PartnersFinancial Podcast

Thank you to our members for your time and insights shared on our Member-to-Member Case Discussions series! Stay tuned for the kickoff of our next Podcast series soon!

Part 1: Frank Cochran, Veracor, shares a story about the power of policy review and a well-performing policy:

• The client had purchased a Pac Life IUL contract and elected to use premium financing to fund the premiums. During an annual review, the client realized that his policy had over-performed expectations!

• Succession Capital Alliance and Michael Rothman who facilitated the financing, gave the client a few options which included: paying off the financing loan or using the excess cash value to purchase more insurance.

• The client found himself in the beneficial position of being able to elect between several great options!

Part 2: Eric Rosenberger, Synthesis Wealth Planning, joins the podcast with a case study about the pitfalls of unexpected underwriting revelations:

• During an annual review Eric discovered that his client’s policy wasn’t performing as well desired. He began the process of replacing the policy, only to discover that his client had both a new hobby and some health challenges.

• Through his knowledge of the client and his relationships with the carriers, Eric was able to find an insurance solution that worked for the client and the carrier.

Thank you to our members for your time and insights on these podcast episodes!

Part 1: Jay Cavanagh, NFP Minnesota, discusses a Survivor Lifetime Access Trust (SLAT) that was meant to hold premium financed life insurance. Jay talks about:

• How premium financing was the right solution to fund the policy and the assets transferred to the trust to support the financing.

• What happens when a client changes his mind at the last minute, especially when the new recipient trust does not have enough assets.

Part 2: Vijay Krishnaswamy, Evergreen Wealth, focuses on the business owner client who often has a high net worth without a lot of liquidity. Vijay walks us through a case in which:

• The client needed life insurance coverage because of his lack of liquidity but didn’t have sufficient liquidity to cover the insurance premiums.

• The use of the client’s large 401(k) to hold and fund the life insurance to provide the estate liquidity that the client needed.

Part 1: Tim Crowley, President of Focus 10 Life, talks through a success story involving a medical practice and the Focus 10 product. Tim runs through:

• The benefits of the Focus 10 product and how to design it

• How to increase the group of participants to increase the available death benefit

Part 2: Dan Cornwell, Managing Director, NFP Detroit, talks about a case that started as a traditional policy review, but quickly became much more interesting:

• How he navigated the case shifting from a survivorship to single life after the clients finalized their divorce, which required a policy split for the clients

• The clients needed additional insurance, which was premium financed and reviewed by two different sets of attorneys

Part 3: Greg Freeman, Managing Principal, AdvisorServe, brings a business succession story to the podcast, discussing:

• A third-generation family business needed a succession plan to continue to stay within the family

• The business also needed keyman coverage to effectuate the succession plan

• An existing deferred compensation plan was no longer fitting the business’ needs, so they converted it to a plan that was a better fit

Thank you to our members for thier time and insights on this podcast episode!

Part 1: Ryan Barradas, Managing Partner, WealthPoint,discusses the QLS strategy:

· An interesting spin on the QLS strategy that allows clients to convert the qualified plan to an income tax efficient asset and fulfill a charitable bequest.

· How the charitable QLS strategy can be used to meet or exceed the benefits of an out-right gift of the qualified plan to the charity.

Part 2: Zac Rose,Managing Principal, The Rose Group, talks through a current business succession case that has some interesting additions including:

· Using the insurance both for buy sell purposes as well as supplemental income

· Creating estate planning to leave the low basis asset in G1’s estate while still equalizing the estate for non-business children

Part 3: Ben Kronish, Managing Principal, Kronish Associates, shares a success story that involved restructuring policies including:

· How to review the case and the policies to provide a more efficient solution for the client, including restructuring existing split dollar arrangement

· The power of partnering with others to provide the right solution for clients.

We are excited to kick off our Member-to-Member case discussion series with the below members. Thank you for your time and insights!

Part 1: Matt Carbray, Managing Principal, Ridgeline Financial Partners, kicks off our member-to-member case discussion series talking about:

• Successfully pivoting a premium finance case when the client got bad health news

• A reminder of why we are in the Life Insurance business

Part 2: Steve Varley, Managing Principal, Garrity, Tegeler & Varley Wealth Strategies, LLP, keeps the momentum rolling with a case discussion about:

• Successfully helping your clients with long-term “term strategies”

• The importance of regular reviews of your client’s term portfolio

Part 3: Jeff Ostrum, Managing Principal, Financial Architects Partners, provides insight into how service can be used to drive new sales:

• Creating opportunity through the annual review process to introduce your client to ideas that other, similarly situated clients, utilize

• Introducing premium financing to pay the premiums on existing insurance and new coverage

Caroline Brooks joins the podcast to talk about the recent decision in Estate of Levine v. CIR. Caroline will discuss:

• What sets Estate of Levine apart from prior cases such as Morrissette

• The lessons Levine provides to producers,planners and carriers

• How to use the Levine decision to drive future intergenerational split-dollar planning

Guest:

Caroline Brooks,AVP and Counsel, Head of Advanced Markets, John Hancock

Derek Welch and Ryan Patton joined the podcast to talk about opportunities that can come from business valuation:

• How to drive sales through providing a client with a valuation of their business

• The best ways to leverage Nationwide’s Business Valuation Tool

• Business Valuation success stories

Guests:

Derek Welch, Sr. Director Advanced Consultant, Nationwide

Ryan Patton, Technical Director, Advanced Sales, Nationwide

Jessica Espinoza joins the podcast to talk about Pooled Employer Plans and why everyone would benefit from participating in one. Jessica will run through:

• What is PEP?

• How are NFP's PEPs different and widely applicable?

• Which businesses could benefit from participating in a PEP?

Guest:

Jessica Espinoza, Managing Director of Retirement at NFP

Caroline Brooks, from John Hancock, joins the podcast to talk about the impacts of the macroeconomic pressures on life insurance including:

Episode Take-aways:

• The macroeconomic pressures clients are focusing on

• How product selection and case design can respond to the larger economy

• Inflationary pressures on Life Insurance and Long-Term Care

Guests:

Caroline Brooks, AVP and Counsel, Head of Advanced Markets, John Hancock

Meg Muldoon from Penn Mutual, joins the podcast to talk about the importance of special needs planning.

Episode Take-aways:

• How to start a conversation with your clients about special needs planning

• Balancing government benefits with the overall financial plan

• Specific language to use when working with a family that has a child with special needs