Handing down the business

Article Abstract:

Insurance agents can play a vital role in planning the estate of the owner of a closely held business. Closely-held businesses are in need of succession plans if the business is to avoid disruption after the death of the owner and the owner's wishes are to be carried out properly. Of small- to mid-sized family-owned firms, only 29% have a formal succession plan. Succession planning will entail the participation of group insurance agents and life underwriters. Insurance agents must determine the wishes of the owner and ensure that those expectations are met in the succession plan. Determining the tax ramifications posed by certain insurance products is an important function of the agent.

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Planners told economy is back in business

Article Abstract:

Experts at the College for Financial Planning's annual meeting offered positive economic forecasts for the insurance industry. Goldman, Sachs & Co VP Abby Cohen believes that the will economy will undergo a long-term but slow recovery and feels that the stock market is undervalued by 9%. Sears, Roebuck and Co Director of Financial Analysis Stanley Wright feels that the insurance industry must tailor its marketing approach to the changing demographics and new life-styles of consumers. Financial Planning Information (Watertown, MA) President Jonathan Pond recommended that retirement portfolios contain a mixture of half bonds and half stocks.

Department stores, Security brokers and dealers, Fire, marine, and casualty insurance, Economic aspects, Goldman Sachs and Co., Sears, Roebuck and Co., Pond, Jonathan, Wright, Stanley, Cohen, Abby Joseph, Financial Planning Information Inc.

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