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While NYL reps may be the only reps with FMI Mass and NWM have a participatory annuity product even though they don participate to the degree of our policies. Not all reps have CWL either and not all CWL ‘s are as consumer friendly as a NYL policy. Just thought relaying this analogy was an easier sale for IA1 and that the annuity took interest rate risk out of his bond portfolio piece. Sure sell CWL as a hedge against market risk in an interest rate rising market. All proceeds in retirement are tax free but if it hinders his sale because of fear of life insurance put client in something what will function the same with the smallest tax consequence.
I don’t think it’s too early to look at LTC. My cousin was in a car accident in her late 20s and her parents drained their retirement for long term care. I got an LTC in my early 30s, and I’m so glad (in late 40s now). They don’t even have the kind of policy I have anymore. By the way, I don’t sell insurance, but I do believe in it. Like others have discussed, looking into a LIRP (life insurance retirement product) or an insurance that has a good LTC rider may be options to consider. If she looks at a 10-pay, then if her income situation changes in the future (kids, divorce, job loss), it’s done and in the bag.
10-Pay whole strictly as tax free retirement income would be a good option. Fully paid up in 10-years, tax exempt growth and with the right company will gain impressive float over the next 25 years
Any charitable inclination? Could start a DAF
Maybe look at ROTH Conversions? I assume their income exceeds the limits to contribute directly.
Perhaps something to explore, although it may be too early. But I always think it is good to explore thoughts with clients, even if the thoughts might be years in to the future. It sounds like you are doing a great job for them.
Trying to figure out how to edit my company info tbh. Uggh
Only ones that include dividend participation and non-direct recognition in their policies without adding riders and that I would entrust my clients money to.
If applicable, long term care? What kind of profession? Any need for asset protection?
Does she have a pension?
Disability insurance? Possible VUL for life insurance and growth need as well as passing on a legacy someday.. just some thoughts
Backdoor Roth.. Roth conversions..start a side hustle (SEP)
Straight VA, talk about 1035ing it when she's closer to retirement can supply guaranteed income
Fountainhead (your website has expired btw) - only two companies you can trust to do it - Mass Mutual and New York Life. Others aren’t structured correctly. Exactly my thought above with asking what type of Life Insurance. Thinking any CWL schedule could work (5,6,7, etc pay if the OP knows how to structure it properly.)
@NYL2! No one else has access to an FMI and it’s not the same as a bond portfolio, it’s buying a pension. CWL - bond like and Clear would be more similar due to the liquidity...
Thanks for all the great ideas everyone. They currently each have a whole life policy that seems to fit well. We have talked about gifting in some fashion and that's on the radar, as well as some sort of annuity to broaden their options a little too. When rates are a bit better, I'd love to build them a tax efficient bond portfolio like we could've done years ago. We wont touch ltc policies until their mid 50's. I saw someone said early 40's but I'm guessing it is someone who sells them. Seems super early to me and I find nothing o line to suggest differently.
Disability? Long term care? Protect the income she is making. Succession plan/trusts? You may not make a lot but you could gain a valuable client.
Of life insurance, no desire for a vacation home or rental property, have the funds to travel as they want to. She just got a giant promotion and will have more money for the future. Any suggestions on what could be needed? My thought is to keep funding the joint portfolio and building that up. Am I leaving something out?
Yup, that's on the calendar but they're about 38 now. That will be in the works in their mid 50's or so.
Shes a VP at a large company and is the breadwinner. By asset protection, you mean annuities? I'm not sure if they need it really. I dont see a natural fit at this point.