Make 2020 a SMART Year
January 14, 2020
Happy (belated) New Year! Did you set a New Year’s resolution this year? Have you already broken your resolution? According to Ipsos, a market research company, 38% of Americans planned to have a New Year’s resolution in 2020. Unfortunately, 80% of resolutions are typically broken by the middle of February. No worries – It is […]
Should My Agency Be an S Corp or a C Corp?
November 12, 2019
Recently I spoke at the Independent Insurance Agents (IIA) of Illinois annual conference on financial planning for agency owners. After the presentation which included a discussion on taxes, an owner approached me about the tax structure of his agency. He is currently structured as a C Corporation and wanted to know if that was the […]
Solve the 4 C’s Before Selling Your Agency
September 10, 2019
Last month I had the opportunity to moderate an M&A panel at NAHUs (National Association of Health Underwriters) Annual Conference in San Diego. The panel was focused on what agency owners should look for when considering buying or selling an agency. Panelist Mike Deagle of Benaxis and Lily Lam of OneDigital did an excellent job […]
Theo’s 20% Rule
June 25, 2019
I’m a lifelong Cubs fan as required by my grandfather who took me to my first Cubs game back when you could buy a bleacher ticket for $3 and bring your own cooler full of drinks into Wrigley Field (Grandpa Tom liked his Old Style). Wow, have times changed. My 12-year-old son Kevin and I […]
What Do Financial Professionals Do With That Legacy Whole Life Policy They Own?
June 18, 2019
“What do I do with this whole life insurance policy I have?” I am constantly asked this question when I work with financial professionals (private equity professionals, investment bankers, and asset managers). Within this industry, a lot of professionals are sold this policy early in their career to protect a budding family and save money, […]
Long Term Care: Traditional or Hybrid Policies?
June 4, 2019
Long Term Care Environment Shifting Towards Hybrid Plans When reviewing our client’s insurance coverages, a question we’re often asked is whether to purchase long-term care coverage. To answer that question there are a lot of factors to consider from your family health history to your experience dealing with a loved one going through that difficult […]
Your Beneficiary Designations – Are They Correct?
May 28, 2019
Beneficiary designations are an extremely important component of an estate plan. They are found on many types of assets such as IRAs, 401Ks, life insurance and annuities and designate who receives the asset after the account owner passes away. The primary advantage of a beneficiary designation is that asset ownership transfers without the complexities and […]
Why Are You Looking to Sell?
April 23, 2019
“Hi my name is Chris, John suggested I call you regarding my book of business. I am wondering if you can help me understand what the value of my agency is and what buyers are paying the large multiples I keep hearing about.” Chris is not alone as this is a frequent question from both […]
InvestmentNews awards BDF 2019 Best Places to Work for Financial Advisers
April 10, 2019
Balasa Dinverno Foltz LLC has been recognized as a 2019 Best Places to Work for Financial Advisers as announced by InvestmentNews April 1, 2019. BDF was chosen as one of this year’s top-75 based on employer and employee surveys delving into everything from company culture, benefits, career paths and more. InvestmentNews partnered with Best Companies Group, an independent research […]
Tips for Buying Travel Insurance
April 9, 2019
With Spring Break on the horizon, many families are hustling to pack their bags, load up the family mini-van, and get out of Dodge for the week. And if they’re really in a hurry to escape the never-ending Midwest winter, hopping on the first flights out to the beach. With all of the planning that […]
Expensive Investment Lessons Learned
February 12, 2019
I recently sat down with “John” a thirty-year-old insurance professional who just received a large year-end bonus. This is the fourth year in a row he received a six-figure bonus from his agency. John was feeling good about his income and his potential to become wealthy but is very concerned and frustrated as to how […]
The Gift that Keeps Giving – Year-End Charitable Gifting
December 4, 2018
Hard working, well compensated, and generous are words we use to describe our insurance producer clients. These characteristics all lead to year-end tax planning opportunities around charitable giving. We recently completed year-end tax planning for an insurance producer (we will call him Mike) who works for a publicly traded agency. Mike and his wife Mary […]