October 2001 | Advisor Today Articles

October 2001 Advisor Today Articles Online

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Cover Story: All In the Family

By Robert O'Connor

Handing over the business to family members can be fraught with difficulties. To ensure success, a business owner must start early, proceed with caution and implement a succession plan that considers the needs and interests of all major stakeholders.
You've done well.

Making the Transition: Making Clients' Money Last

Software can help them project future income.

Donald Ray Haas, CLU, ChFC, CFP, MSFS

Frequently, my retired clients give me the following directive: "Don, make our money last as long as we do." To help them understand this complicated financial planning challenge, I have developed an illustrative spreadsheet called "Retirement Cash Flow Analysis."

Managing Money: The Buy-Sell Agreement

Tell your clients about the changes Congress has made to the estate tax laws.

Janet C. Arrowood

Most financial advisors know how important a funded buy-sell agreement is for ensuring the orderly transfer of a closely held business. However, convincing business owners has never been easy, and the graduated (and temporary) repeal of the estate tax has given many of them a false sense of security.

LSOL: Soda Cans and Red Platters

Cautionary tales on planning ahead and protecting ourselves.

Ed W. Ramsell II, CLU

Everyone has a personal style of managing empty soda cans. I fully support the nickel deposit-and-recycling method but I find the act of physically managing empty soda cans a nuisance. Mostly through expediency, I simply accumulate cans in their original 12-pack cartons and stack them in the corner of the kitchen until they get to be a bother and there is enough to bother with.

ViewPoint: The Advocacy Factor

Involvement and teamwork are keys to creating an effective voice.

Robert M. Nelson, CLU, LUTCF, NAIFA President

We do business in a heavily regulated environment. Have you noticed? Having testified before regulatory committees and met with state regulators, legislators, members of Congress and officials of the Department of Treasury over the last 15 years, I've learned that those who regulate us-no matter how well intentioned-aren't always fully informed, and they need to be! Some have very limited understanding of the intricacies of our business and the role of the agent/advisor. It's a fact of our business life-you may wish it were different-but it isn't.

E2E: Retirement Planning After New Tax Law

Understanding the changes can help you help your clients.

By John D. Bledsoe, CFP, CLU, ChFC, AEP, MSFS

On June 7, 2001, President Bush signed H.R.1836 into law. This sweeping new tax law is formally called the Economic Growth and Tax Relief Reconciliation Act of 2001. This makes for a tough acronym, EGTRRA, as in "EGTRRA, EGTRRA, read all about it." This tax bill is the biggest since the mid 1980s making over 400 changes to the tax code. The changes are in four primary areas: income tax, estate tax, educational savings and retirement plans.

Web Exclusive: Life in the Fast Lane

An overview of the technology to get you on the Internet fast track.

By David Connell

Editor's Note: This is the web version, which has an expanded "satellite" section and summary

Let's face it, accessing the Internet via a dial-up modem is outdated. Not to mention that every time you or an employee dials up a Web connection to check email, it ties up a phone line. In today's world of video conferencing, streaming media and graphic rich websites, high-speed Internet access is the best way to take full advantage of the Web.

Web Exclusive: Critical Illness Sales Ideas From Around the World

What happens to those who don't have a critical illness policy and those who do.

By Chris MacKay, CLU, CFP

Because critical illness insurance pays a fixed sum in the event of a policyholder suffering a serious medical condition, clients can focus on getting better without worrying about their financial situation.

Web Exclusive: Advanced Marketing Techniques: A Financial Advisor's Guide to the Loyalty Ladder

The best prospects are at the top of the ladder.

By Duncan McPherson

You are trying to attract new clients, not chase them. People are led not pushed into taking action.

I want to pass along what I consider to be the showpiece of client-centered marketing. This is the heart of getting referrals and of building a great business-the loyalty ladder. The loyalty ladder has five rungs and everyone in the marketplace sits on one of those five rungs. What you are trying to achieve is something called conversion: you are aiming to convert as many people as you can up to the top of the ladder.

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