InsurMark INSIGHTS Summer 2022

InsurMark INSIGHTS Summer 2022

Summer 2022

“ Based on current estimates,

In this issue of InsurMark Insights, we are sharing insight ambitious advisors need to help build more successful, sustainable, retirement income practices. Highlights include: • Index Strategies: the rules of the game have changed. Laurence Black explains what you should do differently.

a high-earning, healthy man who claims Social Security at age 62 could expect to receive at least $458,038 by claiming now… Wait until age 70? The present value of Social Security benefits would increase to about $549,305, an increase of 2.3% in retirement wealth. — Professor Michael Finke, ThinkAdvisor.com article

• How to answer the $100K question wealthy pre-retirees are asking.

• The secret to increasing revenue 56% (without buying leads).

• Something to talk about: Wealthy investors are taking advantage of Roth conversions.

$100,000 QUESTION What’s the $100,000 question you can answer for wealthy pre-retirees?

Want to capitalize on the $100,000 question and look like a hero? InsurMark has the tools and support you need to make it happen! • The Ultimate Social Security Biz Builder provides a step-by-step plan to guide clients through Social Security planning, along with best-in-class technology

Uneducated investors often claim Social Security the day they retire because they don’t realize the significant impact early claiming can have on retirement wealth, taxes, spousal income and optimizing asset allocation. So, what’s the $100,000 question? Q. If I could do one thing to increase my retirement portfolio by $100K, what would it be? A. If you’re a high-earning pre-retiree with $2.5M+ in your retirement portfolio, strategic claiming of Social Security benefits could increase your wealth by $100K or more. While delayed claiming means forgoing Social Security income until age 70, it does present opportunities to boost retirement wealth, strategically spend down retirement savings, reap tax benefits and reduce risk by investing in fixed income assets.

to streamline your prospecting, nurturing and closing efforts.

• The Social Security Plus App makes it easy to illustrate trade-offs and filing scenarios in real time.

• Our Social Security Plus Office Hours tie everything together.

Ask your ADC for details. >>

“ Practices that connect with their best clients at least monthly have 56% higher gross revenue than those that do not. — Richard Beckel, RBC Wealth Management

SECRET TO INCREASING REVENUE BY 56% WITHOUT BUYING MORE LEADS In the last issue of InsurMark Insights, we discussed why it’s essential to go beyond customer service and provide customers with positive, memorable experiences. Those “experiences”—be it a hand-written note acknowledging birthdays, anniversaries, congratulations on promotion, etc., friendly staff and complimentary food and beverages at your office, tickets to a ballgame or a box of chocolates—encourage prospects to continue on the sales journey with you and share those experiences with friends they refer to you!

are changing—and in a big way. Some expect a major paradigm shift in the markets, while others see volatile markets becoming the norm. What’s going on? Today, we have a war raging in Ukraine, inflation rising at rates unseen in decades, the Fed poised to raise interest rates nine times, and the world order—once primarily dominated by the United States and more recently China—is going multi-polar. Laurence Black, founder of The Index Standard , recently told InsurMark that we may even see China, Russia and India aligning their financial interests and payment systems, not to mention global objectives (neither China nor India supported U.N. sanctions against Russia after it invaded the Ukraine). Major changes in the market mean investor portfolios could be dramatically impacted unless investors make equally significant shifts in the way they structure their portfolios. The good news? Advisors have more tools in their toolboxes than ever before to help clients adjust. Unlike indices of the recent past, which were primarily long AND primarily stock, Black expects to see more innovation in indices moving forward. Black (who decodes indices for a living) believes diversification will be key, which is something bank-managed indexes typically afford. Unlike indices of the recent past, which were primarily long AND primarily stock, Black expects to see more innovation in indices moving forward. This includes cozying up to types of investments that were bad bets in recent years but tend to perform well in a high-inflation environment. He also believes that innovation will provide advisors with more tools to help clients build the diversified portfolios (bonds, cash, real estate, FIAs and stocks) they will need to come out ahead, as profound changes occur in the world and financial markets.

IN LOWERING PERFORMING MARKETS, IT TAKES A DIFFERENT INDEX STRATEGY here’s one example…

3.88%

MARKET PERFORMERS AND POSERS Markets in the next ten years won’t look like they did the last ten years. Which indexes will perform and which will be posers? Indexed products have become essential for the 21st century retirement income planner. Should your expectations for these indexes be changing? In a “best interest” world, what steps should you take before you make an index recommendation? For the past 40 years, we’ve lived in a relatively stable world with peace, globalization and very low inflation. However, most economists and market strategists predict that the tides

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People value experiences over transactions. And the frequency of interactions matters! According to Richard Beckel , leader of practice management at RBC Wealth Management : Practices that connect with their best clients at least monthly have 56% higher gross revenue than those that do not. Need ideas on how to incorporate more experiences and interactions into your practice? We talk about this in our latest Catalyst Office Hours. >>

EXPECTED FORECAST

6.75%

Strong

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5.56%

Moderate

DEMAND FOR FINANCIAL ADVICE GREW IN 2021

ADVISORS PLAN TO INCREASE MARKETING BUDGETS IN 2022

4.37%

Conservative

59%

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