Henry Kissinger dies at age 100.


The Protectionism concept has taken a further step with the election of the new Prime Minister in the Netherlands.  He will need to form a majority among six different parties, two have already said they won’t work with him, so it will be interesting to see how Netherlands deals with this as they are tired of being invaded.


An Oxford study has stated that the richest 5% of the world population, equaling 25,000 people produce as much carbon emissions as the poorest 5 bb.


50 hostages released by Hamas. Possibly more to come, Israel releasing 3 Palestinian prisoners for each hostage setting the rate for hostages going forward.


With everything going on, US lawmakers are deciding arguing about allowing Rick climbing in National parks is a good use of their time.  Rock Climbers have been maintaining and creating new routes for decades without legislation now the government wants to shut it down 


Media took some major liberties painting a 9 year old as a racist by showing a side picture with black n it, but he was wearing red and black as a chiefs fan.  The story blew up and now you have people taking sides, turns out he is First Nation.  


To pay off his settlement Mike Lindell has slashed his prices to drive more sales at MyPillow.

Judge in GA rules there was voter fraud with voting machines


In a twisted legal win for Donald Trump, Colorado judge rules he engaged in an insurrection but allowed him to stay on the CO ballot


Rosalyn Carter dies at 96


Israel and Hamas negotiate a temporary cease fire and hostage swap


Sam Altman open AI an interesting story in the battle of AI.  Being fired by a non profit board, running the company, the for-profits customers and aspects of the business, forced him back in.  Altman making deals with limits and opportunities for wide usage of AI, but the for profit companies part of Open AI pushed him back in so they can keep growing.  This is an interesting battle on the open front of the world of AI.


A Museum has now reclassified Elagabalus, a Roman Emperor, as a Trans Woman, based on classic texts attributing a quote to him of “Don’t call me a Lord, I’m a Lady.”  No other evidence than that is leading to the historical record change.


The Republican presidential field is consolidating down to two types of candidates, Trump/Trump lite (Trump and Disantis) and never Trump - Niki Haley and an outlier in Ramaswamy although he’ll drop out shortly.  Haley has taken number 2 in Iowa behind Trump even with strong endorsements for Disantis.


​

rodney mogenThu, Nov 16, 6:52 PM (3 days ago)
to me
News in review: 

Joe Manchion says not running as his constituents are upset that he voted for IRA bill, but he’s traveling the country to promote moderate party

Jim Harbaugh and Michigan told they are under investigation for being poor sports with sign stealing

House conservatives want the poorest of the poor to starve pushing for further snap cuts rather than develop food access programs, speaker Johnson pushed back stating we need to not punish poor figure out ways to cut budget otherwise.

In a you can’t make this stuff up, the children of John Amos, father on Good times, have filed charges of elder abuse on each other, Amos played a hard working father who loved his kids and they loved him but in real life he’s a pawn in a family battle.  

Donald trumps trial where he was convicted before the trial started and attempted to be silenced by the judge while providing testimony continues in 3rd week

The I 10 , the busiest east west freeway. Corridor  has been shutdown in Los Angeles due to an arson in a storage yard that is also a homeless encampment.  This will severely delay the start of shipping and end from the ports hampering commerce.  The 16 residents of encampment are being put up in a hotel by the city of la

Congress has passed another CR to avoid a shutdown in a two tier approach with no cuts but no spending adds.   This was in the same manner McCarthy lost his speakership with only 127 Republican votes needing 207 democrats to vote. On the same day senators tried to fight an union in boss, name calling in house hearings over pointing out the facts and former speaker McCarthy accused of attacking a fellow house member

In a legal win Trump can stay on the ballot in Michigan, but is losing in other trials.

Top 5 best busiest airports in us. Phoenix, MSP, LAX, Atlanta and Detroit 

Guest Authored by Nicola Reid

​Powerful Mindset Shifts to Transform Your Relationship With Money 
Your mindset about money can significantly impact your financial success. A negative attitude towards finances can hinder your ability to make progress financially, while a positive attitude can open the door to endless possibilities. Today, Solve Ur Puzzles takes a deep dive into some practical tips and steps you can take to change your mindset about money and improve your financial health.
 
Find Ways to Make Your Money Work Harder 
One of the key factors in changing your money mindset is to make your money work harder for you. This can mean anything from investing in dividend-paying stocks to creating a high-yield savings account. Investing requires a certain level of risk, but it can also bring significant long-term benefits.
 
Utilize Your Home Equity Prudently 
Another way to make your money work harder for you is to leverage your home equity responsibly. You can do this by taking out a home equity loan or line of credit. These types of loans can give you access to significant sums of cash to use for home renovation projects, education, or even as a down payment on a new property. It's essential to use these funds wisely and avoid any unnecessary risk.
 
Learn About the Financial Benefits of Downsizing 
As part of changing your money mindset, it's essential to calculate your home's expenses and see if downsizing makes more financial sense. Smaller homes often come with reduced expenses such as utility bills, insurance costs, and maintenance expenses. These savings can add up over time, providing you with more financial freedom to pursue other important goals.
 
Automate Your Transactions 
Another practical step you can take to change your money mindset is to automate your budgeting and investments. This can be done quickly through online banking and investing platforms. When you automate your finances, you can take a hands-off approach that maximizes your time and minimizes decision fatigue. This ultimately frees you up to focus on other areas of your life that require your attention.
 
Develop Your Investment Knowledge 
One critical aspect of changing your money mindset involves educating yourself about investing. This means learning about the various investment options available and how to invest wisely. Investment education comes through many avenues, including books, podcasts, online courses, and the advice of certified financial advisors. It's essential to do extensive research to identify the best resources to help you reach your investment goals.
 
Save Important Papers
One practical tip to improve your money mindset is to save your financial documents as PDFs. This can include loan agreements, tax forms, and other important papers. By saving them in a digital format, you can easily access them whenever you need to, consolidate multiple files into one, or even split a big file into smaller ones. 
Study Financial Planning 
Financial planning is another area where education can help you change your money mindset. The best way to learn about financial planning is to consult with a financial advisor. However, you can also learn through books, videos, and training courses. Financial planning can help you create a clear roadmap to achieve your financial goals, both long and short-term.
 
Go Back to School
These days, entrepreneurs need all the advantages they can get if they want to stand out from the competition – and maybe the best advantage you can get is by going back to school. If you’re open to online learning platforms and you’re interested in a degree in business in particular, this is a good option to consider because it provides you with the flexibility you need to study at your own pace without having to take too much time away from your other obligations. This is also a great way to provide yourself with an edge over the competition!
 
Establish a Financial Plan 
Finally, to change your money mindset, you must develop a spending plan. Developing a plan requires identifying your income, expenses, and other financial goals. With this information, you can create a clear strategy to optimize your finances and ensure you have the resources to pursue your dreams.
 
In conclusion, changing your money mindset can be a transformative experience. By making your money work harder for you, leveraging home equity responsibly, calculating your home expenses and downsizing, automating your finances, educating yourself about investing and financial planning, keeping your financial documents saved as PDFs, and developing a spending plan, you can significantly improve your financial health. Remember, changing your money mindset is an ongoing process that requires consistent effort, but the benefits are well worth it.
 
Solve Ur Puzzles is here to give financial advisors and business owners the assistance they need to find the solutions they’re looking for.
 
Image via Pexels
​

​This week has been an interesting week n many ways. First the week was kicked off with Donald Trump being found civilly libel for battery and defamation.  Meanwhile Biden couldn’t find the stage exit three times this week having had to be escorted off the stage.
Title 42 has expired, rushing several thousand migrants across the border. Meanwhile New York and other cities are pushing the migrants in their cities to other places now creating havoc in the interior. In Texas a gun bill meant to increase age of purchase of semi and automatic weapons to 21 from 18, was not brought to the house floor in time, essentially killing the bill in this legislative term.
Hunter Biden’s exploits are being shown more and more, and apparently only certain Bidens get paid, potentially pulling President Biden down.  RFK Jr, making some headway in the election, taking almost 23% of democratic popularity, Marrianne Williamson still holding at 10%, so there is some challenge in the Democratic primary, however the DNC has said that they will not debate and potentially sealing that Biden is the nominee.

​Music is safe now that we know a couple chords is okay to copy but not 6 chords like in Blurred lines.  Ed Sheeran case was settled and found that he did not plagiarize the music.
Hunter Biden in an effort to save  money may bring down his whole world and his dads presidency by trying to cheat out on paying for his daughter.
1500 troops have been sent to the border to process migrants and be able to allow Border patrol to do their jobs.
Five Mayors of the largest 5 Sanctuary cities, whom welcome migrants, have said sending migrants to them is racist, even though they invited them.
Someone crashed a drone into Kremlin creating a potential world issue.
Midwest got Dust, Rain, Snow bringing three biblical seasons n one week.
El Nino will bring heat and Rain to the South and East.

​In this week, Speaker Kevin McCarthy surprised Washington in getting most of his caucus to vote for a debt ceiling bill, but a the same time he weakened his position by wheeling and dealing to get it passed, making additional sign ons almost impossible.  This bill is dead in the Senate, but it shows that McCarthy needs to be dealt with in this debt ceiling.  President Biden doesn’t know what country he is in and requires the hep of an eight year to let him know he recently visited Ireland.  In addition, further proof media is coalescing with President Biden is providing him cheat sheets on questions, and doing cut jobs on his opponents including RFK Jr.  RFK Jr announcing his candidacy immediately gets 20% of the democratic vote with Marianne Williamson getting an additional 10%, opening up the opportunity for a more mainstream candidate to enter the race. 
Hearings on Capitol Hill provided a lot of interesting topics, including a former Social Worker calling the United States a middle man in sex trafficking and child slave trade.  Randy Weingarten said she had nothing to do with the closing of schools during the pandemic contrary to the evidence provided.  

​We are a quarter of the way through the year. We are leaving the colder months of the year and entering the budding of the rest of the year. In the first four months we have had some amazing accomplishments:

1. Record number of Attendees to our State Conference
2. Over one hundred legislative interactions at our Day at the hill, and more after that
3. Several testimonies already at the state house in defense and in support of bills we are watching – Thank you to all who have led this.
4. Over forty-five new members joined NAIFA Texas
5. Great activity within NAIFA Texas with some great programs from Harbor Life, NAIFA Fort Worth, NAIFA Dallas, NAIFA San Antonio and more to come.

We have also been very busy making minor tweaks to the organization to make NAIFA Texas even stronger for you and protect our rights as part of the National organization.  This culminated in a successful vote for bylaw changes that will make us stronger and help us grow faster.
We are still having issues with the back door though. As we enter Spring going into Summer everyone is engaged in their practices, in outside activities, and wanting to be a part of something. I would like to have one ask, anyone with a conference room and video connection, please host a NAIFA Live event on the third Thursday of every month. Invite prospective members, invite current members, let us go to the micro level here and go back to our roots as an organization growing from the bottom up.  I am hoping for past leaders and future leaders will invite just 2 people each month (1 prospective and 1 existing member) think about how that might grow.  Let us know you are interested in attending and hosting and we will advertise and support.
Who wants to lead this effort? We can all do it. I’m inviting 4 people to my office for a viewing in May, can you match me?
Lastly, may bring us Congressional Conference in DC, with a huge attendance already occurring. This is an opportunity to grow and bring more people into the fold about what NAIFA does.  If you cannot make it, then discuss and engage with other members about attending.
As we move out of April showers and into May flowers think about what you can do to further blossom your practice, your industry, and others. 

​As we conclude March and head into April, we leave March like a Lion having walked in with excitement from our conference.
March also brings us the March Madness tournaments for men and women, and is a great month to further launch the year. There is still a lot of work to do though but we are in the right position to have a successful year and win our “championship” this year between us and Florida and the rest of the association.
As I mentioned at the conference there are 3 strategic priorities for NAIFA Texas this year: Membership, Membership Engagement, and Advocacy.  Advocacy is our strongest leg so far this year as we just completed our state advocacy day and on the way to our Congressional Conference in May.
Membership engagement, thanks to the strong work of our committee led By Rick Demko, is hitting its stride with programs, meetings, and engagement.  We have several meetings scheduled to support your practice and help you grow further, an advantage of being with NAIFA Texas.  Also, if you haven’t already check out the multitude of benefits that are available to you as a member of NAIFA. 
Another part of membership engagement is making sure we have the right governance to thrive as an organization.  NAIFA national has asked us to change our bylaws and they provided us with a model.  Your state board has been very diligent and has worked with NAIFA National to come up with wording and a document that helps us better serve you and meet the needs of all members and the objectives of NAIFA.  There will be a vote at the end of the month, we will be hosting 2 town halls regarding these changes on April 11 and April 13.
Growing our membership is where we need to focus the team.  We have the right team leaders in place, including Jay Moyer our state membership chair and great things are happening.  Let’s talk up NAIFA Texas and how we can continue to win.
There are three simple things we all can do to be the leaders we know we are and win that championship for 2023.

1. Recruit 180 new members, that is 15 a month, we are currently on pace for 15 a month, so let’s keep it going.
2. Re-Engage 150 past members.  Our industry needs everyone of us to work together and be apart of this association.  There are state challenges and federal challenges, we win in numbers.  If we all reach out to one past member and encourage them to rejoin, and then ask them the same, we become a stronger organization.  Let’s grow back to 1,400 by mid-year, so we can grow from there.
3. Be a Pac Defender at $8 a month or increase your monthly contribution, we need to all work together and help grow the association in all parts.

As we enter April we are firing on all cylinders as a team looking to bring to you a top-notch organization.  As we work together as a team to engage, advocate, and grow, we will be stronger and will march our way to the championship at the end of this year.  We are well on the way to winning the championship this year.

Mike Lindell needs to hock more pillows, slippers, sheets and towels to pay off someone that proved him wrong proving business and politics don't matter, hope he can do it after being cancelled in the retail world.

Elon Musk and SPace X launched a new rocket, nd were ectstaic as it only lasted 4 minutes, more than most lanuches in the male dominated room, and got some fantastic data from it, proving we all can get excited on a failure to launch making all men very happy as long as we get good data

Fox News saved their brand names by settling a lawsuit with DOminion at 5 times Dominiions actual business value, but depriving the AMerican Public the comic relief of a trial and the taking down of some thier profitable personalities.

Supreme COurt allows abortion Pill to continue until it can be heard in the fifth circuit appeallate court .  WHistle blowers are yelling loudly that the Bidens are corrupt and that they lied in 2020, will this be much ado about nothing or will there be some awakenings in Washington.  Proving to me at least, We the People, is no longer true but has been revised to We the People as long as we in power agree. 

​I was talking with someone the other day and they were saying that they supported the tax increases for everyone on their income.  And I truly feel that in order to get out of the problems we are in financially there needs to be a balanced attack on our deficit and our budget and we need to drastically reduce spending but also we need to increase revenue, my thoughts are in a flat tax (which I will discuss in a later entry).  However, as I was thinking about this conversation and discussing with my wife, I started to think about all the taxes I pay throughout my daily life and started to really think do they really need to raise my taxes or just get better on how the spend the money.  I did this little exercise using my client’s average income and also the median income of the citizens of the United States.
So first let’s define what Taxes are.  Taxes, according to Dictionary.com and Webster’s is a sum of money demanded by a Government for its support of specific facilities and services through income, payroll, property taxes, sales taxes, etc….  Also it is a burdensome charge, obligation, duty or demand.
The following is an example of the taxes someone pays on an annual income of $100,000 residing in the great state of Texas.  As everyone’s spending habits are different and not everyone has investments or owns property I used average prices and numbers.  Please note on property taxes, even if you don’t any land or property you still pay property taxes as it is calculated into your rent you just don’t get to deduct it.
Also note I am not a Tax Preparer and do not advocate any tax planning advice in this post.  The numbers used are averages and everyone will have different numbers and I ask you to consult a tax professional for specific tax advice.  This is on a fictional person in Texas making $100,000 gross income through a W2 system.  All numbers below are based on Annual numbers.
$100,000 income
-$5,436 in Property Tax (Texas median Tax rate is 3.2% on a median home price of $169,900 in 2012 according to Zillow.com)
-$28,000 in Federal Income Tax  (assuming 2012 Rates)
-$100 inspection and Car Registration
$6,200 Payroll Taxes (Including SS, FICA, Medicare etc…  Based on the Fiscal Cliff Bill passed January 1st 2013)
- $1,996 – Gas Tax (Texas gas tax including 18.4 cents of Federal taxes for a total of 38.4 cents per gallon according to the American Petroleum Institute times 100 gallons a week used for 52 weeks according to Triple A.) Note- You could pay more than this depending on length of travel, type of vehicle, etc…
$0 – State Income Tax (Texas has no State Income Tax, but you need to check your local states and municipalities as some have additional income taxes based on income level)
- $100 Interest Income Tax (Assuming an average savings account and investment account paying dividends)
- $1,000 Capital Gains Tax (Assumes average non-qualified investment activity resulting in Capital Gains.
- $480 Phone/Cell Phone/and Cable Taxes and usage fees (According to Federal Communication Commission).  Please note these are based on federal fees, states and local municipalities may have additional charges.
- $7,712 in Sales Tax (According to Forbes.com in 2010 the average Sales Tax levied in United States was 9.64% the highest rate found was 13.65%.  According to the U.S. Retail Association the average person consumes 80% of their gross income annually.  Of course spending habits are different for everyone so these numbers may vary)
-$900 Credit Usage Taxes (According to FCC average credit card is 3% and since most purchases are on credit and most people carry debt I used this times the average credit card debt of $30,000
Leaving you with $48,076 that you use for consumption, savings etc…
Some things not considered on this number are pre-tax deductions like a 401(k) and certain insurance deductions out of a paycheck as those vary widely depending to choices and could potentially reduce taxable impact.  Again consult a tax advisor for specifics to your situation.
In addition, using the above definition of a tax is a sum of money going to a government or a burdensome charge obligation duty or demand here some additional fees and taxes that you might pay that would further increase the amount of money you pay in taxes. 
Professional Association Dues
Professional License Registrations (i.e. Doctor, Lawyer, Financial Advisor, Real Estate Agents, Contractors, etc…)
HOA/COA Dues
Union Dues
Pet Tax
Facility Usage Fees
Gym Fees
Hotel Taxes if you travel
Airport/Airplane Taxes if you travel
Local Taxes
Estate and Inheritance Taxes if you’re lucky.
So after assessing these numbers knowing that I may have missed some and overestimated or underestimated on others utilizing median and average numbers I have realized that while I think we need to increase revenue at some point so we can pay down the debt, the government already gets way too much of my money as a whole, while recognizing not all of the above charges go to the Federal Government but some to the State Government, they need to really figure out how to best utilize the money they get not keep raising taxes and not adjust spending.  After looking at the above numbers, 52% the above income is eaten up by taxes.  When looking at my situation, my wife and I have over 63% of our income going to some form of taxes which is ridiculous.
 
What strategies do you have to minimize tax implications for your financial strategies?  You should consult a tax advisor and a financial advisor to identify specific strategies to potentially reduce taxable load.
 
Hopefully this was as eye opening for you as it was for me.  If I missed anything please let me know, and please comment on your thoughts.

Are you launching a home-based business? As you navigate the planning process, you might notice that your home isn’t quite fit to accommodate both your business and your personal life. Whether you need an extra room for an office, space to store inventory, a workshop to craft your products, or a client-friendly area where you can hold meetings, moving might be the only way to get what you’re after.
 
Of course, moving while you launch a business isn’t going to be easy. To help you get through this process with minimal stress—and ensure the home you wind up in is perfect for working and living—check out the following advice from Solve Ur Puzzles.
 
Look for Properties with Business-Friendly Features
 
Before you begin the house-hunting process, write up a list of features that your new home must have. Remember to account for the needs of both your business and your family. Getting these necessities down in writing will help you avoid falling for a beautiful home that doesn’t check all of your boxes. Plus, you can share this list with your real estate agent to make house hunting a breeze!
 
The business-related features you need will depend on the type of business you’re launching, your personal workflow, and a number of other factors. For example, if you’re starting a local service-based business and you need somewhere to meet with clients, look for a home with an exterior building that you can turn into a workplace.
 
Your real estate agent can help you find homes that meet your requirements within your budget. Buying a home that needs some work is another way to save money on your purchase, as long as you know what you’re getting into. Be sure to consult an inspector and a lawyer before buying an “as is” property. Alternatively, a larger apartment may be in order, particularly if you’re a single person. Talk to your agent or check out local rental listings to find apartments with the square footage you need in the neighborhood you desire.
 
Keep Your Business Simple for Now
 
You can spend months perfecting your product, or you can start small and launch as soon as possible. As CodeFirst explains, launching with a minimum viable product—the most basic version of your idea—is a great way to get your product to market quickly and start generating feedback from real customers. This will help you learn what your customers want before investing in a polished, full-featured version of your product or service.
 
Similarly, avoid spending a lot of time preparing your business for launch. You don’t need a fancy website, a formal business plan, or a major startup loan to launch your business. Build a simple website on a platform like Squarespace or Shopify. Write up a simple, one-page business plan to guide your decisions. Keep your costs under control so you can fund your launch with your savings. Keeping things simple is essential when launching a home-based business on your own, especially if you’re moving at the same time. Once you’ve got your sea legs, then you can then turn to professional help like Solve Ur Puzzles to help you come up with a solid business strategy that sets your venture up for success.
 
Outsource Your Moving To-Do List
 
You don’t have time to tackle everything on your moving to-do list and prepare a business for launch. Thankfully, you can outsource all of those moving projects that are taking your focus away from your business. Hire professionals to pack up your belongings, prepare your furniture for transport, load up your moving truck, and transport everything to your new home. Once they’re gone, hire cleaners to tidy up your home for the new owners. You may also want to hire people to deep clean your new home before you get settled. If you have pets, hire a pet sitter to take your furry friends for moving day so you have one less thing to worry about.
 
Starting a business and moving to a new home are both incredibly exciting events. But they’re also stressful. Put the two together and it’s easy to feel overwhelmed! Keep everything as simple as possible so you have the time and energy to navigate both of these demanding projects.

​Technology:  Using it or Losing it
 
Technology has different meanings for different people and different uses within different industries.  Some examples of technology meanings are below:

• Zillenial/Millennial – Technology moves easily and efficiently, it is the life bread of their whole life
• Baby boomers, Gen X – Computer, maybe a smart phone, some applications, and using some tools
• Computers – Laptops, Tablets, Desktops.  Uses differ by age
• Smartphones, smartwatches, etc – adopted more by younger ages, and used by all.

Different industries use technology in different ways and adapt differently, however in the financial industry, technology is sometimes a dirty word.  Most companies are behind the times, for a few reasons, while technology is growing and adapting faster than the industry.  Some reasons for technology to be slower to adapt to in the financial industry are:

• Rules and regulations – FINRA and SEC and other regulators are still enforcing and looking at rules from the 1980’s or earlier, for example marketing was meant to be paper advertisements not social media, and other posts, or videos, yet companies are regulating all these under the same rules form the 1980’s.  Rules are slowly changing, since now you can have skill endorsements and referral comment sin Linked In, whereas 5 years ago you couldn’t.
• Costs – a lot of the software and hardware infrastructure is older, and costs are sometimes prohibitive to fix or bring the technology into the modern age with all the requirements.
• Security – Client and adviser security is increasingly important currently, and whatever technology is adapted must be strong and protected against the potential attacks.

In a survey of over 10 MM consumers, with 5mm responses in 2020, below are responses about how consumers use technology.  There was an equal distribution among age groups, ethnicities, gender, and other demographic information.  The statistical range was a margin of error of 2.5%
In Graph 1 below, the survey results looking at how interaction was made with technology depending on different age groups.  A very interesting diversification among the different technology categories was interesting.  As expected, older ages used phones more than Face Time or other forms of communication. 
However, middle age groups are equally distributed among other categories and this makes it a little difficult for advisers to understand whom to talk to and when.  The best way is to understand the different interaction categories and then identify different ways to regularly communicate and interact.  Just like in years past if you asked clients and prospects how to communicate, they will tell you, and then you can meet with them in different locations.
Graph 1

Understanding the interaction and the different tools, will help you communicate with different clients and prospects in a way that can help you better communicate. An interesting way of communication interaction was texting, Facebook LinkedIn, and twitter communications.  Some of these programs we cannot use in the financial industry as the communication does need to be recorded and companies will not allow certainties, like what’s app or snapchat for those reasons.  Looking at that, it might mean we would lose out on communicating with certain groups because of that.  However, this is the preferred interaction method, not the only.  Thus, we need to do explanations of what we can and cannot use and give options and choices of how to interact and let our clients pick what is most comfortable.
Graphs 2 and 3, show how clients want to interact with individuals and more importantly with us as advisers.  You will see Grpah 2 shows pre-covid interaction requests, and now in Graph 3 how clients want to interact and discuss with clients to meet with them.
Graph 2 and 3

              More and more clients will want web and face time.  Our industry will require some face-to-face meetings and yet as you can see more and more clients want to meet via other means.  This is for different reasons including:

• Disease and concerns
• Time:
  • Meeting electronically for check ins and other shorter means, is more efficient for the adviser and for the client, rather than have long meetings more meetings can be had and more information disseminated.
  • More frequent communication
• Communication purposes
  • Easier to communicate, and have more details
  • Share things on screen
• Efficiency

 
Technology can be used in many ways in interacting with clients, plus also marketing in developing new clients.  So often our industry relies on old methods like seminars, or referrals.  However, cleints, varying by age want to learn about you in different ways, as seen in Graph 4 below.
Graph 4

       As can be seen in Graph 4, younger ages want to see and hear about you through their own research. What this means is that you need to have a strong presence on the internet and in videos and other digital tools.  The more people can see you, hear you, and have a conversation and build a relationship with you without talking to you.  So the more you do webinars and record videos and other ideas and concepts, which give insights, you will attract younger clients.  Though, you do not want to forego everything traditionally marketing either, as other age ranges want to connect and learn about you in other means as well.
       As can be seen technology can be very helpful, but it can also be complicated. What steps should advisers take to adapt and utilize technology:

1. Understand your niche and where they use technology and how
2. Set Goals and ideas about your business
3. Create specific plans to reach out
4. Build a team and systems to reach out to different people and different age groups

It is your choice to develop and build your business the way it needs to be built for you and your practice.

Photo via Pexels
 

 
As we come out of the pandemic, business owners and prospective entrepreneurs are itching to get back out there. But the world has changed a lot in the past year. Social distancing requirements and lockdowns have created a whole new world of consumer needs. While these changes have forced new challenges on small businesses, they’ve also opened up many new opportunities for entrepreneurs.
 
Building a thriving business in the post-COVID era is all about innovation. How can you fill a new, unmet need in the wake of the pandemic and convince consumers to choose you over your competitors? Take advantage of new market demands, build an engaging brand, and implement the latest and greatest tech tools to ensure your shot at success. Here are some tips from the business strategy and coaching firm Solve Ur Puzzles!
 
Embrace Technology
 
Technology saved countless businesses from the threat of complete shutdown during the pandemic. Thanks to digital tools, online apps, and automation software, many businesses could continue serving customers despite social distancing restrictions. This trend towards digital services isn’t going anywhere! If you want to thrive in the post-pandemic era, embrace tech tools to streamline your business and better serve your customers.
 
Digital tools can help with everything from marketing to payroll. For example, an online payroll platform will help you run payroll faster and save money on your accounting costs. Look for a platform that offers same-day direct depositing payroll for employees to ensure that your valuable workers always get paid on time.
 
Meet New Customer Needs
 
The pandemic forced consumers to adopt new ways to shop, work, socialize, exercise, learn, and more. Before the pandemic, many people were happy doing things the traditional way, like shopping at the grocery store or visiting the gym. But now that everyone has had a taste of quick, easy, and convenient alternatives—think grocery delivery apps and virtual fitness classes—these digital options have become the norm. Jump on the bandwagon! There are still plenty of open opportunities for businesses to create new digital channels.
 
Prioritize Your Branding
 
In the wake of the pandemic, people are craving a sense of connection, community, and authenticity in their interactions with businesses. Building an engaging brand around your business is critical for standing out from the crowd. Try to think of your brand as the personality of your business. It’s what makes your company unique and interesting to your target audience. Come up with a brand narrative that defines your mission and values, then use your brand identity to develop your messaging and tone to ensure consistency across all platforms and marketing channels.
 
Build a Community
 
Building a community around your brand is a great way to develop a loyal follower base. Sprout Social explains that people in your brand community are emotionally invested in your business and feel a sense of connection with your other followers as well. One way to build a community is to create a social media account or group where your followers can interact and share engaging content with each other. Regularly engage with your community members and keep giving them new reasons to stay involved!
 
Support Your Team
 
The pandemic exposed traditional employees to the benefits of remote work, and many are reluctant to return to inflexible schedules and fully on-site employment. Consider the advantages of giving your employees the flexibility to work from home, at least part of the time. As TalentLyft explains, offering remote work opportunities will benefit your business in numerous ways. You’ll save money on office expenses, your team will be more productive, and you’ll face lower rates of worker turnover. You’ll also have an easier time recruiting top talent to support your growing business!
 
The end of the pandemic is a blessing to small business owners everywhere. While the business landscape has changed significantly over the past year, there are numerous opportunities for entrepreneurs to fill new market needs and make lasting connections with customers.
 
Looking for business advice? Solve Ur Puzzles offers business coaching services to guide you through everything from business plan writing to strategic development. Check out our website to learn more!
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May 10, 2021
 
Congressional Conference: NAIFA’s May 25-26 Congressional Conference is less than two weeks away. If you haven’t already, please register now for this all-online virtual conference that will be key to a successful defense against adverse tax proposals that could hurt permanent life insurance, investments, health insurance, and employer-provided benefits. 
 
We now know the tax increases President Biden is proposing: an increase in the corporate and top individual tax rates, repeal of step-up in basis (potentially with a rule that makes transfers at death taxable events), and a hike in the capital gains tax rate. We also know that Congress will write the actual legislation and that more adverse tax proposals may emerge from that process. We already see proposals to add a wealth tax and a financial transaction tax (FTT), to tax annual gains in investments (that could include permanent life insurance), whether or not the asset is sold or the gains are otherwise realized, repeal or modification of the Section 199A 20 percent non-corporate business income deduction, and changes to estate tax planning techniques. Any of these could find their way into the legislation Congress will be crafting and considering over the next few weeks.
 
Tax: Congressional tax writers report considerable push-back on many of the proposed tax increases in President Biden’s “Build Back Better” initiative (the American Jobs Plan/AJP and the American Families Plan/AFP). Among the proposals getting stiff resistance are the 28 percent hike in the corporate tax rate (although at the moment, it does appear that Congress may accept a 25 percent corporate rate, which would be up from current law’s 21 percent), the repeal of step-up in basis (and the likely rule that would go with it that would trigger tax liability on inherited assets at the time of inheritance), and the increase in the capital gains rate (to 39.6 percent for those earning $1 million or more in a year).
 
Republicans are united in opposition to changing any of the 2017 tax reform law’s rules, but some Democrats are also expressing skepticism over these proposals. And Democrats can’t afford to lose any votes in the Senate and only three in the House. 
 
Plus, we don’t yet know what other adverse tax proposals will emerge (although it’s a very good bet that more will become part of the Congressional legislation). The possibilities are many (and scary): a wealth tax, a financial transaction tax, estate planning (trust) rules, a change in the 199A 20 percent deduction for non-corporate business income, an investment income tax, more rate changes (especially in the estate and gift tax), etc. How extensive the risk we face is should become clearer by mid-summer, if not sooner. Stay tuned.
 
Worker Classification: Last week, the Department of Labor (DOL) officially and formally rescinded the Trump-era worker classification rule and promised vigorous enforcement of the historical multi-factor control test that has governed whether a worker is an employee or an independent contractor. DOL stopped short of saying they would initiate a new rulemaking initiative, but Washington insiders expect the Department to do just that—with California’s ABC test (without California’s exceptions, including for insurance agents) as their starting point. We’ll keep you posted as this issue develops.
 
Retirement Savings: Last week, on a unanimous and bipartisan basis, the House Ways & Means Committee approved H.R.2954, a second-generation retirement savings bill usually referred to as “SECURE 2.0.” The “Securing a Strong Retirement Act” (the bill’s official name) makes 42 largely helpful rules changes to enhance retirement savings opportunities. SECURE 2.0 is now ready for a vote by the full House, but as yet, no date for House floor action has been set. The bill does have widespread bipartisan support, though, and is expected to pass when the House votes on it.
 
Among the provisions contained in H.R.2954 are:

• A rule that would require new 401(k) plans to include an automatic enrollment provision—subject to a rule that allows employees (participants) to opt-out

• An increase in the age at which required minimum distributions (RMDs) must be taken from 72 to 75 (phased-in—the age would go to 73 in 2022, to 74 in 2029, and to 75 in 2032)

• An increase (to $10,000) in catch-up contribution authority for those aged 62, 63, and 64—under Roth rules—for 401(k) and 403(b) plans, and to $5,000/year at ages 62, 63, and 64 for SIMPLE plans; in addition, the bill would index the IRA catch-up contribution limit for inflation

• A reduction in the time a long-time part-time worker must work prior to being eligible to participate in an employer’s retirement savings plan from three years to two years 

• Authority for 403(b) plans to participate in MEPs and PEPS (Multiple Employer Plans and Pooled Employer Plans)

• Enhancement of the small employer retirement plan start-up cost tax credit—the tax credit would increase from 50 percent to 100 percent for employers with up to 50 employees, plus the amount of the credit would be increased for five years by a percentage of the amount contributed by the employer to its employees, up to a per-employee cap of $1,000 (the percentage starts at 100 percent in years one and two and phases down by 25 percent per year until year six)

• A rule that would allow student loan payments to qualify for employer matching payments

• A rule that would require plan statements to be distributed on paper once per year (quarterly statements could be transmitted electronically)

• A missing participant program administered by the PBGC (Pension Benefits Guaranty Corporation) that would make it easier for plan participants to find “missing” vested retirement benefits—this provision also increases the mandatory cash-out cap from $5000 to $6000
• Modification of the rules that allow direct-from-the-plan contributions to charities that would comply with the RMD rules

• Modification of the error resolution/excess contribution rules that would reduce the penalty for corrected RMD failures to 25 percent (10 percent if correction is within two years of the error)

• A new start-up rule for 401(k) plans for the self-employed and single-employee LLCs

The sponsors of H.R.2954 – Ways & Means Committee Chair Rep. Richard Neal (D-MA) and Ranking Member Rep. Kevin Brady (R-TX) – have been working with their Senate counterparts, and so this bill has good chances in the Senate, too. There will no doubt there will be changes made Senate-side, but there is considerable agreement already between the two legislative chambers. Senate staffers tell us they expect the Finance Committee to consider the Senate version of the bill later this summer, or perhaps in early fall. They expect the bill to move under regular order (i.e., outside of reconciliation and with substantially more than 60 votes). 
 

 
NAIFA’s Monday Morning Memo is a weekly update memo prepared for NAIFA’s Government Relations Leadership by Danea M. Kehoe, of Counsel to NAIFA. Comments contained in the Monday Morning Memo will be topical, timely, frank and - as they are intended solely for the members of the Government Relations Leadership – Confidential and Privileged. All Government Relations Leaders with questions or comments may e-mail [email protected].

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​Why Disability Insurance is Important:

This chart based on Gen Re Research, tells us:

1. In a time where people were really worried about getting sick and not being able to work, there was uncertainty about jobs, but advisers weren’t talking about it.
2. When You compare DI policies to individual life policies sold in the same period DI is the stepchild, as in 2019 almost 2MM life policies were sold and in 2020 over 2.4MM life policies were sold.
3. There was a significant drop in in force policies as people lost jobs, retired, and conserved expenses
   1. This is an opportunity to reach out to folks today
   2. Growth opportunities are there
4. Total in force individual policies for DI, including BOE, IDI, and Buy/Sell are slightly more after years of selling than what was sold for new policies in life in one year.
5. Of the total policies sold, here is the breakdown:
   1. IDI – 85%
   2. BOE – 13%
   3. Buy/Sell – 2%
6. Business Owners aren’t covering their business properly
   1. With only 13% of all DI policies from BOE, overhead is not being covered threatening a business owners’ business if they are sick or injured.
   2. 58% of all businesses have partnerships, and very few are covered in the case of a disability.

Notable DI Statistics:

• 51 million working adults in the U.S. with $75,000 or more in income are without disability insurance
• 25% of todays 20-year old’s will be out of work for at least a year because of a disability.
• Around 40% of disability insurance are declined, modified, rated, or only accepted with an exclusion
  • Underwriting is different than Life.  It is why you need an expert who:
    • Knows the different products
    • Gets the policy pre-screened
    • Can get the medical history upfront
• Almost 90% of long-term disability claims are caused by:
  • Illnesses
• Only 10% of long-term disability claims are caused by
  • Accidents
• 25% of short-term claims are from pregnancies – Some Companies now cover that for Long Term Disability
• The Most Common reason for a long-term disability claim to be filed is Musco-skelteal at 29%
• Only 3% of all workers have group insurance, which is not always sufficient.  To get them Individual coverage to supplement their group coverage, Use our DI express program.  Schedule here to learn how.

LET ME HELP YOU DIRVE YOUR DI BUSINESS, GIVE ME A CALL TO TODAY AT 512-680-6851 OR SCHEUDLE A TIME HERE.

Marketing in the new digital environment


On April 14th you heard from three fantastic speakers about how they have built their practices in the virtual world.  There are many things you can do to run a practice in the virtual world.
First, understand what resources your company has for you and your practice.  You will want to utilize those first, and then build form there.  Second, assess your practice.  Not everyone will want to meet virtually for many reasons.  Understand what they want to do, and adjust your practice to that.  Third identify your prospects and how they want to meet you and interact with you.
I work a lot with small business owners and millennials.  These individuals like to find things on their own and on their own time.  Whether it be through groups they are involved in, their own research, or through referrals.  Understanding where people will be, will help you in the digital world.
Here is my detailed strategy for marketing.  Understand that you may have to clear some or all of this with your compliance department, and that you may have to adjust it to your practice:

1. Daily, write a post about something, most recently I wrote a post asking for people to vote on my puppies for cute puppy contest.  This can be business or personal, or musings, but be direct about it, and make it a tie in to what you do.  I call my puppies my coworkers, and said help my office become an award winning office.  This draws people to you.
2. Record 1-2 minute videos directly on linked n about a topic.  I make my topics about working with teams, and building a practice.
3. Record longer videos, these I have to get approved through compliance, about important topics.
4. Reach out to people I am connected to daily, and have conversations about things they are doing.
5. Search for people that fit my ideal profile on Linked In, and connect with them and build relationships
6. Keep it going

I do use static posts as well, but have found that the more dynamic I can be and interactive the better success.  I also use a calendar to make sure that I am consistent with everything.  Building a calendar of consistency is extremely important and building the demand people want.

​What makes a customer a client?  What make someone that has never met you, or even may know you for a while, want to work with you?  How do you find the right clients, and find the people that you want to work with?
 
Many advisors/agents have asked themselves these questions but they are doing nothing about it.  Maybe they are following the same old process, or no process at all.  The world is changing, and we need to adapt.
  
I think the best way to build a client base is to have a proven process. Through a lot of trial and tribulation, I have developed a 7 step process that can be adapted and can be used to grow your business.  While I have used this in an advisory practice it can be used in any practice or business. 
 
The following briefly illustrates each step:
 
The 7 Step Client Acquisition Process:

1.    Initial Contact- The key to the initial contact is to "Create the Puzzle Picture" for maximum results. You want to make sure that you have an effective way to explain your message and help the prospect see why they should want to listen.
 
2.    Needs Assessment- Finding the need and filling it is an important step in the process because without it you are no different than any other financial advisor who is calling. You must show your value by uncovering problems and presenting solutions. This is about identifying the different puzzle pieces and creating a picture in your mind of how those pieces will fit together.
 
3.    Setting and Reconfirming the Appointment-Setting the appointment comes down to simply asking for the order. Prospects are notorious for setting an appointment and not showing up! You need to on the first call identify the puzzle pieces and how you can help them, then in confirming and follow-up bring them back to those puzzle pieces, and that you can put them together.
 
4.    The 1st Appointment- Now that you have the first appointment it is crucial to make a good connection with the prospect. People tend to work with people they like, and people tend to like people who are like them.
 
5.    Book the next Appointment- Always book the next appointment, before you end the appointment.  Have a set confirmation process like in #3 and connect the puzzle pieces and the solutions you have described.
 
6.The next Appointment- If you have made it this far, it is time to  
       close the prospect. And get referrals. Most advisors think that closing the sale ends with the second appointment but they are missing a very important step which is continuing the prospecting process by asking for referrals.
 
7. Client Servicing-Client Servicing can make or break your          
       business. It is easier to keep a client than get new clients, so need to have a service system to keep people involved.
 
You do need to use a CRM and keep track of everyone, but this is part of the process.

​ 
In today’s ever changing world certainty is extremely important.  When it comes to portfolio diversification, certainty is even more important.  Notice I did not say guaranteed, even though what I will be talking about today is a guaranty strategy, we are looking more for certainty with investments and portfolio diversification.  I have talked about in previous articles and I will discuss in future articles life insurance as an asset class.  Dick Weber did the research on this showing how in a randomized experiment at a max funding of a 40 year old male preferred non tobacco at 5.15% only 97% of the time did an Indexed Universal life last over age 100.  Many people in the insurance industry state that a permanent plan is there to help protect against not knowing when one is going to die.  That is why I take Life Insurance as An Asset class to a higher plane and feel it can be used in many situations and utilizing an indexed universal life policy along with a whole life or guaranteed universal life, if you are only looking for death benefit, along with term is a good diversification of the insurance solution.
Today I want to go a little further.  In today’s environment, investors are often looking for certainty from their investments, but by doing so they give up something, whether it be liquidity, return or tax treatment.  What if I could show you a strategy that may not be completely liquid today but has certain returns and could be a replacement to a bond or unused cash portfolio?  This is where the 10 pay strategy comes into play.  There are two companies, open to the independent world, which do this strategy really well.  There are multiple ways this can be done, through an immediate annuity paying premiums, a premium deposit account, or manually, all the ways you are using a 10 pay life policy, and the premiums are amortized out over 10 years.  You earn money on the lump sum and in the cash value of the policy.  You also start getting certain returns based on dividend scales and it develops into a larger opportunity for you.  The money is also liquid, although you forfeit interest return in the PPIA, the SPIA is more locked but you are getting a set return as well.  Both strategies work it just depends on what you and your client want to accomplish.
 
To learn more check out the podcast page at www.solveurpuzzles.com, or give me a call at 512-428-4145 to discuss.

4 Deadly Advisor Sins
 

 
In the day to day world of financial advising and insurance sales there appear to be many mistakes that are made.  One that has beocme very popular as of late has been that of huberis.  You see many advisors getting punished for being to greedy and too cocky and pulling scams on their clients.  In the general scheme of things these afvisors are a minor part of the advisor community but they put a large black stain on our community in general and make the public distrust us even more.  However, there are four sins that we do everyday that are much worse but just not as publicised as their immediate cause and effect are not as eggregious or obvious as embezzlement but they are still tragic.
The four deadly sins are:

• Assumptions: To get through case design practices and to see the number of clients we need to do to acomplish our goals, we often make assumptions.  These might be right and they moght be wrong but they are done with good intent to move the scenario along.  The problem with assumptions is they may be based on facts but are they based on all the facts.  Slow down and take your time and find the right needs for the clients.
• Cookie Cutter Approach:  Just like assumptions, cookie cutter approach is done to save time.  Too often advisors recommend the same product mix for every client of the same circumstances.  The problem here is that one might miss nuances.  It is easier to provide a cookie cutter approach to clients, but not always right.  Take your time and slow down.  Take a look at each client and figure out where it needs to be.
• Do it Myself Approach:  We are supposed to be the experts.  As advisors we are the resource but we can’t know it all.  Team up with people to learn more and figure things out.  You don’t have to do it yourself you can team up
• Analysis Paralysis:  This is the most common problem for advisors.  We can get too caight up in the analysis.  This is where having a team that you can talk with and help do objective analysis to create the right decisions for the client.

Really simply, it is about taking your time and finding the right tools to help you and your clients.
 
Rodney Mogen, is the president of solveurpuzzles, a business focused company.  Helping Financial advisors and insurance agents solve their case troubles and issues.  Rodney is also a small business advisor focused on developing financial strategies for small business owners and helping them develop their own strategy and ideas to grow, sell, develop the way they want.  He is focused on creating proper financial strategies for Advisors and business owners to assist them in their day to day duties by solving their financial puzzles.  Rodney is also the Director of Financial Strategy for The Evans Group.  Check out more information at www.solvurpuzzles.com and the financial strategy work for The Evans Group at www.financialselectservices.com.
​

​What does Disability Awareness mean to you?
 
May is Disability Insurance Awareness Month or DIAM.  What does Disability awareness mean to you? Awareness might mean different things to different individuals.  As an adviser disability insurance is not something often talked about.  When compared to life insurance and even long term care, individual disability insurance and subsequent products are not discussed or presented to clients as much as they should.  Awareness comes in three parts, 1 educating ourselves, 2. Educating our clients, 3. Being able to understand the companies and their languages
Think about when you last presented an individual disability policy?  In my seminars and webinars I always ask who has presented an individual disability policy in the last month, 90 days, and 6 months, usually in a room of 20 or more 1 – 2 agents raise their hand for 6 months, 1 for 90 days and usually zero for last 30 days.  Thus, awareness needs to start with us, the agents.
I am focusing on individual disability insurance because a lot of workers have group insurance available, although a recent study by LIMRA from 2019, shows that less than 3% of all eligible workers have either group or individual disability coverage, and less than 1% have proper coverage they need. 
With DIAM coming up in MAY, what are you doing to talk to your clients about their income protection?  Some of you may not have a practice where you work with working age individuals, but those that do should be having this discussion.  The second part is educating our clients about their current plans and their missed opportunities. 
There are a lot of ways to do this but simply changing the language from disability to income protection seems to be more effective and clients more willing to listen.  Making clients aware of the difference in language between an individual contract and their group contracts, as well as some of the limitations their groups contracts might have is important.
Finally, the third part of awareness can be the most difficult.  There are not as many Di companies out there as there used to be, but there are still several.  Each one has different types of contracts, pricing, and the language in those contracts can be different as well.  Thus there is a lot of work to look at and find the right contract for your client.  Lets strive in May and before May to be come aware of Disability insurance and identify how we can help make our clients aware as well.
 
If you have any questions or I can be of assistance to point you to some resources, please reach out to me at 512-680-6851 or [email protected]

​Ohio National recently announced that they were being acquired by a Canadian venture firm and would de-mutualize.  Ohio national is a strong company with some recognition.  Why did this news cause a stir in the insurance industry?

1. De-Mutualization is a huge deal.  Currently Ohio National is not a stock company, meaning their policy owners are the shareholders, not openly traded.  By de-mutualizing, they become a stock company and the performance of the company on the stock market will be vital to the majority shareholders, whereas as a mutual everyone was equal, now there might be a larger voice that does not put clients first but really outs stock first.
2. As a mutual company, certain rules had to be followed, now there are still rules but the information needed to provide is different, and the focus of the company becomes revenue and stock performance, not policyholder returns.
3. As a mutual company, Ohio National recently came in with one of the lowest dividends for 2021.  With the downward pressure on interest rates, this trend will continue to occur, and it will affect all of the big major mutual over time  Ohio National was going to lose their competitive edge and had to do something in the whole life space.  With that said, they will no longer be a participating policy, and it will affect rates within the whole life market.

 
If you have clients with Ohio National, don’t panic.  Ohio National is still a solid company, and the products are top notch.  However, the promise of their whole life has changed, and there may be a need to look at them.  As an adviser here is what I would do with a Ohio National Whole Life Client:

• Schedule a meeting to discuss the situation
• Do a fact finder and update their situation
• Ake a look at why they have the policy, and what their goals are
• Look at the situation, and provide advice, with the caveat that 85% of the policies are good right where they are at.

If I can help you in anyway, please email me or give me a call at 512-680-6851.