Business Continuation
Ultimately, all business owners must decide in what capacity they want their business to continue, what their own long-term individual contributions will be, the best way to ensure the ongoing care of their clients, and the optimal direction and strategy to execute those objectives. If your business has not yet developed or communicated a plan for business continuation in the event of an unexpected incident or catastrophe (e.g., the unexpected death or disability of an owner or key decision-maker, or a natural disaster), you may be missing an opportunity to safeguard your business from potential devastation. While financial considerations are often the primary focus, philosophical and emotional considerations that may not be as clear also play a vital role in the approach and design of a succession plan. We will work closely with you and your professional advisors to identify areas of concern and opportunity and provide solutions that help to bring certainty to the future of your business. We design plans intended to help your reputation—with your business identity within your community, among your customers, and within your industry—remain intact in the event of a significant change.
Disability and Long-Term Care
Disability Insurance
A disability could be devastating to the income and accumulation goals of executives on your team. As an employer, you want to provide adequate coverage to key executives on a cost-effective basis. Understanding the risk, assessing the income preservation needs of your key employees, and designing effective solutions that benefit both the employer and the employees can make a significant difference. Employers should carefully weigh their choices and balance cost and administration with the need for adequate coverage. There are many factors to consider, and we will help better prepare you by finding the right coverage for you and your executives.
Long-Term Care Insurance
Long-term care is usually defined as a chronic condition for which an individual requires assistance with his or her usual activities of daily living (ADLs). ADLs are commonly defined as eating, dressing, bathing, toileting, maintaining continence, and transferring from bed to chair. When an individual needs physical assistance or verbal reminders to perform his or her ADLs, they are generally classified as needing long-term care, whether they need the assistance occasionally or full-time. Diagnostic, therapeutic, preventive, and rehabilitative services all have their place in a comprehensive long-term care program. The primary focus of long-term care however, is on the personal care and support that will preserve an individual’s lifestyle, daily independence, and dignity. It can be difficult to plan for long-term care needs because there are multiple factors influencing the decision making process, including:
- Ambivalence about long-term living arrangements as physical capabilities decline.
- Inability or unwillingness of family members to provide periodic or ongoing support when the time comes.
- Misinformation about long-term care options or services available through health programs, Medicare, etc.
- Difficulty in juggling financial and family priorities when planning for long-term care.
The financial implications of a disability, chronic disease, or other debilitating condition are often underestimated. Along with health care costs in general, these costs are expected to grow exponentially in the coming years. As most health insurance will not pay for the majority of costs associated with an extended period of illness or injury, long-term care insurance offers a solution with tax-free benefits that are aimed at safeguarding valuable assets that would otherwise be severely reduced or lost entirely.
Employee Benefits
Many employers today are struggling to contain the cost of their benefit programs. Ongoing financial pressures and varying workforce demographics are altering the course of employer provided health coverage, creating new challenges as well as new opportunities. Employers are finding that although their benefits do not directly impact the value of their products or services, they do influence their pricing. Competition requires these costs to be minimized, and we are able to help you design and implement a cost-efficient employee benefits package that will continue to attract and retain quality employees.
The employee benefits marketplace is volatile and complex; however, we will provide you with informed and responsive assistance. Our employee benefits team can offer the knowledge and experience to help reduce the headaches often associated with selecting and maintaining employee benefits programs. We maintain relationships with major benefits providers across the country, providing us with firsthand knowledge of the most recent products and product costs.
Optimized Solutions
- Absence Management
- Advanced Health Plan Strategies
- Alternative Funding
- Benefits Optimizer
- Captive Solutions
- International Benefits
- Lumity
- Pharmacy Management
- Voluntary Benefits and Enrollment Solutions
- Wellbeing
National Collaboration
- Benefits Benchmarking
- HR Consulting Solutions
Personal Partnerships
- Actuarial and Finance
- Benefits Administration
- Communication and Engagement
- Compliance
- PEO Solutions
- Population Health and Data Analytics
- Total Program Management
Executive Benefits
Given the current competitive business environment, we believe that an executive benefits program is essential in recruiting top-tier talent who will contribute to your company’s growth and profitability. A well-designed and implemented executive benefits program provides incentives that help attract new executives and retain talent over time. We design, implement, and administer executive benefit plans that help enable you to selectively reward key employees and top executives of your business. Our cost-efficient executive benefit plans supplement qualified retirement and group insurance plans that may be restrictive in nature. Our programs are designed to help meet the personal needs and goals of executives within the context of the overall corporate financial goals of your business. Employee stock options and programs like 401(k) plans are a good start, but they may not meet the financial expectations of the most talented executives. Our belief is that executive employees want to enjoy a rewarding retirement, by establishing sound financial options early on. We consistently strive to be chosen as a trusted corporate resource for carefully evaluating costs and benefits, while continuously exploring additional possibilities for better programs to help executives achieve their financial goals.
Beyond the 401(k)
For many executives the annual investment limit in a 401(k) plan may be too restrictive. Deferring compensation can be a potential strategy for the limitations in traditional qualified plans, such as the 401(k). Nonqualified deferred compensation plans allow deferral of various forms of pay, including base, bonus, commissions, and special incentives, without the cap on the dollar amount saved or contributed. This opportunity may make it easier for executives to pay for other important expenses, such as tuition payments or the purchase of a home.Including Performance Pay and Incentives in Disability Programs
In an era that has emphasized stock options and bonus compensation, executives may find their performance pay is not part of their current supplemental disability equation. Highly compensated employees usually fall short in plans designed to deliver a percentage of base pay “only” as disability benefits, even if income is tax-free. This is simply because of the disproportionate amount of total compensation arising from incentives, bonuses, stock options, and other forms of contingent compensation. Therefore, supplemental disability plans can be designed to give executives the opportunity to cover these other sources of compensation.Supplemental Executive Retirement Plans
Supplemental Executive Retirement Plans (SERPs) help address challenges with retention and motivation, helping retain and reward executives critical to the continuity of your company’s success. SERPs are a viable and popular alternative for top long-term executives concerned about the concentration of their post-retirement wealth in stock options. Although not without risks, a SERP may permit executives to self-direct the return on their account balances.
Life Insurance
Life insurance protects families and businesses when a loved one passes away. M Financial Group Member Firms are comprised of some of the most successful and experienced professionals in the business. The collective buying power of M Financial allows Member Firms to utilize more favorable pricing experience than many off-the-shelf products and to garner special service considerations.
Life insurance has many unique characteristics that may make it an appropriate solution for a variety of uses in addition to the death benefit protection. Some of these characteristics include:
- Policy cash values accumulate on a tax-deferred basis.
- Policy death benefits are received income tax-free.
- Policy cash values, in many cases, may be accessed on a tax-advantaged basis, therefore, can be used as a supplemental retirement plan not subject to the restrictions of qualified plans. Loans and partial withdrawals will decrease the death benefit and cash value and may be subject to policy limitations and income tax. Product guarantees
- including the death benefit are subject to the claims paying ability of the issuing insurance company.
- Can allow families to spend down their retirement plans knowing that their legacy to loved ones is taken care of.
- May provide tax-favored income for children’s education.
Often mistakenly viewed as a price only decision, the long-term nature of life insurance necessitates careful consideration in the selection of the insurance carrier, the product type, and the agent or agency and their interaction with heirs. Some of the questions to consider in purchase include:
- Does the agent have a business succession plan that provides for continued service after the retirement or death of the original agent?
- Does the agent have sufficient experience to meet your needs adequately?
- Does the agent have any influence with the carrier selected?
- Is the insurance carrier financially sound?
- Does the carrier have a history of equitable treatment of existing policyholders?
- Will the service levels provided by the carrier satisfy your requirements?
- Will the product be able to adapt to changes in your personal and financial goals or situation?
- Are the pricing assumptions of the product economically sound?
- If a term purchase, what products are available if conversion occurs? Are these products comparable to the current marketplace?
Estate Planning and Wealth Transfer
Estate Planning and Asset Transfer
Proper estate planning better supports the current and future financial possibilities for you and your family, allows you to transfer your assets according to your wishes, and can help reduce unnecessary taxes and expenses. We are committed to working with you and your family to help determine your long-term personal financial goals and plan accordingly. In addition, we will help you structure your estate assets in an effort to decrease tax liabilities and increase value to future generations. Our professional team will work with any additional advisors you may have, such as an attorney or accountant, to develop and implement a plan of action. All of this planning will be coordinated with your insurance contracts in order to provide a sound, workable plan. Periodically, we will review your plan with you in order to assess our progress in helping accomplish your long-term objectives. Ultimately, our goal is to assure that you and your family have taken prudent steps to reduce your tax liabilities and to create the most effective means to help finance any future tax liabilities.
Charitable Planning
At a time when social responsibility has taken on increasing importance, charitable planning offers a strategic way for you to connect to causes that you and your family feel passionate about. Whether your aim is to develop a philanthropic legacy for your family, or simply to support your community, tax-favored aiding programs create ongoing opportunities to transfer family assets to public and/or private charities. These charities often include family foundations that are managed by family members, in which the family retains control over the gifted assets and access to income generated by these assets. Often, charitable planning provides a balance to estate and life insurance plans, while taking on personal meaning for you and your family. We offer creative solutions aimed to help achieve your personal or familial philanthropic goals without interrupting your family’s long-term financial possibilities.Gifting
An important component to any estate plan is gifting, which allows you to reduce the size of your taxable estate by strategically transferring the wealth you have worked so hard to create for your family members. Gifting enables you to take advantage of the substantial tax advantages available through the use of lifetime gifts. Thoughtful use of these gifts through the use of planning vehicles such as trusts and life insurance can help increase the value created for your heirs. We can help you determine a gifting strategy that is consistent with your planning objectives.
*Please note, this material is intended for informational purposes only and should not be construed as legal or tax advice and is not intended to replace the advice of a qualified attorney or tax advisor.
Retirement Planning
Financing retirement has become increasingly complex and can cause unnecessary anxiety, especially for those who plan to access their retirement assets in the next several years. An array of investment options, combined with fluctuating interest and inflation rates and other variables, make it difficult to determine how much you will need, where you should invest, and to whom to turn for assistance. The complex tax and legislative environment surrounding retirement planning only compounds the confusion. With qualified plans, such as IRA, pension, profit sharing, and 401(k) plans, the timing and amount of withdrawals are critical in order to avoid additional tax penalties. And if you have accumulated significant qualified plan assets, you may face additional problems, such as the “Double Tax Dilemma,” where the government can tax these assets twice. To guide you through the complexity of retirement planning, our team is dedicated to help you:
- Develop customized short- and long-term investment strategies based on your personal objectives, risk tolerance, time frame for accumulation, and current financial situation.
- Work to preserve and grow your net worth through investment opportunities and proper allocation and diversification of assets.*
- Provide you with access to select investment vehicles, including those that offer tax-deferred accumulation and potential tax-free distributions.
We are prepared to deliver sophisticated individual and corporate solutions to help you reach your unique goals and needs for retirement. *Diversification and asset allocation can potentially help mitigate losses, but cannot assure against market loss.
Investment Management
In light of today’s global economy and variable markets, achieving financial success can be a complex and confusing process for even the most experienced investors, one that requires a significant amount of time, knowledge, and resources. We provide access to the necessary tools, personalized services, and experience to help you develop a well-coordinated investment management plan that goes beyond one-dimensional product strategies. After assessing your goals and risk tolerance, our objective is to offer advice designed to help protect and increase your wealth by delivering a high level of personalized service and specialization. Balancing your needs, we trust you will find that our experienced team offers a sophisticated level of comprehensive wealth management services to define an approach that will help satisfy your long-term needs. As your needs change, our ongoing investment management process monitors the evolution of your portfolio, including individual assets, business assets, or a combination of the two. We are committed to helping you achieve your financial needs and goals.
Financial Planning
Financial Strategies
Managing your strategies is an ongoing process, defined and directed by your personal and financial needs and goals, as well as your values. We believe that by taking the time to identify your objectives, you are more likely to develop a sound and workable financial plan which will help enable you to achieve your most important aspirations in the future. Financial goals, such as a child’s education, a financially independent retirement, and the transfer of assets on to heirs, may be similar for most people; however, your values and unique situation may require a more personalized financial strategy, specific to variables, such as your income, risk tolerance, commitments, and family. By taking the time today to create a personal strategy for your future, your goals become more attainable. Once you have identified and prioritized your goals, we will help construct a strategy, establish effective goals, and execute the plan with these considerations in mind. We are committed to working with you and your advisors throughout the process, as your plan will evolve with you and as your life changes.
Policy Review
A life insurance review is an objective evaluation of current life insurance coverage designed to determine whether policy performance is in line with the insured’s goals and expectations, and to see how the policy compares to newer products on the market. Many life insurance policies do not perform as they were originally intended and may be falling well behind expectations. A policy review performed by Perspective Financial Group may typically result in a combination of reduced premiums, increased death benefits, and enhanced tax-free retirement income solutions. If insurance policies are more than a few years old it is likely we can possibly improve the performance of the existing policy.
Get Your Policy ReviewedM Financial Advantage
For more than 35 years, M Financial Group’s representation in the affluent marketplace has proven to insurance carriers that their clients are healthier and have a superior mortality experience than the general public. This results in proprietary life insurance products exclusively for the clients of M Member Firms. Which can generally provide better long term results for a client.Potential Benefits Of Life Insurance Policy Reviews:
- Increased death benefit levels with existing premiums
- Reduced premium levels without decreasing death benefits
- Enhanced cash value strategies
- Optimal tax-free retirement income solutions
A Perspective Financial Group Life Insurance Review Will Provide You With:
- A review of in-force life insurance relative to current needs
- An analysis of current policy funding
- An analysis of your policy’s performance compared to illustrations at the time of the sale
- An investigation seeking improvements in your medical underwriting classification
- Review projected guaranteed and non-guaranteed policy values
- Evaluate policy conversion options (if applicable)
- Death benefit stress testing
- Review new products or riders that may enhance your coverage
- An assessment of the current ratings of each insurance company owned – A comparative analysis of your policy and policies currently available in the marketplace
Property and Casualty
Casualty Coverage
Shields your business from financial losses due to legal liabilities, lawsuits or damages caused to third parties—offering financial clarity and protection despite unforeseen circumstances.
Personal Lines Coverage
Protects individuals and their families from unexpected events with coverage for home, auto, life and more — keeping you safe from devastating financial loss when disaster strikes.
Professional and Financial Solutions
Provides coverage for professional liability, errors and omissions, and other financial risks related to professional services — safeguarding business owners from the financial consequences of claims and lawsuits related to their work.
Property Coverage
Protects your business’s physical assets, such as buildings, equipment and inventory, from various risks such as fire, theft and natural disasters — safeguarding your investment and ensuring business continuity.