thesesociety_0md1v7

Network For Your Client’s Needs

By: Brandon Leopoldus | Leopoldus Law

Many in the business world are “business card ninjas” who litter events and emails with their card saying “call me if you ever need a _____.”   This focus is all about selling one-on-one.  Let’s face it, that focus is a lot of work with very little ROI.

Instead, try looking for those who are good fits for your ideal clients, and focus on meeting those who work with your ideal client in a variety of roles, and think outside of the box!

Sometimes, the roles you would dismiss, are the people that will change your business.  For me, it was working with an athletic trainer to professional athletes.  What in the world could a lawyer and an athletic trainer do for one another? Well, we were both focused on protecting young athletes, and it became a great relationship where I would connect this trainer to others I trusted who work with athletes, and he would provide me a glowing (honest) recommendation to his clients – providing me access to these players. This connection has increased my business more than most financial advisors, CPA’s, agents, and other lawyers could ever do.

Keep this in mind when you think that you don’t need to know people in certain roles.  Remember: if someone is working with your ideal clients in a role that you don’t fill – it is a good idea to get to know them!

Posted by thesesociety_0md1v7 in Newsletter, Real Estate

A luxury stay in the Maldives: the most exclusive getaway on the planet!

As we all know, the current COVID-19 pandemic has influenced the trends and popular experiences in the luxury traveling niche around the globe. Exotic and remote destinations are incredibly sought-after, as they provide people with an opportunity to disconnect from their routine and escape crowds to find refuge in a world-class luxury setting. The Maldives is home to some of the world’s most amazing luxury hotels and resorts. This destination has always been one of the most popular and highly regarded in the world of luxury travel, but the current situation makes it a perfect haven for people looking for a luxury retreat.

Located in the heart of the Indian Ocean, the Maldives are essentially a group of islands blessed with some of the most beautiful flora and fauna on the planet. Visiting the Maldives is a life-long dream for many people, and it is not surprising to see that this destination often ranks high as one of the most sought-after holiday trips ever, with or without the pandemic! The Maldives provides a one-of-a-kind luxury experience, also on account of the fact that very few destinations can provide such a high level of privacy and relaxation. In fact, the setting provides a laid-back lifestyle, with some of the most breathtaking beaches and seaside scenery on the planet. The many secluded beaches and holiday resorts provide so much luxury and privacy for attendees, making them perfect for people who re-ally want to enjoy their trip away from large crowds and chaos. Some re-sorts and beaches are actually only available via seaplane or speedboat! In addition to that, some of the wealthiest visitors also have the opportunity to rent a private atoll, all to themselves. Renting a secluded piece of heaven might be the ultimate luxury experience of a lifetime, especially if you consider that beautiful amenities such as overwater villas and private spas are quite commonplace at such a high level.

In addition to the high level of luxury that you can expect from a stay in the Maldives, you’ll also be able to enjoy some one-of-a-kind experiences. For instance, if you enjoy being in and around water, it goes without say-ing that this is the perfect place for you. You can practice all sorts of water sports, and many luxury resorts actually enable guests to rent some high-end equipment, including water skis and sea-doos, only to mention a few. This is particularly awesome because it means that you won’t have to bring your gear with you if you don’t want to. In addition to that, you’ll also be able to enjoy some incredible experiences that are only possible in a handful of destinations in the world. For example, you can actually swim with sharks and marvel at the beauty of so much marine flora and fauna, including the Coral Reef ecosystem, which is precious and one-of-a-kind.

Some of the most discerning tourists also tend to hire some staff for their holidays, including sailors or pilots on retainers, as well as personal chefs, so that they can enjoy world-class meals without the need to leave their private slice of heaven!

Speaking of food, Maldivian cuisine is quite one-of-a-kind, as it feels like a cultural crossroads of so many influences. From the colorful, fresh, and zesty touch of the Pacific ocean down to the complex and endearing fla-vor of Indian cuisine influences, there is so much going on here. Among other specialties, don’t miss out on Gulha, the country’s beloved national dish, which essentially is a deep-fried pastry featuring smoked fish (often tuna) as well as onion and sweet coconut flakes.

Posted by thesesociety_0md1v7 in Luxury Travel, Newsletter, Travel

April 2021

Hello SES!

Thanks to everyone who joined our amazing call with the CEO of the LA Dodgers Foundation, Nichol Whiteman! She was phenomenal and we are excited to welcome her as a member of the Sports and Entertainment Society. We also had a very informative call on the emerging world of NFTs (Non-fungible Tokens). Thanks to those who shared their expertise in this field. We will have more of these curated conversations on topics that our members are interested in. Also, our referral network has been active. Please share your successful referral stories with myself or James. Lastly, we are starting to plan for in-person meet-ups and ultimately our Super Bowl activation. We would love your input and ideas. Looking forward to our next call.

-Kofi Nartey and The Sports and Entertainment Society Team

WORLD'S MOST VALUABLE SPORTS TEAMS 2021

Forbes

2021 OSCARS: THE COMPLETE WINNERS LIST

ET Online

REEBOK JOINS NFT MARKET WITH LIMITED EDITION FOOTWEAR

Yahoo! Finance

DR. MIMI
NARTEY

Co-Founder and Executive Director

NarteySportsFoundation.com

Athlete marketing has become a billion-dollar enterprise. The wealth and global influence athletes garner are being leveraged in the philanthropy space, and the sports philanthropy field is taking off. There are many opportunities to get involved in the social and environmental justice movements that are being spear-headed by major sports leagues, teams, and athletes. Building out your knowledge and network in this space can set you apart with your athlete clientele.

ERIC
PROOS

Founder
Los Angeles, CA

Coming from Metro Detroit, without any ties to the entertainment and sports industry, some think I broke into representing music clients by simply moving to Los Angeles. However, landing those Grammy winning clients was not that simple. It involved a lot of work behind the scenes. As many in the entertainment and sports industry will tell you, persistence is a characteristic that many of us professionals in SES possess. I guess this Member Contribution is not about me, my firm, my work, or my clients, but instead is a way of paying it forward to anyone that is interested in breaking into the entertainment and sports industry. The key to success is to be persistent in the following three areas.

GOLD
PORTER

Owner/Founder
Los Angeles, CA

What are the most important traits an employee on your team can have?

Regardless of the position and job specifics, the two most universal traits that predict success in their position are attitude and aptitude.

DAVID
SIEGEL

President & CEO
Santa Monica, CA

What are the greatest challenges to good communication?

I think there are 3 key challenges to good communication.

I think there are 3 key challenges to good communication.

1. Being consistent with communication. It’s very easy to do when something is urgent, but more difficult when the sky isn’t falling.

2. Even before COVID, I feel I rely too much on technology, like texts and emails, to communicate.

3. Listening. A critical component of good communication is being able to not only hear, but listen to your team and client.

MELISSA
HASKINS

Financial Advisors
Tampa/St Petersburg, FL

What are the greatest challenges to good communication?

Every year I update my business plan to include my two biggest goals along with 2 to 3 strategies/activities to achieve those goals throughout the year. I would have to say developing consistent processes in my firm have brought about our biggest successes.

Sticking to my calendar is key in order to maintain a balance between work and home life. I am an avid promoter of time blocking and in fact I account for every 15 minutes of my day so that we can be as efficient as possible. I also make sure that our team has a weekly meeting so that we can make sure communication and customer service are always top of mind. Through the use of consistent processes, time blocking and open communication we continue to bring success to the firm.

Posted by thesesociety_0md1v7 in Newsletter

3 Great Resources for Networking in Sports Philanthropy

By: Dr. Mimi Nartey, Co-Founder and Executive Director of The Nartey Sports Foundation | NarteySportsFoundation.com

Athlete marketing has become a billion-dollar enterprise.  The wealth and global influence athletes garner are being leveraged in the philanthropy space, and the sports philanthropy field is taking off. There are many opportunities to get involved in the social and environmental justice movements that are being spear-headed by major sports leagues, teams, and athletes. Building out your knowledge and network in this space can set you apart with your athlete clientele.

Here are three great resources for sports and entertainment professionals who are looking to cross-over or include philanthropy in their resumes and networking spheres:

Professional Networking Sites: Sports Philanthropy Network

Professional networking is obviously so important in getting new information and sourcing new business.  This is especially true the sports philanthropy space, which is a sector that is difficult to access.  While standard networking sites are a solid resource, sites specifically dedicated to professional networking in the sports philanthropy sector are even more useful because of the specific focus.  Sports Philanthropy Network is a professional networking platform targeting individuals interested in accessing a community of people engaged in bolstering the social and financial influence of athletes and sports teams for the common good.

Sports Philanthropy Platforms: The Sport of Philanthropy

There are a few great sports blogs and platforms that showcase stories and advice from athletes from around the world.  The Sport of Philanthropy is a blog created by the social enterprise Champions for Philanthropy to highlight the charitable work of professional athletes, teams, and major sports leagues around the world.  The goal of this platform is to showcase best practices in sports philanthropy and celebrate inspiring philanthropic efforts in professional sports that aren’t widely known.

Continuing Education: Sports Philanthropy Certificate Programs

If you are really committed in expanding your knowledge and skill set, you can pursue continuing education through a sports philanthropy certificate program.  George Washington School of Business offers a unique Sports Philanthropy Executive Certificate Program in partnership with the GW Sports management MBA program (ranked 3rd in the country for sports business programs by Sports Business International Magazine).  The GW program emphasizes corporate social responsibility and how non-profits can use sports for social good.  Another option is to obtain certification through the Sports and Entertainment Impact Collective, which is a program designed to bring together athletes, entertainers and philanthropy leaders in a collaborative instructional setting.  Students and faculty come from major organizations including Nike, the WNBA, Under Armour, UNICEF, the Detroit Lions, and Gatorade, among others.

There are plenty of amazing resources for this emergent field.  Whether you or your clients are interested in making sports philanthropy a primary focus or looking to simply find some positive affiliations, these are some great starting points for making a positive impact.

Sources Cited.

Posted by thesesociety_0md1v7 in Member Contribution

Member Contribution: Persistence is key to breaking into any industry

By Eric J Proos | The Law Office of Eric J. Proos, P.C.

Coming from Metro Detroit, without any ties to the entertainment and sports industry, some think I broke into representing music clients by simply moving to Los Angeles. However, landing those Grammy winning clients was not that simple. It involved a lot of work behind the scenes. As many in the entertainment and sports industry will tell you, persistence is a characteristic that many of us professionals in SES possess. I guess this Member Contribution is not about me, my firm, my work, or my clients, but instead is a way of paying it forward to anyone that is interested in breaking into the entertainment and sports industry[1]. The key to success is to be persistent in the following three areas.

Networking

No matter the industry, never turn down the opportunity to network with professionals, experts, or people interested in entertainment and sports. When I moved to LA, I talked to everyone I was introduced to, no matter who it was, the day, time, or if it was raining (which we all know is a big deterrent in LA). Keep in mind, that it is sometimes the people you do not meet at industry events that may have the best connections. For me, it was the guy that cut my hair. He was so well connected he introduced me to some of the most well-known professional service providers in music, TV, and film. Did this result in clients? No, but it did result in the ever-valuable relationship capital, and keep in mind that the more people in an industry that hear your name, the more credibility you have, even if you haven’t worked for those individuals.

When I network it is not about getting clients, it is about getting to know the people, learning what they have to offer, and matching them with my current clientele and connections to help their business. When you network and provide value to the people you are networking with, you stay top of mind, and that is one of the best ways to eventually land clients from your networking efforts.

Cold emails

Even though this may be a different version of networking, I think this is a completely different game in itself. Cold emails allow you to pinpoint the people you want to meet instead of leaving it up to chance. Compile a list of people you want to meet, talk with, learn from, or whatever it may be and start sending emails. This is a numbers game, so don’t be deterred if you receive no response. To this day, I still send out daily cold emails to other professionals in order to network and provide value to in any way I can. I send out six emails a day, five days a week, 50 weeks a year. By doing this, I have made numerous connections with professionals that now provide my firm with great referrals and clients/connections in the entertainment industry.

Asking

I am a huge fan of learning from some of the best business people. Usually, this education is provided via interviews or biographies. Nowadays there is a ton of videos on YouTube that can provide some great information. With all the videos out there, the best one I have found is of Steve Jobs. Never be afraid to ask. This can be done via emails, phone calls, or while networking.

I always ask for the most valuable thing a person can offer, their time, whether that’s to grab coffee or jump on a call. Yes, I get a lot of “no’s”, but I also get some “yes.” Don’t be afraid to ask the same person over and over again to meet for coffee/a phone call/response email. Just keep one thing in mind, you better plan to bring some value to the conversation as well. Bring something to the table, don’t ask this person for their time and then ask for something without providing value back to them.

As these three factors outlined, persistence is the key to breaking into entertainment and sports, or any industry for that matter. The Members of SES are established in these industries, but sometimes our closest connections that want to break into entertainment and sports don’t want to listen to us. So, this article is for them, that may be your kids, family, friends, or someone seeking your time. Persistence has been the key to my success, not only in entertainment and sports, but life in general, and it can be an important asset for others too.


[1] Persistence can be used to break into any industry.

Posted by thesesociety_0md1v7 in Member Contribution

March 2021

The "2 Client Approach." We had a great conversation on our last Zoom call about the 2 Client Approach for our sports and entertainment clients. This month, we will have a great guest speaker from the Los Angeles Dodgers Foundation that you won't want to miss. Lastly, the first quarter is officially over and get ready for the rest of the year to fly by too. Stay dialed in for more SES networking, online events and speakers, and YES, in-person events! This is going to be a year of growth and expansion for our members and we are excited to support that journey.

-Kofi Nartey and The Sports and Entertainment Society Team

SUPREME COURT CASE COULD CHANGE THE NATURE OF COLLEGE SPORTS

AP News

TRIBECA PLANS IN-PERSON, OUTDOOR FILM FESTIVAL FOR JUNE

ABC News

INNOVATIVE BLOCKCHAIN TECHNOLOGY CREATES NEW OPPORTUNITIES FOR THE HIGH-END FASHION INDUSTRY

Luxury Travel Magazine

On top of the world luxury

Amalfi Coast: Luxury Experiences in one of the world’s most sought-after destinations

Located in the beating heart of southern Italy, Amalfi Coast is a one-of-a-kind destination. This place feels like time has stopped there. You’ll still be able to see cars and scooters from the 50s, cheekily flying around the small alleys and intricate coastal roads. The scenery is very traditional and picturesque, but Amalfi is home to some of the most incredible luxury experiences you could dream of. The world-famous Santa Caterina hotel is one of them. I had the opportunity to spend several nights in this beautiful establishment with my wife last summer, and our stay was unforgettable.

ED CASTNER

Assistant Vice President
Cape Coral, FL

It cracks me up every time I hear someone talk about wanting to be the only person within their field of business in a networking group. I can’t believe that some people still come from such a place of lack trying to make sure that they are the only option. They miss out on so much more and the chance to really grow their business and if taking care of the client is truly their number one focus then they better network with people from other companies in the same field.

ERIC
PROOS

Founder
Los Angeles, CA

What is the most effective strategy for connecting with and encouraging your team?

I have found that its easiest to connect with my team through daily texts that set the tone for that day. This is a simple, short text that does not require a response. For example, if work needs to be done on a contract for a client, I’ll send something quick like, “I know you’ve the contract for client Doe handled, but if you need a second take on anything today before sending, I’m available.” I found this works great for tasks that the team and I have discussed.

In addition to small texts, my team and I also have summary/strategy calls whenever as needed. If an attorney I am working with needs some help, they text me their availability and we set up a call that day to discuss. I always welcome any questions. I also make myself available at a time that works best for the person seeking help.

TRACY
HAZZARD

CEO/Founder
Irvine, CA

Who is the best person you’ve worked for? Why?

For the majority of my 30-year career, I have been my own boss. Some days I love being the boss. Other days, it is a little lonely. I learned about hustling and the power of treating any position like you are the boss from John Soltis at Milliken & Company – one of the world’s largest textile companies. He was a bit of maverick with a tremendously committed work ethic. He approached every day like his sole job was to make sure new business flowed in to keep the lights on, even though we worked in one small business unit in a multi-million dollar company with thousands of employees. He always had a back-up plan for his back-up plan and taught me to be bold and confident in sharing my ideas. He showed me that I could use my position as the only woman at the table to make diversity a business asset. Because of his mentorship, many more women joined me at that table.

BRANDON
LEOPOLDUS

Founder
Los Angeles, CA

What criteria do you use to identify potential quality employees?

I use three primary criteria: 1) Understanding of the client's needs; 2) a focus on the client service rather than the "cool" factor; and 3) a positive outlook and an ability to avoid value-judgments for client actions.

Posted by thesesociety_0md1v7 in Newsletter

Member Contribution: It’s not Competition its Collaboration

by Ed Castner | McGriff Insurance, Assistant Vice Principal

It cracks me up every time I hear someone talk about wanting to be the only person within their field of business in a networking group. I can’t believe that some people still come from such a place of lack trying to make sure that they are the only option. They miss out on so much more and the chance to really grow their business and if taking care of the client is truly their number one focus then they better network with people from other companies in the same field.

One of the things I love about SES is that there is no exclusivity because it enables people in the same industry to share ideas, best practices, and really try to help each other grow. I can tell you that I regularly talk to other agents with the same areas of focus as mine so that we can share information and best practices to grow our businesses. Then what’s even better, is that I have referred business to a “competitor” because they had access to a product or market that I did not, and I have received some very good referrals from them as well.

Think about people you have met in the same industry as you that you have met and actually liked talking to, then reach out to them and start building a relationship. Who knows, they may give you some industry insight you didn’t have, connect you with someone to help your business, give you business down the road, or maybe it’s a relationship that solves a big problem for one of your clients when you may not have had the best solution. Your client will never be more impressed and loyal than if you tell them, “in this case I want to send you to Jane Doe because she has a better option than I do for you and I want to make sure you are protected”.

So think collaboration and not competition.

Posted by thesesociety_0md1v7

Amalfi Coast: Luxury Experiences in one of the world’s most sought-after destinations.

Located in the beating heart of southern Italy, Amalfi Coast is a one-of-a-kind destination. This place feels like time has stopped there. You’ll still be able to see cars and scooters from the 50s, cheekily flying around the small alleys and intricate coastal roads. The scenery is very traditional and picturesque, but Amalfi is home to some of the most incredible luxury experiences you could dream of. The world-famous Santa Caterina hotel is one of them. I had the opportunity to spend several nights in this beautiful establishment with my wife last summer, and our stay was unforgettable.

One of the most luxurious things about the stay at the hotel was the fact that the establishment has its own private bathing deck. This means that you can get out of bed, head down to the elevators (or walk down some steep stairs, if you feel like moving), and enjoy a day by the water without ever needing to leave your hotel. This was truly amazing for us. Not only was it incredibly comfortable to have the best umbrellas and beach sofas, but it was great to have quiet and privacy, not to mention being able to bathe in crystal-clear water without having to go to a crowded beach (something we definitely wanted to avoid, as by then the COVID-19 threat was looming around the corner). One of the most amazing things about the hotel’s beach club is that they built a pool parallel to the ocean filled with seawater. This is perfect for people who feel safer in a pool environment, rather than being out in the sea – the water is quite deep at around 12 meters, and some people might feel uncomfortable with that. Thankfully, the pool offers the same beautiful scenery and seawater so that you won’t be giving up on the experience of bathing in the Mediterranean.

The hotel itself is just gorgeous. The historical building is perfectly maintained, located on the side of a very steep cliff, diving down into the beautiful “mare,” as the locals call the sea. The rooms weren’t particularly large compared to some of the suites you can find in major cities like London or New York. However, they were still plenty of space, and the brightness of the Italian decor made everything feel more open. There were so many incredible details in the rooms, such as hand-painted floors, as well as a marble bathroom, not to mention the view overlooking the whole coast.

The service was impeccable. You can order food and drink by the water, and room service is also a possibility if you feel like staying in for a private dinner – but why would you? The hotel is home to Glicine, a Micheline-starred restaurant located right in the main building. This was one of the best food experiences we had the chance to try during our stay, and it had a high-end atmosphere that matched the world-class cuisine provided. We always try to taste local food when we travel, so we were happy to see that the menu reflected some of the best-known local specialties. You can’t beat the seafood here, and the produce was as fresh as it got. Breakfast was terrific as well, with plenty of international options for guests who want more choice. While we loved Glicine, the hotel also has another restaurant located at sea level, aptly named “Al Mare,” which means “By The Sea.” The food here was also incredible, and perhaps even a bit more to my taste since it had a bit more of a traditional feel while still maintaining its luxurious vibe and excellent service. The atmosphere was a bit more casual, and there is nothing that can beat the experience of eating a world-class lunch right on the water in one of the most beautiful places in the world. I’ll have to admit we didn’t do a lot of drinking and late-night partying in the hotel, but I noticed that they had a fantastic wine cellar, with some extremely rare bottles as well. The cafè was also stunning, and the service there was kind and attentive, always happy to accommodate requests.

Find out more and check out the hotel’s website for more information about the luxury experiences it offers at www.hotelsantacaterina.it.

Posted by thesesociety_0md1v7 in Luxury Travel

February 2021

As we wrap up the first quarter, we are slowly seeing the world open back up. This will mean live sports and entertainment will be back before we know it. Also, the Super Bowl is headed to Los Angeles for 2022. We want to start planning some type of Sports & Entertainment Society activation. We are open to all ideas and look forward to collaborating with all of you. In the meantime, we will continue with our monthly Zoom meetings, dynamic guest speakers and finally, sharing wants and needs. One more shout out to last month's guest speaker, Former MLB player and Founder and Director of Players for the Planet, Chris Dickerson! Thanks and talk soon!


-Kofi Nartey and
The Sports and Entertainment Society Team

What Justin Turner's two-year Dodgers contract means for luxury tax

Yahoo! Sports


 

For movie awards season, February is beginning to look a lot like Christmas

CNN Entertainment


 

Privacy is the New Luxury: The World’s Most Exclusive Villa Holidays to Book For 2021

Luxury Travel Magazine


 

DR. MIMI
NARTEY

Co-Founder and
Executive Director

NarteySportsFoundation.com

 

Philanthropy is an important part of a democratic society because it directs resources and attention to marginalized groups or unpopular causes. From a historical perspective, philanthropy was founded on the large-scale donations of a number of individuals and families who made their wealth during the industrialization era, such as the Sage, Carnegie, Rockefeller, and Ford families. In recent times, more individuals are seeking to promote the welfare of others by donating time, money experience, skills or talent. Athletes are a unique group of emerging philanthropists that we should be paying attention to, and here are three reasons why:

1. Athletes will constitute a growing proportion of the high net worth and the ultra-high net worth.

Although athletes only represent about 1% of millionaires in the United States, over the past couple of decades, we have seen an undeniable change in the ways that athletes are handling their resources. Many are re-investing their money in business and real estate to build out empires and create intergenerational legacies of wealth and influence. This is translating to staggering net worth projections for a variety of athletes across all sports. We are seeing a greater number of athletes displaying serious business acumen and surrounding themselves with top industry experts to use their salaries as capital for wealth-building investments.

Member Contribution
A New Look on Life

STEPHEN SABO

Founder/CEO
Tampa, FL

Most clients and advisors that we work with think of life insurance as a necessary evil– something you must have (and pay for) to protect the ones you care about if the unthinkable happens. Life insurance absolutely is that– and I have seen first-hand the positive economic impact it can have on the loved ones of someone lost too soon.  But what if it could offer significantly more– not just to the beneficiaries, but clients themselves while they live?

Permanent life insurance has a cash value component that builds up during the life of the policy and is fully accessible to the policy owner for use while the insured is still living.  There are a variety of different policy constructs that allow for customization to the needs and risk tolerance of each individual client, ranging from very stable and predictable (whole life) to more aggressive (variable life). Regardless of which end of the spectrum the design falls on, however, if properly structured the plan enjoys favorable lifetime tax treatment.

CHRISTINE SADOFSKY

Managing Principal

New York City, NY

What skills/tools do you use to ensure effective communication between your team members?

At EPIC, we use a robust agency management system that contains all the client information necessary for us to procure the insurance policies.  We “meet” as teams using Microsoft teams, zoom and hopefully when things return to normal, live meetings with the various teams.  The S&E teams are located in NY, CA, GA, TN, TX and FL.  The S&E colleagues know they can reach out at any time to brainstorm about a challenging situation, to discuss next steps on a comprehensive program and to coordinate the various teams all working for the same client.

PETE LARIOS

Founder

Tampa, FL

What is the most effective strategy for connecting with and encouraging your team?

It all starts with OVER communication.  It’s imperative that we over communicate not only with our clients and understanding their needs, but also amongst our team.  Over communication allows everyone on our team to understand the needs and requirements necessary to deliver efficiently, accurately, and timely.

ED CASTNER

Assistant Vice President

Cape Coral, FL

 

 

 

What are the greatest challenges to good communication?

For me the greatest challenges are being consistent with my communication outreach, finding the perfect amount of communication where it is just enough touchpoints without being burdensome, and now during COVID the lack of the exchange of energy that you only can get when you are face to face with someone.

calendar of events


 

THESESOCIETY.com

The Sports & Entertainment Society is a network of specialists servicing athlete & entertainer clientele. We are a vetted group of real estate professionals, wealth managers & agents, luxury brand representatives and concierge service providers.
Posted by thesesociety_0md1v7 in Newsletter

A New Look on Life

by Stephen Sabo, Simple Society

Most clients and advisors that we work with think of life insurance as a necessary evil– something you must have (and pay for) to protect the ones you care about if the unthinkable happens. Life insurance absolutely is that– and I have seen first-hand the positive economic impact it can have on the loved ones of someone lost too soon.  But what if it could offer significantly more– not just to the beneficiaries, but clients themselves while they live?

Permanent life insurance has a cash value component that builds up during the life of the policy and is fully accessible to the policy owner for use while the insured is still living. There are a variety of different policy constructs that allow for customization to the needs and risk tolerance of each individual client, ranging from very stable and predictable (whole life) to more aggressive (variable life). Regardless of which end of the spectrum the design falls on, however, if properly structured the plan enjoys favorable lifetime tax treatment.

Generally, life insurance is funded with post-tax capital, but then policy values grow tax-deferred, income can be taken tax-free during life, and any remaining death benefit is ultimately paid tax-free to beneficiaries. Therefore when designed correctly, permanent life insurance provides lifetime tax abatement– and in doing so provides high-income clients access to a tax favored asset location when other more traditional routes (think Roth IRA/401k) may be more difficult or even impossible to accumulate a meaningful amount of capital in.  Also, unlike those other vehicles dedicated to traditional retirement planning, there are no age-based rules on distribution dates, no income thresholds restricting access, and no contribution limitations on amounts that can be dedicated to this part of the overall allocation.

We are seeing surging interest in this type of asset, as astute advisors and clients are working to position client portfolios for the likely inevitable tax rate increases down the line. A legislative change in late 2020 has increased the overall efficiency of many of these types of plans– reducing the cost “friction” and making these types of plans even more attractive. There are also many funding options, including a strategy called premium financing (which uses bank credit to fund the policy premiums instead of client capital) that have significantly increased the efficiency of this planning due to the low interest rate environment.

Whether or not you have reviewed cash value life insurance in the past, give life a new look– you may find it more attractive than you anticipated!

 

Posted by thesesociety_0md1v7