments. Nothing in the offer infers any right on any person to become a client of Fisher Investments. Fisher Investments reserves the right to refuse or terminate any person or client for any reason. Any request to participate in the offer is subject to acceptance by Fisher Investments.

3. Conditions-

a. The maximum surrender cost that Fisher may agree to pay will depend on the actual surrender cost of the annuity (excluding capital gains and other taxes) and the value of the portfolio transferred for management by Fisher Investments. Any portfolio already managed by Fisher Investments will be excluded for the purpose of determining the maximum surrender cost to be paid.

b. Any surrender cost that Fisher Investments may agree to pay will be payable in equal quarterly installments over several years. Installments are subject to adjustment based on withdrawal of assets from Fisher Investments management. All payments obligations will cease if the client relationship with Fisher Investments is terminated before the end of the payment period and no further installments will be paid..

4. Risks- There is no guarantee that any annuity proceeds managed by Fisher Investments will achieve any specified level of performance, or that performance will be any higher than what could be achieved within an annuity. Investing in securities involves the risk of loss. Past performance is no guarantee of future returns.

I have had several clients who have asked me about this program. I took a hard look at what the offer is. Fisher Investment will pay the surrender charges over time. But it is paid with a “reduction in fees” on a quarterly basis. In other words as they manage your portfolio they charge you fees. They will charge you less fees if you surrender the annuity and move it to them. Their fees for management are high to begin with so a reduction in fees merely brings them back to the rest of the Money Management world.

Also- if you look at the fine print, you must stay with Fisher to receive the reduction in fees. If you leave their obligation to pay for your surrender charges is lost. So let me get this straight…if you leave Fisher you lose your right to getting back the surrender charges…funny, to me that sounds like a surrender penalty for leaving Fisher Investments. Ironic isn’t it?

This is a great opportunity so don’t miss out! We know that keeping in front of your client is one of the most key elements to the success of your business.  Your clients want to know that you are available, reliable, and most importantly, educated about what is going on in the “real” world.  Your clients need to know that you are aware of the challenges that they are facing and that you are available to help them with the solutions that they need. We have made available to you the finest on-line newsletter resource in the financial industry.

Please watch this video and call our office You will be glad you did!

REPOSTED FROM -MARKETWATCH – MARCH 4, 2014

How much can I afford to spend in retirement? For all but the wealthiest, that’s the big question. For guidance, many retirees rely on the so-called 4% rule, which says you can withdraw 4% from your savings in the first year of retirement, and then give yourself an annual raise to account for inflation each year, without running a big risk of running out of money.                   

But as asset values plummeted in 2008—and interest rates have remained at ultra-low levels—the 4% rule has been thrown into doubt. The big concern: For those with the bad luck to retire into a bear market, the danger of running out of money rises—even if one faithfully adheres to the 4% rule.

In response, finance wonks have been searching for better mousetraps. Some of the proposals include substituting immediate annuities for bonds in order to raise the safe withdrawal rate; adjusting withdrawals in response to changes in stock market valuations; and dividing your account’s balance by your life expectancy—a method that will ensure your money will last. Now, J.P. Morgan is entering the fray with an alternative to the 4% rule of its own. The good news: You’re likely to be able to withdraw more than 4% of your account’s balance each year. The bad news: The method is fairly complicated to implement, so you will need the help of a financial adviser (which is good news for J.P. Morgan, which employs a network of them.)

The bank’s “Dynamic Withdrawal Strategy” adjusts both withdrawal rates and a portfolio’s investment allocations annually, in response to changes in both the markets and a retiree’s personal circumstances.

Under the method, a 60-year-old couple with $500,000 in savings and $50,000 in guaranteed annual income—from sources including Social Security, pensions and annuities—can afford to withdraw 5.4% of their account’s balance. As they age, their withdrawal rate will rise—to 6.1% at age 65, 6.9% at 70, 8.1% at 75, 9.8% at 80, 12.2% at 85, and 15.3% at 90.  Those with more than $50,000 a year in guaranteed income can afford to withdraw a higher percentage of their wealth while those with less should withdraw a smaller percentage.

J.P. Morgan also recommends that retirees rethink their asset allocation strategy over time. As retirees age, they should decrease their equity allocation. (Those with higher guaranteed incomes can afford to keep a bigger portion of their nest egg in stocks at every age than those with lower guaranteed incomes.)

While the 4% rule produces a steady income in retirement, it also can bring “significant risks” of either running out of money (for those who experience bear markets in the early years of retirement) or of living below one’s means (because it’s important to ensure something will be there if you live a very long life), according to J.P. Morgan.

J.P. Morgan says those who take its approach will experience income fluctuations. But the model “offers the potential for greater payouts” early in retirement, “when retirees are most likely to be able to enjoy them,” says Katherine Roy, J.P. Morgan’s chief retirement strategist. “We are in an environment now where retirees are being advised to be very conservative early in retirement and are sacrificing lifestyle out of fear of longevity risk.”

It is a growing concern among consumers that long term care premiums will be increased every year or two. Recent articles posted on Forbes, and other financial websites, could easily be distorted to support that theory.

“It’s understandable and unfortunate because little is being done to address the mistaken perception that increases on policies written years ago mean new policies will be treated similarly,” admits Jesse Slome, director of the American Association for Long Term Care Insurance, “the past does not equal the present or the future.”

Premiums for long term care insurance are designed to be level. They are based on age and health at time of application. While all insurance carriers reserve the right to increase rates in the future, they must first get approval from the State Department of Insurance and provide substantial proof as to why a rate increase is needed.

Individual policies written years ago have had the greatest impact on recent rate increases. Insurers simply did not anticipate the low lapse rate, the influx of claims or the current extended low interest rate environment, but policies sold today are priced with that already factored in, so that concern should no longer remain.

This is a complex topic and one that should no longer be avoided. We are here to help you address your clients’ concerns in an honest and straightforward manner. Please give your LTC Sales Rep a call today for further discussion.

We have been talking with reps a lot about their younger clients and what is the right approach. The increased amount of youth born in the period of 1979-1994, known as Generation Y, today has gotten to the point where some of its representatives have started thinking about insuring their lives. And it’s time for us as insurance professionals to explain the benefits and principles of life insurance to this growing group of younger adults.

The time to get better at this in now. One study on insurance-consciousness of this group of people has indicated that Generation Y is responsible and willing to know more about insurance products and their benefits. Moreover, many Generation Y representatives are willing to insure their life shortly, which makes them more active than previous generations from the insurance perspective. An online poll has shown that 48% of Gen Y participants are willing to insure their life in three years, while 20% are looking forward to doing it within the current year.

Besides, a recent analysis has shown that these young people also have the financial abilities to insure their life properly. By 2012 the annual estimated gross income of Generation Y representatives has exceeded $3.5 trillion, passing that of baby boomers’ by $500 billion.

But it’s not right to assume that the financial abilities of these young adults will necessarily lead to purchase of life insurance product by Generation Y. However, another study has indicated that this age group becomes very interested in insurance products when provided with the basic details such as price and terms of a simple policy. Moreover, this age group is more willing to shop around and understand the difference between various features and policy types, which makes them more conscious insurance buyers than their older peers.

But sometimes Generation Y doesn’t have the proper life insurance education to make firm long-term decisions, which are needed in this type of purchases. It was observed that many young people don’t clearly understand the benefits of purchasing term, whole or universal life insurance products, and this makes them want to learn more. However, almost a half of respondents have told that they do not know where to get adequate and unbiased information from, as there are too many source both online and in real world that are advertising specific insurance providers or services.

What’s interesting about Generation Y is that they want to know everything about the product they are buying, and if that’s a sophisticated product like insurance, they want to be in full control of their coverage and benefits. They tend to not believe the ads and won’t buy the very first policy they are offered with.

Some may think that it’s too early for Generation Y to think about insuring their lives, however it’s not true. Many representatives of this generation are already looking forward to changing their marital status and that’s where having your life insured really counts. Besides, while being young and healthy it’s easier to get insured for a lower price and with better terms than at a later stage of your life.

Our training is designed to help you explain the different types of insurance so that Generation Y has the information they need to make a decision. But not just information, we can help you help them understand what it is they need and why. Keep it simple, but be thorough. If you can’t explain it on a “yellow-pad” then it is too complex. Give us a call and we can get you there. Our clients are never to young to learn about life insurance and our reps are never to old to learn a new pitch.

I just saw a really cool movie called “About Time.” It was not a big block buster so you may not have heard of it. The premise is that our hero discovers he can travel in time and change what happens and has happened in his own life. In other words he can have a “Mulligan” on his day-to-day decisions. This leads to some interesting scenarios as like Bill Murray in “Groundhog Day” he can relive his important decisions and learn from them and do better the next time. Wouldn’t that be nice in our business?

Most of us have had that one appointment that we wish we could have back. Truth is every appointment is a learning experience. We can always learn and improve if we take the time after each appointment to document what we said and how the appointment went. If we do this consistently the next time we are in the same situation it will be easier to say the right thing.

For sure we would all like the power to go back and right our wrongs. But was our mistake this bad? Next time you rue one of the couldashouldawoulda missteps every producer inevitably makes, know that your fumble can’t possibly be worse than these three, recently rated the biggest business goofs of all time by BusinessInsider.com:

1. Passing on Google.

In the Mid ’90’s, Google’s founders offered their startup to Excite.com for $750,000. No sale. Excite’s stock shortly tanked, while Google is now valued at $340 billion on $60 billion in annual sales.

2. Saying “thanks but no thanks” to the Beatles.

In 1961, Decca Records decided against signing up the Fab Four, reasoning that guitar bands were a passing fad.

3. Failing to patent the oil drill.

Back in 1858, Edwin Drake invented the drive-pipe system on which the entire oil drilling industry has been based ever since. He never registered his revolutionary innovation with the Patent Office.

Premiums for “qualified” long-term care insurance policies (see explanation below) are tax-deductible to the extent that they, along with other unreimbursed medical expenses (including Medicare premiums), exceed a certain percentage of the insured’s adjusted gross income.

These premiums — what the policyholder pays the insurance company to keep the policy in force — are deductible for the taxpayer, his or her spouse and other dependents as long as they exceed 10 percent.  For taxpayers 65 and older, this threshold will be 7.5 percent through 2016.  Those who are self-employed can take the amount of the premium as a deduction as long as they made a net profit; their medical expenses do not have to exceed a certain percentage of their income.  What is deductible as a medical expense is spelled out in Internal Revenue Service Publication 502.

However, there is a limit on how large a premium can be deducted, depending on the age of the taxpayer at the end of the year. Following are the deductibility limits for the current and past year. Any premium amounts for the year above these limits are not considered to be a medical expense. (The limits are adjusted annually with inflation.)

To be “qualified,” policies must adhere to regulations established by the National Association of Insurance Commissioners. Among the requirements are that the policy must offer the consumer the options of “inflation” and “nonforfeiture” protection, although the consumer can choose not to purchase these features.

The policies must also offer both activities of daily living (ADL) and cognitive impairment triggers, but may not offer a medical necessity trigger. “Triggers” are conditions that must be present for a policy to be activated. Under the ADL trigger, benefits may begin only when the beneficiary needs assistance with at least two of six ADLs. The ADLs are: eating, toileting, transferring, bathing, dressing or continence. In addition, a licensed health care practitioner must certify that the need for assistance with the ADLs is reasonably expected to continue for at least 90 days. Under a cognitive impairment trigger, coverage begins when the individual has been certified to require substantial supervision to protect him or her from threats to health and safety due to cognitive impairment.

Policies purchased before January 1, 1997, are grandfathered and treated as “qualified” as long as they have been approved by the insurance commissioner of the state in which they are sold. Most individual policies must receive approval from the insurance commission in the state in which they are sold, while most group policies do not require this approval. To determine whether a particular policy will be grandfathered, policyholders should check with their insurance broker or with their state’s insurance commission.