Tuesday, April 17, 2012

3 ways LTCI agents can insure their reputation

All it takes is one mistake, one misunderstanding, and your reputation and career can be tarnished forever.

Long term care insurance is something that people want to buy, and in most cases, should buy. Unfortunately, too often insurance carriers take advantage of the fine print or raise prices exponentially.

As an insurance agent, you want to sell a worthwhile, solid product/plan and therefore should protect yourself from receiving the blame and having your reputation tarnished by a decision that is out of your hands.

Here are some steps you can take to insure your reputation.

Wednesday, March 28, 2012 Thursday, February 16, 2012 Tuesday, February 7, 2012

Bank of America: Biting the hand that feeds you

The largest bank in the U.S. now ranks near the bottom (6,128 out of 6,800) of U.S. banks lending to small businesses.

Once upon a time there was an Italian immigrant named Amadeo Giannini, whose name might make you think he was an opera star. His father was shot trying to collect a $10 debt, but Amadeo believed in the principles of ethical lending. In 1904, he founded a bank in San Francisco catering to his fellow immigrants, called the Bank of Italy.

When the earthquake shook the city in 1906, destroying many commercial buildings, he scavenged all of the deposits in his bank and started lending money for the rebuilding. Operating from a few planks spread over two barrels, he made loans to any business owner who was willing to rebuild.

Years later, he took great pride that despite the slow re-building of the city and subsequent upheavals in the economy, all of those loans were repaid. He believed in the business owners, and they returned that respect by faultless debt repayment.

In 1928, he merged his Bank of Italy with other institutions, consolidated with additional holdings and renamed it the Bank of America.

Read more.

Thursday, February 2, 2012

5 ingredients of superstar insurance professionals

By Jeremy Nason

If you want to be a survivor and enjoy long term success in this industry, you’re going to have to make some major changes. You can no longer afford to be just an insurance agent selling insurance or a financial advisor selling investments; you must become a true sales professional.

In the past 30 years we’ve seen a dramatic reduction in the sales force for the insurance industry. Agents are leaving in droves and there are very few companies that are bringing in new agents. This, at first, would seem to be good news for many of us — less competition.

However, the reduction in the sales force isn’t over yet. Our companies are still having trouble competing with the banks, investment houses, Internet sales, television personalities and other distribution channels. Profit margins are shrinking and our companies are still being forced to cut expenses. One of the easiest ways for them to cut expenses is to get rid of the low-producing agents and only work with the most profitable agencies and producers.

Read more.

2012 Edelman trust barometer: finance sector remains at bottom across all markets

Wednesday, February 1, 2012 Tuesday, January 31, 2012

Medicaid planning: Should your advice be best for your clients or society at large?

By Roccy Defrancesco

Because the federal and most state governments are broke, is it unethical, immoral or flat out wrong to give proper Medicaid planning advice to clients so they can preserve their assets for other family members and receive financial assistance from the government?

In short, not only is it not unethical, immoral or wrong, an attorney is mandated by his/her ethical code to provide the best Medicaid planning advice to clients, no matter how it affects the society at large.

Do financial planners or insurance agents have a different duty? I don’t think so. The duty of any advisor is to do what’s in the client’s best interest, and any personal biases about the advice given needs to be left at home.

Read more.

Friday, January 27, 2012