Business Owner Life-stage Design · 2020-07-17 · What is BOLD? Business Owner Life-stage Design (BOLD) is a marketing system financial advisors can use with small business owners

BOLDAdvisor guide

Business Owner Life-stage Design

Insurance products are issued by Minnesota Life Insurance Company in all states except New York. In New York, products are issued by Securian Life Insurance Company, a New York authorized insurer. Both companies are headquartered in Saint Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues.

Financial Professional

Business Owners

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Contents What is BOLD? 3

Business owner clients 4

A focused approach 5

Creating a roadmap 6

Do I have to do this all at once? 7

The BOLD process 8

Step 1: Initial meeting 8

Step 2: Design 9

Step 3: Implementation 9

Step 4: Annual reviews 9

The BOLD priorities 10

The BOLD priorities and strategies 11

Retirement income strategies 12

Key question 12

Products 12

Specific strategies and campaigns 13

Retirement GPS 13

Life Insurance in Retirement Program (LIRP) 15

S-corporation owners 17

Other retirement-related strategies for business owners 17

Estate planning 18

Key question 18

Products 18

Strategies 19

Wait & See (married couples) 19

SLAT (married couples) 19

ILIT/Dynasty Trust (singles and married couples) 20

BLAT (for children) 20

Directional statements 21

Directional statements answer key 22

Tools 22

Retirement plans 23

Key question 23

Products 23

Strategies 24

Executive compensation 25

Key question 25

Products 25

Strategies 26

1. Executive bonus strategy and tools 26

2. Split-dollar strategy and tools 27

3. Nonqualified Deferred Compensation (NQDC) strategy and tools 27

Directional questions 28

Directional questions answer key 29

Tools 30

Key person protection 31

Key question 31

Products 31

Strategy 31


Tools 32

Business succession 33

Key question 33

Products 33

Strategies 34

One-way buy-sell (single owner) 34

Cross purchase 35

Entity redemption 36

Advanced strategies 36


Tools 38

What is BOLD?Business Owner Life-stage Design (BOLD) is a marketing system financial advisors can use with small business owners.

BOLD is a modular system that provides:

A roadmap for advisors to follow and provide solutions to their business owner clients.

A framework for over 30 different designs/strategies for the business owner.

A life insurance focused approach, but it also shows where there are solutions for other product lines (such as annuities, retirement plans and broker-dealer services).

A process for the advisor to utilize wholesalers, case design, advanced marketing and other dedicated resources before, during and after the sale.

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Business owner clientsBusiness owners face a greater number of financial decisions than your non-business owner clients. In addition to tax, retirement, long-term care and wealth transfer decisions, business owners must also:

• Actively provide benefits to retain their top executives,

• Prepare for the potential loss of a key employee, and

• Determine how they will exit and transition out of the business.

Exit and transition

Retirement

Taxes

Employee retention

Long-term care costs

Wealth transfer

Business succession

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5

This sheer number of decisions and their complexity may paralyze the business owner into non-action. However, ignoring important issues won’t make them go away. The business owner client is looking for answers to the following questions in the decision-making process:

• Where do I start?

• Do I handle all of these concerns at the same time?

• Do I handle the personal concerns first, then business concerns?

• Is there a roadmap?

A fOCuseD ApprOAChThe first step is to identify the single most important priority to your business owner client. The next step is to narrow down the objectives into six BOLD priorities:

1. Retirement income strategies 2. Estate planning 3. Retirement plans 4. Executive compensation 5. Key person coverage 6. Business succession

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Creating a roadmapThe roadmap starts with your client’s current state of affairs and ends when the business owner exits the business. In order to properly implement BOLD strategies, the business owner will need to answer questions regarding his or her stakeholders, the current business life-stage, the most desired direction and implementation of the proper BOLD strategy.

1. Stakeholders: Who is coming along?All small business owners have both business and personal stakeholders:

• Business owner

• Business owner’s family

• Employees

• Business

2. Life stages: Where is the business owner now, and where is he or she going?

If we start today, what life stages are ahead for the business owner?

• Has the client saved enough to maintain his or her lifestyle and become independent of the business?

• Can the client successfully transfer the assets he or she has worked a lifetime to accumulate?

• Have strategies been created to recruit, reward and retain key employees?

• If a key person dies, will the client’s business suffer financially?

• Have steps been identified to transfer the business to others at a fair price?

LIFE STAGES

No matter what, the final destination is always exit from the business – either during life or at death.

ExITTODAy

EmPLOyEES BuSINESS

BuSINESS OWNER & fAmILy

STAKEHOLDERS

EmPLOyEES BuSINESSBuSINESS OWNER & fAmILy

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3. Direction: Personal, business or both?There are two main directions the business owner can take. Some clients may focus on their personal goals first, while others will concentrate on their business goals first. A complete BOLD strategy will explore both directions.

No. Remember, “Rome wasn’t built in a day.” BOLD provides three benefits to business owner clients:

1. It prioritizes concerns affecting both personal and business financial strategies.

2. Provides solutions to address those concerns.

3. Helps create a sense of security.

4. The business owner will move throughout various BOLD priorities, depending on direction:

ExITTODAy

EmPLOyEES BuSINESS


PERSONAL

PERSONAL

ROUTES – PERSONAL AND/OR BUSINESS

ROUTES – PERSONAL AND/OR BUSINESS

BUSINESS

BUSINESS

retirement income strategies

estate planning

ExITTODAy

Business succession

Key person protection

executive compensation

EmPLOyEES BuSINESS


retirement plans

DO I HAvE TO DO THIS ALL AT ONCE?

8

The BOLD process

The typical sales process looks like this:

BOLD breaks this sales process down into four steps:

Step 1: Initial meetingStep one starts with client engagement and focuses on the initial meeting with the business owner. Many financial advisors (especially those new to the business owner market) are intimidated by approaching the business owner. The BOLD process helps you become more confident by providing questions to ask to determine the business owner’s objectives. There are two goals:

1. Gather basic information• Initial business owner questionnaire

• Collect legal agreements (estate planning, buy-sell, executive compensation, etc.)

2. Establish your client’s primary priorities• Initial business owner questionnaire – Priority checklist (identify

the primary and secondary concerns for the business owner, as well as those that have already been completed)

The initial BOLD questionnaire and priority questionnaires will give you the pertinent questions to ask your client and help both of you determine your client’s first, most suitable course of action.

mARKETING/ EDuCATION

fACT fINDING

DESIGN/ ORDER TAKING

ImPLEmENTATION AfTER-SALE SERvICE

CLIENT ENGAGEmENT

SOLUTIONS mEETING

SALE

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Step 2: DesignYou refine the information gathered into the solutions that help meet the business owner’s objectives. We have over 30 different strategies for the business owner. Which strategy will be the strongest for this client?

Many advisors can rely on their own experience and education to find the appropriate solution. However, advisors with less experience can look for assistance from two resources:

1. Your first resource consists of discussing the client’s information with his or her other advisors. These include legal, tax, and other professionals.

2. The second resource is the dedicated sales support for our various financial product lines. Talk to your Life Sales Support Team for assistance in connecting to the marketing materials and expertise provided in the BOLD campaign:

• Expertise needed for matching a customized strategy with your client’s needs:

– Six business owner priorities

– Over 30 different strategies

– Multiple product lines

• Informal reviews:

– Review of current strategies – estate planning, buy-sell, executive compensation

– Business Benchmark informal valuation

– Retirement plan review

Step 3: ImplementationYou have identified the proper strategy for your business owner client. Now it is time to educate the client to make an informed decision. This may include the use of our consumer marketing materials or one of our illustration presentations.

• Consumer materials break down complex solutions into easily understood summaries.

• Illustration presentations can summarize a specific concept using the client’s information and demonstrate a potential solution using life insurance.

Step 4: Annual reviewsThe case is complete and the business owner has a sense of security because you have provided the appropriate strategies to address the business owner’s concerns. However, your job doesn’t end there. Because of changing tax codes, personal and family changes, and legal challenges, you should meet with clients annually to ensure the BOLD steps forward are still aligned with their business objectives.

In addition, Minnesota Life and Securian Life as well as other Securian product lines provide after-sale support for some of the strategies. For example, Securian Trust Company may be a solution for your corporate trust needs. In addition, we also have outside relationships with other companies to provide support (such as The Pangburn Company, a third-party administrator for executive compensation strategies).

There may also be cases where you can use our dedicated resources for possible point-of-sale support at a client meeting.

The BOLD prioritiesIn the world of entrepreneurship, a business owner faces daunting financial challenges on a regular basis.

He or she must balance family needs and desires with business and employee needs and desires at every life-stage of ownership.

retirement income strategies

estate planning

ExITTODAy

Business succession


executive compensation

retirement plans

EmPLOyEES BuSINESS


PERSONAL

BUSINESS

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The BOLD priorities and strategiesFortunately, we have developed a program that gives you the power to provide a solution for almost any need. As you can see, the possibilities are abundant:

BOLD gives you the ability to map out a proper course for your clients. Whether your client is concerned about properly compensating employees or transferring wealth to his or her children, BOLD can help you provide the solution.

Start your clients down a course of action right out of the box with the Initial BOLD Questionnaire. This will help you prioritize your clients’ concerns and start providing solutions.

The BOLD program provides a course of action for six BOLD Priorities:

Retirement plans Estate planning Retirement income strategies

Business succession Executive compensation Key person coverage

Each course of action provides a key question to frame the solution for your client. Then, BOLD provides a list of product solutions and marketing resources to help you present the solution to your client.

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retirement income strategiesRetirement GPSLife Insurance in Retirement ProgramS-corporation owner

ExITTODAy

Business successionOne-way buy-sellCross purchaseEntity redemptionCross-endorsed buy-sellLifeCycle buy-sell

Key person protectionKey person

executive compensationExecutive bonusSplit dollar

NQDC

retirement plansDefined contribution Defined benefit

PERSONAL

BUSINESS

employees business

business owner & family

estate planningWait & See Estate PlanningSLAT/PLATILITBLAT

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Retirement income strategies

retirement income strategiesRetirement GPS Life Insurance in Retirement ProgramS-corporation owner

Estate planning

ExITTODAy

Business succession


Executive compensation

Retirement plans employees business


PERSONAL

BUSINESS

Key question

Have you saved enough to maintain your lifestyle and become independent of the business?

Products• Life insurance

• Annuities

• Broker-dealer

• Qualified retirement plans

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Specific strategies and campaigns

Retirement GPS – Keeping your clients’ dreams on course®The Retirement GPS – Keeping your clients’ dreams on course® system positions you as the go-to resource when it comes to offering your clients retirement income solutions. Retirement GPS packages the tools and resources you need to address your clients’ chief concerns in managing the transition period from work to retirement and beyond.

Tools to build your practice, for use with clients

Informational Client Workshop, Guide and Retirement Destinations Workbook – Help clients understand personal and financial issues they’ll need to explore as they begin to work with you to develop a retirement income strategy.

Retirement Profiles – Highlight the unique needs and experiences of the three phases of retirement:

• The GEARING UP years

• The TAKING OFF years

• The CRUISE CONTROL years

Points of Interest – Help clients understand the risks and challenges they may face.

Sound Strategies – Boil down important financial concepts and ideas that relate to retirement income for your clients.

Prospecting tools – Generate interest and excitement about the campaign and your expertise.

A guide to help map your

ROUTE TO RETIREMENT

Retirement income

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This phase, which is considered late retirement, is a time when your

life may be quieting down. Patterns emerge, contentment sets in

and managing your health may become a prime issue. This is a

time when family takes on greater significance and many retirees

consider leaving a legacy. At this stage it’s especially important to

review both your medical and financial documents to make sure

they represent your current wishes.

Retirement profile:

Sarah, cruising and content

• Sarah,age74,stayedathometoraisetheirtw

osonswhile

husband Mike worked as a hospital administrator. After her

boys left home, she worked in customer service for a number

of years until Mike took “traditional” retirement at age 65.

• She’sbeenawidowforthreeyears,andisdoin

gwell–regularly

spendingtimewithfamilyandaclosecircleoffr

iends.She’s

active in her church, is an avid neighborhood book club

member (she prefers mysteries) and regularly volunteers

at the local arboretum.

• Sarahisfinanciallycomfortablethankstoacom

binationof

Mike’s retirement plan assets, life insurance and their savings

and investments, and is well-informed about the financial

world.She’sbeendrawingSocialSecuritybenefi

tssinceher

fullretirementage.She’dliketoputsomeportio

nofher

current assets on “autopilot” to provide for her predictable,

recurring expenses.

• Fromtime-to-timeshehasarthritispain,butit

’smanageable

withmedicationandactivity.ShequalifiesforM

edicare.

• Althoughsheandherhusbandhadhandledth

eirfinances

ontheirown,Sarahnowworkswithanadvisorw

howas

recommended by close friends.

cruise controlThe third phase in your

retirement journey

cruise control – into late retirement At any given time, the unexpected

can occur, causing you to recalculate

the journey ahead. Work with your

advisor if you encounter these

common challenges:

•Amedicalissuehasarisen,

compromising your health.

•Themarketshavetakenadive,

creating worries about growing

and sustaining income.

•Yourpartner’sdeclininghealth

and care situation has become

more than you can manage at

home on your own.

•Youcannolongermaintain

your large home, physically

or financially.

•Yourealizeyourabilitytodrive

may no longer be advisable.

time to recalculate? This first phase of retirement generally includes the last few years of full-time employment and your initial transition into your retirement years. Typically it involves an intensive period of gathering financial information, and exploring different retirement scenarios. Ideally you’ll use this time to maximize retirement savings, pay down debt and analyze:

• Thecurrentmixandsuitabilityoftheinvestmentsinyourportfolio.

• Yourcurrentassets.

• Youranticipatedfutureexpensesvsyourincome.

• WhentobeginreceivingSocialSecuritybenefits.

• Howyou’llmanagehealthcarecoststhataren’tcoveredbyMedicare.

• Howyou’llwithdrawincomefromyourassetsoveryourretirement.

• Thetaximpactofdrawingdownyourassetsovertime.

It’s also a great time to test drive your passions in life, whether you choose to return to a classroom, travel, spend more time with family, pursue a favorite pastime or start a business. Gearing up is all about exploring and preparing for the next phase of retirement.

Retirement profile: Dave and Joan – gearing up for the retirement they envision • Daveage60andJoanage58aregettingexcitedabouttheir

retirement years. They’ve always dreamed of volunteering for short periods of time overseas – learning about new cultures andmakingalastingimpact.WithDave’sskillsasacivilengineerandJoan’steachingabilities,they’llmakeagreatteam.

• Currently,Daveisworkingfulltime;Joanleftherfull-timeteaching position last year and has “downshifted” to a part-timeteachingposition.Whenshemadehermove, sherolledher403(b)retirementplanproceedstoanIRA to allow her more flexibility.

GearinG up – for the road ahead

GearinG upThe first phase in your retirement journey

At any given time, the unexpected can occur, causing you to recalculate the journey ahead. Work with your advisor if you encounter these common challenges:

•Amedicalissuehasarisen,compromising your partner’s health or your health.

•Themarketshavetakenadive,creating worries about growing and sustaining income.

•You’veagreedtohelpanadult child or grandchild, stretching your household budget.

•Youreceiveaninheritance,allowingfor a more comfortable retirement.

Time to recalculaTe?

This phase is often considered to be the most exciting period of

retirement. You’re definitely hitting your stride – actively pursuing

all the things you’ve wanted to do. You may still be engaged in

some form of work, new business venture or volunteer opportunity.

At the same time you’re doing a good job of actively managing

your health. This may also be the time you choose to “downsize”

from your current residence to a more carefree lifestyle.

Financially you should be tracking your spending and expenses

and making adjustments along the way. You’re also managing your

investments to provide an income stream. Sometime during this

same period you’ll reach age 70½ – a milestone in your journey that

may trigger requirements to begin taking annual withdrawals from

your retirement plans and traditional IRAs. Taking off is all about maximizing your life experiences and

keeping your financial footing for the next phase.Retirement profile: Wendy and Jeff – taking off with freedom and new

experiences • Wendy,age63andJeff,age66arereallyenjoyingthefreedom

and new experiences in this phase of their retirement.

• AlthoughWendyputinalongcareerasaprojectmanager,

her true passion has always been travel. Now she’s become a

“jhobbie,” having turned her hobby into a part-time job leading

elderhostel tours. Because she enjoys her job so much, her goal

is to continue working as long as she can.

• Jeff,aretiredsystemsanalysthasexpandedhisownhobby:

restoring classic cars. He works the regional car shows to mix

with other car lovers and earns a “playcheck”tooffsethis

remodeling costs.

taking off – for your mid-retirement years

taking offThe second phase in your retirement journey

At any given time, the unexpected can occur, causing you to recalculate the journey ahead. Work with your advisor if you encounter these common challenges:•Amedicalissuehasarisen,compromising your partner’s health or your health. •Themarketshavetakenadive,

creating worries about growing and sustaining income.•Aparentisshowingstronger signs of cognitive decline and needs your help.•Yourtaxbillishigherthanyouanticipated.1

time to recalculate?

Points of Interest – Longevity RiskCreating retirement income that lasts, and lasts, and lasts, and … WARNING: Your retirement may last longer than you expect The most important retirement income question is the one that

no one can answer: How long does your income need to last? A successful retirement income strategy ensures your assets

will last over your lifetime. But will that be for 20 years after you

retire? For 30 or 40? Many people underestimate their future

life expectancies by an average of five years.* Underestimating

life expectancy can lead to a miscalculation of the financial

resources needed for retirement. Longevity risk is perhaps the biggest risk to a financially

secure retirement. It’s the risk that you’ll live longer than you

expected, and won’t have the resources to support yourself in

the later stages of your life. The length of your retirement affects every facet of your

retirement income strategy – how you should invest, protecting

your savings from inflation, how much you can safely withdraw,

and everything else.

What the numbers sayHow long can you realistically expect to live after you retire?

With advances in medicine and other factors, retirements of 25

or 30 years are becoming commonplace. A financial strategy

that projects out to age 85 or 90 may not be adequate, as 50%

of couples retiring at age 65 will have one spouse live to age 94,

and 25% will have one spouse live to age 98! * Risks and Process of Retirement Survey Report. Society of Actuaries, 2012.

A series on retirement income issues

• When creating a retirement income strategy, add at least 10 years to projections of life expectancy to minimize the risk of underestimating your needs. • Build retirement assets well in advance of your intended retirement date. It’s common for people to stop working earlier than expected. An illness, merger or reorganization can lead to an earlier than expected retirement date. • Get an independent perspective. A financial advisor can help you evaluate whether you’re on track, and has the expertise to help you achieve your goals.

Best route

With a sound strategy, your advisor can help you prepare for retirement income for the long run.

Points of Interest – Inflation Risk

How inflation affects your retirement income over timeYou may not have given inflation much thought. The double digit inflation rates of the ‘70s and ‘80s are only a distant memory. But because inflation lowers the purchasing power of money, even a modest level of inflation can take a significant toll on your retirement purchasing power and lifestyle over time. That’s why it’s important to take inflation into account when developing your retirement income strategy.

Measuring the true cost of inflation Everyone understands as prices go up, purchasing power decreases because each dollar buys a smaller portion of goods and services. But when you look at inflation in concrete terms – the cost of things you pay for every day – its impact is more understandable.

Consider this: At 3% inflation, the weekly groceries you purchased for $100 today might run $103 next year. While you might not think that’s a big deal, factor that 3% over a longer period of time and it takes a serious toll on your standard of living. If prices continue to grow by 3% each year, in 25 years you’ll need $209 to pay for those same groceries, an increase of 109%. So if your income isn’t keeping up with the pace of inflation, you’ll lose financial ground over the long term.


A good benchmark for developing your inflation rate assumption is the Consumer Price Index measured over a longer period of time. Add in a margin of 1% or more to that figure. Using this approach, you’ll end up with a range of 3.5%-5% for your long-term inflation rate. Keep in mind though, inflation and its effects are unpredictable. Work with your advisor to keep track of the actual rate so you can make any adjustments along the way.

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With a sound strategy, your advisor can help you prepare for retirement income for the long run.

the real cost of inflation over 30 years (% increase cumulative)

Source: U.S. Department of Labor, Bureau of Labor Statistics, Consumer Price Indexes, as of June 2012.

as this chart shows, inflation reaches into your retirement wallet and steals away more and more of your hard-earned dollars.

1 gallon regular unleaded gas

milk

171%

milk

bread per pound

164%

coffee 100% ground roast per pound

milk

121%

1 gallon whole milk

milk

109%

Use this approved letter to inform

accountants and/or attorneys of

ways you may be able to assist their

female clients. Call 1-866-335-7355

for more information.Gearing Up Retirement Years

Retirement GPS – Keeping your dreams on course.™

Prospecting Letter

Securian Financial Group, Inc. www.securian.com

Insurance products are issued by Minnesota Life Insurance Company in all states except New York. In New York, products are issued by Securian Life

Insurance Company, a New York admitted insurer. Both companies are headquartered in St. Paul, MN. Product availability and features may vary by state.

Each insurer is solely responsible for the financial obligations under the policies or contracts it issues. Securities offered through Securian Financial Services, Inc.

Member FINRA/SIPC. 400 Robert Street North, St. Paul, MN 55101-2098 • 1-800-820-4205

©2013 Securian Financial Group, Inc. All rights reserved.

F71335 Rev 6-2013 DOFU 6-2013

A01509-0513

For use on approved firm letterhead with B-D information.

Use this approved letter (cut and

paste) with clients to discuss the

first phase of their retirement

years, so they’re able to keep

their vision of retirement on track.

Call 1-866-335-7355 for more

information.

Dear [Client Name],

Are you on track to fulfill your retirement dreams?

You’re in your last few years of full-time employment and transitioning into retirement.

What’s your next move?

Creating a lasting retirement income is the financial challenge of a lifetime – it usually

involves an intensive period of gathering financial information and exploring different

retirement scenarios. You’ll need to consider:

• The current mix and suitability of the investments in your portfolio.

• Your current assets.

• Your anticipated future expenses vs your income.

• When to begin receiving Social Security benefits.

• How you’ll manage healthcare costs that aren’t covered by Medicare.

• How you’ll withdraw income from your assets over your retirement.

• The tax impact of drawing down your assets over time.

I can help you understand and prepare for the challenges ahead to help you keep your

financial footing during this phase of retirement and beyond. Contact me today.

Sincerely,

[Advisor name] [Advisor contact information)

Products are not federally (FDIC/NCUA) insured –

May lose value – No financial institution guarantee.DOFU 6-2013 A01509-0513

Prospecting letters

Ad matte and postcards

The Retirement GPS Program can help you set your coordinates

to seek a secure retirement by learning how to: • Defineyourvision for retirement • Understandthedifferent phases of retirement• Recognizepotentialfinancial detours • Identifythefinancial fuel you’ll need to power your retirement dreams Get moving on your route to retirement. Call me today!

Securian Financial Group, Inc. www.securian.comInsurance products are issued by Minnesota Life Insurance Company in all states except New York. In New York, products

are issued by Securian Life Insurance Company, a New York admitted insurer. Both companies are headquartered in

St. Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial

obligations under the policies or contracts it issues. Securities offered through Securian Financial Services, Inc.

Member FINRA/SIPC. 400 Robert Street North, St. Paul, MN 55101-2098 • 1-800-820-4205

©2013 Securian Financial Group, Inc. All rights reserved.F71330 Rev 6-2013 DOFU 6-2013 A01486-0413

It pays to get directions in advance.

GeaRinG uPfor your dream retirement?

Products are not federally (FDIC/NCUA) insured – May lose value – No financial institution guarantee.

[Advisor Name] [Firm Name] [Address] [Address] [Phone Number] [License Number]

[Insert your b-d disclosure here, cut and pasted from the instruction page.]

Receive your free retirement GPS Guide and retirement deStination Workbook just for attending.

Explore your best route at

the upcoming workshop

GearinG upfor your dream retirement?

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Destination RetiRementMapping your vision of retirement


• Go to ssa.gov to create an account

so you can view your earnings on

which you paid Social Security taxes

and the estimated retirement benefits

you may receive in the future.

• Think carefully before deciding

when to receive Social Security

benefits. This is one of the most

important retirement decisions

you’ll make. Your financial advisor

can help.

• Monitor the news on Social

Security and potential changes

to benefits and taxes. Social

Security is a politically charged

topic, and proposals can easily

be misrepresented. You’ll want

to consider the source of Social

Security news and information.

• Use the official Social Security

website, ssa.gov, for benefit and

program information.

beST roUTe

Points of Interest – Social Security

Will i GeT iT? When should I take it?

People closing in on retirement usually have two questions

about Social Security. The first: “Will it be there for me?”

The second: “What’s the best age to start taking Social

Security benefits?”

Social Security: Will it be there?

There is plenty to fret about when it comes to Social Security’s

long-term financial health. But retirement benefits for anyone

50 or older will probably not be significantly affected by the

system’s problems. While Social Security’s financial issues

have received plenty of press, even if nothing changes,

according to one source, it will be financially able to pay full

benefits until 2033.¹

If you’re wondering whether Social Security will be there for

you, keep in mind:

• Attoday’staxandbenefitlevels,s

omeprojectthatthe

system is capable of paying full benefitsuntilapproximately

2033.¹

• Social Security is politically sensitive. Older voters – the

people receiving Social Security benefits – have very high

voterturnoutrates.Benefitandtax

changesaremorelikely

to affect future recipients than those currently receiving or

about to receive benefits.

• At some point, inaction will be too risky politically. That

point was last reached in 1983, when Social Security was

thought to be months from running a deficit. Democrats

and Republicans came together to make changes that could

sustain the system for several more decades. Demographic

trends continue to work against the system’s finances, and

further changes will be necessary.

Ifyouplanonretiringinthenextdec

ade,planonreceivingyour

projectedSocialSecuritypayments.

Althoughtaxandbenefit

changes are most likely to affect younger workers, you still may

wish to use conservative assumptions in your planning.

With a sound strategy, your advisor

can help you prepare for retirement

income for the long run.

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Annuity Workshop Materials – Help clients understand why a Securian variable annuity is like a financial GPS that can provide Growth Potential, Power to Protect and Sustainable Income.

Understanding variable annuities

Tools for advisors Continuing Education Workshop – Retirement Income Management

Informational Workshop – Retirement GPS – Keeping clients’ dreams on course

Advisor Checkpoints – Help you map a successful retirement income practice

Learn how to create sustainable income for the path ahead at the upcoming workshop

Where will your

RetiRement take you?

An annuity is intended to be a long-term, tax-deferred retirement vehicle. Earnings are taxable as ordinary income when distributed, and if withdrawn before age 59½, may be subject to a 10% federal tax penalty. If the annuity will fund an IRA or other tax-qualified plan, the tax deferral feature offers no additional value. There are charges and expenses associated with annuities, such as deferred sales charges for early withdrawals. Variable annuities have additional expenses such as mortality and expense risk, administrative charges, investment management fees and rider fees. Variable annuities are subject to market fluctuation, investment risk and loss of principal. Guarantees are based on the financial strength and claims-paying ability of the issuing insurance company. Guarantees have no bearing on the performance of the variable investment options.

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Learn about common risks that retirees face, and how a Securian variable annuity can help you map out a retirement income strategy that provides: •Growth Potential •Protection Power, and •Sustainable Income.

[Advisor Name] [Firm Name] [Address] [Address] [Phone Number] [License Number]

Where will your retirement take you?

abc vwz INSURANCE|INVESTMENTS|RETIREMENTSecurian Financial Group, Inc. www.securian.com

Insurance products are issued by Minnesota Life Insurance Company in all states except New York. In New York, products are issued by Securian Life Insurance Company, a New York admitted insurer. Both companies are headquartered in St. Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues. Securities offered through Securian Financial Services, Inc. Member FINRA/SIPC. 400 Robert Street North, St. Paul, MN 55101-2098 • 1-800-820-4205 ©2012 Securian Financial Group, Inc. All rights reserved.

F78317 12-2012 DOFU 12-2012 A04431-1112

Productsarenotfederally(FDIC/NCUA)insured– Maylosevalue–Nofinancialinstitutionguarantee.

[Insert your b-d disclosure here, cut and pasted from the instruction page.]

An annuity is intended to be a long-term, tax-deferred retirement vehicle. Earnings are taxable as ordinary income when distributed, and if withdrawn before age 59½, may be subject to a 10% federal tax penalty. If the annuity will fund an IRA or other tax-qualified plan, the tax deferral feature offers no additional value. There are charges and expenses associated with annuities, such as deferred sales charges for early withdrawals. Variable annuities have additional expenses such as mortality and expense risk, administrative charges, investment management fees and rider fees. Variable annuities are subject to market fluctuation, investment risk and loss of principal.

CALL ME TODAY!

Where will your

RETIREMENT TAKE YOU? Learn how to create sustainable income for the path ahead

You should consider a variable annuity’s risks, charges, limitations and expenses, as well as the risks, charges, expenses and investment objectives of the underlying investment options. This and other information is provided in the product and underlying fund prospectuses. These prospectuses are available from your financial advisor. Read them carefully before investing.

Guarantees are based on the financial strength and claims-paying ability of the issuing insurance company. Guarantees have no bearing on the performance of the variable investment options.

Ad matteClient brochure

Client presentation

Postcard

smArt reAsOns to focus on the retirement income market

retirees tend to consolidate assets and value advisors and their related services.1 you want to be one of those advisors.

the opportunities are promising. - By 2020, one in six Americans will be age 65 or older, and

either transitioning, or already into their retirement years.2

- Currently, Boomers have $19.5 trillion in retirement assets and will be making decisions about their next moves.3

It’s a natural extension of your practice. As your clients age, they will demand retirement income services from you. It’s relationship-driven and long-term, increasing the potential for you. It’s not a single product solution or sale.

It broadens your expertise and the services you provide, and works for both Registered Reps and Investment Advisor Reps.

It’s not an overcrowded marketplace – yet. Best practices are evolving and will continue to do so. Work with Securian to build your retirement income practice.

1 Trends in Advisor Delivery of Retirement Income. GDC Research and Practical Perspectives, 2012. 2 Reports on America; first Results from 2010 Census, July 2011.3 The uS Retirement market, 2013.

set yOur COOrDInAtes for success in the growing retirement income marketplaceGear up for the opportunities in the retirement income marketplace with Securian’s campaign, Retirement GPS – Keeping your dreams on course. Our regional representatives are ready to support and train you on how to present retirement income solutions to clients.

Call us today: AnnuIty sALes DesK 1-866-335-7355

Mapping a successful retirement income practice

One of the fastest growing financial services areas is the retirement income marketplace. Assisting retirees in spending down assets requires advisors to think through the approach, or strategy they use with clients – not only how they deliver the services their clients need, but also how they build a practice that is scalable. But what does a successful retirement income practice look like? Is there a preferred approach that more often leads to success? And further, are there trade-offs that advisors make in choosing one approach over another?

Three distinct approaches – Do you see your practice?According to a recent study published by GDC Research and Practical Perspectives*, advisors providing retirement income advice tend to offer highly customized solutions for their clients. Compared to other advisors, they manage more assets and their clients have a tendency to prefer consolidating their assets as a basis for the relationship. Successful advisors who focus in this market tend to lead with one of three strategic approaches that serve as an anchor to the retirement income process.

Advisor Checkpoints – Retirement income philosophies

Three sTraTegies for a successful retirement income approach.

* GDC Research and Practical Perspectives, Retirement Income Insights 2013, Attracting and Engaging Retirement Income Clients. Used with permission.

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Life Insurance in Retirement Program (LIRP)Most people think preparing for retirement involves saving as much money as possible and investing it wisely by diversifying. But in addition to diversifying investments, smart retirement savers also consider how taxes will affect their retirement dollars.

There are a number of ways to save for retirement and withdraw income once retirement arrives. It’s important to consider the contribution, accumulation and distribution tax characteristics of these options.

You can help your clients determine the combination of assets that best suits their needs. After they have maximized qualified plan contributions, clients should consider protecting their assets with an income tax-free life insurance death benefit. A properly funded life insurance policy can help protect clients’ retirement strategies and provide a potential source of supplemental retirement income.

Diversification does not guarantee against loss. It is a method of managing risk.

Contribution and tax characteristics of retirement assets

Annual limits on contributions

Tax-deferred accumulation

Tax-preferred distribution

Income tax-free death benefits

Subject to healthcare surtax – 3.8%

Traditional IRA4

Roth IRA4

Qualified Plan

Certificate of deposit

municipal bond5

Individual owned deferred annuity6,7

Life insurance8,9

4 The ability to contribute or deduct contributions may be limited by adjusted gross income limits.5 The principal value of bonds will fluctuate with market conditions. Bonds redeemed prior to maturity may be worth more or less than their original cost. Bond interest paid by a

municipality outside the state in which you reside could be subject to state and local income taxes. If you sell a municipal bond at a profit, you could incur capital gains taxes. In some cases, municipal bond interest could be subject to the federal alternative minimum tax.

6 An annuity is a long-term, tax-deferred investment vehicle designed for retirement. Earnings are taxable as ordinary income when distributed, and if withdrawn before age 59½, may be subject to a 10 percent federal tax penalty. If the annuity will fund an IRA or other tax-qualified plan, the tax-deferral feature offers no additional value. Not fDIC/NCuA insured. Not bank guaranteed. Not insured by any federal Government Agency. There are charges and expenses associated with annuities, such as deferred sales charges for early withdrawals.

7 upon annuitization, a portion of principal is included in the annuity payout and is not subject to income taxes.8 Life insurance products contain fees, such as mortality and expense charges, and may contain restrictions, such as surrender periods.9 Withdrawals and loans from a life insurance contract are subject to special tax rules if the policy is a modified Endowment Contract (mEC).

Other than contribution limits or tax treatment, several other factors should be considered before purchasing any of these products. These include investment objectives, costs and expenses, liquidity, safety, fluctuation of principal or return, credit rates, rider availability, surrender periods and other product/investment characteristics.

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You have the following tools available for this strategy:

TAX EFFICIENCY INVENTORY WORKSHEET (F72497)

KEEP mORE OF YOUR INCOmE CONSUmER FLYER (F72497-8) This consumer flyer describes the Form 1040 framework and summarizes current income tax levels.

LIFE INSURANCE IN RETIREmENT PROGRAm CONSUmER BROCHURE (F72497-1) This consumer brochure provides an overview of the LIRP strategy.

RETIREmENT DISCUSSION TImELINE FLYER (F72497-2) For financial professional use only.

RETIREmENT INCOmE WORKSHEET (F72497-3)

DIVERSIFYING ASSETS, TImE, AND TAXES WORKSHEET (F72497-5)

Illustration presentation

• Life Insurance Retirement Program

Keep more of your income

Life Insurance in Retirement Program

With the ever-growing complexity of U.S. tax law, it is important to fully understand how your income is calculated, as well as the available exclusions, deductions, and exemptions. This handy guide will help give you the big picture on your income – and outgo.

Income Taxes – Form 1040 Framework

Please keep in mind that the primary reason to purchase a life insurance product is the death benefit. Life insurance products contain fees, such as mortality and expense charges, and may contain restrictions, such as surrender periods.

Income (all income) Exclusions from income

Gross income

Deductions for MAGI

Modified Adjusted Gross IncomeGreater of itemized or standard deductions Personal and dependency exemption

Taxable income

–=

=

=

–

––

Pease limitation• Cuts itemized deduction by 3% of AGI above threshold

amounts up to a maximum amount of 80%

• Deductions not included:

– Investment interest

– Medical expenses

– Casualty, theft and wagering losses

Personal exemption phaseout (PEP)• Reduces personal exemption by 2% for:

– Every $2,500 of income above threshold for single taxpayers

– Every $1,250 of income above threshold for joint taxpayers

Earned income• Salary and wages

• Income from active business

Unearned income• Interest, dividends, capital gains,

annuities, lifetime distributions from Modified Endowment Contracts (MECs), rents, royalties, passive activity income

Exclusions from income• Gifts and inheritances

• Most life insurance proceeds from Non-MEC policy

• Qualified distributions from Roth IRAs

• Gain on sale of residences (up to $250,000 single or $500,000 married)

• Tax-exempt bonds

• Compensation for injuries

• Scholarships



400 Robert Street North, St. Paul, MN 55101-2098 • 1-800-820-4205 ©2013 Securian Financial Group, Inc. All rights reserved.

F72497-8 Rev 3-2014 DOFU 3-2013A00564-0213

10-15%

$36K/$73K $400K/$450K

25-28-33-35% 39.6%

Investment Ordinary Income TaxMarginal Income Tax Brackets

0%

$250K/$300K

<0.792%

PEP & Pease Phaseouts

$200K/$250K

0% 3.8%

Health Care Surtax

0%

$36K/$73K $400K/$450K

15% 20%

Long-Term Capital Gain TaxLong-Term Capital Gains

0%

$200K/$250K

3.8%

Health Care Surtax

0%

$250K/$300K

<0.792%


15%0% 18.8%

$36K/$73K $200K/$250K

$250K/$300K

$400K/$450K

Up to 19.592%

Up to 24.592%

Total Capital Gains Tax

10-15%

$36K/$73K $400K/$450K

25-28-33-35% 39.6%

Earned Income TaxMarginal Income Tax Brackets

0%

$200K/$250K

0.9%

Health Care Wage Tax

0%

$250K/$300K

<0.792%


25-28-33%10-15% 33.9%

$36K/$73K $200K/$250K

$250K/$300K

$400K/$450K

33.9%- 36.7

Up to 41.292%

Total Earned Income Tax

The charts below show the tax rates for capital gains, investment income and earned income. Tax brackets are distinguished by color, and the numbers below each bracket (i.e., $36K/$73K) represent the single/joint taxpayer income cutoff for that bracket. “K” denotes income is in thousands of dollars.

25-28-33%10-15% 33%

$36K/$73K $200K/$250K

$250K/$300K

$400K/$450K

33-35.8%Up to

44.192%

Total Investment Ordinary Income Tax

You can implement tax strategies to keep more of your income. Talk to your financial advisor today, and learn how life insurance can play a role in such a strategy.


400 Robert Street North, St. Paul, MN 55101-2098 • 1-800-820-4205 ©2013 Securian Financial Group, Inc. All rights reserved.

F72497-8 Rev 3-2014 DOFU 3-2013A00564-0213

This information is a general discussion of the relevant federal tax laws. It is not intended for, nor can it be used by any taxpayer for the purpose of avoiding federal tax penalties. This information is provided to support the promotion or marketing of ideas that may benefit a taxpayer. Taxpayers should seek the advice of their own tax and legal advisors regarding any tax and legal issues applicable to their specific circumstances.

Life insurance in retirement

LOOKING LONG-TERM



abcM

Retirement discussion timeline: What clients want to talk about, and when they want to talk about it


Age 64.559.5 65/67 70.5 1st death 2nd death

Early retirementBeneficiary review

Long-term care

RMD preparation

Survivor income

MedicareSurvivor incomeLong-term care

Social security distributionsRMD preparationLong-term care

Family, charity, government- Tax efficient transfer- Leveraged transfer

Protect Accumulate and protect Distribute and protect

• Asset growth• Risk tolerance• Tax efficiency

• Loss of job – Emergency fund

• Disability

• Long-term illness• College funding

• Premature death – Income replacement – Immediate cash need

• Outstanding debt• Long-term care

• Minimize tax exposure• Maximize retirement income• Transfer wealth to heirs

Client materials Client materials Client materials

Protection he will grow into F77904-20Cash value matters F69928Gift of a lifetime brochure F70464Life needs analysis fact finder F69181Decision-making factors in purchasing life insurance F75764

It’s all about priorities F66785Swiss Army Knife brochure F63704 Rethink how you pay for college F77267

Tax efficiency inventory F72497Retirement income worksheet F72497-3

Tax efficiency inventory F72497

Advisor materials Advisor materials Advisor materials

Upside potential/downside protection F69473-1

Web-based:Life needs analysisAsset allocation tool

Helping clients choose how they pay for college F77267-2 Web-based:Pension maximizerSocial Security retirement income estimatorLife needs analysis

Web-based: Premium choicesCost of waitingGift of a lifetime

Web-based:Life needs analysisInvestment gain calculator

Immediate goals1. 2.

Potential disruptions • Job loss • Disability • Long-term illness • Death



The tax efficiency inventoryWhen we hear the word “diversification,” we typically think of investments, and the importance of not “putting all your eggs in one basket.”

What doesn’t immediately come to mind is diversifying the assets themselves. Taxation can have a large impact on our assets.

Tax diversificationTax diversification can help you reduce taxes and increase your total spendable income. Grouping assets by three tax categories helps illustrate how those assets are affected by taxes.

“Taxed today” assets are liquid, and may be best positioned for short-term needs. As the name implies, you’ll probably get taxed on them now.

“Taxed tomorrow” assets are generally earmarked for longer-term needs, such as education funding in certain accounts or products, and retirement. Contributions may not be taxed but distributions will be.

“Tax-advantaged” assets not only accumulate tax-free, but their proceeds can often be distributed tax-free. Tax-advantaged assets have limitations and restrictions. Roth IRA contribution limits, for example, are tied to income, and Roth IRAs have restrictions that could penalize withdrawals. Municipal bonds may be subject to alternative minimum and state tax.1 Life insurance fees and expenses and may be subject to restrictions such as surrender charges. Additionally, it has mortality charges and is underwritten, which might preclude people of poor health.2

A balanced approachA comprehensive approach will consider all three asset categories and identify how you can best meet your goals. Income tax diversification may provide additional control and more flexibility for your future.

1 The principal value of bonds will fluctuate with market conditions. Bonds redeemed prior to maturity may be worth more or less than their original cost. Bond interest paid by a municipality outside the state in which you reside could be subject to state and local income taxes. If you sell a municipal bond at a profit, you could incur capital gains taxes. In some cases, municipal bond interest could be subject to the federal alternative minimum tax.

2 Policy loans and withdrawals may create an adverse tax result in the event of a lapse or policy surrender, and will reduce both the cash value and death benefit. Please keep in mind that the primary reason to purchase a life insurance product is the death benefit. Life insurance products contain fees and expense charges, and may contain restrictions, such as surrender periods.

Reduce taxes and increase income through TAX DIVERSIFICATION

Use the worksheet on the reverse side to see whether your assets are tax-diversified.

It’s a great way to start thinking about a more tax-efficient approach to your finances.

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RETIREMENT INCOME STRATEGIES FOR COUPLES

Here is a simplified example of how this might happen:Robb and Jenny’s monthly retirement income totals $6,000, excluding interest. This includes $1,250 in Social Security benefits for Robb, $750 in Social Security benefits for Jenny and $4,000 from Robb’s pension plan. Here’s what happens when Robb passes away:

Monthly income source Together Jenny’s alone

Robb’s Social Security income $1,250

Robb dies

$1,250

Jenny’s Social Security income $750 $0

Robb’s pension $4,000 $2,000

Total $6,000 $3,250

Robb elected a ‘joint and survivor’ option for his pension that will pay Jenny 50 percent of the pension payout. The $4,000 is reduced to $2,000 for Jenny.

Jenny receives the larger Social Security benefit of $1,250 (Robb’s benefit) but loses her $750 benefit.

Jenny’s benefits are reduced by almost $3,000 per month.

This is a hypothetical example for illustrative purposes only.

Retired couples may not realize it, but the untimely death of a spouse could impact retirement income for the survivor. Some pension plans reduce spousal benefits when the recipient dies. Social Security benefits are also affected. Upon the death of a spouse, the surviving spouse continues to receive the higher of the two payments the couple received in life – but not both. Could a fully funded

permanent life insurance policy help Jenny and Robb?Permanent life insurance can help protect your retirement savings while you’re young, and – depending on the type of policy – potentially provide a supplemental income and protect your assets during retirement.

How much will you depend on your spouse’s income in retirement, and how will an interruption in that income affect your lifestyle? Did you know that living expenses may increase after the death of your spouse? Your tax filing status may change, as well as your standard deduction and number of exemptions. What’s more, you may end up hiring someone to perform household tasks for which you once relied on your spouse. Permanent life insurance can help fill this deficit in survivor income in the event of a premature death.

To more fully understand the impact that death has on a survivor’s standard of living, complete the worksheet on the reverse side and discuss your personal situation with your financial professional.



Insurance products are issued by Minnesota Life Insurance Company in all states except New York. In New York, products are issued by Securian Life Insurance Company, a New York authorized insurer. Both companies are headquartered in Saint Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues. 400 Robert Street North, St. Paul, MN 55101-2098 • 1-800-820-4205 ©2013 Securian Financial Group, Inc. All rights reserved.

F72497-3 Rev 2-2014 DOFU 6-2013A01449-0413

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Diversifying assets, time and taxes

Immediate goals

Age 64.559.5 65/67 70.5 1st death 2nd death

This information is not tax or legal advice. Consult your tax or legal advisor about your situation.

TIME

TAXED TODAY

TAXED TOMORROW

TAX ADVANTAGED

ASSETS

TAXES

Potential disruptions


Insurance products are issued by Minnesota Life Insurance Company in all states except New York. In New York, products are issued by Securian Life Insurance Company, a New York authorized insurer. Both companies are headquartered in Saint Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues. 400 Robert Street North, St. Paul, MN 55101-2098 • 1-800-820-4205 ©2013 Securian Financial Group, Inc. All rights reserved.

F72497-5 Rev 2-2014 DOFU 6-2013A01452-0413

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S-corporation ownersS-corporation owners often ask advisors about executive compensation strategies for them and a few of their key employees. However, the tax consequences of any executive compensation strategy are very different for the owner as compared to the key employees. For example, a nonqualified deferred compensation plan will allow a key employee to defer income taxation of his or her income. For the owner though, any salary or bonus deferral into a nonqualified deferred compensation plan will not defer income taxation. The deferral simply increases the taxable revenue of the company, and the owner still pays income tax on that deferral in the form of taxable revenue.

The following marketing materials discuss this conundrum and provide a solution for S-corporation owners:

S-CORPORATION OWNER FACT FINDER (F71834-76)

S-CORPORATION OWNER AND NONqUALIFIED RETIREmENT PLANS – JUST THE FACTS (F71834-74)

S-CORPORATION OWNER AND EXECUTIVE COmPENSATION CASE STUDY (F71834-86)

Other retirement-related strategies for business owners

estate planning Wait & See Estate Planning Spousal Limited Access Trust (SLAT)/Partner’s Lifetime Access Trust (PLAT)

retirement plans Defined contribution Defined benefit

executive compensation (Please note: Typically, executive compensation strategies don’t have tax benefits for the business owner.)

Executive bonus Split dollar NQDC

Business succession Cross-endorsed buy-sell LifeCycle buy-sell

S Corporation owner / retirement planning fact finder

Owner: Title: Years with business:

Business name: Year founded Fair market value $

Year of valuation: Method Certified appraisal Informal appraisal Agreed upon value

Business address:

Phone numbers: Business: Personal: Email:

Business type: C Corporation S Corporation Partnership LLC Sole proprietor Other

Annual net revenue: Current year $ Previous year $ Previous year $

Owners Names Title/capacity Employee? Age Related Ownership Approximate

Yes / No Yes / No

Yes / No Yes / No

Yes / No Yes / No

Yes / No Yes / No

Number of employees: Number of key employees: Annual growth rate of business: %

Step 1 – Qualified plansType of qualified plan: 401(k) 401(k) Safe harbor plan Profit sharing plan SEP SIMPLE

Defined benefit Stock options

How many years have you had this qualified plan?

Annual employer contributions $ Annual employee contributions $

Are employee contributions maximized? Yes No Are employer contributions maximized? Yes No

Are highly compensated employees limited in contribution amounts? Yes No

If no qualified plan, why? Cost Administration Plan complexity Uninterested Don’t know

Business owners

Insurance products are issued by Minnesota Life Insurance Company in all states except New York. In New York, products are issued by Securian Life Insurance Company, a New York admitted insurer. Both companies are headquartered in Saint Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues.

m

How do you approach this seemingly difficult issue?The solution is fairly straightforward:

1. First, treat the owner separately from the non-owner key employees.

2. Second, discuss with the owner that a separate approach must be taken for each group. Explain that the tax consequences and even non-tax consequences are very different for an owner as opposed to a non-owner of an S corporation.

3. Third, for the owner provide an ordered and systematic way of stepping through the options available for the owner. This ordered and systematic method is outlined below in the form of a three-step approach.

Step 1 - Qualified plansFirst, evaluate the current qualified plan in place for the S corporation. For example, the business may have a 401(k) plan, and contributions are limited for the owner and highly compensated key employees. A safe harbor 401(k) plan would allow larger contributions for the highly compensated employees but would be more expensive for the company.

If the S corporation has no qualified plan, consider implementing a qualified plan. A qualified plan will assist both the owner and non-owner key employees in a similar manner, because the business receives a current income tax reduction for the plan, and the owner does not include that contribution in current income or taxable net revenue. The qualified plan allows the best of both worlds for the business owner. However, the rank-and-file must also be included, which creates an additional cost and may be a point of resistance.

S corporation owner and nonqualified retirement plans

Business owners

JUST THE FACTS 3

An owner of an S corporation often asks advisors about nonqualified retirement arrangements for the owner and a few of the key employees. Initially, it is tempting to suggest a plan, such as a nonqualified deferred compensation plan, for both the owner of the S corporation and the key employees.

The tax consequences of any nonqualified plan, however, are very different for the owner as compared to the key employees. For example, a nonqualified deferred compensation plan will allow a key employee to defer income taxation of his or her income. For the owner though, any salary or bonus deferral into a nonqualified deferred compensation plan will not defer income taxation. The deferral simply increases the taxable revenue of the company and the owner still pays income tax on that deferral in the form of taxable revenue.

In addition, there are non-tax factors that are distinctly different. For instance, an owner of an S corporation would not participate in a Golden Executive Bonus Arrangement. The owner is already motivated sufficiently to remain at the company and drive profitability, which eliminates the need for any golden handcuffs or vesting schedule.


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Business owners

S corporation owner and executive compensation

Case StudySubject:

Keith, age 42 Owns 100% of a metal fabricating company and is one of the primary managers.

Background:The company, organized as an S corporation, has gross sales of approximately $4.5 million per year and good cash flow. The manufacturing company has approximately 150 employees. Besides a 401(k) plan, the company offers no other benefits to its employees other than a medical and dental program.

Keith is concerned about his key salespeople and possibly his managers leaving the company. He would like to minimize this risk. Keith’s salary is $150,000 per year.

An owner of an S corporation (S corp) may inquire about nonqualified retirement arrangements for himself and a few of the key employees. Initially, it is tempting to suggest a nonqualified deferred compensation plan for both the owner and the key employees. However, they are in significantly different positions.

How do you approach this seemingly difficult question? • First, treat the owner separately from the

non-owner key employees.

• Second, discuss that a distinct approach must be taken for the owner. Explain that the tax consequences and even non-tax consequences are very different for an owner as opposed to a non-owner of an S corporation.

• Third, provide a systematic way of stepping through the options available.


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18

Estate planning

employees business



estate planningWait & See Estate PlanningSLAT/PLATILITBLAT

ExITTODAy

Business succession



Retirement plans

PERSONAL

BUSINESS

Key question

Can you successfully transfer the assets you have worked a lifetime to accumulate?


19

Strategies

Wait & See (married couples)A Wait & See Estate Planning strategy uses a combination of life insurance and trusts in a way that offers clients flexibility to support changing circumstances throughout their lives. It is a strategy for married couples who want to maintain control of and access to life insurance policies that eventually fund their legacy, estate taxes or both.

There are two Wait & See approaches:

type Ownership Comments

One-policy approach mortality inferior spouse owns a second-to-die policy

use of the Estate Preservation Choice Agreement10 can avoid estate tax issues if the mortality superior spouse dies first.

two-policy approach Cross-owned single-life policies between husband and wife

use of the Long Term Care Agreement10 can add a third objective: long-term care costs.

SLAT (married couples)A Spousal Limited Access Trust (SLAT) can make a traditional Irrevocable Life Insurance Trust (ILIT) more flexible by providing access to the life insurance policy’s cash value to the non-grantor spouse. Loans and withdrawals of the cash value can be used for emergencies, supplemental retirement income or other needs, while maintaining the policy’s death benefit outside the taxable estate.

10 Agreements may be subject to additional costs and restrictions. Agreements may not be available in all states or may exist under a different name in various states.

11 Non-grantor spouse has access to cash value for his or her health, education, maintenance and support.

Child 1 Child 2 Child 3

Before and after the death of the

insured(s)

Non-grantor spouse11

Grantor

ILIT

20

ILIT/Dynasty Trust (singles and married couples)An ILIT is a trust created to own life insurance outside your client’s estate. If it is drafted and administered properly, the death benefit from the policy is not subject to income or estate taxes upon your clients’ deaths.

BLAT (for children)A Beneficiary Limited Access Trust (BLAT) is a flexible ILIT that provides lifetime access to cash values for a child (or other beneficiary), while keeping the policy outside the client’s and child’s estate. It is an ideal strategy for parents who desire control over how the child will access the gift, asset protection for the gifted amounts and a potential dynastic gift for future generations.

1. Annual exclusion

2. Lifetime exemption

3. Loans/sales

Trustee must be an independent third party (if life insurance is involved)

Distributions with trustee’s discretion during child’s lifetime

BENEFICIARY LImITED ACCESS TRUST

Child

Grantor(s) (Parents)

BLAT

IRREVOCABLE LIFE INSURANCE TRUST

Estate and income tax-free death benefit paid to children

Child 1 Child 2 Child 3

At death of insured(s)

Grantor

ILIT

Directional statements

Have your client respond to these questions in the BOLD Estate Planning questionnaire, F79732-2:q The value of the business represents a majority of my estate.

q I expect to fund any potential premiums with proceeds from the business.

q I would like the life insurance policy to provide for business expenses (such as key person protection) in addition to estate planning.

q I would prefer to retain the ability to access any future life insurance policy for my personal needs.

q I would like to create “guardrails” for any legacy transferred to my children.

q I’m concerned with asset protection issues.

I want to ... (check only two)

q Remove business assets or personal assets with the potential for high appreciation from my estate.

q Create a legacy for multiple generations.

q Retain the ability for my spouse to access income from the trust.

q Provide for my or my spouse’s long-term care coverage.

I desire to create a legacy for ... (check all that apply)

q Spouse

q Children

q Grandchildren

I’m comfortable with irrevocable trusts.

q True q False

I am concerned about creditor protection for ...

q Myself

q My business

q My spouse

q My children

q My grandchildren

21

22

Directional statements answer key

Wait & see two policy

Wait & see One policy

sLAt/pLAt ILIt/Dynasty trust BLAt

Ability to access policy for personal needs

“Guardrails” for any legacy transferred to my children

Asset protection

remove assets with the potential for high appreciation from my estate

Create a legacy for multiple generations

retain the ability for my spouse to access income

provide for my or my spouse’s long-term care coverage

Irrevocable trusts

Legacy for: • Spouse

• Children

• Grandchildren

• Spouse

• Children

• Grandchildren

• Spouse

• Children

• Grandchildren

• Children

• Grandchildren

• Children

• Grandchildren

Tools

strategy Consumer piece foreword to counsel Illustration presentation

Case study – Advisor guide

Wait & see – One policy

Wait & see – two policy

sLAt

ILIt

Dynasty trust

BLAt

23

Retirement plans

Key question

Does your retirement strategy complement your business objectives?

Products• Broker-dealer

• Qualified retirement plan

• Life insurance

employees business



ExITTODAy

Business succession



retirement plansDefined contributionDefined benefit

PERSONAL

BUSINESS

Estate planning

24

StrategiesSecurian Retirement’s highly flexible approach to retirement plans allows you to provide customized solutions designed around employer goals, budgets and employee demographics.

• The Securian Signature Series offers conflict-free investment choices along with ERISA 3(21) coverage.

• Employers requiring greater investment choices can utilize an open architecture platform.12

• Sales specialists provide expertise with new prospects while servicing representatives assist with meeting long-term client needs. Both bundled and unbundled platforms are available.

DEFINED BENEFIT (F59548-12)

DEFINED CONTRIBUTION (F59548-6)

CASH BALANCE (F59548-31)

12 Please note that RIAs may limit their advisors’ ability to participate in offering an open architecture solution.

Plan name: Current date:

Company InformationCompany Name: ______________________________________________________________________________

Type of organization (S-Corp, C-Corp, LLC, etc.): __________________________________________________

Does the employer have more than one retirement plan? ■ No ■ Yes – list plan type(s)

Do the owners of this company have ownership interests in any other company? ■ No ■ Yes

Complete for Existing (Takeover) Plans OnlyNumber of employees: ___________________________ Annual payroll: $ ____________________________

Value of current plan assets: $ _____________________ Annual normal cost: $ ________________________

Current investment manager: ___________________________________________________________________

Investment options: Please attach a list

Investment Policy Statement in place: ■ No ■ Yes

Life insurance in place: ■ No ■ Yes If yes, with whom: ____________________________________________

New policies purchased with each incremental increase: ■ No ■ Yes

Other Data

What is the employer’s overriding objective in considering a move:

Enhance benefi ts: ___________________________________________________________________________

Decrease costs: _____________________________________________________________________________

Terminate plan and use asset dollars elsewhere: _________________________________________________

Other: _____________________________________________________________________________________

What does the employer want to spend annually (use normal cost here as gauge): $ ____________________

Percent of payroll: _______________ $ _________________

What is payroll expected to look like in the next several years: _______________________________________

What are your hiring practices: _________________________________________________________________

_____________________________________________________________________________________________

What is the replacement ratio objective (Social Security replaces approximately 30%): __________________

Retirement Plans

Defi ned Benefi t Plan Fact Finder

Grow your business. Serve your clients.

Shapeyour practice.


Shapeyour practice.

your practice.

more »more »

Contact Securian Retirement at 1-877-876-4015 for more insights on creating retirement plans that meet your clients’ distinctive needs.

Use these questions to gather existing plan data so you can uncover opportunities for suggesting areas of improvement.

Plan name: ___________________________________________________ Current date: ___________________

Type of qualifi ed plan: 401(k) Profi t Sharing Money Purchase Defi ned Benefi t Cash Balance Other__________

Company InformationCompany name: ______________________________________________________________________________

Type of organization (S-Corp, C-Corp, LLC, etc.): _____________ Eligible employees: __________________

Do the owners of this company have ownership interests in any other company? Yes No

Does the employer have more than one retirement plan? No Yes — list plan type(s) _______________

Plan FeaturesEligibility requirements: Age ______________ Years of service ________________________

Estimated annual plan contributions: Employee 401(k): $ _______________________ Employer Match: $ _______________________ Profi t Sharing: $ _______________________ Roth 401(k): $ _______________________ Total: $ _______________________

Complete for Existing (Takeover) Plans Only Estimated total assets: $ _______________ As of _______________

Estimated annual billed fees for plan services: $ _________________

Current administrator/recordkeeper: _____________________________________________________________

Number of employees: ________________ Number of participants with an account balance ______________

Automatic enrollment provision: Yes No Automatic deferral increases: Yes No

Risk based portfolios: Yes No Age/date based portfolios: Yes No

Employee turnover rate: ________________________

Is the employer in an active merger/acquisition mode? Yes No

Current investment manager: ___________________________________________________________________


Retirement Plans

Defi ned Contribution Fact Finder


Shapeyour practice.


Shapeyour practice.

your practice.

more »more »

Current date: Requested return date

Company information

Company name:

Type of organization (S-Corp, C-Corp, LLC, etc.):

Does the employer have more than one retirement plan? ■ No ■ Yes – list plan type(s)

Do the owners of this company have ownership interests in any other company? ■ No ■ Yes

Client objectivesCommitment to cash balance (defi ned benefi t) plan – please check to acknowledge:

■ There will be an annual nondiscretionary contribution to the plan for a minimum of fi ve years

■ The employer will be required to contribute 7.5% to all employees (the 7.5% may be to the 401(k) plan, cash balance plan, or both)

■ These plans may not be funded with life insurance policies

What is the employer’s overriding objective in considering a move:

Maximize contributions to [insert name(s)]: ________________________________________________________

Secondary objective: ____________________________________________________________________________

Other considerations: ___________________________________________________________________________

What does the employer want to spend annually (use normal cost here as gauge): $ ______________________

Percent of payroll: $

Complete for existing (takeover) plans only

Number of employees: Annual payroll: $ _____________________________

Value of current plan assets: $ Annual normal cost: $ ________________________

Current investment manager:


Investment Policy Statement in place: ■ No ■ Yes

Retirement Plans

Cash Balance/401(k) Plan Fact Finder


Shapeyour practice.


Shapeyour practice.

your practice.

more »more »

25


Key question

have you created strategies to recruit, reward and retain key employees?


employees business



Estate planning

ExITTODAy

Business succession


Retirement plans

PERSONAL

BUSINESS

executive compensationExecutive bonusSplit dollarNQDC

minnesota Life’s multi-life program offers multiple underwriting solutions, including Guaranteed Issue (GI) and Simplified Issue (SI). Our underwriting options allow for a variety of pricing and design choices to meet your clients’ executive benefit business needs.

26

Strategies

executive bonus split dollar nonqualified Deferred Compensation (nQDC)

Benefits Simple and deductible Sharing the costs and benefits Control and cost recovery

specific strategies

Executive bonus Collateral assignment – economic benefit split dollar

NQDC – Bonus deferral

Golden Executive Bonus Arrangement (GEBA)

Collateral assignment – loan regime split dollar

NQDC – Employee deferral with employer match

Golden Executive match (GEm) Endorsement split dollar Supplemental Executive Retirement Plan (SERP)

Protection SERP

1. Executive bonus strategy and toolsAn executive bonus strategy revolves around the employee’s owning a life insurance policy on him or herself.13 The premiums are paid with yearly bonuses from the employer to the employee.

strategy Consumer piece foreword to counsel



section 162

GeBA

Gem

13 Subject to meeting the insured’s notice, consent and income requirements of IRC Section 101(j).

Premiums/BonusesOwner

Reportable Income

Taxes

Company Employee

IRSminnesota Life/

Securian Life

27

2. Split-dollar strategy and toolsSplit-dollar strategies split the costs and benefits of a life insurance policy between employer and employee. For the employee, it provides affordable death benefit coverage during the time when they are working for the employer. For the employer, it provides a benefit with possible cost recovery and greater control over the life insurance policy.

strategy Owner of the policy regime uses

endorsement split dollar

Employer14 Economic benefit • Pre-retirement survivor benefits

• Key person protection

• Buy-sell strategies

• Nonqualified deferred compensation

non-equity collateral assignment

Insured or ILIT Economic benefit • Estate planning for business owners

Loan regime Employee or ILIT Loan regime • Executive benefit

• Estate planning

strategy Consumer piece

foreword to counsel



endorsement

protection serp

Collateral assignment – economic benefit

Collateral assignment – Loan regime

3. Nonqualified Deferred Compensation (NQDC) strategy and toolsNonqualified deferred compensation is an unsecured and unfunded promise to pay a future benefit for a select group of management or highly compensated employees. It is subject to both IRC §409A and ERISA. There are two parts to the NQDC:

1. The employer and employees agree to defer a portion of the compensation to some point in the future (i.e., retirement), and

2. The employer informally funds this future promise to pay.

Employers can choose a number of different financial instruments to informally fund the NQDC plan. However, for some employers, life Insurance can be an attractive option. Because its cash value grows tax-deferred, the employee can access cash value in a tax-advantaged manner, and the death benefit can be income tax-free.

strategy funding source

NQDC – Bonus deferral Employee

NQDC – Employee deferral with employer match Both employee and employer

SERP Employer

Protection SERP Employer


28


foreword to counsel



Bonus deferral

employee deferral with employer match

serp

protection serp

Directional questionsHave your client respond to these questions in the BOLD Executive Compensation questionnaire, F79732-3:The dollars to fund this program should come from: (check only one)

q All business

q Mostly business

q All key employees

q Mostly key employees

Which will better serve your key executive retention efforts? (check only one)

q Employee’s perception of value in the benefit

q Golden “handcuff” or vesting schedule

What is the primary motivation for exploring an executive compensation strategy? (check all that apply)

q Providing owner benefits

q Retaining top executives

q Providing current tax deduction for business

q Tax deferral for employee contributions

What type of benefit? (check all that apply)

q Life insurance death benefit q Retirement income

Is it important for the business to recover some or all of the program costs in

the future? q Yes q No

How many participants do you anticipate in this program?

29

Directional questions answer keysThe dollars to fund this program should come from:

executive bonus split dollar nQDC

Bonus GEBA GEm Endorse Non-equity

collateral assignment

Loan regime

Bonus deferral

Deferral match

SERPProtection

SERP

All business

mostly business

All key employees

mostly key employees

Which will better serve your key executive retention efforts?


Bonus GEBA GEm Endorse Non-equity collateral assignment

Loan regime

Bonus deferral

Deferral match

SERPProtection SERP

employee perception of valueGolden handcuffs

What is the primary motivation for exploring an executive compensation strategy?



Loan regime

Bonus deferral

Deferral match

SERPProtection SERP

Owner benefits

executive benefits

Current deduction

tax deferral for employee

What type of benefit? (check all that applies)

q Life insurance death benefit q Retirement income

Is it important for the business to recover some or all of the program costs in the future? q Yes q No



Loan regime

Bonus deferral

Deferral match

SERPProtection SERP

Life insurance death benefit for participantretirement income

Cost recovery for employer

30

Toolsstrategy Consumer piece foreword to

counselIllustration

presentationCase study –

Advisor guidemulti-life

section 162

GeBA

Gem

endorsement

protection serp

Collateral assignment – economic benefit

Collateral assignment – Loan regime

Bonus deferral

employee deferral with employer match

serp

31


Key question

If a key person dies, will the business suffer financially?


StrategyKey employee life insurance is a life insurance policy:

• Owned by and payable to a company.15

• That insures the life or lives of employees whose death would cause significant economic loss to the business, upon whose skills, talents, experience, or business or personal contacts the business is dependent, and who would be difficult to replace.

It can also serve as:

• Entity redemption buy-sell

• Nonqualified deferred compensation

• Endorsement split dollar


employees business



Estate planning

ExITTODAy

Business succession

Key person protectionKey person

Retirement plans

PERSONAL

BUSINESS


Directional questions (answer for each key person)

Have your client respond to these questions in the BOLD Key Person questionnaire, F79732-4: Which of the following would be impacted by the death of a key person?

q Sales or cash flow

q Supplier relationships

q Client relationships

q Ability to borrow funds

q Management

q Other

What would it cost to replace a key employee or the revenue

he or she generates? $

The key person death benefit coverage will be:

q All for the business – nothing to key person

q Split coverage for both business and key person ( % business % key person)

Will the key person coverage be combined with an informally funded executive benefit?

q Yes q No

Tools


foreword to counsel



Key person

32

33

Key question

Have steps been identified to transfer the business to others at a fair price?


employees business



Estate planning

ExITTODAy


Retirement plans

Business successionOne-way buy-sellCross purchaseEntity redemptionCross-endorsed buy-sellLifeCycle buy-sell

Business successionPERSONAL

BUSINESS


Strategies

One-way buy-sell (single owner)

Key employee owns a policy on the business owner

Key employee uses the death benefit to purchase ownership of the business from

the business owner’s estate

KEy EmPLOyEE

KEy EmPLOyEE

BuSINESS OWNER

BuSINESS OWNER

BuSINESS

BuSINESS

SETUP

DEATH OF BUSINESS OWNER

34

35

Cross purchase

Agreement between Owners

number of policies N x (N-1)

Owner and beneficiary Owners

taxation of policy premiumsBusiness – Deduction for bonus* Owner – Bonus taxed as income

* Only if business is a C corporation

taxation of death benefit proceeds Tax-free

Increased basis for surviving owners yes

Allocation of ownership after death of owner Deceased owner’s interest allocated as desired (must be determined prior to death)

premium cost allocation Cost is higher for older and rated owners

Living buyout/retirement funding Transfer of policy to insured triggers taxation of earnings portion of cash value

use of existing polices Transferring a policy to a co-owner is subject to transfer for value rules

COmPANy

At owner A’s death

B purchases A’s interest in the business

OWNER OWNER

2

34

5

2Buy-SELL AGREEmENT

1

OWNER

Purchases life policy on B Purchases life policy on A

Proceeds from policy on A’s life

B

AA’s

ESTATE

A

36

Entity redemption

Agreement between Business and owners

number of policies One per owner

Owner and beneficiary Business

taxation of policy premiums Nondeductible

taxation of death benefit proceeds Tax-free (Notice and Consent, AmT for C corporation)

Increased basis for surviving owners No (unless partnership or S corporation (cash accounting))

Allocation of ownership after death of owner Surviving owner’s interest increases on pro rata basis

premium cost allocation Cost of insurance is spread among owners

Living buyout/retirement funding Surviving owner’s interest increases on pro rata basis

use of existing polices Surviving owner’s interest increases on pro rata basis

COmPANY

COmPANy

Buy-SELL AGREEmENT

purchase life insurance

on A, B & Cproceeds

from policy on A’s life

Company purchases

A’s interest A’s interest

OWNER OWNER OWNER

1

23

4

5A’s

ESTATE33% 33% 50%33% 50%

AT OWNER A’S DEATH

Advanced strategies

There are two advanced business succession strategies that add a retirement income objective (with permanent life insurance). Those two designs are:

1) Cross-endorsed buy-sell (for owners in a partnership)

2) LifeCycle LLC Buy-Sell (for owners in a corporation)

37

Directional questions

Have your client respond to these questions in the BOLD Business Succession questionnaire, F79732-7:

1. What type of business entity?

Cross purchase Step-up in basis for shareholders of C corporations (C Corps) and pass-through entities.

entity redemption Possible step-up in basis for shareholders of pass-through entities only.

This first question is important because of basis increase for the owners upon the death of an owner. A detailed discussion of the characteristics of these entities is beyond the scope of this guide. What is important to know is that partnerships, S corporations (S Corps), and LLCs (taxed as either a partnership or S Corp) are pass-through entities, meaning that losses and profits are taxed directly to the shareholders.16 This becomes an issue when determining whether remaining shareholders will receive a step-up in basis for the purchase of a departing shareholder’s interest.

2. How many owners or shareholders?

entity redemption Requires one policy per shareholder.

Cross purchase Requires every shareholder to own a policy on every other shareholder.

In an entity-redemption buy-sell arrangement, only one policy on each of the shareholders is required. So, for seven shareholders, seven policies are required.

However, for a cross-purchase buy-sell arrangement, each shareholder must own a policy on each of the other shareholders. So, for seven shareholders, 42 policies are required. This is almost an impossible administrative burden.

The number of policies needed in a cross-purchase buy-sell arrangement can be determined by the following formula: N x (N-1), where N = number of shareholders.

3. What are the owner percentages, ages and health?Percentages of ownership

Large variances in ownership interests will complicate buy-sell arrangements. When an owner has substantially more of the business than other owners, funding will become problematic.

entity redemption Becomes an issue with an S Corp because of the pass-through taxation. In an S Corp, the minority shareholder may only receive a pro rata step-up in basis. If he or she owns 10% of the corporation, he or she will only get a 10% basis increase, but may end up owning 100% of the corporation. The subsequent sale of the corporation may result in large capital gains tax exposure.

Cross purchase The minority shareholders may not be able to afford the life insurance premiums on the majority owner and may require additional bonuses to pay for the premiums.

Ages and health of sharedholders

Large variances in age and health among owners may complicate buy-sell arrangements. Healthy and/or young owners pay more to insure older and less healthy ones. This is particularly problematic in a cross purchase where the policies are owned by the shareholders.

16 IRC Sec. 1366.

4. Do the owners desire to add a retirement income objective to the strategy?

If yes, then look at cross-endorsed buy-sell (for owners in a partnership) and LifeCycle LLC Buy-Sell (for owners in a corporation).

Tools

strategy Consumer piece foreword to counsel



One-way

Cross purchase

entity redemption

LifeCycle buy-sell

Cross-endorsed buy-sell

With Business Owner Life-stage Design, minnesota Life and Securian Life offer a systematic approach to working with business owners. Take the BOLD steps forward into the business owner market.

Contact Advanced marketing today:

Bill Stark, JD, LLM, CLU Senior Advanced Marketing Counsel 651-665-1500 [email protected]

Channing Schmidt, JD, CFP® Senior Advanced Marketing Counsel 651-665-4335 [email protected]

38

39

Notes


400RobertStreetNorth,St.Paul,MN55101-2098•1-800-820-4205 ©2013 Securian Financial Group, Inc. All rights reserved.

F79732-5 Rev 3-2014 DOFU 3-2014A01384-0314

For financial professional use only. Not for use with the public. This material may not be reproduced in any form where it would be accessible to the general public.

An annuity is intended to be a long-term, tax-deferred retirement vehicle. Earnings are taxable as ordinary income when distributed, and if withdrawn before age 59½, may be subject to a 10% federal tax penalty. If the annuity will fund an IRA or other tax-qualified plan, the tax deferral feature offers no additional value. There are charges and expenses associated with annuities, such as deferred sales charges for early withdrawals. variable annuities have additional expenses such as mortality and expense risk, administrative charges, investment management fees and rider fees. variable annuities are subject to market fluctuation, investment risk and loss of principal.

Policy loans and withdrawals may create an adverse tax result in the event of a lapse or policy surrender, and will reduce both the cash value and death benefit.

This information may contain a general discussion of the relevant federal tax laws. It is not intended for, nor can it be used by any taxpayer for the purpose of avoiding federal tax penalties. This information is provided to support the promotion or marketing of ideas that may benefit a taxpayer. Taxpayers should seek the advice of their own tax and legal advisors regarding any tax and legal issues applicable to their specific circumstances.

Documents

Business Owner Life-stage Design · 2020-07-17 · What is BOLD? Business Owner Life-stage Design (BOLD) is a marketing system financial advisors can use with small business owners