Understanding the guaranteed income for life offerings

During one of our recent social media group meetings, the Social Web Meetup in particular, I happened to mention the guaranteed income for life products, known also as Guaranteed Minimum Withdrawal Benefit. My friend asked if I would arrange a small coffee meeting to provide some information. Of course I will! As I explored what I would present in that meeting and in a webinar, I realized there was a great presentation all ready to go. One of the companies I represent, as an agent, is Manulife Financial Services. They introduced the first such product, known as IncomePlus. Manulife has some really good material on their website. Included is a 15 minute video that describes IncomePlus. There are also shorter videos breaking it down into segments.

I’m definitely ready to meet over coffee to discuss how IncomePlus and other products might fit into your plan, but I feel the benefit of this professionaly prepared video is too good to pass by. Please have a look and then consider talking to me or your financial advisor. If you are interested in the coffee meeting, just let me know and you can join us or we can meet separately.

Please visit the Manulife IncomePlus website. It opens with a short introductory video. The other videos are accessed through a link on the left side.

 

Passions Resolved

Questions often asked of me, and by me, relate to identifying my target market and my ideal client. This is not always an easy task, but over time the answers have become clearer.

My passions are distance education and personal financial security. I do both, and they fit together nicely. It allows me to associate with those interested in these areas such as faculty, course developers and designers, graduates from professional programs, and security/risk management professionals who understand the need to protect their own financial security (in addition to that of their employers). These passions evolve from my past career experience, my postsecondary educational studies and teaching, and my desire to help clients create a personal financial security plan to build and protect their wealth.

You will see my focus in those areas, including attending conferences and joining online discussion groups. Resources will be developed on my site to address these interests. However, I do welcome clients from all walks of life whom are genuinely interested in creating a personal financial security plan. It is especially rewarding to connect with those with whom I have worked or taught in the past.

In the near future, I will be entering my 5th year as a financial advisor. I also continue to teach as an online instructor for the University of Calgary. Emergency Planning for Industry was taught in the spring, and Risk Assessment is scheduled for January 2009. Does it feel right working as a financial advisor and an online instructor? It sure does!

By the  way, I welcome the opportunity to speaking with anyone about financial services or course development/teaching.

 

 

**This message is an expression of the author’s personal opinions. The companies represented by Antony (Tony) Ratcliffe of Ratcliffe Wealth & Risk Management, as an independent insurance agent/broker in Alberta, Canada, will not be held liable in any way for the opinions expressed herein.

Remember Remember the 5th of November!

I have been in Canada for 43 years now after emigrating from England. It was just last year that I discovered the celebration of a British tradition here in Edmonton: Guy Fawkes Night, also known as Bonfire Night. The history dates back to 1605 when 13 young men conspired to blow up the Houses of Parliament with gunpowder on November 5. Guy Fawkes was caught early that day, tortured, and executed. That night, bonfires were lit to celebrate the King’s safety, and Bonfire Night has remained a tradition each November 5, along with fireworks and burning effigies of Guy Fawkes on bonfires. A short description of The Gunpowder Plot and Bonfire Night makes for interesting reading.

Tonight’s celebration, in Edmonton, is organized yearly by the Alberta St. George of England Society. It was held at the Shrine Temple, 14510-142 Street. Upon arrival, members and other attendees were greeted by the effigy of Guy Fawkes and Society Vice President, John Tancred. Tradition has seen children walking the streets with an effigy seeking “a penny for the Guy” from others, so they could purchase fireworks. Tonight, John was not bashful in asking for a penny or a loonie!

After watching the lighting of the bonfire, the effigy of Guy Fawkes was paraded around and then thrown in. This was followed by a brilliant fireworks display. We then moved into the hall for baked potatoes, apple cider, and hot chocolate.  I’m going to throw in a quick estimate of 100 people, but I could be off.

Photographs can be found here.

Canadian Network for Innovation in Education

Canadian Network for Innovation in Education (CNIE) was created through the merger of the Canadian Association for Distance Education (CADE) and the Association for Media and Technology in Education (AMTEC). I know that many in my social communities are involved with training, education, media, technology, etc., so I wanted to introduce CNIE to those who are not familiar with it. There are two journals included in membership: the Journal of Distance Education and the Canadian Journal of Learning and Technology. The  journals are even available online without membership! Please have a look at the site and consider joining.

As you know, my academic credentials include the Master of Distance Education degree and an Advanced Graduate Diploma in Distance Education (Technology). Expect to see more initiatives from me relating to my passion for education in insurance and other financial services.

 

 

**This message is an expression of the author’s personal opinions. The companies represented by Antony (Tony) Ratcliffe of Ratcliffe Wealth & Risk Management, as an independent agent/broker in Alberta, Canada, will not be held liable in any way for the opinions expressed herein.

Does Web 2.0 dilute the power of interpersonal communication?

Web 2.0 has become part of my way of communicating with friends, clients, prospective clients, and others interested in what I have to say. It is no surprise that Keith Rosen’s article caught my attention. “When Technology Disconnects Us: How Sales 2.0/Web 2.0 Is Diluting The Power of Interpersonal Communication” was published in Sales Xchange, a newsletter of the Canadian Professional Sales Association.

The article suggests that Web 2.0 activities are having a negative impact on our relationship with clients, potential clients, and managers. (I will take that to also include colleagues.) Rosen stated, “it’s diluting our ability to connect powerfully on a deeper level, the level that long term relationships are fostered.” Contrast this with the view that Web 2.0 brings us closer together for a stronger relationship. I just watched a talk given by Mena Trott, described as “the founding mother of the blog revolution,“ titled “How blogs are building a friendlier world.” The page hosting the talk indicates, “she realized that giving regular people the power to share our lives online is the key to building a friendlier, more connected world.”

If we consider that people often like to do business with those they like and trust, it seems to make sense that getting to know a lot of people through Web 2.0 activities may lead to a stronger business relationship down the road. The face-to-face touch, such as with personal meetings, Meetups and Tweetups, does help, but a lot of the communication takes place virtually. Having taught and studied online, I can also attest to the powerful online communities that can be developed.

I would like to have seen more discussion of the Web 2.0 and Sales 2.0 activities to which he refers. Further, I do not question the validity of the personal meetings. However, as a consumer, how do you feel about successful Web 2.0 activities leading you to future business relationships?

**This message is an expression of the author’s personal opinions. The companies represented by Antony (Tony) Ratcliffe of Ratcliffe Wealth & Risk Management, as an independent insurance agent/broker in Alberta, Canada, will not be held liable in any way for the opinions expressed herein.

Business Building Workshop in Canmore

Continuing education opportunities fit with my passion for lifelong learning. I just returned from a wonderful Business Building Workshop held in Canmore at the Radisson Hotel & Conference Centre. Thanks go to Financial Management for sponsoring this event. Financial Management is the Managing General Agency with which I associate, and one of their services is providing educational opportunities to independent insurance agents/brokers.

The fee charged to us was a donation to Habitat for Humanity. At the opening of the workshop, it was announced that Financial Management had reached the cumulative goal of $100,000. We learned about the volunteer work being done and the role of Habit for Humanity as a builder and mortgage lender.

Our opening keynote speaker was Richard St. John, author of “8 To Be Great: The 8-Traits that Lead to Great Success” and “Stupid Ugly Unlucky and Rich: What Really Leads to Success – And It’s Not Smarts, Looks, or Luck.” Two new books for me to read! The 8-Traits are identified on his website: passion, work, focus, push, ideas, improve, service, and persist.

Break-out sessions I attended included key areas of focus for our lives, providing services to seniors, the basics of our business, and working effectively with underwriters. The second day commenced with a presentation from Anthony Morris, a global sales coach and keynote speaker who works exclusively with the financial services industry. The day concluded with keynotes from Steve Gilliland, “Enjoy the Ride,” and Andrew Brash, “My Journey to Everest.”

What a wonderful time!

Photography May Cause Concerns

In his blog entry, “Scared of social media? Follow Batman’s lead,” Mack D. Male (Mastermaq) wrote about the fear of social media and described something he experienced at Century Hospitality Group’s new establishment, Hundred Bar Kitchen. Mack’s concern was that he was questioned about taking photographs inside the restaurant without permission, and he identified management’s apparent lack of familiarity with social media. The photos were for Sharon Yeo’s review, “Strikingly Pedestrian: Hundred Bar Kitchen.”

Mig14 responded with “Social Media: Not Everyone’s Cup of Tea ,” supporting management’s right to question the photography. She wrote, “If a business does not want me to come in and take pictures, or make a recording, or live blog my experience, that’s also their prerogative…. The BUSINESS has the right to refuse media (any kind of media) from producing content about that business without permission.”

As I read these posts, one point stands out, and it is not specific to social media. While they certainly want the public to visit, Hundred is still private property and management does have the right to dictate what activities may or may not occur on the premises. I support the above comments of Mig14. There are a lot of things that would be unacceptable, and signs are not going to be posted to address them all. Taking photos of your table and guests may be generally acceptable in some restaurants, but it still requires management concurrence. Yes, circumstances may imply it is acceptable, and servers may assist you taking photos of guests at your table, or you might be in a private area. Other may be doing it around you. However, I believe you should make sure it is okay and just ask for permission. I appreciate that Mack has reasons for not wanting to announce his purpose in advance, but I doubt that mainstream media would just take photos without it being  breaking news story.

Privacy issues are important to businesses. If other patrons are concerned about their photo being taken (whether it is happening or not), it can result in lost revenues when they leave or fail to return. What would be the response if an inopportune photo were to be taken and published? Management has an obligation to protect themselves from possible losses (risk management) and should be given the opportunity to address concerns in advance. When asked, and the purpose explained, a positive response would be expected (although not guaranteed). Management might just want to ensure that other patrons will not be photographed. That was the only concern when I recently sought permission to videotape in the restaurant area of one of our fine hotels.

It is difficult to stop after-the-fact reporting in social media or elsewhere, but something to keep in mind is that a return visit may not be allowed. The open invitation to the general public to visit the establishment may be revoked to an individual.

For those interested in this story and further exposure to Mack’s passion for social media, the Mastermaq blog is one to follow. Mig14 will be added to my list, and Sharon Yeo’s ‘Only Here for the Food’ whets my appetite.

 

**This message is an expression of the author’s personal opinions. The companies represented by Antony (Tony) Ratcliffe of Ratcliffe Wealth & Risk Management, as an independent insurance agent/broker in Alberta, Canada, will not be held liable in any way for the opinions expressed herein.  

 

 

 

 

 

Points to Ponder

I am sharing 4 points that I presented last night to those I met in Speed Networking. This event is a periodic event of the Edmonton Chamber of Commerce. It is an opportunity to meet a variety of people in a business networking setting.

Since I only had about 45 seconds with each person, the following points were made in pretty much this brevity. Of course, I welcome the opportunity to discuss them in more detail with you, or you may wish to discuss them with your current advisor.

1. Term life insurance rates are now lower, so review your needs and coverage.
2. Life insurance, yes, but protect your most valuable asset—your ability to earn a living.
3. Insurance policies can include a Return of Premiums.
4. Guaranteed investments and income for life may make sense.

**This message is an expression of the author’s personal opinions. The companies represented by Antony (Tony) Ratcliffe of Ratcliffe Wealth & Risk Management, as an independent agent/broker in Alberta, Canada, will not be held liable in any way for the opinions expressed herein.

What is important to Tony?

This question could be addressed in different ways, but I am going to focus on my work and business and my current activities. First, as many know, I am passionate about distance education and lifelong learning so, if I may, I will write about my continuing professional education. I regularly attend educational sessions presented by my various suppliers and by Advocis, The Financial Advisors Association of Canada. In addition, I take other courses. Right now, I am registered in the first of two courses toward the Registered Health Underwriter (RHU) designation. This program focuses on critical illness, long-term care, and disability insurance, in addition to group benefits.

The Chartered Life Underwriter (CLU) designation requires completion of four courses in the Certified Financial Planner (CFP) program plus 3 more. I completed the first four plus the first CLU course. Should I wish the CFP designation, I have a comprehensive and CFP exam to write. For the CLU, two more courses to go!

In my business, this is the time that I need to be talking to people. There are concerns about the volatility in the markets and the recent account statements being received. This is certainly the time to talk about the income for life programs that guarantee the amount invested, provide bonuses each year, and pay a guaranteed income. These programs take some explanation, so that is the focus of future meetings with prospective new clients. If this is not appropriate for the client, there are still principal guarantees with other investments I recommend.

Another area of concern to me is paycheque insurance. What happens if you are ill or injured? Will you have a continuing stream of income? If you do have the satisfaction of employer benefits, do you fully understand the limitations? I enjoy the opportunity to sit down and review coverage, even if just to educate. Remember, lifelong learning is a passion. Those who teach learn twice, so helping others often involves new learning for me.

Last, you should also know that I have the pleasure of being an online instructor for the University of Calgary in the Business and Professional Programs. In the spring, I taught Emergency Planning for Industry. Now, I am developing my January course, Risk Assessment. This just makes sense to me for two reasons. Everything is risk management related, from my dealings with clients to the risk management related courses. And, my graduate degree is a Master of Distance Education.

I would like to run some educational sessions for my clients and others. Please let me know your thoughts as to whether you would prefer to attend a session in person or thorugh a webinar.

**This message is an expression of the author’s personal opinions. The companies represented by Antony (Tony) Ratcliffe of Ratcliffe Wealth & Risk Management, as an independent agent/broker in Alberta, Canada, will not be held liable in any way for the opinions expressed herein.

The Origin of Critical Illness Insurance

The development of Critical Illness Insurance is an interesting story. Do you recall the name of Dr Christiaan Barnard? He led the team of surgeons who performed the world’s first human heart transplant in Cape Town, South Africa, in 1967. One of the members of the team was his brother, Dr Marius Barnard. Although the first transplant patient died 18 days later, continued success there and around the world saw patients surviving much longer, with their eigth living for 23 years. However, while medicine allowed lives to be saved from critical illnesses, Dr Marius Barnard saw patients suffering due to the financial hardships to which they were subjected.

After a lot of time and frustration, Dr Marius Barnard was instrumental in the introduction of a Critical Illness Insurance policy in 1983, providing a sum of money to make life better financially when physical health was affected. Such a policy pays a lump sum when the insured is diagnosed with one of the covered conditions, including heart attack, stroke and cancer. Modern policies cover much more.

Please take a few minutes to watch this Marius Barnard Movie. More readings on the life of Drs Marius and Christiaan Barnard if the subject moves you.

**This message is an expression of the author’s personal opinions. The companies represented by Antony (Tony) Ratcliffe of Ratcliffe Wealth & Risk Management, as an independent agent/broker in Alberta, Canada, will not be held liable in any way for the opinions expressed herein.

Next Page »