You Up at Night?
Amplify your practice and how your clients value your advice by preparing now to discuss and resolve known client risks that are frequently neglected by the financial planning community.
Property Casualty Insurance: Most people purchase insurance by comparing costs, not coverage. Insurance contracts often have areas where coverage is limited. These areas are called sublimits. They protect the insurance carrier from large loss while insuring the client for smaller losses. Many of your clients may be insured backwards paying too much for coverage that doesn’t, well, cover what they most need covered: Floods. Fires. Droughts. Mud Slides. Hurricanes. Fraud. Theft. Vehicle and Medical Coverage limits/exclusions. Umbrella Policies that are not watertight. The number and frequency of Property & Casualty risks in our world has increased. Have you kept up with this part of your clients’ financial review? This section will give you the contract and sublimit language you need to talk to your clients and enable you to know if/when to recommend that they seek a coverage review.
Cyber Crime: Why would a financial planner talk to their clients about cybercrime? We all know cybercrime is a significant risk to firms and reputations and has gained the attention of our regulatory agencies. On a personal level, the near inevitability of cybercrime makes it a dangerous peril for your clients’ financial health, particularly as they age. This workshop will provide you with resources to share with clients and your staff. Our expert consultant will provide you with insight into several lesser known practical risks from everyday actions that may be presenting opportunity to tomorrow’s fraudsters; not so basic advice on how to protect privacy when redacting documents; what to consider when posting to social media; and greater certainty when responding to seemingly valid requests from family and office mates. You will gain new resources right here in our community who can assist your team however small in number in remaining more cyber vigilant.
Disability: Disability is the hidden peril to a financial plan. People who are ill often drop off the radar, so you don’t hear much about it. Of today’s 20 year olds, 1 in 4 will become disabled before they retire, with an average claim life of 34.6 months. Are your clients prepared?
Life Insurance: There are many types of life insurance in the market. At its best, life insurance protects a family from financial loss caused by the death of a loved one. At its worst, life insurance is costly and may disappear when you need it most. How do you evaluate the type of policy to recommend? What types of needs trigger the call for a more specific tool or coverage option?
8:30 Gather PEP Talk and Welcome
8:50a 9:40a 1.0 hr CE Mind the Gap: Property & Casualty Insurance Traps Featuring Amy Bach, United Policy Holders
PEP Talk and stretch break
9:50a 11:15a 1.5 hr CE Practical Cyber Security Workshop Featuring Elio Grieco, EGX Labs
PEP Talk and stretch break
11:30a 12:30p Inflationary Lunch: Table Topics and networking
12:30p 1:20p 1 hr CE Basic Asset Protection and Privacy Planning
Featuring Samual DiPetro, Husch Blackwell
PEP Talk and stretch break
1:40p 3:00p 1.5 hr CE Life Insurance Advice as a CFP® Professional Featuring Barry Flagg, Veralytic
PEP Talk and stretch break
3:20p 3:30p
PEP Voting, Coming Events, Closing Remarks Colleen Jordan Hallinan and William Cerynik
3:30p 5:00p End of Day Mixer (across 32nd Street) Times listed are Mountain Standard (Arizona) Time
In Person Event
United Way Training Room
Biltmore Commerce Center 3200 E Camelback Rd #375 Phoenix AZ 85018
Super CEvent 10.19.22
What’s Keeping You Up at Night?
Mind the Gap: Property and Casualty Insurance Traps 6
Practical Cyber Security Workshop 8
Basic Asset Protection and Privacy Planning 10
Life Insurance Advice as a CFP® Professional 12
Pricing and Registration 15
How prepared are you to help your clients navigate their property and casualty risks and coverage options? Amy Bach and United Policyholders can help make you the hero when your clients have their worst fears come to pass.
Here’s sampling of some of the research, advocacy, and education available to financial planners through United Policyholders:
The Protection Gap: Monitoring and addressing the extent to which US homes are under/uninsured: A national imperative
Tips for shopping for home insurance in a challenging market
Can businesses rely on insurance to overcome Covid 19 losses?
Thwarting insurer’s campaign to duck interruption compensation obligations to businesses
Amy will pinpoint some low hanging fruit for financial planners to put to use with their clients.
Super CEvent 10.19.22
What’s Keeping You Up at Night?
Amy Bach has been a professional advocate for insurance policyholders since 1984 and an attorney since 1989. While practicing insurance regulatory law and representing clients in litigation matters, she co founded United Policyholders in 1991. Bach migrated from the private practice of law in 2005 to become the organization’s full time Executive Director and primary spokesperson; shaping and overseeing the Roadmap to Recovery™, Roadmap to Preparedness, and Advocacy and Action programs. She is a nationally recognized expert on insurance claim and legal matters; frequently interviewed in print and broadcast media, and the author of numerous legal and consumer publications including “The Disaster Recovery Handbook,” “WISE UP: The Savvy Consumer’s Guide to Buying Insurance,” and tips and guides in the UP Claim Help Library. Recognized by Money Magazine as a Money Hero, Bach has served as an official consumer representative to the National Association of Insurance Commissioners since 2009 and is in her second term as an appointed member of the Federal Advisory Committee on Insurance. She also currently serves on the American Bar Association’s Standing Committee on Disaster Preparedness and Response. uphelp.org https://www.linkedin.com/in/amy bach 8a76842/
In addition to regulatory compliance burdens, financial planners have an ethical duty to protect not just the confidentiality of client information, but also to implement proactive policies and actions that protect the privacy of your clients.
Just a sample of some precautions you and your team may already be implementing:
e mail cautions and staff training before clicking
spam filters, email encryption systems, encrypted file transfer systems
anti-virus software
backup systems
password protocols, specialized password protectors
credit freezes and identity theft services
two factor authentication
cloud storage solutions
cyber insurance
What if this is not enough? What if just by marketing your business you create new vulnerabilities from posting pictures of firm gatherings, your office environment, or your team and their bios?
Elio will highlight something most of us still do not understand (redaction), and then sample what is on the horizon. What are some new and surprising vulnerabilities where you leak information that exposes more about you and your clients than you could have imagined?
1. Redaction did you really?
2. Re correlation Posted a picture of a house? Mentioned a mountain? Noted a day or time? How much can someone figure out about you and your life from something so nondescript?
3. Stylometry—How easy is it for someone in Russia to pretend to be you, or pretend to be a client, and send very convincing fake instructions?
He will share resources and policies that might keep you ahead of these vulnerabilities and acquaint us with a local cyber security resource too few people know even exists.
Super CEvent 10.19.22
What’s Keeping You Up at Night?
Elio has been writing software and designing systems for over two decades professionally. He has always put an emphasis on reliability and usability of technology and how it can better meet the needs of users and customers.
Over the last decade, he’s donated his time and leadership to various educational initiatives in the Phoenix Metro area and across the state of Arizona with the goal of helping more effectively find and develop talent from communities not traditionally tapped by the tech industry.
www.egx.org https://www.linkedin.com/in/elio grieco 08145015/
This presentation will walk through four hypothetical client fact patterns, intended to mirror types of clients that a professional might encounter, and will discuss practical asset protection and privacy considerations that a professional should consider when encountering a similar fact pattern. Topics will include: the use of basic estate planning to protect assets, planning using irrevocable trusts, the use of domestic asset protection trusts and other types of asset and privacy protection strategies.
Learning objectives:
Participants will become familiar with basic asset protection strategies to assist them in mitigating risk
Participants will become familiar with structuring transactions so as to maximize client privacy
Participants will learn how to identify issues in given fact patterns that may suggest a client should utilize asset protection and privacy planning
Super CEvent 10.19.22
What’s Keeping You Up at Night?
Samuel brings a detail oriented mindset, the capacity to make complex concepts easy to understand, and a collaborative attitude to his work for high net worth clients
A certified public accountant, Samuel holds two advanced degrees in taxation and specializes in the design and implementation of advanced estate planning concepts and U.S. and international tax structuring matters for high net worth individuals and their businesses.
Prior to attending law school, he was a tax associate at a leading global accounting firm, where he focused on U.S. and International tax compliance matters. While in law school, Samuel served as an extern at the Internal Revenue Service, Office of Chief Counsel, Large Business & International Division.
Samuel takes a holistic approach to each client, employing strategies to maximize available tax benefits and safeguard generational wealth. He is also heedful of other concerns high net worth individuals and groups have, such as asset protection strategies, limiting liability exposure, business succession planning and other areas many of which are often unrelated to financial matters.
www.HuschBlackwell.com samuel.dipietro@huschblackwell.com
New CFP® Practice Standards require life insurance product recommendations be in the Clients Best Interest, but regulations governing decision support from life insurance agents, brokers, insurers and outside insurance desks (OIDs) omit the very information needed for Best Interest determinations.
Life insurance is the last, largest, most neglected, and worst performing asset relative to client expectations, now in desperate need of attention and management. CFP® Professionals are the natural source for such advice if/when new CFP® Practice Standards are applied to life insurance product recommendations.
Understand the different types of life insurance and which products best match which client objectives according to fiduciary principles.
Learn how to evaluate when a life insurance product recommendation is/ isn't in a client's best interest under New CFP® Practice Standards.
Recognize legitimate uses of & questionable practices in the decision support information received from agents, brokers, insurers and outside insurance desks (OIDs).
Super CEvent 10.19.22
What’s Keeping You Up at Night?
Barry D. Flagg is the inventor and founder of Veralytic®, the leading online publisher of life insurance pricing and performance research and product competitiveness ratings. Veralytic is the result of his unique background in both the fiduciary investment business where he became the now oldest, youngest Certified Financial Planner (CFP®) in history, and as a life insurance expert consistently recognized in the top 1% of the industry. He is renowned for applying Prudent Investor Principles to life insurance product selection or retention and portfolio management
As a result, he serves as sub advisor to thousands of irrevocable life insurance trusts (ILITs) as well as RIAs and wealth managers, is a regular contributor to Forbes for articles about life insurance, leads curriculum development and instruction for Applied Fiduciary Practices involving life insurance for The Center of Board Certified Fiduciaries at Wake Forest University, and serves as volunteer to the CFP Board Professional Standards and Legal Department for complaints involving life insurance. Barry has authored numerous articles for national publications on the management of life insurance as an asset according to established and proven asset management principles and frequently teaches continuing education courses about same to attorneys, CFP®s, CPAs, and CTFAs.
Barry’s speaking and writing includes addressing the national conferences of the AICPA Personal Financial Planners (PFP), Ernst & Young Annual Family Office Accounting & Tax Education, Fi360, Financial Planning Association (FPA), Grant Thornton, Holland & Knight, HSBC Bank/WTAS, Notre Dame Tax Institute, the Academy of Financial Services (AFS), and many of the largest independent distributors of life insurance in the U.S. He has also been published by the ABA, AICPA, CCH, Fiduciary & Investment Risk Management Association (FIRMA) and Trust & Estates, cited by ALI/ABA reference text, guest lectured at Leadership Bootcamp for Life Insurance Stewards at West Point, Stetson Law, Texas Tech University and the Wall Street Academy, and appeared on national internet radio shows for a number of the largest insurers in the U.S.
Barry is also a Chartered Life Underwriter (CLU), Chartered Financial Consultant (ChFC) and Cum Laude graduate of the W. Paul Stillman School of Business at Seton Hall University. Barry has been on the CFP Board’s Disciplinary and Ethics Commission, an adjunct faculty member of the College for Financial Planning, recognized in Who’s Who in Finance and Industry and Outstanding Young Man of America, and is a member of the Society of Financial Service Professionals (SFSP), the Financial Planning Association (FPA), the National Association of Insurance and Financial Advisors (NAIFA), the Million Dollar Round Table (MDRT), and the Beta Gamma Sigma National Scholastic Honor Society. www.veralytic.com/home.aspx
Super CEvent 10.19.22 What’s Keeping You Up at Night?
All FPAGP events take advantage of interactive technology tools like Mentimeter to provide easy and immediate feedback continually throughout each session. All presenters are coached and nurtured away from a lecture format and toward conversational, experiential, and fun information delivery.
Limited to 90 Attendees. Members given first priority. Members may register a guest (non member) at the same time as they register, at the nonmember rate.
At the door rates begin the Saturday prior to the event and add $55 to the registration fee.
Partners are welcome to send up to two partnership representatives to attend the event.
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Note: Please watch for emailed event confirmations regarding any changes for In Person attendance. As the event date draws near, attention will be paid and communicated re: best practices and attendance protocols intended to help keep us healthy. Size of in person meetings is limited, with members given first priority. Members may register a guest (non member) at the same time as they register, at the guest rate.
FPAGP Public Health Events Policy: The Chapter’s Board of Directors, working with its Executive Director, will, during any public health situation announced by a governmental body and affecting Arizona, identify all requirements and guidance issued by the relevant federal, Arizona, and local authorities and follow them. In the event of conflicting requirements or guidance, the Chapter will follow the more restrictive ones. The Chapter will also ensure, the best it is able, that any venues it uses for meetings or events will make accommodations to allow the Chapter to follow the requirements or guidance under which it is operating.
