CUNA Mutual Group annuities is pleased to announce that David Reynolds, CRPC^® has started in the role of divisional sales director – South. In his new role, Reynolds will be responsible for leading the efforts of helping the CUNA Mutual Group annuities’ wholesaling team connect with more financial advisors. Reynolds has over twenty years of experience in wholesaling and management space and is focused on relationship building.

For all the stereotypes directed toward Millennials and Gen Z generations, being astute planners for retirement hasn’t typically been one of them. But financial advisors may underestimate how proactive younger generations are, despite retirement being further down the road.

The financial impact of the COVID-19 pandemic during their prime earning years, in combination with the Great Recession and other global events over the last 20 years, may have impacted these generations to a greater extent than others.

It’s a common assumption that most, if not all, wealthy individuals already have financial advisors, and that could make them difficult to engage as prospects. But this isn’t always the case; some have quietly accumulated wealth over their lifetimes without the help of others — through higher earnings, real estate, employer-sponsored plans, inheritances or good old-fashioned savings (and a bit of luck).

There are many details to consider when helping a client set up a will or estate plan, from assigning an executor or power of attorney, to choosing beneficiaries, to setting up a trust and more. 

The process of creating any good estate plan includes taking an inventory of valuable assets that will need to be managed or dispersed upon someone’s death, including:

• Real estate
• Investment accounts, cash, stocks and bonds
• A business or intellectual property
• Personal property such as jewelry, vehicles, artwork and furniture

Often, miscellaneous items or heirlooms that may not hold great monetary value but have significant meaning to individual family members are also included in estate planning.

The Consumer Price Index inched toward a double-digit increase over the last year.¹ Nearly everyone is feeling the strain of rising inflation. In fact, a Pew Research Study found that seven in 10 Americans cite inflation as the top problem facing the country, beating out affordable healthcare, violent crime and climate change.² 

Many forces are combining to create financial uncertainty among investors. If rising inflation weren’t enough, add to it lingering concerns about the pandemic, international conflicts, political unrest and unprecedented market volatility.

Chances are, your clients and prospective investors are using social media. Are you? 

We’re not talking about personal accounts where you share family photos or a clever meme. Having a separate LinkedIn social media presence for your financial advisory services may help you connect with clients on a deeper level and extend your reach to help attract new ones.

Industry Recognition from WealthManagement.com, ThinkAdvisor Accompany Recognition in Barron’s Best Annuities List for Fourth Successive Year

CUNA Mutual Group’s dedication to improving retirement products, client service and company culture in the insurance and annuity space has earned them recognition from industry platforms. In 2022, the company received placements on Barron’s Best Annuities for Income and Growth list for the fourth year in a row, a finalist nomination on WealthManagement.com’s 2022 Wealthies Industry Awards for the first time and a finalist nomination on ThinkAdvisor’s LUMINARIES Class for the second year in a row.

Yes, we’ve all had a similar uncomfortable social exchange at an event…

“Hi, I’m Steve. I’m a financial advisor.”

“Nice to meet you, Steve. I already have an advisor.”

So, what do you say next? You could mention that the shrimp cocktail is delicious and simply move on. But, “I already have an advisor” doesn’t necessarily mean you need to change the subject. It’s possible to continue the conversation without coming off as pushy.

Both clients and advisors may have their own reasons for preferring a fee-based approach to financial and investment services. 

Advisors may benefit by prioritizing asset growth over sales transactions, allowing them to really focus on helping clients grow their investments. Clients may see a fee-based relationship as less likely to be subject to the influence of sales commissions. And, given current Regulation Best Interest (Reg BI) standards, it’s more important than ever for advisors to demonstrate their professional obligations to clients.

Fraud continues to be a major problem, especially for older Americans. More than 847,000 complaints were filed with the FBI Internet Crime Complaint Center in 2021 with potential losses topping nearly $7 billion. Who lost out the most? Those ages 60 and over were the most likely victims with losses of $1.68 billion — more than three times as much as some younger generations.¹ 

In fact, losses for victims over age 60 increased by a whopping 74% from the previous year, with the average losses topping $18,000 each.²