March 23, 2015

Thought for the day:

“I asked Darrell Royal, the coach of the Texas Longhorns, why he didn’t recruit me. He said, “Well, Walt, we took a look at you, and you weren’t any good.” Walt Garrison/Oklahoma State

If you will read no further:

Westland Financial has just completed testing a new service that will make placing simple term and universal life a no-brainer for financial planners. Imagine going on-line typing in your client’s name and date of birth and the amount of term insurance, how long a term period; then push the button to get every important term carrier’s rate.

Pick the one you want and push the button again. Answer just a couple more questions and push the button for the last time and we take care of the rest….formal application taken over the phone with the client, exam scheduled (if needed) required underwriting information gathered from their physicians and issue the policy. Then we’ll send the policy to the client (or to you, if you prefer) collect the premium and send you the commission. Trust me, you will be ashamed to earn that money with so little effort. But your client will get the best deal available.

If you want, you can put a link on your website and let visitors and clients do it all themselves. Then we will notify you that a request has been received and take care of everything for you…. and send you the commission. Just call (800)238-8144 or email Tim Morton and he will get you all set up….no charge. BECAUSE THAT’S THE WAY WE ROLL!

Thought for the week:

Lately I have been working almost exclusively with retirees, helping them set up their retirement portfolio. And while doing this, I have seen one of my concerns over the past 20 years proving themselves out. Too much of Americans’ retirement assets are contained within their IRAs, 401(k)s and other qualified plans. Like their health care, their retirement is almost totally under the control of the Federal Government.

* Where they can invest

* When they can take out the proceeds

* When they must take the proceeds

* How much they must take

* And, what the taxes will be

Combine that with the regulations around Social Security and the rules of their pensions (if they have one) and retirement planning isn’t about getting the most out of your assets, but rather how to get penalized the least from the Federal Government.

Perhaps I am being a little overdramatic; but all too often I see situations where clients would be much better off if they had more non-qualified investments and pension strategies when retirement time comes around. That’s why using Index Universal Life makes so much sense to successful younger clients who are looking to put away money out of the reach of the tax man with no risk in a down market and nice results when the S&P performs.

Imagine a Roth IRA, but not part of the Government program;

* No restriction on how much you can contribute

* No tax on the appreciation

* Interest credited up to 13% when the S&P is cookin’

* Minimal cost to guarantee no losses

* Tax free income in retirement

* And, tax free distribution of residual at death

I have had one of these for 30 years; and now that I am over 70, it’s the only tax advantaged account I own that the government isn’t sticking its hands into this year.

You really should offer these plans to your younger clients who are trying to put away annual savings for retirement. We just showed one to a 42 year young business man. He will be investing about $30k per year to build a retirement account for himself. Some of that will go into a qualified plan but we suggested he put $10,000 per year into the insurance strategy. We minimized the insurance to the legal minimum but still it gave him over $1/4 million to start. By the time he is 65 he will have put away $240k and if the S&P only averages 6.8% he will have over $450k in his account and will be able to take over $27k per year tax free in retirement. With safe money interest rates so low and unlikely to rise in the foreseeable future, and the stock market bouncing every which way like a football landing on a hard surface, clients are quickly appreciating the safety, efficiency and predictability of these plans.

Call Nancy Woo or Randy Mascarelli at (800)238-8144 to get a sample proposal for your under-age-50 client. See if he/she won’t be terribly impressed.

Westland Financial Services

March 23, 2015

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