Clemson Coach Dabo Swinney

What do Clemson football coach Dabo Swinney and University of Michigan rival Jim Harbaugh have in common? Tax-advantaged life insurance plans that have made them the richest coaches in the D-1 big leagues. They are part of the top paid millionaires club.. an elite fraternity.  Among Swinney’s— the reigning national champion coach’s comp package of bonuses and incentives, is a split-dollar life insurance deal similar to Harbaugh’s. Their college employers essentially share the rights and the benefits of these valuable deals with their golden boys.Nowadays these demanding, fast thinking coaches will only settle on insurance products that perform like their star quarterbacks, not the sleepy, poor performing products of the past. And that’s where the Indexed Universal Life insurance (IUL) policy fits right into their playbook. These Index policies allow you to allocate among indexed accounts, which credit an interest rate based in part on the performance of major stock market indexes. What that all means is potential substantial tax-deferred cash value accumulation, choices of investment portfolio, and downside risk protection. So your next move is to add the Indexed Universal Life to your business playbook and call PensionQuote to help you identify prospects and refine your marketing plan. You can’t afford to sit on the bench while your colleagues are running with the IUL ball.

Pre-Sale

Collection of Census Data (i.e. birth date, date of hire, annual compensation) Establishment of a Client report & an Overall Plan Budget.

Pre-Sale

Identify prospect(s). Initial out-reach to prospect(s).

Pre-Sale

Meet with the client to review the client report and discuss plan design.

Implementation

Collection of all necessary paperwork, including Administrative Services Engagement Agreement.

Implementation

In addition to the signed Implementation Documents, the actuaries will need copies of any current 401(k)/profit sharing plan documents.

Implementation

Preparation of all Insurance Illustrations.

Implementation

Contemporaneously with the underwriting process, the actuaries will draft the Plan Document(s). Upon completion, they will be overnighted and/or sent electronically to the client (copies to FA) for signature.

Implementation

Schedule para-medical examination appointments(Blood, urine, and health questions). Collection of all necessary medical files.

Implementation

Establish all necessary investment accounts at the agreed upon bank branch.

Funding

Upon notification of life insurance coverage approval, make arrangements to have the policy(s) premiums wired from the Retirement Account to the insurance company.

Funding

Soon after the close of the client’s tax year, the client will receive a package from the actuaries requesting end of year census data including final compensation for all employees. The FA will provide a Retirement Account history indicating dates and amounts of deposits in and transfers out of the Account as well as and end of year account valuation.

Funding

Based on the end of year census data and the plan account valuation, the actuaries will determine the final plan contribution and communicate such contribution to the FA and client.

End of Year Procedure

Set-up Annual Reviews with the client(s) & PensionQuote Inc. to review contribution budget.

End of Year Procedure

All contributions to the plan must be made into the Retirement Account prior to the filing of the corporate income tax return but no later than 9/15.

End of Year Procedure

The client will receive insurance premium notices from the insurance company, and must fund those policies from the Retirement Account, or risk policy lapse. FAs should calendar the policy issue dates in order to be prepared each year to fund the policies from the Retirement Account.

End of Year Procedure

Check-in with your client and the CPA on a semi-annual basis. Do a good job then ask for referrals.

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About Us

We are pioneers in retirement planning, featuring tax-advantaged defined benefit pension plans as exit strategies for high net worth clients. We partner with top industry Advisers to bring their clients preferred solutions to achieve large income tax deductions.

Location

Coral Gables, FL

Call Us

Phone: 1-800-717-4723

Working Hours

Monday-Friday: 9:00am – 5:00pm

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