Martin Crutsinger, The Associated Press on September 30, 2016
U.S. consumers scaled back their spending in August to its weakest pace in five months, reflecting a drop in spending on autos. Income growth also decelerated as wages and salary gains slowed following four strong months.
Consumer spending was unchanged last month after solid gains of 0.4 per cent in July and 0.3 per cent in June, the Commerce Department reported Friday. It was the poorest showing since a similar flat reading in March.
Personal incomes rose 0.2 per cent last month, just half the gain in July. It was the weakest showing since a 0.1 per cent drop in February. Wages and salaries, the biggest income category, were up just 0.1 per cent after two months of 0.5 per cent increases.
The August spending slowdown is expected to be temporary. Economists are counting on consumers to help lift the economy to growth, as measured by the gross domestic product, of around 3 per cent in the current July-September performance. That would be a significant improvement from anemic growth that has averaged just 1 per cent over the past three quarters.
Christopher said one factor in the slowdown may have been a decision by parents to delay part of back-to-school shopping until later in the year when they can get better deals.
Sal Guatieri, senior economist at BMO Capital Markets, said the August result points to a somewhat slower pace for consumer spending in the current quarter. He said spending growth would likely moderate to an annual rate of around 2.8 per cent in the third quarter, down from 4.3 per cent growth in the second quarter, which had been the fastest jump since late 2014.
For August, purchases of durable goods fell 1.3 per cent, with most of that decline reflecting the fall-off in auto sales. Purchases of non-durable goods were down 0.2 per cent. Sales of services, which include utilities, rose 0.3 per cent.
The small rise in incomes and the unchanged performance of spending meant that the saving rate rose to 5.7 per cent, up from 5.6 per cent in July.
A key measure of inflation preferred by the Federal Reserve was up a tiny 0.1 per cent in August and has risen just 1 per cent over the past year. Excluding volatile food and energy, this inflation measure is still up just 1.7 per cent, below the Fed’s 2 per cent target for inflation.
The central bank last week left its key interest rate unchanged, though sent a strong signal that it was likely to boost the rate before the end of this year. The Fed has not raised rates since one quarter-point hike last December. Muted inflation have given the Fed leeway to keep interest rates at ultra-low levels.
The Dodd-Frank Act gave the Treasury Department permission to set up the Federal Insurance Office, to help it understand the insurance industry. (Photo: Treasury Department)
The Federal Insurance Office says in its new annual report that low interest rates are pushing life insurers to lock away their assets for longer periods of time, that merger activity in the life and health sector is heating up, and that Molina Healthcare is now one of the country’s 10 biggest health insurers.
The FIO is part of the U.S. Treasury Department.
Traditionally, the Treasury Department and other federal agencies have focused on regulating banking and left regulation of the insurance industry to the states.
The drafters of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 created the FIO because of a concern that federal agencies knew too little about insurance to notice whether problems in that sector could threaten the stability of the U.S. financial system.
Related: Will FIO report help disability and LTC insurers?
The FIO tells federal policymakers in the new report that low interest rates have been hard on many insurers, and especially on life insurers.
Returns are low, and “life insurers may face challenges constructing investment portfolios that properly match liabilities,” the FIO says.
In some cases, life insurers are trying to support the obligations linked to annuity guarantees, long-term care insurance and other products “by extending the duration of their portfolios and by investing in lower quality or less liquid assets in order to increase investment yield,” the FIO says.
Insurers may also be using captive reinsurers in ways that make yield-related problems harder for regulators to see, the FIO says.
The FIO notes that, both in the United States and Europe, some advisory groups have suggested the regulators could help insurers get better yields and expand funding for public infrastructure structures by giving the insurer assets invested in public infrastructure projects more favorable treatment.
In a section on trends in the health insurance industry, the FIO says a traditional, Pittsburgh-based company, Highmark, dropped out of its top 10 ranking, and that a Long Beach, California-based company known for its Medicaid plans, Molina Healthcare, joined the top 10.
The FIO says the number of proposed life and health deals increased dramatically between 2014 and 2015, but that it’s not clear whether all of the companies involved in the health insurance-related deals will be able to complete their transactions.
In a report section on cybersecurity, the FIO points that two major 2015 breaches at large health insurers show how private health information and other personally identifiable information can be.
“Insurers should continue to improve risk management practices that protect against this growing threat,” the FIO says.
Related:
State insurance concerns bubble up to federal level
Initial reports indicate that Dominica has weathered the passage of Tropical Storm Matthew.
To date there have been no reports of loss from the tourism sector. Businesses are open and clean-up efforts are ongoing. Utility companies are actively working to restore service to affected areas.
Island accommodations and other tourism establishments have weathered the storm with little to no disruptions to normal operations and are open to receive visitors. The Douglas – Charles Airport has been reopened and ferry services are expected to resume on Friday September 30, 2016. Travellers are advised to contact their respective service providers or travel agents to confirm travel status.
Management of Discover Dominica Authority suggests that people who may be in the path of the storm takes the necessary precaution and remains safe.
Young advisors who are new to financial planning feel that some form of electronic marketing holds the secret sauce. Not true.
Every day brings calls from advisors asking what type of marketing is working. “What’s the best?” They ask. There are many who have a definitive answer to that question.
Some will say the referrals are the best and all you need. Perhaps, but how mature is your practice, how’s the performance, how much do your clients like you, what’s the size of your practice, how well are you known for what you do? All of these factors affect how much you can rely on referrals.
Young advisors who are new to financial planning feel that some form of electronic marketing holds the secret sauce. Electronic media, social media and other online contact methods are the latest shiny new object that catch the bass (that’s you – agents and brokers).
A great deal of money is being made on the gullibility of agents who are buying into the electronic media frenzy. Eventually, their millennial friends will get fed up with being hoodwinked into being “friended” only to be marketed to. But, bashing marketing ideas is not the point of this article. Actually, almost any marketing method will work to the degree that it is capable of working. Pay careful attention to that last statement.
A responsible advisor wouldn’t advise a client to put all of their eggs in one basket, so why would you put all your marketing efforts into one method? That doesn’t even make sense. My former partner would say I am “the master of the statement of the obvious.” My response has always been that the obvious is often ignored. There must be some kind of magic formula or secret sauce. Some method that works like a charm permanently and consistently. Not so!
Here’s the most common reason most advisors are mediocre or fail: they are lazy. They don’t work intelligently, persistently, consistently and full time. They spend their valuable time thinking about the least important components of their practice and ignore the most difficult component: prospecting. Even advisors who are managing portfolios of assets must either create growth on those assets or consistently acquire new clients. They will lose clients through death, dissatisfaction or just a promise elsewhere (competition).
Even though this may sound sexist, I’m going to chance it. My personal observation through the years are that men tend to be less industrious than women. By and large, women just plain out-work men. I’ve no clue as to why this is, and I don’t have any data to back up this statement; merely experience. In my 64 years that’s just what I’ve noticed.
Since our industry is predominantly male dominated, the lack of industriousness is a problem. Another problem is instant and spiking success. An agent sells an annuity that pays him a $40,000 commission, then he relaxes and takes the rest of the month off. His marketing stops or slows down. His prospecting takes a holiday and many times struggles to regain momentum. That’s one of the reasons I like to spend money marketing, because it won’t quit when I quit. It just keeps on working. Also, planning marketing well in advance (six months or more) helps with the laziness issues.
Since I have now insulted a major portion of my readers, I’ll close by saying that I really want you to succeed and being frank and honest with you should encourage you to be honest and frank with yourself. Since you’re self-employed, the only person who can effectively motivate you, is you. Without self reflection and an honest look in the mirror followed with action, mediocrity will continue to be your middle name. Anyone can be average. After all most are.
Someone told me years ago that “average was the top of the bottom in the bottom of the top, the cream of the crap.” Certainly that’s no place to be for an intelligent and capable agent or advisor.
The output of goods-producing industries overall rose 1 per cent in July.
The Canadian Press on September 30, 2016
Canada’s economy advanced 0.5 per cent in July, the second month of recovery from a significant decline in May and a better showing than many economists predicted.
The growth was led by a return to more normal production in the oilsands sector, which was disrupted by wildfires that forced the evacuation of Fort McMurray, Alta.
Statistics Canada said there was a 19 per cent increase in non-conventional oil extraction, which includes oilsands. It was the driving force behind a 3.9 per cent increase in the overall mining, oil and gas extraction sector.
Conventional oil and gas extraction rose at a slower pace (0.6 per cent) while mining declined by 3.1 per cent, mostly because of a diamond mine closure for repairs in the Northwest Territories following a fire in June.
The output of goods-producing industries overall rose 1.0 per cent in July while output from service-producing industries advanced 0.3 per cent.
The Statistics Canada report was stronger than a general estimate from economists, who had forecast growth of 0.3 per cent, according to Thomson Reuters.
The gross domestic product figures indicate that Canada’s economy began the third quarter on solid footing after it experienced a significant contraction in the second quarter.
Manufacturing output rose 0.4 per cent overall, due to a rise in non-durable goods such as petrochemicals. The finance and insurance sectors grew 0.9 per cent. The transportation and warehousing sector rose 1.1 per cent, in part because of travel to events such as the 2016 Summer Olympic Games in Brazil.
However, there were pockets of weakness.
Durable goods manufacturing fell 1.4 per cent — including declines from motor vehicles and parts and aerospace products and parts – while construction declined for a fourth month in a row, down 0.8 per cent.
Support activities for mining, oil and gas extraction fell for a sixth month in a row, dropping by 6.9 per cent because of less drilling activity.
Do you know what is really covered by your homeowners, business or commercial insurance policy?
If you don’t you’re not alone. Statistics show that over 80% of homeowners and business owners are not familiar with whats covered in their policy. For those who have read them, it is often written in a language that is hard to understand. We Can Help! We start by educating our clients about what is actually covered by their policy.
We specialize in processing insurance claims for our clients. We understand the language. We are experienced in what to look for when disaster strikes. If there is a claim, well present your claim correctly to your insurance company. Our expertise will maximize your claim settlement.
We offer 2 invaluable FREE services A Policy Review and A Property Inspection at no cost or obligation. If you have not read your policy in a while, you will find this service to be very educational & beneficial.
Storm centred about 105 miles (170 kilometres) northeast of Punta Gallinas, Colombia.
The Associated Press on September 30, 2016
Forecasters in Miami say Matthew has strengthened into a major Category 3 hurricane in the Caribbean.
The National Hurricane Center says Matthew now has top sustained winds of 115 mph (185 kph) and is now centred about 105 miles (170 kilometres) northeast of Punta Gallinas, Colombia. It says the storm is also about 495 miles (800 kilometres) southeast of Kingston, Jamaic and moving west-southwest at 12 mph (19 kph).
The centre says the Colombian government has imposed a tropical storm warning on a wide stretch of coast from near the Colombia-Venezuela border to Riohacha. Forecasters say people along the Caribbean coast of Venezuela and Colombia should watch the progress of Matthew, along with others in Jamaica, Haiti, the Dominican Republic and eastern Cuba.
The National Hurricane Center also says a hurricane watch may be required for Jamaica later in the day.
Finding the right way to broach the subject of life insurance is difficult at best. It is an uncomfortable but necessary conversation, especially amongst our veterans. I have found the best way to tackle this subject is head on but with language a veteran can understand.
Most military members are familiar with risk management. In our day-to-day activities we are taught to be aware of and how to mitigate risks in order to accomplish the mission and to do it safely.
As a life insurance professional, your job is to take the concept of risk management and have the veteran apply it at home. When you are speaking to your veterans, let them know their mission is to provide and protect their families. One of the tools they can use to do this is life insurance and disability insurance. Life insurance is to provide for our families in the event of premature death. Disability insurance is to protect our paycheck in the event we are not able to work for a period of time.
It is also important to establish the veterans needs and focus on using the insurance to fill that need. Put it in plain language. If the veteran is earning $50,000 per year and they pass away prematurely, their family would suffer a loss of income of $500,000 over a 10-year period. Ask, “How are you going to mitigate this risk?” Make sure they understand that failure to utilize the tools of life or disability insurance could be costly to their loved ones.
One tool you can use is the website www.lifehappens.org. You can purchase real-life stories on DVD. Share these stories with veterans to help them understand life happens and there is value in life insurance. Finally, I would send the veteran a copy of Ben Stein’s “For the Sake of Your Love Ones, Get Life Insurance” in an email or letter.
Be bold, speak their language, establish the need, provide the solution and then show its value. Keep up the good work, our veterans need you.
Do you have a question you’d like to ask our advisory board? Click here to submit a challenge.
MaRico Tippett is vice president and financial advisor at The Hopman Group LLC based in Tucson, Arizona. Tippett is a graduate of the U.S. Air Force Academy. He served 17 years in the Air Force as an EC-130 pilot, including two tours of Afghanistan, before leaving active duty to join the Arizona Air National Guard as a Lieutenant Colonel. His purpose in leaving active duty was to devote his experience and training in financial services — and the discipline and attention to detail he learned in the military — to helping small business owners and individuals build secure financial futures.
“My mission,” MaRico says, “is to help individuals and small businesses plan, protect and grow their personal and business assets to provide the income necessary to maintain their quality of life throughout retirement.” A financial professional since 2003, MaRico has over a decade of experience guiding clients toward their financial goals. His credentials include a Master of Science in Financial Services and three professional designations: Registered Financial Consultant (RFC) and Master Planner Advanced Studies (MPASSM), considered the most advanced designation in the financial services industry.
MaRico’s experience and training enable him to help clients with virtually all their financial needs, from retirement income and business planning to Social Security maximization and tax-free strategies. His dedication to helping clients has led to a loyal, growing clientele. For more information visit http://www.thehopmangroup.com/index.html or call (520) 326-1625.
Suggests malls include broader selection of tenant types.
Staff on September 29, 2016
Retail across all countries has always been a higher risk target – particularly major malls, according to Aon’s Terrorism and Political Violence newsletter. But with recent attacks around the world, that risk has intensified.
So far in 2016, TerrorismTracker data shows that there have been at least 177 direct attacks on businesses, 15% of which targeted or directly impacted retail. TerrorismTracker has recorded 26 attacks on retail businesses in 2016. Most of these occurred in Latin America and India, where far-left and revolutionary groups, like anarchists and Maoists are most active. Risk Advisory also recorded attacks in Germany and the Philippines, but the worst single event affecting retail was a truck bombing at a mall in Iraq.
The majority of incidents affecting the retail sector often appear to be the result of attacks aimed at another target – mostly civilians or police – rather than the business themselves. Openness, limited security and dense crowds makes retail areas an attractive target for terrorists intent on inflicting casualties. So far in 2016, Risk Advisory has recorded 502 attacks against ‘public gatherings’ (densely crowded public spaces), of which 249 were in or near retail areas such as markets and malls. Most attacks affecting retail in the last year were bombings or shooting attacks in busy public areas near shops and other retail premises.
TerrorismTracker data shows a strong tendency for far-left and revolutionary groups to avoid civilian casualties compared with other terrorist typologies. Only three of the above mentioned attacks on crowded retail areas were attributable to far-left and revolutionary groups. In 2016 so far, 13% of far-left and revolutionary groups’ attacks targeting businesses have been fatal. Attacks by such groups appear primarily aimed at causing material damage. On 15 March, an anarchist collective claimed responsibility for firebombing three vehicles owned by a prominent appliance retailer in Berlin. The attack resulted in no casualties, but destroyed the vehicles. The perpetrators threatened further similar attacks.
IS claimed the deadliest attack so far this year against retail. On 3, July a suicide – truck bomb blast killed at least 324 people and injured over 200 others at a shopping centre in the Karrada district of Baghdad. The blast and resulting fire completely destroyed the three-storey complex, and many surrounding buildings. Islamist groups, including IS, have called for such attacks in the West. In 2015, two British nationals were convicted of terrorism offences for allegedly plotting a bomb attack at a shopping mall in London.
Aonsuggests business interruption exposures always need to be carefully managed by insureds (deductibles, waiting periods), “but this is especially so in the current climate in order to balance appropriate coverage and premium,” reads the newsletter.
It suggests that in emerging markets, shopping malls include a broader selection of tenant types, including banks and foreign and consular offices. “Insureds should anticipate underwriters reviewing tenant types in these geographies in detail to consider asset specific risk. Clients will get the most representative premiums when they are able to illustrate the actual risk (spectrum of tenants) and so their potential exposure.”
It adds that anchor tenants will need to be understood by underwriters as these are the most visibly exposed within the mall as a whole.
My tried and true method is telling my clients that someone always pays for life insurance, whether you buy it or not. If you don’t buy it, and you pass away, then your family is the one who ultimately pays. Whether that be your spouse going to work to support the kids or your kids going to work to pay for their own education. If they can’t do it, then they will be dependent on a charity or the government to help them out.
If you never needed to use the death benefits of life insurance, it can serve as a source of savings on reserve for living needs that may come up between now and when you would like to retire with dignity. Life insurance places you in control of the consequences when life happens, live or die. I then ask them to let me put a couple suggestions together for them and let them know they always have the veto power.
Do you have a question you’d like to ask our advisory board? Click here to submit a challenge.
Brian H. Ashe, CLU, a 45-year MDRT member, has been in the insurance and investment business since 1969, assisting clients with life, health, disability income and annuity products. His work is concentrated in estate conservation, retirement planning, employee benefits and business insurance strategies. Brian is the current Treasurer of the Life and Health Insurance Foundation for Education, the Past President of MDRT and the Past President of the Chicago Chapter of the Society of Financial Service Professionals. He has 15 Court of the Table honors and four Top of the Table honors with MDRT.
Southern Caribbean islands brace for Tropical Storm Matthew
Weather authorities say the storm is likely to become a hurricane.
The Associated Press on September 29, 2016
The southern Caribbean islands of Aruba, Bonaire and Curacao are bracing for a rare brush with a tropical storm.
People across the three Dutch Caribbean islands were stocking up on fuel and other emergency supplies Thursday as Tropical Storm Matthew approached. Weather authorities say the storm is likely to become a hurricane and pass north of the islands.
The so-called ”ABC Islands” of the Southern Caribbean are outside of the hurricane belt and rarely get a direct hit from a storm. Aruba’s weather service said the storm is expected to pass about 125 miles (200 kilometres) to the north.
Matthew passed over the eastern Caribbean on Wednesday, causing at least one death. Officials in St. Vincent say a 16-year-old boy died there as he tried to clear a blocked drain.
First, I want to say thank you for your service! I know what a sacrifice it is to give 25 years to our country. I served five years in the Army and have worked with hundreds of military clients over the past 12 years. In my experience, many of the lessons you learned in the military are transferable to being a business owner and entrepreneur.
My advice to you is this — just like I would have said it to my “battle buddy” back in the day — no sugar coating. Clients are rarely going to get excited about insurance products. In fact, clients don’t care about products; they care about solving problems, accomplishing goals and making their lives easier. Your job is to build a business process that starts with truly understanding your client and what keeps him/her up at night.
The best way to help clients understand the importance of life insurance is to step out of the role of a salesperson and into the role of an advisor and Battle Buddy. Communicate your own desire to serve and your mission to protect military families. If this message comes from the heart, your clients will feel your sincerity and will want to hear you out.
From there, you should start your product discussions with identifying their unique needs and gaps and then discussing how certain products can work to improve their lives. Once you have buy-in, then and only then should you be talking about the nuances of the product. If clients don’t have a problem that can be solved with a life insurance product, don’t feel the need to recommend one. Your honesty and advocacy will win you the loyalty of your clients, and that means more referrals and more product implementation when the time is right.
The values ingrained in you — loyalty, integrity, service, dedication and perseverance — are exactly the same values that will make you a successful advisor and insurance producer!
Do you have a question you’d like to ask our advisory board? Click here to submit a challenge.
Lucila Williams, CFP, is the founder and president of LOTUS Financial Partners and a registered representative of Lincoln Financial Securities, Member SIPC.
Some evacuation orders lifted in California wildfire areas
The blaze won’t be fully contained before next week.
The Associated Press on September 29, 2016
Some evacuations were lifted as cooler weather gave firefighters a boost in their struggle with a wildfire burning through dry brush that was threatening hundreds of structures Thursday in a remote area of California’s Santa Cruz Mountains.
Mandatory evacuations were lifted Wednesday for Santa Cruz County, but orders remained in effect for neighbouring Santa Clara County, where most of the 300 threatened structures are located, the California Department of Forestry and Fire Protection said.
The wildfire in steep terrain south of San Jose had charred more than 6 square miles and was 22 per cent contained by Thursday morning, Cal Fire Battalion Chief Jeremy Rahn said.
The blaze broke out Monday during a statewide heat wave that brought witheringly low humidity and temperatures in the upper 90s. A 10-degree drop in temperatures and increased humidity helped fire crews. The cooling trend was expected to last through the week.
The blaze won’t be fully contained before next week, officials estimated.
It was among several blazes burning during a time of year when the drought-stricken state sees its largest and most damaging wildfires, state forestry officials said.
The fire gutted at least one home and threatened more than 325 buildings, though it was not clear how many were homes or smaller structures.
The area is dotted with marijuana growing operations, though the number of plants at risk is unclear. When Anthony Lopez returned to check on his home, which was still under an evacuation order, he was overjoyed to find dozens of his marijuana plants intact Tuesday.
Though the vast majority of California’s marijuana is planted north of San Francisco, growers still find remote, densely forested land popular places to cultivate pot.
This summer, firefighters in nearby Monterey County rescued several pot farmers trapped for three days by a fast-moving wildfire. The growers said 900 plants were destroyed. No arrests were made after police said the evidence went up in smoke.
North of San Francisco, officials said a grass fire that spread from the side of a highway into a row of homes in Petaluma may have been started by a discarded cigarette. Four homes were destroyed and 10 were damaged.
This segment reviews the requirements for underwriting Qualified Mortgages. The different kinds of qualified mortgages are identified, and restrictions on loan features and underwriting requirements for each type are discussed.
Losses in China from Typhoon Meranti between $650 million and $4.3 billion U.S.
Called the
Staff on September 29, 2016
Industry-wide insured losses from hurricane Meranti–which hit mainland China and Taiwan last week, are likely to range between USD 650 million (CNY 4.3 billion) and USD 1.15 billion (CNY 7.7 billion), according to Catastrophe modeling firm AIR Worldwide.
The wide range in the modeled insured losses reflects uncertainty in the meteorological parameters associated with this event. There is additional uncertainty in the take-up rates (insurance penetration) for much of the region.
“It was the strongest storm in the world this year and the most intense typhoon since Super Typhoon Haiyan struck the Philippines in 2013,” said Dr. Peter Sousounis, assistant vice president and director of meteorology at AIR Worldwide. “Although Meranti did not make landfall on Taiwan, much of the country was impacted by high winds and substantial precipitation—rainfall totals as great as 700 millimeters (28 inches) have been reported—due to the massive, 560-kilometer (350-mile) wind field.”
Meranti closely follows deadly Typhoon Nepartak, which struck central and southern Taiwan and coastal China in July.
Learn more about Investment Banks in this Investment Tutorial. I hope you can learn something new and if you like what you see feel free to comment, rate and subscribe to this channel. Thanks for watching. This video has been taken from http://www.youtube.com/user/MoneyWeekVideos and was approved for reuse on other channels.
An investment bank is a financial institution that assists individuals, corporations, and governments in raising capital by underwriting or acting as the client’s agent in the issuance of securities (or both). An investment bank may also assist companies involved in mergers and acquisitions and provide ancillary services such as market making, trading of derivatives and equity securities, and FICC services (fixed income instruments, currencies, and commodities). There are two main lines of business in investment banking. Trading securities for cash or for other securities (e.g. facilitating transactions, market-making), or the promotion of securities (e.g. underwriting, research, etc.) is the “sell side”, while buy side is a term used to refer to advising institutions concerned with buying investment services. Private equity funds, mutual funds, life insurance companies, unit trusts, and hedge funds are the most common types of buy side entities.
http://en.wikipedia.org/wiki/Investment_banking
I created this video with the YouTube Video Editor (http://www.youtube.com/editor)
CSIO announces first 50 technology leader brokerages
All achieved a score of 100% on their CSIO Technology Scorecard assessment.
Staff on September 28, 2016
The Centre for Study of Insurance Operations (CSIO) has identified 50 brokerages from across Canada as CSIO Technology Leaders.
These brokerages have been deemed top performers because they achieved a score of 100% on their CSIO Technology Scorecard assessment. Ontario has twenty-three tech Leaders, followed by eleven in Alberta, five in Quebec, four in Saskatchewan and the remaining seven are spread out in the other provinces.
“I applaud the 50 brokerages from across Canada that have become CSIO Tech Leaders as it signifies that technology adoption is increasing within the broker channel, and consumers will no doubt benefit from that,” said Catherine Smola, President & CEO of CSIO, in a release. “I look forward to seeing more brokerages in all provinces become Tech Leaders.”
http://www.californiacommercialloan.com 213-232-8719 Hard Money Loans are collateral-based real estate loans made by private investors instead of banks. They can be funded by a private individuals known as PRIVATE HARD MONEY LENDERS or PRIVATE HARD MONEY INVESTORS, trusts, partnerships, real estate investment groups and retirement funds… Hard Money Loan is actually a very simple concept.
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The girl with the finance tattoo has burned out. She revealed her plight in a post this month on a Facebook page dedicated to dealership FandI managers.
In a construction project, all risk insurance the contractor is solely responsible for everything and anything that happens in the play. If an accident to workers, injuries to others or damage to property or equipment, must bare all the pain and still complete the project on time. Even a small financial shock can lead to a significant loss and stop construction, all risk insurance no matter how big or small construction project. Therefore, it is essential for any entrepreneur to acquire right kind of insurance to protect the business against unforeseen losses.
Today, many insurance companies offer insurance policies for entrepreneurs. However, all risk insurance the choice of a policy that can help all entrepreneurs face all kinds of unexpected losses that make the difference. In this article we will discuss a policy of this type, known popularly as contractors all risk insurance (CAR ).
What is comprehensive insurance contractors?
Contractors all risks insurance is a comprehensive policy to address the insurance needs of builders, contractors and dealers of construction. The nature of the policy to cover all eventualities and risks for the company and for the people, all risk insurance is much more useful for entrepreneurs.
Damage to property : the property at the construction cite can be something like the construction of buildings, machinery, equipment, all risk insurance materials tools used etc. that are owned or leased. Any damage to property due to construction failure, theft or damage to the equipment can cause significant economic losses and the construction process is also stopped. Auto insurance provides coverage for all damages and losses and save the contractor sudden loss and all risk insurance business disruption.
Loss of liability claims: Besides internal affairs, litigation filed against the contractor, weather for work or the third injury death damage to them due to the negligence of the contractor can creates a financial burden all risk insurance.
Without adequate insurance the contractor must deal with all legal issues, attorney fees, costs of court proceedings, and if the case goes in favor of the other party to pay huge sums of money to compensate for the loss. Auto insurance, including public liability insurance and employers policy provides protection against any legal claims all risk insurance.
CarMax shoppers will be able to apply for financing using personal computers or mobile devices before visiting stores. Photo credit: BLOOMBERG
A test program that enables customers at 13 CarMax Inc. stores to pre-qualify for financing online prior to choosing a vehicle or visiting the store will expand to all CarMax stores “in the next couple of months,” the company’s top executive said.
Separately, the company said it was getting fewer credit applications from consumers with low credit scores.
CarMax CEO Bill Nash said going through the financing process prior to going to a CarMax dealership speeds up customers’ in-store buying process. Consumers can apply for financing using their computers or mobile devices, he said.
“We have expanded the pilot to 13 stores and we are encouraged by the customer response,” Nash told analysts and reporters during the quarterly earnings call last week for CarMax, the nation’s largest used-vehicle retailer.
“We are looking forward to rolling out the finished product to all our stores in the next couple of months and we will provide you an update next quarter,” Nash said.
Credit scores
CFO Tom Reedy said CarMax’s captive finance company, CarMax Auto Finance, continues to receive fewer credit applications from consumers with lower credit scores.
Sales to those consumers continue to be impacted by credit tightening by CarMax’s subprime lending partners, especially Santander Auto Finance, which announced this year that it was tightening it lending standards, he added.
Lenders who specialize in funding subprime loans are known in CarMax parlance as Tier 3 lending partners.
“Tier 3 sales mix was 9.5 percent of used unit sales, compared to 13.7 percent for the same period last year,” Reedy said. “This level of decline does not represent further tightening from what we experienced starting in the middle” of CarMax’s March 1 — May 31 fiscal first quarter, he said.
Prime lender
He also said the company is comfortable with CarMax Auto Finance having a reputation as a lender to consumers with prime credit and will not expand its subprime lending pilot program.
Reedy reminded callers that the purpose of the subprime test when it began in January 2014 was to learn more about customers that it typically handed off to its subprime lending partners.
“I think we are happier being thought of as a prime lender that has some activity in the tier 3 space,” Reedy said. “We are learning from it. We are learning how to originate. We are learning how to service. We are learning how to perform and we are building a track record in that space.
“But we haven’t determined that now is the time to go forward with anything greater.”
Profits fall
CarMax Inc.’s net earnings dropped 5.7 percent to $162.4 million in its second quarter, which ended Aug. 31, partially due to a $6.8 million hit related to the modification of equity awards held by its recently retired CEO, the company said. Former CarMax CEO Tom Folliard retired Aug. 31.
Revenue at the Richmond, Va., company rose 2.9 percent to $4 billion on higher retail unit sales.
Income at CarMax Auto Finance slid 2.4 percent to $96 million in the quarter.
Non-sales employees who are 45 or older and have been with the insurer for at least three years will get as much as two years of monthly pay if they decide to leave.
(Bloomberg) — MetLife Inc. said its Japanese business will offer early retirement packages to some staff as the insurer consolidates operations in Tokyo to help counter pressure from low bond yields.
Non-sales employees who are 45 or older and have been with the insurer for at least three years will get as much as two years of monthly pay if they decide to leave, John Calagna, a spokesman for the New York-based company, said in an e-mail Monday. The Nikkei reported the news earlier and said about 4,800 people are eligible. Calagna declined to comment on the figure for the voluntary program, which starts Oct. 3
Chief Executive Officer Steve Kandarian said last month that the company would be “ simply running in place” if he didn’t cut expenses while low interest rates squeeze investment income. He said the company would cut costs 11 percent by the end of 2019. The company announced a plan in January to separate a U.S. retail operation that sells life insurance and variable annuities, products where results can vary along with fluctuations in stock and bond markets.
“We are making significant investments in our Japan business, including consolidating our Tokyo office and upgrading our workplace environment,” Calagna said in an email. “We also continue to invest in technology and product capabilities, as well as enhance our product offerings in the market.”
MetLife slumped $1.12 to $43.40 at 4:02 p.m. in New York, extending its slump for the year to 10 percent.
Copyright 2016 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Millennials are price-conscious and in debt, but they have grown up in an era when buying protection products on expensive, technology-laden items are commonplace.
The auto industry has long been striving to understand millennials: their shopping habits, their financial standing, whether or not they even want a car.
Many questions have been answered. But in the F&I world, some wonder: Will millennials buy F&I products?
The short answer is yes, F&I insiders say.
Many millennials are price-conscious and in debt, but they have grown up in an era when buying protection products on expensive, technology-laden items are commonplace.
“Because they have grown up with consumer electronics, they are preconditioned to having some sort of coverage,” said Jeff Beaver, senior vice president of marketing and product management at Dent Zone Cos. So buying a service contract on a vehicle may be a natural step for them, he said.
Brian Crisorio, vice president of marketing at United Development Systems, holds a similar view. He’s convinced millennials are “going to see a need and value in the F&I products offered in today’s dealerships and tomorrow’s.” They see the value in protecting something important to them, he said, and their cars will likely fall into the same category.
Willing to learn
Millennials’ tendency to keep a close watch on their personal finances also may draw them to protection products. Many not only watched their parents get laid off in the Great Recession, they also graduated from college during the period, making it difficult for them to find employment.
As a consequence, “they are more focused on quality of life and how to preserve that,” said Jenny Rappaport, CMO for EFG Cos. “They are willing to go through an education process to learn about protection products that will bring them value.”
John Pappanastos, CEO of EFG Cos., cautions, though, that millennials’ shopping habits vary from those of previous generations. “There’s a difference in the way they like to be sold,” he said.
Crisorio agrees. Millennials are used to having “information at their fingertips,” he said. “The biggest failure of dealerships is being resistant to putting F&I product information on their websites,” he said.
At the very least, dealerships should upload information detailing why products are important and how they protect customers, Crisorio added. “It’s all about how you reach that new customer and how you draw them in.”
It’s what every parent dreads. Your teenager gets a learner’s permit and you have to teach them to drive. After that, you have to let them try their wings on their own as a full-fledged driver. Beyond the nail-biting fear for their safety, there’s the whole matter of getting auto insurance for your child.
Since teens are considered high risk drivers, their insurance coverage is higher. But there are ways to minimize the trauma to your wallet.
Explore Your Discount Options
Let’s look at some of the discounts that might be available when insuring a teenager.
Add your teen to the family policy. Adding a teen to your insurance policy will increase your monthly premiums, but its usually the least expensive way to go. An exception would be if someone on the family policy has a recent DUI, in which case a separate teen policy might cost less.
Take advantage of discounts for teen drivers. Most providers offer discounts for teens who have completed a driver safety education course, has at least a B average in school, and won’t be driving a lot. Once he or she has been driving awhile, a safe driver discount could be another discount to ask about.
Give your teen a safer, less expensive car to drive. Don’t rush out and buy your teenager a fire-red sports car. Instead, a safe and older model will help make your policy rate more affordable.
Look for other kinds of policy discounts. You may not be utilizing all of the discounts that might be available on your family policy. Possibilities include bundling your home owner’s and car insurance policies; driving a safe car; insuring multiple cars on the same policy; taking a driver safety class (they’re not just for teens); and having a good driving record.
5. Adjust your coverage with higher deductibles. This approach will bring your monthly premiums down, but should your teen get into an accident you could regret increasing deductibles to lower your monthly costs. If the car your teen drives is older, you might qualify for a policy that doesn’t include comprehensive (non-accident events) or collision (car damage due to an accident).
Teenaged drivers are more expensive to insure because they’re a higher risk for insurance providers. Look for discounts with your current provider and get quotes from others. Do an online car insurance rate comparison of at least three providers and select the provider and policy that fits your situation best.
New tools need to manage privacy risks, commissioner says
90% of Canadians are very concerned about their inability to protect their privacy.
Staff on September 28, 2016
New technologies and business models are putting ever-greater pressures on privacy and demand a more modern approach to protecting personal information, says the Privacy Commissioner of Canada.
“We’re trying to use 20th Century tools to deal with 21st Century privacy problems and it’s clear those tools are increasingly insufficient,” Daniel Therrien says.
Meanwhile, 90% of Canadians are very concerned about their inability to protect their privacy.
“The government should give greater priority to the modernization of laws and policies and it should invest more resources in building robust privacy protection frameworks. This is essential to maintaining public confidence in government and the digital economy,” says Commissioner Therrien.
The need for modernization in the face of rapid technological change is the key theme of the Commissioner’s latest Annual Report, tabled today in Parliament. The 2015-16 report describes the work of the Office of the Privacy Commissioner of Canada (OPC) as it relates to both the Privacy Act, which applies to the federal public sector, and the Personal Information Protection and Electronic Documents Act (PIPEDA), the federal private sector privacy law.
Both laws predate many of the technological innovations that are creating new challenges for privacy protection by enabling businesses and governments to collect and analyze exponentially greater quantities of information. In fact, as the report notes, the Internet did not even exist when the Privacy Act was proclaimed in 1983 and Facebook had yet to be imagined when PIPEDA came into force in 2001.
In March, the OPC provided a Parliamentary committee studying the Privacy Act with a submission on modernizing the legislation that included 16 recommendations covering three broad themes: responding to technological change; legislative modernization; and the need for transparency.
In addition to the changes needed on the public sector front, Commissioner Therrien says it is also clear that new private sector challenges must also be addressed.
This includes the notion of consent for the collection use and disclosure of personal information, which has been a cornerstone of PIPEDA. Many are questioning how Canadians can meaningfully exercise their right to consent to the collection, use and disclosure of their personal information in an increasingly complex environment involving new technologies and new business models where personal information plays a central role. The OPC has launched public consultations aimed at identifying possible solutions to address growing challenges related to consent.
A second consultation process is examining privacy issues related to online reputation, with the ultimate goal of helping to create an environment where individuals can use the Internet to explore their interests and develop without fear their digital trace will lead to unfair treatment.
Failure to follow through and less than honest prospect communications are just two of the things that can waylay someone who’s trying to sell insurance and other financial products. (Photo: iStock)
Sales managers scratch their heads. “Right from the start, I was so sure Carl would be a top performer. I would have put money on it. But before I knew it, he crashed and burned.”
Related: Is this person sabotaging your sales success?
It’s an old story, and one that often ends with the same words: “I wasn’t cut out for sales.” Maybe. But probably not. Poor training, inadequate support, and unrealistic expectations can each play a role in disappointing results.
Even so, what causes potentially good salespeople to fail has little or nothing to do with poor sales skills. The real harm is self-inflicted. Salespeople can sabotage themselves. Here are 14 ways that unnsuccessful salespeople tend to wreck their careers:
1. Tell a customer they will take care of something and then don’t do it.Why worry about it? It’s nothing an “I’m sorry,” a little schmoozing, a bouquet of flowers, or a gift card can’t correct. Anyway, it wasn’t that important. That’s not how customers see it. Their actions reveal the truth of who they are.
2. See themselves as special. The “salesperson’s disease” is catching. It’s transmitted by rubbing shoulders with other salespeople. The major symptom is the belief that they’re the reason for the company’s success so that gives them permission to break the rules, and to look down on everyone else. Oh, yes, the disease is fatal.
3. Puff up their record.No salesperson needs to take a course in “The Fine Art of Amplification.” Whether it’s with customers, each other or the boss, exaggeration comes naturally for too many salespeople. And, then, they come to believe their own baloney.
Avoid these behaviors if you hope to success in insurance sales. (Photo: iStock)
4. Avoid asking for help. Many salespeople see themselves as operating on their own, beholden to no one, and totally responsible for their destiny. And that includes asking for help, which they view as a sign of weakness and something they can’t live with—even when it costs them customers.
See also: How to get out of a sales slump
5. Criticize but don’t contribute.You know these salespeople, they’re quick to tell you what’s wrong in every part of the company: why revenues are down, what’s wrong with the product line, or who in management should be dumped. Yet, when asked to contribute their ideas or make suggestions, they have nothing to say. Such behavior pushes them out the door.
6. Do enough to get by. They’re guided by some preset internal gauge that sets strict limits, letting them go only so far before banging on the brakes. These are outliers to be sure. They’re ignored when there’s a crisis or unexpected crunch. In a word, they’re superfluous to the company’s success.
7. Ignore deadlines. It started out early in life. Their school projects were always late and arrived with an attached excuse. Now their reports are predictably late, along with customer proposals and just about everything else, even expense reports. It’s as if deadlines were made for others, not for them. And they can’t figure out why the boss has it in for them.
8. Always make sure they look good.Whether it’s customers, associates, or the boss, their goal is to make sure that, at all cost, they come out looking good. They avoid taking responsibility (a sign of weakness) at all cost. Although they don’t see it, their behavior is so transparent no one trusts anything they say or do.
9. Sell what they want to sell.Salespeople always have favorite customers, but many also have pet products. They’re not complex, don’t cause problems, and they’re easy to sell. Some come with a robust commission. Whether or not they’re a good fit for customers is not the issue.
10. Cut corners.Shrinking the job to reduce work is a disease that infects may sales careers. “Forget it. It’s just means extra work,” “I don’t have time to do that,” or “Frankly, that’s crazy. Who comes up with such stupid ideas?” Every salesperson heard such words whispered in sales meetings or seen eyes roll. Selling success comes from enhancing the process, not cutting it down to your own size.
When it comes to sales, the old adage about the customer always being right still rings true. (Photo: iStock)
11. Think that they’ve got it made.From all indications, they’ve worked hard, done a good job, and enjoyed the rewards. As they see it, they’ve paid their dues. Now it’s time to cut them some slack so they can set their own pace. It’s time for a little preferential treatment like getting some of the better leads. If that’s what’s going through their mind, they’re on your way—out, not up.
12. Lay on the jargon. They believe using all the right words impresses customers and wins them over. So they get the jargon down pat and stay on top of the latest corporate speak. Yes, customers want to be impressed, but not with jargon. What they want is a salesperson who takes time to understand them by asking good questions and who makes sure they’re comfortable with their buying decision. That’s impressive.
13. Decide who will buy and who won’t.They may be smart, savvy and have lots of experience. They’ve come face-to-face with just about every type of customer and they think they know who will buy and who won’t. All they need is a couple of seconds. It’s as if they have a sixth sense about customers. Some salespeople have it and some don’t. It sounds so good, it’s almost convincing. But it’s just plain nonsense, an exercise in self-deception. In selling it’s what the customer thinks that counts, not what’s floating around in a salesperson head.
14. Believing that customers love them.It’s The Great Sales Con Game. It’s easy for salespeople to think customers love them: “You are the best.” “I don’t know what we’d do without you.” “We’re so lucky you came along.” It’s enough to make the ego do somersaults. It’s feel good stuff, but here’s the question that counts: Do your customers respect you? When you think about it, it isn’t easy to sabotage a sales career. Yet, if you put your mind to the task, you can do it.
Take the fear out of the fourth quarter by following these practical steps to ramp up your sales. (Photo: iStock)
As we head into the fourth quarter, are you on track to make your sales revenue goals for the year?
If you’re like many, the fourth quarter can mean it’s time to panic because the end of the year is fast approaching and the finish line is much too far away. Here are some recommendations to stop the panic and to start selling more to finish out the year exactly where you need and want to be.
1. Calculate exactly where you are in terms of your annual sales revenue. You also need to go back and look at your initial 2016 revenue goal to see how close you are to achieving it.
2. Next, take a look at what’s in the pipeline and likely to close in order to get you that much closer.
3. Go back and take a look at deals from earlier in the year that have not closed. See if you can resurrect any of them.
4. Make a list of existing customers that might need additional products or services. Make a plan to start reaching out.
5. Make a list of everyone that you know or would like to know that should be buying from you. Make a plan to start reaching out.
6. Make a list of everyone that you know or would like to know that might be able to refer business. Make a plan to start reaching out.
7. Create your Wish List of Ideal Prospects that you believe might have a need of your offering. Make a plan to start reaching out.
When you do all of the above you will not only be much closer to achieving and/or exceeding your 2016 sales goals, you’ll also be setting yourself up for an even better 2017!
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Dealer Stephanie Soerens, center, says she sees no downside to her store’s flexible F&I schedule. Barbara Nobile, left, job-shares. Ella Golovina work full time.
F&I managers at Soerens Ford of Brookfield in Brookfield, Wis., no longer fret about working inordinately long days.
That’s because they have developed a system that has almost eliminated time-sapping schedule crunches.
Anne Fredrickson had the idea when she agreed to work temporarily at Soerens after the full-time F&I manager left. Fredrickson enjoyed returning to the dealership where she had worked for years but could not commit to the full-time demands required of a solo F&I manager. When she became aware that another former Soerens’ F&I manager was eager to continue her career on a half-time basis, she wondered whether dealer Stephanie Soerens would agree to let them job-share.
“We approached Stephanie about it, and she thought it sounded kind of strange but she thought it was fine to give it a try,” Fredrickson said. “That was seven years ago.”
Many dealerships rely solely on one F&I manager and count on temporary help during absences, which was done at Soerens. The downside is that the temporary staff may struggle to adapt to a dealership in which they don’t have histories or connections.
“It has really worked out so well for us,” Soerens said. “I leave it up to them to work out the schedules, and they often work them out two to three months in advance. I would say 99.9 percent of the time there is no problem.”
Soerens holds the job-sharing managers to the same accountability as she does the full-time F&I manager, who was hired when the dealership’s sales volume swelled. She also pays the duo base salaries, provides them with health insurance and allows them to compete for contest bonuses.
“If I kept everything they worked hard to win, they would have no motivation to participate,” Soerens said. “Let’s say I win $400 [from Ford]. I will give them each $100. That isn’t huge, but it’s a reward for their hard work and a tangible benefit.”
Barbara Nobile, who job-shares with Fredrickson, took the gig when she returned to Wisconsin after working at a major Iowa dealership. The job suited her desire to work for her past employer while allowing her flexibility she would not have had as a full-time F&I manager.
“I didn’t know Anne before I came back, but I knew she had a similar background to mine,” Nobile said. “After being [in F&I] for so many years, I knew all the paperwork, how to offer products and that sort of thing. This is ideal because of the income, the increased freedom and the face-to-face interaction with the customers.”
Ella Golovina joined Soerens last year as a full-time F&I manager when sales volume swelled. As a 15-year veteran of F&I, she said her colleagues’ job-sharing creates one of the most fluid and relaxed atmospheres she has ever worked in.
“That type of job-sharing position is very hard to find because dealers always look for a full-time F&I person. That’s understandable, but this makes the work flow so much better,” Golovina said.
“When things get busy or someone has an emergency, you don’t have to rely on someone who
doesn’t know the store or the customers to come in for a few days or a few weeks.
“When you work here permanently, this becomes your store, these become your customers, and that makes a big difference.”
Permanent F&I employees are “much more effective,” she added. “Thanks to our employer, we have that.”
Golvina believes many experienced financial managers would like to find such a job-sharing situation. Soerens, too, was stumped when pressed to find any minuses to the store’s F&I arrangement, noting that she hopes to convince those in sales and other departments to consider job-sharing.
“There just isn’t a downside,” Soerens said. “The work is satisfying to them, and the flexibility allows them to come to work refreshed and clear minded,” she said, adding that it would be an ideal position for working parents.
“The key is to find [two people] who communicate, have the same goals and work well together. You must have that, or it wouldn’t work.”
Weir-Jones Engineering Ltd., and SGS Canada Inc., have entered into a global preferred service provider agreement.
Staff on September 27, 2016
Weir-Jones Engineering Ltd., and SGS Canada Inc., have entered into a global preferred service provider agreement that will bring the BC-developed Earthquake Early Warning System (EEWS) technology, known as ShakeAlarm, to countries with high seismic risk that currently do not have proven technology and systems in place that will protect lives in the event of a major earthquake.
The ShakeAlarm technology can provide up to a 90-second warning of a pending earthquake by determining magnitude before it hits. The system developed by Weir-Jones Engineering has been operational at the George Massey Tunnel in Richmond, BC since 2009. The system is designed to shut the tunnel down and allow traffic to clear to curtail any potential danger. For more than seven years this system has operated without any false alarms, a reliability level of better than 99.99999%.
There are 2 waves that are generated when an earthquake occurs. The first wave, the ‘P’ wave, is a very fast moving non-damaging compression wave. The second wave is the ‘S’ wave or shear wave and it is the wave that we feel and does all the damage in a major earthquake. The ShakeAlarm system proprietary technology developed by Weir-Jones measures the ‘P’ wave, analyses it in a fraction of a second, and immediately sends out warnings of the coming ‘S’ or shear wave.
This signal will save lives. Depending on site, facility or population needs, the signal can trigger specific actions such as turning off gas lines and shutting off water and electrical utilities. If applied to emergency services, it gives first responders an early warning that can also be used to automatically open fire hall doors so firemen can get their equipment out, turn on generators at hospitals and bring systems like SkyTrain and the Canada Line to a controlled stop or to the nearest transit station.
Will serve customers in life sciences, real estate, and staffing with specialized insurance claims and risk management solutions.
Staff on September 27, 2016
“The establishment of these three practices provides our clients access to experts and specialized product offerings in each field resulting in an unparalleled risk management platform that drives results,” said Keith Higdon, senior vice president, Partnership Services, ESIS.
The Life Sciences Industry Practice will serve as home to the existing ESIS Healthcare Industry Practice to provide more comprehensive risk management and claims solutions for traditional healthcare organizations, pharmaceutical companies, medical appliance manufacturers, and sub-industries. This practice, led by Mark Bossi, regional vice president, Partnership Services, ESIS, will provide a broad range of risk management products and services to the life sciences industry including health, safety and environmental consulting, proprietary technology tools, and healthcare and claims services.
The Real Estate and Hospitality Industry Practice will provide real estate owners, property managers, and hospitality clients with the deep industry knowledge and expertise needed to efficiently manage these complex claims. Kevin Sheehan, assistant vice president, Partnership Services, ESIS, will lead the practice and oversee nationwide claims services designed specifically for this industry.
