Laura Deignan · 05 Jun 2024 · 2 minutes

ADVISOR TRAINING

Innovate Virtual Summit: What’s Helping Advisors Grow in 2024

Author: Laura Deignan Laura Deignan
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As Elliot Masie said, “We need to bring learning to people instead of people to learning.” 

That’s exactly what we did at our first-ever Innovate Virtual Summit! This past week we dusted off our microphones and powered up our webcams to bring the industry’s top training conference to the comfort of over 600 attendees’ offices. 

The three-day event provided advisors with a powerful learning experience. If you missed this week’s training, don’t fret. We have the key takeaways below, as well as links to some learning opportunities on-demand.

Top 3 Takeaways 

  1. Tax and Legislative Risk are Growing: Becky Ruby Swansburg, CEO, addressed the rising risk of taxes and the potential impact of the 2024 election on U.S. savers. A downloadable white paper by Becky delves deeper into this topic, as does this recent webinar Becky hosted on the 2024 election and the future of the Trump Tax Cuts. Net/net: Many of our clients need to prepare for the risk of rising taxes in the years and decades ahead. 
  2. Lead Gen Can Leverage the Election Year: Tyler Randall, National Sales Director, highlighted top lead gen ideas for advisors looking to grow – especially tools that help attract higher-net-worth prospects. One tool he says is really converting for advisors in 2024 – especially with the election coming up in November? The Retirement Tax Bill lead generator. 
  3. Driving Alpha… With Annuities? COO Neil Wilding introduced a whole new way to evaluate income for clients and showed how advisors can evaluate FIAs as a driver of alpha in their clients’ retirement approaches. You can watch a recent webinar Neil held on this topic here.

And a Bonus from Our Partners 

A big thank you to our sponsors RA Marketing and NAIFA for their insights on the agenda.

RA Marketing taught attendees how to leverage automated webinars to drive leads – even while you’re vacationing at the beach this summer. See how it works here.

And NAIFA provided insights on the long-term care risks facing U.S. savers.

Stay tuned for our next training dates! 

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Don’t worry if you missed this event. Registration is open for our next live Innovate Summit, taking place this September in Louisville, KY. Register today!

Real Advisors. Real Results.

See how advisors are using Stonewood software to win larger cases and deliver better outcomes for their clients.

An advisor was working with a prospect who was a real "do-it-yourselfer" when it came to Roth conversions. The client was converting assets up their existing tax bracket – and hadn't considered any impact to IRMAA.

With Roth Done Right, the advisor was able to show an alternate pattern that sped up the conversion to 6 years. The new structure offered $30,000 savings in conversion taxes – a 20% reduction on the prospect's conversion tax bill. The report also showed hundreds of thousands of dollars in long-term tax and IRMAA savings from the converted assets – an amount the prospect hadn't been able to quantify on his own.

Outcome

A new client with $1M in new AUM, and a $1M FIA sale to fund the conversion process.

An advisor was working with a prospect who already had assets with Ken Fisher. Fisher's team presented a 5% systematic withdrawal projection, so the advisor needed a stronger way to frame the income conversation.

Using the Annuity Alpha report, the advisor showed how an annuity could deliver over 8% in annual cash flow with lifetime income, plus a long-term care doubler. The contrast was clear enough that the prospect moved forward.

Outcome

$1.5M placed and a $100K in new business revenue.

An advisor was working with a 58-year-old couple with an established, well-funded retirement income plan, leaving an additional $3M IRA to build out a legacy for the kids. The couple's existing advisor had no real additional plan for this money, other than to keep it in their managed account and grow that money as much as possible for the kids.

Using the Legacy Done Right report, the advisor showed the need for tax planning on this $3M IRA. According to the advisor, the simple analysis "opened up the wallet" to the Roth conversion story. The advisor then used the blended Roth/Life feature in the report to show a blend of Roth Conversion assets with some Life Insurance to help maximize the client’s legacy.

Outcome

$3M in motion. The advisor picked up a $1.5M FIA sale that will be converted to Roth. And the advisor also sold a 5-Pay Protection focused IUL policy at $225,000 of premium per year.

An advisor group incorporated the Total Tax Burden report into the strategy presentation for all new prospects. They ran the tax snapshot for every new client as part of their first meeting conversation, quantifying the growing tax burden of IRA money – and illustrating the kinds of tax savings possible when working with their firm.

Starting in January of 2023, this simple analysis was presented to every single prospect who walked in the door. The goal was to differentiate their practice and drive overall revenue growth through various Roth conversion strategies.

Outcome

From 2022 to 2025, new annual AUM rose from $5M to $50M. Annual FIA sales rose from $3M to $35M. And annual life premium rose from $50K to $1M.

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