Comments for Full Focus Blog http://blog.fullfocus.co.nz independent advisors to business people with high expectations Sun, 05 Sep 2010 14:11:27 +0000 http://wordpress.org/?v=2.6.2 Comment on Are the dark years here? by kathy http://blog.fullfocus.co.nz/2009/09/19/are-the-dark-years-here/#comment-318 kathy Tue, 24 Nov 2009 02:20:43 +0000 http://blog.fullfocus.co.nz/?p=136#comment-318 Glad you liked the article! Will, we agree - it is an ideal economic time "for people to get to grips with estate planning". Actually in our book, anytime is a good time to get to grips with estate planning! (We also prefer the terminology "wealth planning" as it includes the distinct possibility that the people involved could "live long" and not "die young"!!) People often risk leaving their loved ones as "hostages to fate" or the ever-changing Government ... not sure which is worse! Similarly, anytime is a good time to get assets into your trust. The trick is how to do it effectively and correctly - and to make sure whatever structure you choose will stand the test of time! Laws differ around the world and we encourage all of our clients to involve all their relevant professional advisors in the design and implementation of their estate/wealth planning. In our opinion, it is vital they communicate with eachother. Glad you liked the article!

Will, we agree - it is an ideal economic time “for people to get to grips with estate planning”. Actually in our book, anytime is a good time to get to grips with estate planning! (We also prefer the terminology “wealth planning” as it includes the distinct possibility that the people involved could “live long” and not “die young”!!)

People often risk leaving their loved ones as “hostages to fate” or the ever-changing Government … not sure which is worse!

Similarly, anytime is a good time to get assets into your trust. The trick is how to do it effectively and correctly - and to make sure whatever structure you choose will stand the test of time!

Laws differ around the world and we encourage all of our clients to involve all their relevant professional advisors in the design and implementation of their estate/wealth planning. In our opinion, it is vital they communicate with eachother.

]]> Comment on Are the dark years here? by Will http://blog.fullfocus.co.nz/2009/09/19/are-the-dark-years-here/#comment-307 Will Fri, 20 Nov 2009 08:57:13 +0000 http://blog.fullfocus.co.nz/?p=136#comment-307 Nice blogg and article. I think before the ecconomy improves too much is an ideal time for people to get to grips with estate planning issues. While assets are at lower values give you more flexibility to transfer them into trust without incurring quite so much tax. At least one advantage from decreased property prices and reduced value share portfolios. Regards Will http:/gb-legal.com Nice blogg and article. I think before the ecconomy improves too much is an ideal time for people to get to grips with estate planning issues. While assets are at lower values give you more flexibility to transfer them into trust without incurring quite so much tax.

At least one advantage from decreased property prices and reduced value share portfolios.

Regards
Will
http:/gb-legal.com

]]> Comment on Just how much DID YOU PAY your insurance broker? by Fred http://blog.fullfocus.co.nz/2009/01/09/just-how-much-did-you-pay-your-insurance-broker/#comment-22 Fred Fri, 13 Feb 2009 10:18:04 +0000 http://blog.fullfocus.co.nz/?p=59#comment-22 Just how much DID YOU PAY your insurance broker? was a perfect blog in the world of insurance company broker. Just how much DID YOU PAY your insurance broker? was a perfect blog in the world of insurance company broker.

]]> Comment on Just how much DID YOU PAY your insurance broker? by Franky http://blog.fullfocus.co.nz/2009/01/09/just-how-much-did-you-pay-your-insurance-broker/#comment-21 Franky Tue, 10 Feb 2009 10:18:02 +0000 http://blog.fullfocus.co.nz/?p=59#comment-21 Just how much DID YOU PAY your insurance broker? made some good points. I did a search on insurance company broker and found most people agree with your blog. Just how much DID YOU PAY your insurance broker? made some good points. I did a search on insurance company broker and found most people agree with your blog.

]]> Comment on Just how much DID YOU PAY your insurance broker? by Franky http://blog.fullfocus.co.nz/2009/01/09/just-how-much-did-you-pay-your-insurance-broker/#comment-20 Franky Sun, 08 Feb 2009 14:20:56 +0000 http://blog.fullfocus.co.nz/?p=59#comment-20 Hey!. Just how much DID YOU PAY your insurance broker? was very well written. Hey!. Just how much DID YOU PAY your insurance broker? was very well written.

]]> Comment on Just how much DID YOU PAY your insurance broker? by Brad http://blog.fullfocus.co.nz/2009/01/09/just-how-much-did-you-pay-your-insurance-broker/#comment-18 Brad Thu, 29 Jan 2009 06:17:18 +0000 http://blog.fullfocus.co.nz/?p=59#comment-18 Just how much DID YOU PAY your insurance broker? was a perfect blog in the world of insurance broker. Just how much DID YOU PAY your insurance broker? was a perfect blog in the world of insurance broker.

]]> Comment on Just how much DID YOU PAY your insurance broker? by Franky http://blog.fullfocus.co.nz/2009/01/09/just-how-much-did-you-pay-your-insurance-broker/#comment-17 Franky Tue, 27 Jan 2009 14:17:58 +0000 http://blog.fullfocus.co.nz/?p=59#comment-17 Just how much DID YOU PAY your insurance broker? was a perfect blog in the world of insurance broker companies. Just how much DID YOU PAY your insurance broker? was a perfect blog in the world of insurance broker companies.

]]> Comment on Just how much DID YOU PAY your insurance broker? by kathy http://blog.fullfocus.co.nz/2009/01/09/just-how-much-did-you-pay-your-insurance-broker/#comment-16 kathy Wed, 21 Jan 2009 21:41:10 +0000 http://blog.fullfocus.co.nz/?p=59#comment-16 In response to Glenn’s comment: Most brokers/agents are confused about who pays them. Most think it’s the insurance company. Rubbish. We certainly DO believe the client pays the broker/agent. It may come via the insurance company BUT if the broker/agent charges 150% commission on the first years premiums instead of a lesser commission (or even no commission) then that extra %age falls into the broker’s/agent’s pocket … not the insurance company’s! The broker/agent is spending the client’s money without telling them what they’re spending it on … and the client, in general, doesn’t know enough about the insurance industry to know how it works … they don’t know how much they’re paying you, or for how long they’re paying you. We think they should know. The client should have FULL disclosure and be shown some alternatives. In some cases we’ve facilitated, the alternatives have saved clients more than $20,000 over the first 10 years of the policy. And we most certainly did NOT do it for free! We are certainly NOT suggesting that you shouldn’t get paid for your advice. Of course you must get paid! No argument there. And we agree, insurance products should be put in place that are the best for the individual clients needs, and with confidence that the pay out will come when there’s a claim. No argument there either. HOWEVER if you can provide the exact same insurance policy to a client for $50 a month instead of $100 per month, but YOU decide the client should pay $100 (because it means you’ll get more commission) don’t you think the client has a right to be aware of this? And anyway, what’s to hide? … they know you’re not doing it for free - you’ve got to earning a living, right? BUT don’t you think the client should be shown some alternative, tax-deductible ways to do it .. ways in which both you and the client get to win? In response to Mike's comment: Thanks for your interest. We think, though, that your first comment might be a moot point, since insurance brokers innately are NOT employees of insurance companies (or they wouldn't be "brokers"). Your analogy to the mechanic also confuses us .... every mechanic's bill we've ever received had the total cost of the job broken down into just how much we paid for parts, and how much was for labour. ?? In response to Glenn’s comment:
Most brokers/agents are confused about who pays them. Most think it’s the insurance company. Rubbish.
We certainly DO believe the client pays the broker/agent. It may come via the insurance company BUT if the broker/agent charges 150% commission on the first years premiums instead of a lesser commission (or even no commission) then that extra %age falls into the broker’s/agent’s pocket … not the insurance company’s!
The broker/agent is spending the client’s money without telling them what they’re spending it on … and the client, in general, doesn’t know enough about the insurance industry to know how it works … they don’t know how much they’re paying you, or for how long they’re paying you. We think they should know.
The client should have FULL disclosure and be shown some alternatives. In some cases we’ve facilitated, the alternatives have saved clients more than $20,000 over the first 10 years of the policy. And we most certainly did NOT do it for free!
We are certainly NOT suggesting that you shouldn’t get paid for your advice. Of course you must get paid! No argument there. And we agree, insurance products should be put in place that are the best for the individual clients needs, and with confidence that the pay out will come when there’s a claim. No argument there either.
HOWEVER if you can provide the exact same insurance policy to a client for $50 a month instead of $100 per month, but YOU decide the client should pay $100 (because it means you’ll get more commission) don’t you think the client has a right to be aware of this? And anyway, what’s to hide? … they know you’re not doing it for free - you’ve got to earning a living, right?
BUT don’t you think the client should be shown some alternative, tax-deductible ways to do it .. ways in which both you and the client get to win?

In response to Mike’s comment:
Thanks for your interest. We think, though, that your first comment might be a moot point, since insurance brokers innately are NOT employees of insurance companies (or they wouldn’t be “brokers”).
Your analogy to the mechanic also confuses us …. every mechanic’s bill we’ve ever received had the total cost of the job broken down into just how much we paid for parts, and how much was for labour. ??

]]> Comment on Just how much DID YOU PAY your insurance broker? by Mike Stanford http://blog.fullfocus.co.nz/2009/01/09/just-how-much-did-you-pay-your-insurance-broker/#comment-14 Mike Stanford Wed, 21 Jan 2009 01:29:30 +0000 http://blog.fullfocus.co.nz/?p=59#comment-14 An interesting point. BUT! if the broker were an employee of the Insurance company and was paid a salary only; you wouldn't be entitled to find out his salary. When the mechanic fixes your car you can't demand to know what he is paid. You are only allowed to know the total cost of the job. What's so different about insurance brokers? An interesting point. BUT! if the broker were an employee of the Insurance company and was paid a salary only; you wouldn’t be entitled to find out his salary.
When the mechanic fixes your car you can’t demand to know what he is paid. You are only allowed to know the total cost of the job.
What’s so different about insurance brokers?

]]> Comment on Just how much DID YOU PAY your insurance broker? by Glenn http://blog.fullfocus.co.nz/2009/01/09/just-how-much-did-you-pay-your-insurance-broker/#comment-13 Glenn Wed, 21 Jan 2009 00:55:11 +0000 http://blog.fullfocus.co.nz/?p=59#comment-13 As an insurance broker I am paid by the insurance company (whose policy (s) are used to solve a problem), not the client as such. More important than the amount of commission (no-one works for free in this world!!)is the question "will the insurance work at claim time"??? It is imperative that the right products are provided to address the clients' own circumstances and that documentation clearly states why & how etc etc... So, it is my belief that if the insurances put in place are the best for a specific purpose AND they work when required, then that is my role!!! And, yes, I expect to be paid for that advice!! As an insurance broker I am paid by the insurance company (whose policy (s) are used to solve a problem), not the client as such.
More important than the amount of commission (no-one works for free in this world!!)is the question “will the insurance work at claim time”???
It is imperative that the right products are provided to address the clients’ own circumstances and that documentation clearly states why & how etc etc…
So, it is my belief that if the insurances put in place are the best for a specific purpose AND they work when required, then that is my role!!!
And, yes, I expect to be paid for that advice!!

]]>