Every single thing is now open to new ideas based upon the changing conditions. Your practice is obviously going to change; caution and creativity are the guides. Whether we operate in single needs, multiple needs, or comprehensive planning modes and implementations, all of our recommendations are going to be different as compared to past years. It is a bit like attempting to walk in quicksand. And this applies to all product implementation, not just the health insurance arena. So be careful out there.
Earlier, the topic of currency debasement, creation of trillions of dollars by the Fed out of thin air, and inflation – about 2.5% annually, by the way was touched upon, especially as related to obtaining goods, services, and accumulation/distribution of retirement funding. This leads into the arena of retirement capital, funds formation, equities markets, cash value life insurance, annuities, precious metals, commodities, bank deposits, money markets, treasury instruments, and the like.
This also includes non-tax qualified and tax-qualified retirement vehicles, such as IRAs and 401(k)s, as examples. One suggestion is the recommendation that some portion of a client’s capital or retirement portfolio of funds be placed in hard assets. Gold and silver come to mind. We would defer to a precious metals specialist for that. Hedging and potential gains are two objectives that come to mind.
The way we operate in ethical conduct of business will change for Medicare supplement Plans 2019. Find out more at https://www.medisupps.com/medicare-supplement-plans-2019/The suggestion is put forth that in the future and beyond, we in financial services when advising businesses and individuals, will need to either form alliances with other financial professionals who are licensed in areas where we are not, or refer people to other trusted advisors in order to fully inform the people we serve of the risks and rewards to allow them to make proper, informed decisions that work for them and provide them the opportunity to form strategies and thus to protect themselves.
We are definitely in for quite a ride; so fasten your seatbelts. A tip from one who is an investor, not a sales agent: dollars are currency; gold is money. Get to know the difference. Know all the new rules, regulations, and compliance requirements. Study and engage with other professionals. There is a big job ahead for all of us, starting now. Medicare seems to be a topic to therefore watch out for in this respect but then, why not?