our regular monthly meetings will resume in september ...shawn wilkins 901-388-4944...
TRANSCRIPT
Volume XVIII
May 2014
NAIFA MEMPHIS
The agent advocate
2013 - 2014 Officers and
Board of Directors
President George Barzizza 901-767-1890
Immediate Past President Eugene Hinders 901-758-1321
Secretary / Treasurer Derek Baltimore 901-389-7258
State / National Committeeman Mark Miller, LUTCF
901-758-1500 [email protected]
Directors
Shawn Wilkins 901-388-4944
Mark Prudhomme 901-752-0475
William Pettit 901-761-1810
Cindy Williams 901-761-7794
Committee Chairs
Newsletter - Carol Sherrod [email protected]
Programs - Ralph Bond 901-683-2176
YAT - Bob Buckley 901-758-1321
YAT/Golf –Bill Tait 901-344-8799
Golf - Don Hinkle 901-937-2808
Association Executive Lisa Loden
901-360-1478 [email protected]
The May Agent Advocate Sponsored by Gold Sponsor
Exam One
2725 KIRBY PKWY. SUITE 15
(901)753-8148 http://www.myexamone.com
Our regular
monthly meetings
will resume in
September.
Have a safe
& productive
summer!
First Place Team - First Flight Team Members
Brian Campbell, Nathan Travis, Sam Bradley & Monte Hart
First Place Team - Second Flight Team Members
RL Alcepohl, Sam Taras, Gene Hinders & Pete Buckner
T H E A G E N T A D V O C A T E
2013 - 2014 VIP Sponsors
Silver
EXAM ONE / WELLNESS FIRST
2725 KIRBY PKWY. SUITE 15 (901)753-8148
http://www.myexamone.com
APPS PARAMEDICAL SERVICES
275 WALNUT BEND S., #101 - (901)756-2777
http://www.appsmemphis.com
Bronze
BLUE CROSS BLUE SHIELD OF TN
85 N. DANNY THOMAS BLVD. - (901)544-2235
http://www.bcbst.com
To become a VIP sponsor please contact the association
office @ 901-360-1478 [email protected]
Happy Memorial Day...May 26th
Inside this issue... Page 3 - NAIFA Memphis / Camp Good Grief Golf Tournament Recap
Page 4 - Imminent changes only a proposal….NOW
Page 5 - Investors value advisers, especially when retirement is looming.
Page 6 - New Members / Membership Renewal
Page 7 - 6 body language no-nos that could lose you clients
The beautiful Mirimichi Golf course came alive on May 5th as over one hundred golfers congregated at noon for the 2014 Annual NAIFA/Camp Good Grief golf tournament. This is the first year that the tournament was held at the Mirimichi course and Greg King manager of the facility pulled out all the stops to make this one of the most exciting venues any golfer could imagine. Please extend thanks next time you conduct business or visit with one of these companies.
Drink Carts Putting Contest Pictures Dinner Exam One & APPS Wyatt, Tarrant & Combs Producers Connection, LLC Elwood’s Shack
Additional Tournament Sponsors Hole in One - Bud Davis Cadillac, Longest Drive - Strategic Financial Partners, Straightest Drive - Northwestern Mutual/Mark Prudhomme
Tee & Green Sponsors
Transamerica Agency Network / Bill Tait, Kirby Wines & Liquors, State Farm / Tim Grommersch, Meeks Financial Group, Fred Blose/Bluff City Jaguar, Mr. & Mrs. Michael Loftin, Conway Services Heating & Air, Knights of Columbus, UCL Financial Group / Steve Sheppard, UNUM / Sam Taras, American Mortgage / Tim Smith, Gayle Dethloff, CPA, New York Life / Carol Sherrod, UBS, UCL Financial Group / Tim Moran, The Earhart Agency, Amy K. Baltimore, CPA, Critical Communications, LLC, Cartridge World, Wooten Law Office, State Farm / Kathy Thurmond-Edwards, State Farm / Deloris Burrow
Contributors Marion Golf Club, Galloway Golf Club, Germantown Golf Club, Windyke Golf Club, Conway Services, Crump Life / David Peltz, Prudential/Charlie Dunn, MetLife, Ghost River Brewing Company, Kirby Wines & Liquors, Nothing Bundt Cakes, Jack Morris, Buster’s Liquor, Newks, Joseph A. Banks / Collierville, Pixie Woodall, Northwestern Mutual, Balmoral Cleaners, Flying Fish Restaurant, Just for Lunch Restaurant, James Middle-ton Jewelers, Elwoods Shack, Prudential, Fastfix Jewelers, AS Barboro, Penny Hardaway, NYL / Carol Sherrod, Ameritas
Throughout the day beverage carts provided by APPS Paramedical Services, and Exam One Paramedical Services were seen around the course keeping the golfers motivated & hydrated on one of the most perfect of days when the temperatures reached the high 80's.
At each par 3 hole, Bud Davis Cadillac was ready to give prizes to the winner of a hole in one. Unfortunately, for the golfers, no hole-in-ones were recorded. Better luck next year when the odds of a hole-in-one at the tournament get better with age! Each player received an invitation
By 5:30 PM the golfers neared the end of the day and met at the expansive patio that was turned into an oasis of food and beverage while awaiting the final scores. Golfers were treated to delicious BBQ Ribs, BBQ Sandwiches, and Southern Pecan pie by Elwood's Shack (Next to Lowes at Perkins and Summer Avenue). Thanks to Producers Connection (Rob Williams & Wayne McCullough) for team pictures and activities after the play.
By 6:00PM the results were in and the winners were: First Championship Flight Brain Campbell, Nathan Travis, Sam Bradley & Monte Hart Second Championship Flight Gene Hinders, Pete Buckner, Sam Taras & RL Alchepohl Closest to pin #11 – Zach Jaworski Longest Drive #18 – Darrell Thomas Straightest Drive #6 – Brett Hubbard
Longest Marshmallow Drive – Matthew Fields Putting Contest – Monte Hart Hole-In-One - no winner
The fun began when prizes were drawn from raffle tickets that were sold to the golfers earlier. Prizes donated by the contributors above added anticipation and excitement to the end of a great day of golf.
Many participants indicated their excitement of signing up for next years tournament as soon as the new schedule appears. The golf committee consisting of Don Hinkle, Bill Tait, and Mark Prudhomme did an outstanding job and are to be congratulated on this tournament.
NAIFA Memphis/ Camp Good Grief Golf Tournament - Recap
By Derek E. Baltimore NAIFA Memphis President Elect
Imminent changes only a proposal….NOW For those who read this column regularly, you may recall that I have been preaching of all of the drastic and significant changes that MUST be made in order to fix our broken financial system. Last week, we saw the Presidents 2015 budget outline, we see how our current administration wants to see this occur. President Obama’s 2015 budget includes a number of proposed changes aimed at retirement accounts. Several provisions (or similar versions of them) detailed below and unveiled Monday, were included in last year’s budget. Many of the retirement related proposals from last year are repeated in this year’s budget – and that should tell you something. They certainly could happen and, at the very least, are an indication as to where the administration wants to head.
HARMONIZE’ ROTH IRA RMD RULES WITH OTHER RETIREMENT ACCOUNTS This one is new, but nonetheless is in there. President Obama’s 2015 budget calls for a provision that would require Roth IRAs to follow the same required minimum distribution (RMD) rules as other retirement accounts. Under the premise of simplifying the tax rules for retirement accounts, President Obama’s 2015 budget calls for a provision that would require Roth IRAs to follow the same required minimum distribution (RMD) rules as other retirement accounts. In other words, you would have to begin taking RMDs from your Roth IRA when you turn 70 ½, the same way you do with your traditional IRA and other retirement accounts. If this were to come to pass, it would be a major game-changer when it comes to re-tirement planning. The fact that Roth IRAs have no RMDs is one of the key reasons many people decide to contribute or convert to Roth IRAs in the first place. Oh, and the fact that tax free growth and distributions make it one of the best methods to archive a way to get ahead; with-out making uncle Sam a beneficiary to your estate is another. Should this budget proposal go through – who knows?
MAXIMUM BENEFIT FOR RETIREMENT ACCOUNT CONTRIBUTIONS The maximum tax benefit (deduction) for making contributions to defined contribution retirement plans, such as IRAs and 401(k)s, would be limited to 28%. As a result, certain high-income taxpayers making contributions to retirement accounts would not receive a full tax deduction for amounts contributed or deferred. Example: Currently, if an individual with $500,000 of taxable income defers $10,000 into a 401(k), they will not pay any federal income tax on that $10,000. Without that salary deferral, that income would be taxed at 39.6% (currently the highest federal income tax rate). However, if this proposal were to become effective, that $10,000 would effectively be taxed at 11.6% (39.6%-28% = 11.6%), since the maximum tax benefit that a client could receive would be limited to 28%. That equates to an additional tax bill of more than $1,000. In summary, the administration needs money in order to get our economy back on track. With their way of thinking, let’s get it from the people by closing revenue shortfalls – in the form of taxes. Plain and simple. This is JUST the beginning.
Investors value advisers, especially when re�rement is looming.
Panel at InvestmentNews conference tells of unexpected health care expenses, little interest in leaving large inheritance. By Darla Mercado May 12, 2014 @ 12:42 pm (Updated 5:29 pm) EST
As difficult as the client-adviser relationship can be at times, a panel of investors agreed that their advisers are an essential part of their retirement planning. A group of five investors participating on a panel Monday at InvestmentNews’ annual Retirement Income Summit in Chicago noted that the importance of having an adviser is especially keen when retirement is right around the corner. “Even though I had a financial planner go through a planning exercise close to 15 years ago, and I was reassured about numbers and allocations,” said Alan Channing, 69, and soon-to-be-retired chief executive of Sinai Health System, “I was still in denial.” Mr. Channing will be hanging up his boots in six weeks. Suddenly, the future seems more tangible. “Now this sense of reality sets in and my need for guidance in a more precise way from folks like yourselves becomes more Intense,” said Mr. Channing. Saving for retirement is the biggest focal point for clients and advisers. A recent survey of about 800 investors from the Insured Retirement Institute found that of the 476 participants who have advisers, 83% of them indicated that retirement savings was the issue most commonly discussed. Retirement age followed in a close second, with 80% of the vote. Health care coverage and Social Security claiming strategies were near the bottom of the list, as only 43% of participants said they discussed health insurance with their advisers and 41% covered their bases on Social Security. There are very real ramifications for not making clients aware of how their health expenses will come into play at retirement. Investor panelist Ron Sempetrean, 81, and a retired insurance agent, noted that he and his wife are paying more than $9,000 a year for Medicare and supplemental coverage. In 2013, alone, their medical bills reached $21,000. “That’s the only hole we have in our [plan]; we didn’t expect it,” he said. Investors tend to overestimate their ability to cover health care expenses in retirement, according to the IRI’s research. Fully 55% of investors said they were confident they’d have enough money to handle their medical costs. Meanwhile, 41% were confident they could fund their long-term care costs. Leaving a large inheritance was either “very important” or “somewhat important” for only 56% of the polled participants. Among the panelists, most seemed to favor leaving a small parting gift. “I don’t live as if my purpose is to leave an inheritance,” said Vickie Austin, 57 and a business coach. “Our children are very resourceful, and we’re very proud of them.” Mr. Sempetrean agreed. “I’m going to leave the kids enough money for their financial garden -- that’s all they need,” he said. “There’s too much enablement today. You have to make [the children] want, need and focus.” Interestingly, the participants didn’t attach a lot of importance to how their advisers are paid. Rather, they sought transparency, trust and are willing to pay advisers what they are worth. “It strikes me that we are heading for a fee-type business,” said Greg Nie, 59, and a former chief technical market analyst for broker-dealers. “But I’ll offer up another nugget from my dad, who was in the shoe business: ‘If we have an electrical problem, we hire the electrician and we pay him. We pay a plumber if we have a plumbing Problem.’ “ You find a good professional, and he is worth what you pay him,” Mr. Nie said.
Darla Mercado Darla Mercado covers life insurance, annuities and retirement products for InvestmentNews, and she's looking for advisers' informed opinions, plus chatter on products and other industry developments
To our 2013 - 2014 New Members!!
Gregory Kerr Francis Bailey Jones David Washburn Jeremy Conrey Tanaka McCoy Alisha Dumas Johnnie Elliott Sheryl Klehr-Ottinger Hugh Thomas Keith Nevels Elizabeth Hagan Karen Sears Rob Williams Joseph Wilder
Remember: You Can Renew
Your NAIFA Membership Online
Renew your membership investment in NAIFA with our fast and easy online renewal process. Simply go to http://www.naifa.org/ and click “Renew” at the top of the page.
Would you rather pay your membership dues in 12 easy monthly installments? Renew online through our monthly bank draft or credit card program. If you elect to have your dues deducted/charged on a monthly basis, dues are debited/charged from your account or to your credit card on the 5th day of each month. If the 5th falls on a weekend, the debit will occur on the next business day. Please note, NAIFA only accepts VISA & MasterCard for enrollment in the monthly credit card program.
Don’t wait any longer – renew today!
6 body language no-nos that could lose you clients
by Insurance Business | May 15, 2014
Body expert Alan Pease, co-author of The Definitive Book of Body Language, reveals the signals you may be sending without even real-izing it and how to change them. 1. Crossing your body “Most people, when they’re giving bad news, have a tendency to cross their arms on their chest or hold hands with themselves in front of their body or clench their fingers together,” says Pease. “These are all self-protection signals. Somebody who sees you do that, par-ticularly females, will think that you’re not feeling very confident about what you’re saying.” 2. Signals that imply superiority “The worst thing a man can do is sit back in his chair with his hands behind his head. It’s called the catapult – it looks like you’re about to fire your head at someone,” says Pease. “That’s a superiority position used almost entirely by men. It’s the most intimidating man-agement pose that a male can take in the presence of a female subordinate.”He suggests leaning forward to make people feel relaxed: “We lean forward towards people we like, admire and sympathize with.” 3. Too much eye contact If the person you’re talking to is having difficulty maintaining eye contact, and if you maintain eye contact, it gives the impression that you’re trying to stare them out or being critical or judgmental." 4. Hiding your hands Don’t have your hands in your pockets or under the desk. Have them visible and talk with them facing upwards. “Monkeys and chimps do this too. It’s the most non-threatening position a human or primate can take because it shows you’re not concealing things in your hands or under your arms,” says Pease. “We’ve done quite a bit of testing with people presenting to audiences with a palm-up position, the second audience where they’re talking mainly with the palm down and the third audience where they use a finger point. “The palm-up users get up to 40% more retention of what they said and are described by the audience in much more favorable terms than the palm-downers. The finger pointers get the worst results. If you talk with your palms down, you’re seen as authority, management, maybe tell-ing them what to do or telling them off. It’s very powerful when you’re in a situation where you’re delivering bad news such as redun-dancies.” 5. Inappropriate facial expressions When listening to an employee complaint, it’s important to recognize that men and women listen to each other differently and respond accordingly, explains Pease. “If you're listening to a male, limit the expressions on your face. One of the ways women listen is to in-crease the expressions on the face to show the other person that you're reading the emotions of what they're saying. “So if someone is telling you what happened, if you're listening, you're likely to be reflecting her emotions on your face to encourage and support her. Men don't do that. If a man listens to a woman with a poker face, she begins to think he's judging her critically. If you're listening to a woman speak and she's upset about something, you want to show compassion. You mirror the expressions on her face. If you're a woman listen-ing to a man, the reverse applies.” Additionally, as strange as it may sound, when you nod your head while you're listening it’s benefi-cial to nod it in groups of three. “When you nod three times, it encourages people to talk more and share more information. If you go more than three times, that means to shut up. If you can get people to talk out issues, they often explain the issue to themselves,” says Pease 6. A poor handshake Getting the handshake wrong can create a bad first impression. Pease offers his tips for getting it right. “To create a rapport where peo-ple feel accepted, you keep your palm vertical,” he says. “The origin of the handshake is arm-wrestling back in the Roman era and the guy with the hand on top had the upper hand. Keep your palm straight and exude the same pressure you receive and people will feel like you're accepting them and not trying to dominate or threaten them.”