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Source: CFA Societies Canada - 11 August 2015
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National CFA Charterholder Compensation Survey 2015Ryan Renicker CFA
Some insights into the value of successfully completing (and retaining) the CFA Charter.
Source: CFA Societies Canada - 11 August 2015
https://www.cfasociety.org/saskatchewan/JobLine1/CFA%20Charterholder%20Compensation%20Survey%20-%20Summary%20-%20FINAL%20v2.pdf
NBCC, NAADAC, CAADAC, and California Board of Behavioral Sciences approved Mental Health continuing education and addictions counselor training series. Narrated versions and CEUs available at http://www.allceus.com
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Rob Jones, managing director of Peloton Partners, shares emerging pricing trends in the industry based on data from 70 advised firms across Australia, and strategies for advice practices to extract latent value out of their business.
Personal Finance Professional Ethics & Standards of Practice - A Professional...milfamln
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When economic cycles take a directional turn, some products become more valuable to a financial institution. Speakers discussed relationship profitability when pricing a new opportunity and how deposits have become more valuable than they have been in the past.
Stop Fraud in its Tracks How automated expense management can make employee ...Ashley Emery
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Presented by one of Australia's leading financial experts and founder of Connective, Murray Lees will show you how you can potentially save thousands of dollars in interest repayments, minimise risk and ultimately build a successful and sustainable portfolio.
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Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
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2. Tony Steigerwald
President and CEO of the Dunhill Insurance Services. Tony holds an MBA in Finance from
Columbia University. Tony has become an expert in insurance products as well as having
executive expertise in Sales, Sales Management, Marketing and Management/Operations.
Tony believes that Dunhill's Mission is to provide insurance agents with superior
service, state of the art products and top commissions with financially strong companies
that have competitive and innovative products specifically designed to maximize agent
earning capabilities.
3. Steve Hutchinson
Founder of the Fiduciary Provider Network™. Steve has developed marketing platforms that
have produced both product and information sales in over 90 countries.
Over the last twelve years, he has recruited and trained over 6,000 salespeople in financial
service related sales.
In 2007, he built an agent driven interface that collected unique survey data for Deutsche
Bank that resulted in millions of dollars of transactions for over 600 agents.
In 2011 he co-developed the first agent driven policy-remediation model to be successfully
implemented into a top 10 Bank resulting in over a thousand policies being reviewed for
performance.
5. The Rich: Are They Different?
F. Scott Fitzgerald: “The very rich are different from you and me.”
Ernest Hemingway: “Yes, they have more money.”
—DOCUMENTED EXCHANGE BETWEEN THE FAMOUS AUTHORS
6. The Rich: Are They Different?
Trust Owned Life Insurance
7. TOLI is life insurance that resides inside a trust. Trust-owned life
insurance is used by most high net worth individuals as the
cornerstone of their estate plan.
The Rich: Are They Different?
9. The Rich: Are They Different?
• Bank trustee
• Trust Company trustee
10. The Rich: Are They Different?
• Bank trustee
• Trust Company trustee
• Law Firm trustee
11. The Rich: Are They Different?
• Bank trustee
• Trust Company trustee
• Law Firm trustee
• CPA trustee
12. The Rich: Are They Different?
• Bank trustee
• Trust Company trustee
• Law Firm trustee
• CPA trustee
• Individual trustee
13. Major Area Policy Count 40% “At-Risk” 2.2M Avg. Face 3% Premium
California 90,630 36,252 79,754,400,000 2,392,632,000
Dallas/Houston 64,880 25,952 57,094,400,000 1,712,832,000
New York 63,110 25,244 55,536,800,000 1,666,104,000
Minneapolis 42,980 17,192 37,822,400,000 1,134,672,000
Miami/Tampa 42,620 17,048 37,505,600,000 1,125,168,000
Cleveland 37,780 15,112 33,246,400,000 997,392,000
New Orleans 35,310 14,124 31,072,800,000 932,184,000
Boston 33,180 13,272 29,198,400,000 875,952,000
Seattle 33,070 13,228 29,101,600,000 873,048,000
Charlotte 31,950 12,780 28,116,000,000 843,480,000
Totals: 475,510 190,204 418,448,800,000 12,553,464,000
Trustee Market
14. Fiduciary Provider Network™
FPN provides the platform, procedures and licensed professionals to
assist trustees in performing their fiduciary duty through Independent
Review, Remediation and Management of Trust Owned Life Insurance
utilizing a unique Cost Subsidization Approach.
15. Dunhill Insurance Services
DIS provides the administrative and management platform required to
create reliable Market Evaluations and the underwriting expertise
required to assist FPN Members in completing the large cases that are
indicative of the trust markets.
16. Resource Insurance Consultants
RIC is the Industry Leading Policy Analyst Firm. They have
delivered their actuarially certified LifeTrack™ review over100,000
times for trustees, including 6 of the top 10 Banks in the United
States.
18. To allow a select group of agents in coordination with FPN,DIS and RIC
the opportunity to obtain a proprietary license to market an exclusive,
internal sequence to bank trustees, trust companies, law firms, CPA’s
and individual trustees that places you as the sponsoring FPN Member
at the center of the remediation process with substantial credibility.
Purpose of Webinar?
19. Policy Remediation
Any modification or replacement of an existing life insurance policy
for the benefit of the trustand in accordance with the trustees
performance of fiduciary duty.
EFFICIENT REMEDIATION (what is it?)
20. • 10 Years Experience with High Net worth Clients
Cost of License?
21. • 10 Years Experience with High Net worth Clients
• $2,450 One Time Licensing Fee – applied to fees
Cost of License?
22. • 10 Years Experience with High Net worth Clients
• $2,450 One Time Licensing Fee – applied to fees
• Complete Online Training
Cost of License?
23. • 10 Years Experience with High Net worth Clients
• $2,450 One Time Licensing Fee – applied to fees
• Complete Online Training
• Pass Exam at conclusion of training
Cost of License?
24. • 10 Years Experience with High Net worth Clients
• $2,450 One Time Licensing Fee – applied to fees
• Complete Online Training
• Pass Exam at conclusion of training
• June 25th and 27th at 10 AM PST (1 Hour each)
Cost of License?
25. • 10 Years Experience with High Net worth Clients
• $2,450 One Time Licensing Fee – applied to fees
• Complete Online Training
• Pass Exam at conclusion of training
• June 25th and 27th at 10 AM PST (1 Hour each)
• Submit All Trustee Business Through DIS
Cost of License?
26. • 10 Years Experience with High Net worth Clients
• $2,450 One Time Licensing Fee – applied to fees
• Complete Online Training
• Pass Exam at conclusion of training
• June 25th and 27th at 10 AM PST (1 Hour each)
• Submit All Trustee Business Through DIS
• 80/20 Split with Program Manager - FPN
Cost of License?
27. • 10 Years Experience with High Net worth Clients
• $2,450 One Time Licensing Fee – applied to fees
• Complete Online Training
• Pass Exam at conclusion of training
• June 25th and 27th at 10 AM PST (1 Hour each)
• Submit All Trustee Business Through DIS
• 80/20 Split with Program Manager – FPN
• Founders Program ends this Friday
Cost of License?
28. 6-11-13 Agenda
1 Policy Issues
2 Trustee Issues
3 4 Step Process (Overview)
4 TexasBank and Trust – a Live Case Study
5 Policy Review and Remediation
6 Policy Management and Cost Subsidization
7 FPN Benefites For Trustee and FPN Member
8 Qualifications and Getting Started
29. Policy Issues
5 OUT OF 10 ILIT GRANTORS
AREFUNDINGAPOLICYTHATIS
INADEQUATELYFUNDED
FOR LIFE OF THE INSURED
30. 2 OUT OF 10 ILIT GRANTORS
AREFUNDINGAPOLICYTHATIS
NOLONGERCOMPETITIVE
Policy Issues
31. 10 OUT OF 10 TRUSTEES
WITHATOP10BANKHAVE
REVIEWEDTHEIRPOLICIES
IN THE LAST 12 MONTHS
Trustee Issues
32. 7 OUT OF 10 TRUSTEES
HAVENOTREVIEWED
REVIEWEDTHEIRPOLICIES
IN THE LAST 5 YEARS
Trustee Issues
36. 20%
80%
The Visible Issues
Inadequate Review Process
Inadequate or No Remediation Process
1
2
No Longer Suitable
No Longer Competitive
Inadequately Funded
Trustee Issues
37. 20%
80%
The Visible Issues
Inadequate Review Process
Inadequate or No Remediation Process
Ongoing Policy Management Process
1
2
3
No Longer Suitable
No Longer Competitive
Inadequately Funded
Trustee Issues
38. 20%
80%
The Visible Issues
Inadequate Review Process
Inadequate or No Remediation Process
Ongoing Policy Management Process
Costs of Performing Fiduciary Duties
1
2
3
4
No Longer Suitable
No Longer Competitive
Inadequately Funded
Trustee Issues
39. 20%
80%
The Visible Issues
Inadequate Review Process
Inadequate or No Remediation Process
Ongoing Policy Management Process
Costs of Performing Fiduciary Duties
1
2
3
4
The Real Issues
No Longer Suitable
No Longer Competitive
Inadequately Funded
Trustee Issues
40. Trustee Issues
Imprudent: 69% of trustees have not reviewed policies
In the last 5 years
Inadequate: 50% of Trust Owned Life Insurance
Is Inadequately Funded for the life of the Grantor
Unsuitable: 70% of typical trust policies
Are no longer suitable for trust purposes
Unguided: 81% of trustees state they have no guidance
From grantor regarding how to review the life insurance in trust
Uncompetitive: 75% of policies over 5 years old
Could have DB increased 40% for same premium
41. Compliance Risk
• OCC, Unique and Hard-to-Value Assets (Comptrollers
Handbook August 2012), FDIC, State Banking
Department
• UPIA, Standards of Care, Reg. 9
Fiduciary E&O Risk
• Unintentional Policy Lapse
• IRS Incident of Ownership
Contract Performance
• Delegation of Responsibilities
Trustee Issues
49. Policy Review
1 Policy Data Uploaded and Verified
2 3 Different Illustrations Ordered - In-Force, As Sold and Maturity
50. Policy Review
1 Policy Data Uploaded and Verified
2 3 Different Illustrations Ordered - In-Force, As Sold and Maturity
3 A LifeTrack™ Policy Review Notice is sent to Grantor (Insured)
51. Part 1) REVIEW NOTICE ON BANK LETTERHEAD
ABC Bank and Trust Company, as Trustee of the above-mentioned trust, in performing
our fiduciary duty, have retained Resource Insurance Consultants (RIC). RIC is an
independent insurance expert who will conduct a LifeTrack™ review for your policy
#1234567 with Prudential. This review will analyze the insurance company financial
strength, the performance of your policy and the adequacy of your contributions
funding this policy to meet trust objectives.
We will provide the completed LifeTrack™ review, which normally takes 6-8 weeks. If
no issues are identified and your policy cannot be materially improved, then we will
establish a schedule for future review.
Policy Review
52. Part 2) REVIEW NOTICE ON BANK LETTERHEAD
We have also retained Fiduciary Provider Network (FPN), a third party organization of
licensed advisors who specialize in market evaluation and remediation services. If the
LifeTrack™ review identifies issues with the policy or the potential to significantly
improve trust suitability, we will request a confidential Market Evaluation from FPN
based upon current in-force policy information provided by Prudential.
If we determine that remediation would benefit the trust, we will direct FPN and Joe
Agent, an FPN Member and licensed advisor, to contact you and discuss various
options which would improve trust asset performance.
Policy Review
53. Part 3) REVIEW NOTICE ON BANK LETTERHEAD
It is our pleasure to provide trust service to you and your family. If you or your
beneficiaries have any questions regarding this letter, please feel free to contact me at
888-888-8888.
Sincerely, Jeff Trustworthy, Trustee
Policy Review
54. Policy Review (Continued)
1 Policy Data Uploaded and Verified
2 3 Different Illustrations Ordered - In-Force, As Sold and Maturity
3 A LifeTrack™ Policy Review Notice is sent to Grantor (Insured)
55. Policy Review
1 Policy Data Uploaded and Verified
2 3 Different Illustrations Ordered - In-Force, As Sold and Maturity
3 A LifeTrack™ Policy Review Notice is sent to Grantor (Insured)
4 A LifeTrack™ Policy Review is completed
56. Policy Review
LIFETRACK™
This actuarially certified review
performed by RIC’s highly
credentialed staff, has been
delivered over 100,000 times for
trustees from more than a 150
Banks and Trust Companies
58. Policy Review
1 Policy Data Uploaded and Verified
2 3 Different Illustrations Ordered - In-Force, As Sold and Maturity
3 A LifeTrack™ Policy Review Notice is sent to Grantor (Insured)
4 A LifeTrack™ Policy Review is completed
5 A Market Evaluation is completed
60. MARKET EVALUATION
Using the information from the LifeTrack™ review and current in-force
policy data provided by the insurance company, we perform a
confidential Market Evaluation. This “real-time” information
provides a realistic snapshot from an independent
Source utilizing redacted policy information.
Policy Review
61. Policy Review
MARKET EVALUATION
1 Current Death Benefit
2 Current Annual Premium
3 Current Cash Surrender Value
4 Loan Amounts
5 A: Use current premium and solve for maximum DB
6 B: Use current DB and solve for minimum Premium
62. Policy Review
1
If Policy is not “at-risk” or cannot be Improved:
POLICY UPDATE AFTER REVIEW
Trustee will have copy of Risk Analysis for files
MARKET EVALUATION
63. POLICY UPDATE AFTER REVIEW ON BANK LETTERHEAD
Based on the enclosed LifeTrack™ review utilizing current in-force policy information
provided by Prudential, we did not identify any policy issues or significant opportunity
to improve policy performance.
In accordance with continuing our fiduciary duty, we will continue to monitor this
policy and keep you apprised of our findings. If you have any questions or concerns
please let us know.
It is our pleasure to provide trust service to you and your family. If you or your
beneficiaries have any questions regarding this letter, please feel free to contact me at
888-888-8888.
Sincerely, Jeff Trustworthy, CTFA
Policy Review
64. Policy Review
2
If Policy is “at-risk” or can be Materially
Improved:
Client will move into remediation process
MARKET EVALUATION
66. Policy Remediation
Any modification or replacement of an existing life insurance policy
for the benefit of the trustand in accordance with the trustees
performance of fiduciary duty.
EFFICIENT REMEDIATION (what is it?)
67. Policy Remediation
EFFICIENT REMEDIATION (reasons)
1 The policy is not performing as illustrated
2 Carrier issues
3 The policy is insufficient for current needs
4 New products may be more efficient or offer better guarantees
5 New riders may offer beneficial features not previously available
6 Some policy designs may no longer be appropriate
68. FPN MEMBER REVIEW NOTICE ON BANK LETTERHEAD
ABC Bank & Trust Company, in performing our fiduciary duty, would like to update you regarding the Prudential policy
#1234567. RIC, an independent insurance expert, completed a LifeTrack™ review for this policy. This review analyzed
the insurance company financial strength, the performance of your policy and the adequacy of your contributions
funding this policy to meet trust objectives.
Based on the LifeTrack™ review findings, we directed Fiduciary Provider Network (FPN) to complete a Market
Evaluation utilizing the current in-force policy information provided by Prudential.
The enclosed analyses identified policy issues or the potential to significantly improve trust
suitability. Based upon the results, we have asked Joe Agent, an FPN Member and licensed
advisor, to contact you and discuss various options to improve trust asset performance.
In the event that changes to your policy are recommended, we will order a Replacement Analysis from RIC to verify the
proposal is in the best interest of the trust. This Analysis will be completed, in accordance with our fiduciary duty, prior
to binding any newly proposed policy.
We will continue to monitor this policy and keep you apprised of our findings.
It is our pleasure to provide trust service to you and your family. If you or your beneficiaries have any questions
regarding this letter, please feel free to contact me at 888-888-8888.
Sincerely,
Jeff Trustworthy, CTFA
Policy Remediation
69. Policy Remediation
EFFICIENT REMEDIATION (FPN Member Steps)
1 FPN Member reviews Risk Analysis and Market Survey with Grantor
2 If Agrees, HIPAA and Application completed, medical records ordered
3 If preliminary offers are consistent with objective, FPN member orders exam
4 Before placement, FPN orders Replacement Analysis to verify suitability
5 If suitable, policy delivered to trust administrator for signatures
6 In 12 months a new policy Review is ordered to show policy in on track
71. Policy Management
Recommended review frequency of either 1, 2 or 3 years based upon risk factors
Individual Policies can be Added or Removed at any time
Trustee can track all activity through SolutionTrack™
Secondary Market Evaluation for maximum benefit of the trust and beneficiaries
72. 3) Policy Management
1) Policy Review
2) Policy Remediation
4) Cost Subsidization
4 Step Process For Trustees
73. The FPN process proportionately shifts most of the costs related to
this 4-Step process from the trustee to the Insurance distribution
channel, which stands to benefit when some fraction of the
reviews result in new business.
Cost Subsidization
74. $400 / Policy Total Trustee Costs BEFORE COST SUBSIDIZATION
Independent Review and Risk Analysis
Third Party Market Evaluation
Replacement Analysis
Second Review After Replacement
Disclosure Process
Secondary Market Evaluation
Cost Subsidization
75. Trustee pays $50 Set-up Fee per Policy AFTER COST SHIFTING
FPN Member pays $350 per Policy
FPN pays for Third Party Market Evaluation
FPN pays for Replacement Analysis
FPN pays for Second Review After Replacement
Trustee pay for future reviews based on selected schedule
Cost Subsidization
Costs and Benefits Spread Across Platform
79. Texas Bank and Trust
58 Policies
23 Policies “at-risk” (40%)
80. Texas Bank and Trust
58 Policies
23 Policies “at-risk” (40%)
23 x 2.2M = $51,040,000 Potential
81. Texas Bank and Trust
58 Policies
23 Policies “at-risk” (40%)
23 x 2.2M = $51,040,000 Potential
3% x $51,040,000
82. Texas Bank and Trust
58 Policies
23 Policies “at-risk” (40%)
23 x 2.2M = $51,040,000 Potential
3% x $51,040,000
$1,531,200 Potential Target Premium
83. Texas Bank and Trust
58 Policies
23 Policies “at-risk” (40%)
23 x 2.2M = $51,040,000 Potential
3% x $51,040,000
$1,531,200 Potential Target Premium
84. Texas Bank and Trust
FPN™ Direct Alert:
There are literally thousands of
trustees who manage less than
100 policies needing
simplereview and remediation
solutions
58 Policies
23 Policies “at-risk” (40%)
23 x 2.2M = $51,040,000 Potential
3% x $51,040,000
$1,531,200 Potential Target Premium
85. Texas Bank and Trust
FPN™ Direct Alert:
There are literally thousands of
trustees who manage less than
100 policies needing
simplereview and remediation
solutions
58 Policies
23 Policies “at-risk” (40%)
23 x 2.2M = $51,040,000 Potential
3% x $51,040,000
$1,531,200 Potential Target Premium
86. Trustee Benefits
Process managed by RIC, the Industry Leading Policy Analyst
Low Costs $50 Set-up Fee per Policy
Independent Third-Party LifeTrack™ review
Independent “Real-Time” Market Evaluation
Dependable Remediation Process with FPN™
Replacement Analysis prior to modifications
Follow-up LifeTrack™ review after modifications
Continuous Policy Management and control with SolutionTrack™
87. FPN Member Benefits
All Clients have policies that are pre-quailifed to be “at-risk”
Independent third party Risk and Market Evaluations
$2,200,000 Average Case with $60,000 target premium
Web and Conference Call Support for Trustee Marketing
Webinar Training and Live Boot Camps
Fast Start Bonuses and Incentives
Founders Program – Cost Saving Advantages
88. 1 $2,450 Platform Fee – Applied to 1st 7 reviews
2 $350 Per Policy Sponsorship Cost – After 1st 7
FPN Member Costs
3 80/20 Split on Application for Platform Business
4 Submitted Exclusively through Dunhill
89. 1 $1,750 Platform Fee – Applied to 1st 5 reviews
2 4 Month Production Reimbursement through Dunhill
3 Trustee Lead Program based on City and State
FPN Founders Program – Ends Friday
4 100 FPN / Custom Trustee Brochures and Cards
5 No Limit Rotation on Internal Cases (house deals)
90. Qualification Steps
Dunhill 800-659-1349
1 Complete FPN and Dunhill Applications from Email
2 Submit Applications (require original signatures) and $1,750 FPN Fee
3 Founder’s Agent Rotation will be based on “first come, first serve”
