I was cleaning out the IPS server yesterday. Sifting through 25 years of articles, tools, client letters, old power points, etc… I found some old GEMS Lew wrote back in 1999 when we first opened the Insurance Pro Shop. So I wanted to share one of those gems with you… Share this with your clients…
Coach Jeremy
Choosing the ‘Best’ Investment Vehicle
Be careful who you listen to. There is no single financial product or philosophy that is right for every situation. There are generally many ways to address your financial concerns. Remember, all of us, as professionals in the financial industry, are trying to get your business, whether we are bankers, investment advisors, insurance agents, or financial planners. None of us are truly unbiased. We are all trying to make a living. We all believe in what we do and we all believe that what we offer, is the best for our clients.
The question isn’t who do you trust, or how do you find the best investment for your particular situation. For the majority of people, it is a question of starting a savings plan and sticking to it…. The best savings plan (investment), is the one that you start right now. One that you put money into every month, and one where you will leave the money there to grow. In the long run, it doesn’t matter if you use mutual funds, savings bonds, IRAs, 401ks, cash value life insurance, or stuff money under the mattress. What really matters, is the amount you save, the length of time you save, how consistently you save, and whether you leave it there to grow.
General Tips:
- Almost everyone needs to establish a financial foundation of safe money and a minimum of 6 months of income for emergencies. Once this is established, then you can start looking at the other ways to save (invest).
- You should start saving TODAY, with as little as $10 per week, and increase it as quickly as you can until you are putting away a least 10% of your income monthly.
- If you decide that cash-value life insurance is a part of your savings strategy, then do not let anyone convince you to drop or replace it. It is rarely in your best interest. While cash value life insurance isn’t the investment with the best returns, it may be one of the best long-term investments for many of us, because while protecting our families, it forces us to save consistently.
- Recognize that all Mutual Funds and Variable Products involve risk. No one can guarantee that the money will be there when you need it most. Plan on no more than a 10% annual return over the long term. There are over 3000 growth mutual funds available. Very few of them have a long-term history (30 years or more) of performance that is over 10%. No one can predict the future and no one can tell you which funds will be the best performers over the next 30 to 60 years.
- Find an experienced financial professional who will take the time to review your entire situation. Unfortunately, today, most financial professionals (even fee-based planners) tend to focus on one very limited area. Find a financial professional who will take the time to get to know you and your situation and will make recommendations based on what you really want and need.
- Be very careful when listening to well-meaning friends, relatives, and other non-financial professionals. They mean well and may think they know about insurance and investments, but in general, they will give you poor advice for your situation. Remember, no matter how good or how much you trust your accountant or attorney, they are not trained financial professionals.
The lack of a long-term savings plan is one of the biggest problems facing most of us today. We need to get everyone to start saving for their future. Consider, that many of us are going to be retired for 30 or more years. Is social security going to be there, as it is today when we retire? How will income taxes and inflation affect our retirement? Who will have to support us in the future, if we don’t plan ahead now?
Lewis B. Nason Jr. – Founder & President – Independent Agents Insurance Group –1999
P.S – This article and many more can be found on the Insurance Marketing and Sales Resource Center.
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Important Question… Are you in this insurance business to make sales? Or are you interested in helping families? Who do you think insurance prospects want to see? Do they want to meet with an insurance salesperson – or a Trusted Advisor who does their best to help them? When will you decide to make a real difference in people’s lives? The more personal insurance agent training, coaching, and sales support you get to learn how to successfully help families find the money… for a secure financial future. Then the more you will learn how to help yourself and your family! Nothing will change until you decide to take action to make it change!
How To Get Affordable Agent Coaching To Grow Your Insurance Practice! The Savings Crisis in America: Insurance Agents Are on the Front Lines
Forget 401K & IRA’s – You Can’t Retire Early With Those – Life Insurance Retirement Plan
What is a Retirement Plan? 4 Steps to Retirement Planning Success!
Build A Strong Client Relationship: The Role of Compassion and Empathy in Insurance Sales
