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October 20, 2008 |
E- Newsletter Volume 2, Number 2 |
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In This Issue ·
Greetings NAIFA-California
Members NAIFA-California Mark Your Calendars!
Advocacy as
“JOB ONE” at NAIFA . . .
Our First Annual “Advocacy Forum” From 9:30 am to 2:30 pm
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By Darrell Shideler, CFP, ChFC, CLU When I first started in the business in 1977 I learned
that would have 10 seconds to make and impression that would allow me to
have, perhaps 30 minutes, to make an approach. We all know that the first 10 seconds
is about dressing appropriately, having good eye contact, and sharing a
positive greeting (be that a sound hand shake or any other appropriate
cultural acknowledgement). But do
you have a 3 minute, 5 minute, and 10 minute approach that begins to create a
dialogue around a problem to be solved. Many of the simplest thoughts can be the best ideas. This idea was one that I learned over
20 years ago and is still very usable today. In fact, we may say that it is more
important today than ever based on how we Americans tend to save versus
spend. This approach is the 3
minute business card approach. When you greet someone and you hand them your card,
especially a business person, you can share the following idea. Turn over the card and, as you do, ask
how many days per week do you work at your business. Based on the answer, divide the back
of the card in the appropriate number of areas, 5 for five days a week, 6 for
six or 7 for seven. Now ask if
they pay federal income taxes and mark out of one of the days they work. Perhaps your prospect will even
venture to say that you should cross out 2 of the days. Next, ask if they pay state income tax
and mark out another day, and lastly ask if they pay any other form of
taxation from the business and mark out all or a part of the next day. These marked out days represent the
number of days that they work per week for the government and the benefits
that are provided by the government.
Than you state that part of your job is finding more of the days that
are on the government side of the week that can be transferred to their side
of the week. This
approach than opens up the door to a myriad of business options that can
include 401k plans, profit sharing plans, pension plans, key person
insurance, and a number of other tax incentivized plans that support the
business owner. Many of these
business planning options can be found at your local NAIFA meeting, perhaps
at a table talk, or from a speaker.
Try the idea, go to your local for additional ideas, or perhaps join
an LUTC class for additional applications on this approach. (top)
By Michael S. McCaffrey, LUTCF These past few weeks have been challenging ones for those
who are close to just about any aspect of the financial services world. With such unprecedented upheaval in
the marketplace, the work of professionals like you has taken on a new sense
of urgency, and importance. We
wish you well as you navigate through these difficult times, with knowledge that
our efforts now are needed more than ever before. The issues being debated in The favorable tax treatment our products enjoy are
important, as they create an important incentive for people to take action to
solve difficult problems. If such
tax preferences were removed, as is being debated right now, agents and brokers
will suffer, and consumers will suffer much more. Mike Ables, Shari McHugh and their Legislative Team are
keeping a close eye on developments in On a lighter note, it was great to see our
NAIFA-California delegation in Congratulations to Russell A. Smith, CLU, ChFC, CFP®, on
his re-election to a two-year term as a NAIFA Trustee. We were thrilled to learn that our own
David V. Dellinger won this year’s C. Carney Smith Award which is a
lifetime achievement award for outstanding NAIFA executives. The
remarks provided by John Davidson, as he officially retired from the NAIFA
Board of Directors, were particularly moving. Excellent speakers and breakout
sessions rich in content were some of the many highlights of the
meeting.
http://www.naifacalifornia.org/Advocacy/PDFdocs/LegUpdates/2008/Legislative%20Update%2010-08.pdf |
