April 27, 2012

Businesses must adapt to 401k Changes

Are you ready for 2012 Business Retirement Planning Changes?

Fee disclosure
With the U.S. Department of Labor set to release its final rules on fee disclosure to both plan sponsors and plan participants, 2012 will be a year of changes for the retirement planning marketplace, especially with more focus on 401(k) plans.

Transparency: For the first time, companies and individuals will know what they are paying for record keeping, administration and advice. The general public will finally realize how much of their retirement earnings are going to pay for hidden fees. The fee disclosure rules are scheduled for implementation by August, unless the DOL grants an industry request for an extension.

401(k) advice
Industry experts predict that 401(k) advice will be more plentiful in 2012. The Employee Benefits Security Administration issued a new regulation in October that gives smaller companies the opportunity to bundle investment advice as part of their 401(k) and IRA plans. The regulation will allow fiduciary investment advisers to receive compensation from investment vehicles they recommend if the investment they provide is based on a computer model that is certified as unbiased and applies generally to accepted investment theories, or the adviser is compensated on a “level-fee” basis, meaning the fee doesn’t vary based on the investments a participant selects.

The Department of Labor and U.S. Securities and Exchange Commission also are working on competing definitions of fiduciary. The goal is to get more individuals the advice they need so they can save enough for retirement.

The downturn in the market and the losses most retirement plans experienced has made it clear that most investors don’t have any idea how to invest their money, and most are unwilling to pay someone for that kind of help. Having access to advice within a plan they are currently enrolled in will make saving for retirement much easier.

Investment models will change
401(k) investment models will include target date funds, which will take into account how much time participants have left until retirement and how much risk they should take at that point in their careers.

Simple, low-cost options will expand
The industry already has seen a trend toward simple, low cost alternatives to past plans. Recently, many large 401(k) plan providers have started offering small business 401(k) plans. This trend will only continue as rules change, making it easier for people to see what fees they are paying to their plan providers.

Individuals should save more
If the financial services industry is successful in fending off Congressional attacks on 401(k) plan tax incentives, if the economy improves and workers feel more stable in their jobs, 2012 should be a good year for retirement savings.

Fore more information or to discuss your personal or business retirement plan, call (800) 783-0802

April 24, 2012

California Real Estate Agents turning to New Career in Insurance

California -
There have been a number of California Real Estate professionals that have found new careers in the insurance and financial services industry, in particular "Employee Benefits".
A career in the Insurance industry is basically recession proof. Individuals and Businesses need insurance and it is often a requirement, including driving a car, purchasing a mortgage or offering employee benefits. Insurance and Real Estate professionals share many of the same personal characteristics including;
  • Similar State Licensing Requirements
  • Being Self Employed or working as an Independent Contractor
  • Flexible Schedule
  • Unlimited Earnings
  • Skilled Negotiators
Insurance professionals do enjoy some benefits that Real Estate professionals would like, including;
  • No night or weekend work (unless you want to become a jack of all trades Farmers/State Farm agent)
  • Paid Training
  • Financial subsidies
  • Renewal income after the sale
  • Realistic 6 figure income - fast
  • Many companies still offer employee benefits including health insurance and retirement plans (401k)
One of the fastest growing insurance industries is the employee benefit marketplace. In addition to offering health insurance, ancillary benefits including Dental, Accident, Disability Insurance, and Voluntary Benefits are product lines that many insurance companies now offer, plan to offer or will be coming to market in a big way - especially in light of health-care reform.

The process is much like becoming a Real Estate Agent. To become licensed you need to take 52 hours of pre-license training, including 40 hours of insurance and 12 hours of code and ethics. Once you have completed this step, you can sit for the California insurance exam. This can be a great family business or new opportunity.
If you are considering a new career path send me an email and I will send you a list of insurance executive placement agencies / professional recruiters for your area. / vince@qbcmail.com

California Insurance Firm Qualifies for National Award

Quotebroker Insurance Services Qualifies for 2012 Golden Eagle Award

(Arlington,VA) — The Leading Producers Round Table (LRPT) of the National Association of Health Underwriters (NAHU) is proud to announce that Quotebroker Insurance Services of Valencia California has qualified to receive the association’s Golden Eagle Award.

Quotebroker has qualified for this award due to their exceptional professional knowledge and outstanding client service. Quotebroker Insurance Services has been offering Employee Benefit Services to Corporations, Business Owners and Independent Contractors for over 25 years. Quotebroker remains a family owned and operated business by The Pappadato family.

Quotebroker exemplifies the qualities that make health insurance agents and brokers such an important resources and advocates for American consumers,”. The Pappadato’s and their team worked tirelessly on behalf of countless clients to ensure they have the insurance coverage they need.”The Golden Eagle Award recognizes National Association of Health Underwriters members who demonstrate exceptional professional knowledge and outstanding client service.

The National Association of Health Underwriters represents 100,000 professional health insurance agents and brokers who provide insurance for millions of Americans. NAHU is headquartered in Washington, DC. For more information, please contact Kelly Loussedes at 202-595-3074 or kloussedes@nahu.org. 

For more Information about how Quotebroker Insurance Services can help your business, call (661) 702-1755 or visit their website at www.quotebroker.com