{"id":123,"date":"2018-05-22T13:38:45","date_gmt":"2018-05-22T20:38:45","guid":{"rendered":"https:\/\/mgfadvisory.ca\/news\/?p=123"},"modified":"2018-08-22T16:20:10","modified_gmt":"2018-08-22T23:20:10","slug":"a-seat-at-the-table-an-inclusive-approach-to-corporate-insurance","status":"publish","type":"post","link":"https:\/\/mgfadvisory.ca\/news\/2018\/05\/22\/a-seat-at-the-table-an-inclusive-approach-to-corporate-insurance\/","title":{"rendered":"A Seat at the Table: An Inclusive Approach to Corporate Insurance"},"content":{"rendered":"

<\/h4>\n

Stronger Together<\/strong><\/h4>\n

When you purchased your first home, you probably didn\u2019t do it alone. Most likely you consulted your parents, spouse, realtor, mortgage broker, barista, hairstylist\u2026you get the point. In short, you brought in a team to help you make a large and important financial decision.<\/p>\n

When it comes to buying corporate insurance, I feel that it\u2019s best to take the same approach, which is why, as an insurance advisor, I like to work with my client\u2019s accountants and lawyers.<\/p>\n

 <\/p>\n

The Importance of the Team<\/strong><\/h4>\n

The importance of bringing the team to the table was impressed upon me years ago when I was an accountant in public practice. When a client would have their annual tax return meeting with me, I\u2019d ask them what\u2019s new, and often be met with something along the lines of \u201cmy insurance advisor told me to buy this policy.\u201d Often my client would have been sold the wrong policy for them, which was a cause of frustration for me. Either the policy didn\u2019t make sense based on their needs, or was just wrong. In short, they got sold something they didn\u2019t need. If they had sat down with me and their insurance advisor, we could have come up with a solution that worked for them.<\/p>\n

To be clear, I was never an \u201canti-insurance\u201d accountant. I understood that it\u2019s great for dependants who need money now, buy\/sell, and estate planning purposes, to name just a few reasons.<\/p>\n

 <\/p>\n

The Pitfalls of Exclusion<\/strong><\/h4>\n

These experiences informed my practice when I moved into insurance advising. When I first became an insurance advisor, I found myself in rooms with other insurance agents and hear them say things like \u201cmy client\u2019s darned accountant said no!\u201d or \u201cthe accountant doesn\u2019t understand the policy and won\u2019t buy it until they do!\u201d Later I would invariably find out that the insurance advisors weren\u2019t even talking with the accountants\u2013they weren\u2019t even in the meetings. What I realized was that many insurance advisors excluded a client\u2019s accountant and lawyer because they wouldn\u2019t be able to answer their questions and may, in turn, lose credibility.<\/p>\n

 <\/p>\n

The Benefits of Inclusion<\/strong><\/h4>\n

I take pride in the fact that I sit at the table with a client\u2019s accountant and their lawyer. Having a CPA background, I\u2019m able to answer tax-related questions, and I encourage and welcome my client\u2019s accountant and\/or lawyer to ask questions. I welcome and expect their input, so we can create a more holistic plan for my clients\u2013one that makes sense from an accounting and legal perspective.<\/p>\n

Working together enables us to come up with strong long-term solutions that maximizes benefits for our clients.<\/p>\n

Because I encourage working with my client\u2019s team and insist upon transparency, many of my clients have been referred to me by their accountants and lawyers. They like working with MGF because they know our process is open and in the best interest of their clients.<\/p>\n

 <\/p>\n

No \u201cI\u201d\u00a0<\/strong>in Team<\/strong><\/h4>\n

Working with the client\u2019s team means we ensure that their insurance policy fits their needs and reality. Unlike some advisors, who commoditized policies and sell them as a \u201cone size fits all\u201d solution, MGF understands that such a policy does not exist, and shape our policies to our client\u2019s needs\u2013a customization that is built around the client, instead of a cookie-cutter scenario.<\/p>\n

Like most aspect of life, we are strong and more successful when we work together!<\/p>\n

 <\/p>\n

 <\/p>\n

Let MGF Advisory Help<\/strong><\/h4>\n

If you would like to know more about corporate insurance and how it can work for you, we would be happy to help!
\n\"\"<\/em><\/p>\n

Marco Faccone<\/a>, CPA, CA, CFP has long specialized in the area of corporately held insurance and estate planning, advising and assisting shareholders with succession and wealth accumulation strategies. Marco has worked alongside estate lawyers and tax accountants to offer his clients a professionally tailored and value-added plan. Contact MGF Advisory for more information regarding corporately held insurance and succession planning.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"Stronger Together When you purchased your first home, you probably didn\u2019t do it alone. Most likely you consulted your parents, spouse, realtor, mortgage broker, barista, hairstylist\u2026you get the point. In short, you brought in a team to help you make a large and important financial decision. When it comes to buying corporate insurance, I feel…

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