“There is a trend in the financial planning industry toward asset management,” says Joseph Maczuga, founder of the Fee Planners Network, “but comprehensive planning and insurance planning on a non-commissioned basis has become a black hole in the industry.” During the Fee-Based Insurance Strategies and Comprehensive Planning Symposium on March 27-30 in Las Vegas, Maczuga will argue that comprehensive financial planning is not complete unless it includes no-load life insurance.
With you being the lead presenter at the symposium next month, what do you hope to accomplish?
The symposium is structured to bring to the advisors concepts and strategies in comprehensive planning as it relates to estate planning, business planning, and comprehensive planning for the individual. Then we integrate those concepts and strategies into design applications in terms of no-load life insurance, but not in the traditional commission-type product, but instead through the advisor designing the plans on a fee-based platform. What we have found over the years is that there has been a trend toward asset management, but comprehensive planning and insurance planning on a non-commissioned basis is really a black hole in the industry. With the consumer looking for impartial input and planning advice on a fee basis, comprehensive planning has been let go. But you can’t fully do comprehensive planning without integrating life insurance. So where do you go to get comprehensive planning on policy, design, and concepts that is not biased toward the commission approach? There is just nowhere to go.