If you are flying by the seat of your financial pants, it may be because most financial professionals are not acting like pros, and the advice you are getting is inferior!
Are you flying by the seat of your pants when it comes to financial and insurance planning? It may not be your fault entirely. I say this because I know how most operate within this industry – it’s all about money (commissions) and how much can be made on a given sale (product). Forget the notion of doing the right thing and giving the right advice.
If you are a financial professional that does do the right job, stop right now. Do not read further. But, if you are in the business and are guilty, or are a consumer wanting to get some straight truth, read on.
The reason is clear. Isn’t it high time to get a grip on your financial affairs and get organized? And, isn’t it time to put your advisor to the challenge and test to prove he or she is acting for you and giving proper advice? You are darn right it is – it’s time to cut the nonsense and bring in common sense and good service.
I have been in the insurance industry for the past 22 years, and I have to be honest. They don’t teach us how to serve our fellow-man very well, and I can tell you how it really works.
You may ask why I would bother to rat on the industry that pays my bills. Because, it is my hope someone in the industry with a capacity to make a difference will take this information and reform the industry. That’s it.
I have discussed what we do and what we actually should do for clients with colleagues and have come up dry time and again. You can’t teach an old dog new tricks you know. Well, you could, but like the psychiatrist joke, the old dog must want to change first.
That’s my story.
I sat down one day, assessed what it was I did, and decided it was pathetic. If I didn’t have a plan of attack to assess a client’s needs, it’s no wonder so many of us fly by the seat of our pants when it comes to proper financial and insurance advice.
I cannot answer to investments as I do not handle these. Nor do I profess to serve as capacity of credit counsellor although it is impossible not to take this into account. I have a colleague or two that specialize in these areas and my job is to recognize the need and pass you along to where and who you need to see and go.
Here is what I can do for you:
- Assess your living need and should you die prematurely. This means that we would look at “income replacement” as the goal, to ensure if you are disabled or die, you and your family retain a similar, pre-disability or before death living standard. This is often accomplished by term life insurance, and we have a very simple method to determine the amounts without turning over the financial rocks.
- The above requires looking at existing disability and how much it would actually pay after tax. We would then assess need and gap compared to current net income.
- Disability options will be provided that make sense, including the very versatile mortgage disability plan, that can pay a full 25 years of disability benefit. This plan is unprecedented, and makes bank plans pale in comparison with their 12 or 24 month benefit limits.
- ensure medical issues will not render you and your family in financial hardship.
- self-employed families are looking for benefits, but what they are really saying is that they want to get more than they give – a benefit plan that will net a profit. This is make-believe – the plan does not exist. But, we can help cover catastrophe, and pay those current and future medical and dental bills with the least amount of outlay. That solution exists.
If the above plan sounds simple ask yourself why many agents that profess to be in the insurance business do not cover disability insurance or benefits. They are then only suggesting life insurance. And to that idea, I can only suggest one thing…….
……. what happens if we live?
Call me for the review that is “free”. I can be reached at 1.866.856.6799, ext 201, or at the local numbers here.
Craig Ferguson
