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Four Misconceptions about Annuities and Insurance

Lau
 David Lau is the founder and CEO of DPL Financial Partners, a privately held financial services firm that specializes in the development and distribution of low-cost, commission-free insurance and annuity products, for registered investment advisors (RIAs) and individual investors.

Perceptions are changing … and rightfully so.

By David Lau, founder and CEO of DPL Financial Partners, and 
Ross McGoodwin, regional vice president at DPL Financial Partners
The Holistic Guide to Wealth Management

After the stock market swooned (-22% S&P 500) and the majority of bond indices suffered double-digit losses in 2022, protection and income solutions are at the forefront of planning discussions. Instead of these principal protection and income solutions being offered only by commission-based agents, however, now they can be offered by fiduciaries for planning discussions and appropriate implementation.

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According to LIMRA (Life Insurance Marketing and Research Association), retail annuity sales in 2022 shattered the annual sales records set during the global financial crisis of 2008. For instance, fixed-rate deferred annuities totaled $113 billion, more than double the sales in 2021, LIMRA reported. CD alternatives, such as fixed-rate deferred annuities, provide security and tax-deferred growth. I have found this helps clients guarantee upside return, something they are actively seeking after one of the worst years in combined equity and bond performance since World War II. I’ve also found that fee-only options will provide higher rates compared to traditional, commission-based solutions.
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ADVISORY & CONSULTING

Fifteen Age-Based Client Milestones to Cover

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Source: Bento Engine

 

portrait of Philipp Hecker
Hecker
 Philipp Hecker is a co-founder and the CEO of Bento Engine, a FinTech at the intersection of technology and impactful wealth management advice. At J.P. Morgan he founded and led the Wealth Planning & Advice organization. He holds an MBA from Harvard Business School.

Close the advice gaps.

By Philipp Hecker
The Holistic Guide to Wealth Management

Despite the significant growth of the U.S. wealth management industry over the past few decades, the state of advice in this country falls short of its potential. Americans deserve more and better advice beyond just investment-related matters. Several concerning statistics highlight this issue:

  • A Caring.com survey finds that a staggering 67 percent of Americans pass away without a will, lacking even the most fundamental trust and estate documents.
  • An Edward Jones survey finds just one in five U.S. parents have saved, or are planning to save, for their children’s education using a 529 plan. In fact, two thirds (67%) of survey respondents said they were not aware of the features and potential tax benefits of 529 plans.
  • Vanguard data finds that just one in six retirement account holders over age 50 are making catchup contributions to which they are eligible.

Our firm’s research found that three in five investors (60%) who have advisors are not getting the guidance they need about making retirement catchup contributions, while two in five (40%) lack clarity about fundamental decisions around the optimal timing for initiating Social Security benefits.

Imagine what it’s like for the majority of Americans who don’t have financial advisors.
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ADVISORY & CONSULTING

Alan Whitman: Breaking the Mold with PE Backing | Holistic Guide

Ex-Baker Tilly CEO takes helm at a new “category” of CPA firm.

Sponsored by The Balanced Millionaire: The Advisor Edition by Dr. Jackie Meyer | See Today’s Special Offer

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Build a 7-figure firm in just 4 hours a week!

By Rory Henry CFP®, BFA™
For CPA Trendlines

When CPA firms talk about growth, the conversation often centers on acquisitions, headcount, or revenue targets.

But Alan Whitman, the ex-Baker Tilly CEO and newly named CEO of a private-equity-backed hybrid, says sustainable growth requires something deeper: clarity of strategy, shared language, and systems that enable people to perform at scale.

MORE Alan Whitman Plants a Flag in the Private Equity Landscape | Whitman: Build Culture on ‘Progress,’ Not Change | Moss Adams-Baker Tilly Merger: Bigger Isn’t Better. Better Is Better. | Rory Henry and The Holistic Guide to Wealth Management | The Holistic Guide to Wealth Management |

5 Advis-ROR® Takeaways

  1. Growth requires a mindset before metrics. Sustainable scale comes from changing how a firm thinks and operates, not just from chasing revenue, headcount, or deal volume.
  2. Strategy is about direction, not activity. Conferences, outreach, and initiatives only matter when they clearly support how the firm wants to be seen and who it is built to serve.
  3. Systems enable people to scale. Communication, sales, and talent engines allow firms to grow without relying on individual effort or burnout.
  4. Language creates alignment. Clarity about who the firm is and what it does helps teams make consistent decisions and reduces confusion as the organization expands.
  5. Leadership demands clarity over hope. Early success may come from hustle and hope, but long-term growth requires intentional structure, accountability, and shared understanding.

This episode of AFO Wealth Management Forward was recorded shortly before the public announcement of a new professional services platform that combines accounting and advisory firm Nichols Cauley with insurance brokerage Partners Risk Services and transaction advisory firm JGH Consulting. The new platform is supported by a strategic investment from private equity investment firm Madison Dearborn Partners. Whitman was named CEO of the combined platform.  Widely known for his role in helping scale Baker Tilly into a national firm, Whitman says his leadership mindset is focused less on outcomes and more on the conditions that enabled growth.

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ADVISORY & CONSULTING

How Much Risk Do Clients Need?

Three people having discussion at table over document and water glasses

portrait of Aaron Klein
Klein
 Aaron Klein co-founded Nitrogen and led the company to 42 straight quarters of growth as its first CEO. He was named by Investment News as one of the industry’s 40 under 40 executives, and the Wealth Management Industry Awards honored him as CEO of the Year in 2023.

Help them embrace it to reach their goals.

By Aaron Klein and Dan Bolton
The Holistic Guide to Wealth Management

We face risks every day in our lives, from getting into our cars, to eating meals prepared at a restaurant, to flying in planes, to attending parades, sporting events and concerts. Rather than burying our heads in the sand, most of us get on with our daily lives by making calculated assumptions about what risks are safe and manageable and which ones are reckless.

When it comes to our money, however, risk plays all kinds of games on our emotions and often triggers our fight-or-flight response. The Securities & Exchange Commission defines financial risk as “the degree of uncertainty and/or potential financial loss inherent in an investment decision.” In general, as investment risks rise, investors seek higher returns to compensate themselves for taking such risks.

portrait of Dan Bolton
Bolton
 Dan Bolton is vice president of corporate marketing at Nitrogen. He is the creator of the Fearless Investing Summit, one of the most dynamic and well-attended conferences in the wealth management profession, and launched the pre-eminent benchmark Advisor Growth Survey.

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So, if you’re thinking of adding an investment advisory component to your accounting practice, just know that being crystal clear about each client’s unique tolerance for risk is the first step toward getting them invested properly.

What is risk tolerance?

Risk tolerance is an investor’s ability (and willingness) to endure market fluctuations and potential losses without abandoning their investment plan. READ MORE →

SPECIAL

What a Wealth Advisor Is Worth

Two happy businessmen looking at digital tablet at desk in office

PLUS: Behavioral finance vs. behavioral coaching.

By Rory Henry
The Holistic Guide to Wealth Management

Malcolm Forbes liked to say, “Advice is more fun to give than to receive.” But the right advice in the right framework can be invaluable. And sometimes, the best advice you’ll ever receive is what prevents you from engaging in harmful behaviors.

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Michael DiJoseph, CFA, a senior strategist at Vanguard Investment Advisory Research Center, has spent a large portion of his career studying how financial advisors advise clients, how they can get better at providing advice and how we can measure the value of advice because these days, everyone from salesclerks at the mall to NASA rocket consultants seem to have the word “advisor” attached to their job title. More on that in a minute.
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