Upload
others
View
3
Download
0
Embed Size (px)
Citation preview
This communication was created by Advisable Wealth Engines. Neither Great-West Life & Annuity
Insurance Company (GWLA) nor any of its subsidiaries have reviewed or approved the material
provided and are not responsible for the content and/or updates with respect to this material. GWLA
and its subsidiaries are separate from and unaffiliated with Advisable Wealth Engines. The PPVUL
product referenced herein is issued by GWLA or an affiliate thereof. Variable universal life insurance
policies and appropriate state variations are issued by GWLA. GWLA is not licensed to do business in
New York. Policies may not be available in all states. Certain restrictions apply. U.S. Patent No.
8,660,863 under license from Paul F. Berlin LLC
Illustration Illustration Illustration Illustration GamesGamesGamesGames
Tactics Used in Life Insurance
Illustrations to Hide a
Private Placement
Variable Universal Life (PPVUL)
Policy’s Weaknesses
Illustration Games
FOR INVESTMENT PROFESSIONAL USE ONLY
2
hen considering investing in
a life insurance policy, the
insurance company is to
furnish the potential policy
owner with a proposal that includes a
financial illustration (“Illustration”). The
Illustration’s content and presentation
are detailed in the “Life Insurance
Illustration Model Regulation (Model
#582)” published by the National
Association of Insurance Commissioners
(NAIC).
The regulation’s purpose is clearly
articulated in the summary:
“The purpose of this regulation is to
provide rules for life insurance policy
illustrations that will protect consumers
and foster consumer education. The
regulation provides illustration formats,
prescribes standards to be followed
when illustrations are used, and
specifies the disclosures that are
required in connection with illustrations.
The goals of this regulation are to ensure
that illustrations do not mislead
purchasers of life insurance and to make
illustrations more understandable.
Insurers will, as far as possible, eliminate
the use of footnotes and caveats and
define terms used in the illustration in
language that would be understood by a
typical person within the segment of the
public to which the illustration is
directed.”
An Illustration’s Required An Illustration’s Required An Illustration’s Required An Illustration’s Required CompoCompoCompoCompo----
nents: NAICnents: NAICnents: NAICnents: NAIC
Essentially, an Illustration provides a
year-by-year projected cash-flow
analysis based on a set of assumptions.
For a “Basic” Illustration, the mandate
directs certain assumptions that
determine the value – if not viability – of
the insurance contract. Although an
illustration has a number of required
elements, its financial presentation must
include these items:
• Year-by-year analysis beginning with
the insured’s current age through to
ending age 100, policy maturity or
policy expiration.
• Specific timing elements defining
invested premium, costs, and
payouts.
• Guaranteed elements – policy
benefits, premiums, values, credits
WWWW
Illustration Games
FOR INVESTMENT PROFESSIONAL USE ONLY
3
and charges determined at issue – are
presented before more favorable
non-guaranteed charges (often called
“current” charges) and for the same
duration.
“This [showing guaranteed charges]
is the legally required disclosure of a
worst-case scenario. It outlines policy
performance based on the carrier’s
minimum filed credit rates for a
particular policy and the maximum
mortality charges based on the . . .
standard mortality table. . . . CPAs
studying insurance policy
illustrations can assume the benefits,
cash surrender value and
accumulated values will never be
lower than those the insurer
guarantees.” (Journal of Accountancy;
“Understanding Life Insurance Illustrations”;
February 1, 2003)
The focus on guaranteed charges
reflects a caution related to the long-
term nature of a life insurance policy;
one that can last decades. These
charges are the insurance company’s
contractual obligation to each policy
owner and underlie the reality that a
given company’s strategy, stability, and
operations may not, 20 or 30 years later,
be what they are today.
The “today” status is shown in the
Illustration’s “non-guaranteed” charges
that are at the insurance company’s
discretion and assume an operational
steady-state forward from the
“[insurance] company’s actual recent
historical experience”. These non-
guaranteed charges give the most
favorable cost picture for the policy.
An Illustration’s Required An Illustration’s Required An Illustration’s Required An Illustration’s Required CompoCompoCompoCompo----
nnnnents: FINRAents: FINRAents: FINRAents: FINRA
Variable Universal Life (“VUL”) policies
are securities and regulated by FINRA.
Therefore, in addition to the NAIC rules,
FINRA has additional requirements for
VUL illustrations. With a focus here on
the financial due diligence necessary for
a wealth advisor’s prudent product
analysis, the related FINRA Illustration
elements are:
• “An illustration may use any
combination of assumed investment
returns up to and including a gross
rate of 12%, provided that one of the
returns is a 0% gross rate. Although
the maximum assumed rate of 12%
may be acceptable, members are
urged to assure that the maximum
rate illustrated is reasonable
considering market conditions and the and the and the and the
available investment available investment available investment available investment optionsoptionsoptionsoptions.
[Emphasis added].
The purpose of the required 0% rate
of return is to demonstrate how a lack
of growth in the underlying
investment accounts may affect policy
Illustration Games
FOR INVESTMENT PROFESSIONAL USE ONLY
4
values and to reinforce the
hypothetical nature of the
illustration.”
• “The illustrations must reflect the
maximum (guaranteed) mortality and
expense charges associated with the
policy for each assumed rate of
return. Current charges may be
illustrated in addition to the maximum
charges.” (Source: http://finra.complinet.com/en/
display/display_main.html?rbid=2403&eleme
nt_id=3619&print=1)
The FINRA illustration regulations force
the analysis on the policy’s inherent cost
structure. This is reflected as: “Will the
policy’s filed costs support its death
benefit value under a worst-case
scenario?”
FINRA pushes this comparison of what is
known and promised (guaranteed)
versus what is hoped for and
discretionary (i.e. non-guaranteed
charges with year-by-year return
assumptions up to 12%) because the
due diligence evaluation of an
investment with a decades-long profile
must anticipate changes to an assumed
steady state. This may be unfavorable in
a typical sales scenario but is essential
for a fiduciary.
A Required Component of the A Required Component of the A Required Component of the A Required Component of the
Application PackageApplication PackageApplication PackageApplication Package
While noting the sales presentation
materials and personal engagement that
exists between a potential policy owner,
the wealth advisor, and insurance
consultant/agent, the core component
determining a policy’s investment and
wealth-planning fit – the due diligence
evidence - rests with the Illustration.
This emphasis is brought into focus as
the NAIC requires it within the
application process. The NAIC reflects
on the Illustration as:
“The requirements essentially state that
if the marketing of the policy includes an
illustration and the policy is applied for
as illustrated, the authorized company
representative must submit the
illustration, signed by that
representative and the applicant, to the
insurer at the time of policy application.
. . . If an illustration is presented prior to
application and is later revised before
the policy is issued, the new illustration
must be labeled ‘Revised Illustration’. In
FINRA pushes this comparison of what is known and promised (guaranteed) versus what is
hoped for and discretionary . . . because the due diligence evaluation of an investment with a
decades-long profile must anticipate changes to an assumed steady state. This may be
unfavorable in a typical sales scenario but is essential for a fiduciary.
Illustration Games
FOR INVESTMENT PROFESSIONAL USE ONLY
5
all cases where an illustration is
required, the policy applied for or issued
must have an illustration accurately
representing the policy and
appropriately signed by the applicant or
policy owner and the authorized
company representative. The illustration
must be provided prior to or
simultaneously with the policy delivery.” (Source:12/13/2017; http://www.naic.org/
cipr_topics/topic_life_insurance_illustrations.htm)
Illustration Games
FOR INVESTMENT PROFESSIONAL USE ONLY
6
PPVUL Illustrations: Setting the PPVUL Illustrations: Setting the PPVUL Illustrations: Setting the PPVUL Illustrations: Setting the
StageStageStageStage
Variable Universal Life insurance
policies, provide varying premiums,
death benefits, and investment options
(hence the term “Variable”).
A segment of the VUL product class is
Private Placement VUL (“PPVUL”). Unlike
other life insurance products that
emphasize the death benefit as the
wealth planning application, PPVUL
changes the priority to maximizing the
invested premium relative to the death
benefit. Taking this approach utilizes
PPVUL’s tax-free investing advantage for
a family’s investment plan (as long as the
policy remains in force until the insured’s
death) that typically results in family
wealth increasing at an accelerated rate.
This maximize-cash-value-to-death-
benefit relationship targets families with
excess wealth indicative of qualified
purchasers; those defined in the
Investment Company Act of 1940 as
having investable wealth greater than $5
million.
Source: https://news.harvard.edu/gazette/story/2016/04/for-life-expectancy-money-matters/
Longevity and Longevity and Longevity and Longevity and Wealth RelationshipWealth RelationshipWealth RelationshipWealth Relationship (1.4 billion Internal Revenue Service records (1.4 billion Internal Revenue Service records (1.4 billion Internal Revenue Service records (1.4 billion Internal Revenue Service records
onononon income and life expectancy)income and life expectancy)income and life expectancy)income and life expectancy)
Exhibit 1
Illustration Games
FOR INVESTMENT PROFESSIONAL USE ONLY
7
Unique and Proprietary The Great-West Life & Annuity Insurance Company’s (“Great-West”) PPVUL policy for HNW investors offers a compelling set of features compared to common PPVUL policies offered by other insurance companies:
• Guaranteed charges even to ages greater than 100 (removing the cost risk)
• The guaranteed charges eliminate lapse risk due to unplanned cost increases
• An age-based underwriting factor, multiplied by the policy’s cash value, enables an easy, anytime death benefit calculation
• A death benefit booster that increases family wealth even above the compounded tax-free portfolio’s value
• The guaranteed charges, com-bined with the death benefit booster, give straight profits net of policy charges (even past age 100)
• A single, asset-based charge for simple administration at any age (male or female; smoker or non-
smoker)
A PPVUL’s long-term investing role is
accentuated by substantially longer life
spans for wealthy people compared to
those of lesser means (see Exhibit 1 on
the previous page).
Buttressing the Harvard study’s analysis
is the UBS Investor Watch (April 2018)
that reveals 53% of the world’s wealthy
people believe they will live to be 100.
The study states, “A full 91% of U.S.
investors believe their wealth enables
them to live a healthier life, in line with
92% of investors globally. In fact, the very
wealthiest investors expect to live the
longest—and they are the most willing to
sacrifice wealth for better health.”
(Source: https://www.ubs.com/us/en/wealth/
news/wealth-management-americas-news
.html/en/2018/04/19/americas-financial-
changes.html)
This gives a wealthy individual’s PPVUL-
longevity profile a longer runway for
accelerated, tax-free growth and income
(as long as the policy remains in force
until the insured dies) but an equally
long runway for an insurance company
to raise policy costs under the non-
guaranteed scenario (i.e. up to the
policy’s filed and guaranteed charges).
A Fiduciary’s A Fiduciary’s A Fiduciary’s A Fiduciary’s Scenario AnalysisScenario AnalysisScenario AnalysisScenario Analysis
A wealth advisor, therefore, assessing a
PPVUL policy’s long-term viability,
considers various possibilities for both
the portfolio’s rate of return and the
policy’s costs. As it is with any
Illustration Games
FOR INVESTMENT PROFESSIONAL USE ONLY
8
investment evaluation, return and costs
must be modeled with equal emphasis.
A PPVUL policy’s rate of
return assumption is the
result of the portfolio’s asset
allocation and investment
choices, just like other
portfolio types such as
taxable, retirement, and
trusts.
The cost analysis assumption
must include scenarios
between two endpoints: 1)
the current or non-guaranteed charges
that represent the “best-case” scenario
and 2) the guaranteed charges that are
the insurance company’s contractual
obligation (or the “worst-case” scenario).
This is precisely the evaluation the NAIC
and FINRA regulations expect.
Here is the prudent due diligence path:
A wealth advisor is assured of a policy’s
viability to the insured’s death if the
considered return scenarios support the
policy’s guaranteed costs (less any
withdrawals) for the longevity profile
indicated in Exhibit 1 plusplusplusplus any buffer
based on the insured’s family history
that may suggest an even longer
lifespan, even to ages greater than 100.
This reveals a simple profit/loss model.
Cash inflows (premium deposits and portfolio growth)
MMMMinusinusinusinus
Cash outflows (guaranteed policy costs and withdrawals)
Risk management is one of a wealth
advisor’s key client services (see
“Bridging from Investment Risk to
Stability”. Regarding PPVUL,
the main area beyond an
advisor’s influence is the
insurance company’s future
operational and cost
choices. By using
guaranteed charges as the
baseline, the advisor
effectively eliminates an
entire risk category related
to the policy’s profit
equation (i.e. unexpected
policy costs increased at the insurance
company’s discretion).
Unfortunately for common PPVUL policy
types (i.e. other than Great-West’s
design with guaranteed policy costs as
the only path), to have an insurance
consultant/agent emphasize higher
guaranteed charges compared to the
lower - but less dependable - current
charges is not a recipe for sales success.
Policy MaintenancePolicy MaintenancePolicy MaintenancePolicy Maintenance or or or or Suffer Suffer Suffer Suffer
Increased Increased Increased Increased Lapse Lapse Lapse Lapse RiskRiskRiskRisk
Policies that have positive net cash flow
deliver death benefits throughout the
age sequence even past age 100;
policies with negative cash flows
eventually collapse, with the invested
premium essentially wasted. And, if
loans were taken out against a PPVUL
policy’s cash value, upon lapse, the loan
amount is taxed (i.e. what is called a
“phantom tax” because a tax obligation
Illustration Games
FOR INVESTMENT PROFESSIONAL USE ONLY
9
exists but without sufficient
compensating income to pay for it).
PPVUL policies must also comply with
laws governing the interaction between
portfolio return and policy costs; these
laws legally define insurance (known as
Section 7202). The legal basis mandates
that the investment/cash value and
death benefit relationship stay within a
certain range (or corridor) defined by
two actuarial tests (the details of which
are beyond this whitepaper’s scope). If
outside the range, the policy is no longer
defined as insurance.
Unlike the Great-West product that has
built-in 7702 compliance (and no lapse
risk caused by unforeseen policy-cost
increases), other insurance companies
rigorously manage this corridor to avoid
the catastrophe of a non-compliant
policy. Lacking intentional advisor/agent
adjustments for common PPVUL policy
designs – adding extra premium or
reducing the death benefit – the policy
will often lapse even before the insured’s
target actuarial mortality.
Therefore, both the NAIC- and FINRA-
regulated Illustration structures intend
to bring visibility to the stresses on
policies caused by lower real portfolio
returns (e.g. 0% return) and higher policy
costs up to a policy’s filed guaranteed
charges.
Guaranteed policy charges are forced
into life insurance Illustrations for the
acknowledged probability that the
insurance company may choose to or be
financially forced to charge the policy
owner more than their good intentions
may suggest (i.e. those intentions
reflected in non-guaranteed current
charges). In fact, in recent years a
number of instances have emerged in
which companies unilaterally increased
life insurance charges (see Law360, 2016:
“The Price of Mortality: Cost-Of-Life-Insurance
Cases”; Forbes, 2017: “A Problem with Life
Insurance That’s Universal”; New York Times,
2016: “Rising Premiums for Universal Life
Insurance Draw Scrutiny”; Wall Street Journal,
2015: “Surprise: Your Life-Insurance Rates Are
Going Up”; Wall Street Journal, 2014: “Scrutiny of
Stock-Linked Insurance Policies Grows”)
Without an advisor’s policy maintenance,
an insurance company’s discretionary
cost increases may erode a policy’s long-
term viability leading to possible lapse
and its devastating financial
consequences.
Illustration Games
FOR INVESTMENT PROFESSIONAL USE ONLY
10
Uncovering Uncovering Uncovering Uncovering PPVUL PPVUL PPVUL PPVUL Illustration Illustration Illustration Illustration
Games Games Games Games
The selling process for any product
amplifies advantages and diminishes
disadvantages. The difference with life
insurance sales is the NAIC and FINRA
directives guide a balanced
presentation. With a policy’s decades-
long profile, a misrepresented
presentation may lead to a failed policy,
an outcome that can have substantial
long-term implications even to
downstream generations.
An agent offering a less-than-
competitive policy has the regulatory
spotlight shining on the policy’s problem
areas. To combat negative reactions
from wealth advisors, sales people may
engage in tactics that put important
issues in the shadows, what are called
here “illustration games”.
The following analysis uses actual sales
presentation excerpts (with identifiers
redacted) from insurance
agents/consultants offering one or more
insurance companies’ common PPVUL
policy designs.
Illustration Illustration Illustration Illustration Game #1: Game #1: Game #1: Game #1: The PreThe PreThe PreThe Pre----
Application IllustrationApplication IllustrationApplication IllustrationApplication Illustration
Exhibit 2 shows a common tactic to get a
wealth advisor and/or prospective policy
owner excited about PPVUL’s financial
and wealth benefits using a non-
compliant, best-case model only. The
sales tactic moves the decision forward
with the non-compliant model and then
includes the required Illustration in the
final application package (where it can
be mixed in for less exposure with many
other financial and medical underwriting
documents).
Exhibit 2
Illustration Games
FOR INVESTMENT PROFESSIONAL USE ONLY
11
Notice that this pre-application model
excludes guaranteed charges compared
to the mandated Illustration.
Illustration Illustration Illustration Illustration Game #2: Game #2: Game #2: Game #2: High High High High and and and and Level Level Level Level
Rates of ReturnRates of ReturnRates of ReturnRates of Return
With the FINRA rules, two return
comparison points are required: 0% and
another that must be less than or equal
to 12%. Most illustrations presented by
insurance consultants/agents, for the
flexible return option, enter the higher
range of the allowable upper boundary
such as 10%.
This presents two substantial issues with
common PPVUL policies:
• Poor and Inconsistent IDF Poor and Inconsistent IDF Poor and Inconsistent IDF Poor and Inconsistent IDF
PPPPerformance. erformance. erformance. erformance. Unless the investment
options are open architecture (e.g.
ETFs, mutual funds, hedge funds,
private equity, etc. as with the Great-
West PPVUL policy design), the
traditional insurance dedicated fund
(“IDF”) choices offered through
platform providers linked to common
PPVUL policies are unlikely to achieve
even half the upper range (i.e. 6%).
The reason is the persistently poor
performance for the vast majority of
IDFs (see “Obsolete IDFs”).
• Not a Fiduciary Portfolio. Not a Fiduciary Portfolio. Not a Fiduciary Portfolio. Not a Fiduciary Portfolio. Typical
PPVUL portfolios use the Internal
Revenue Code 817(h) diversification
laws’ “look-through” rule that allows a
single IDF to fulfill the safe-harbor
diversification requirements (i.e. a
minimum of five investment in which
no one investment can be >55%; no
two >70%, no three >80%; no four
>90%).
This means that, while compliant to
the diversification law, PPVUL
portfolios are often undiversified and
exposed to investment-strategy-
specific risks. Such an exposure is
eliminated when using an advisor’s
built, managed, and monitored
portfolio using the advisory firm’s
preferred investments and supported
with well-considered diversification
principles according to a targeted
investment objective. (See “Client
Value Proposition”)
Both the NAIC and FINRA permit a
level-return scenario. While this
distorts the reality of a portfolio’s true
experience with market fluctuations,
it’s a practical position given the only
other option would be to legislate the
This means that, while compliant to the diversification law, PPVUL portfolios are often
undiversified and exposed to investment-strategy-specific risks. Such an exposure is
eliminated when using an advisor’s built, managed, and monitored portfolio using the
advisory firm’s preferred investments and supported with well-considered diversification
principles according to a targeted investment objective.
Illustration Games
FOR INVESTMENT PROFESSIONAL USE ONLY
12
use of actual historical returns for
some designated index or blend.
Given this accommodation against a
portfolio’s reality, it’s a much more
defensible position with a level-return
method to use a more realistic average
return such as 5% to 7% instead of
higher assumptions from 10% to 12%.
Illustration Illustration Illustration Illustration Game #3: Game #3: Game #3: Game #3: Not Showing the Not Showing the Not Showing the Not Showing the
0% Return Scenario0% Return Scenario0% Return Scenario0% Return Scenario
Insurance advisors may present the
guaranteed charges, but not the FINRA-
required 0% worst case. Many
practitioners misinterpret the purpose
of this cash-flow analysis.
The 0% return is not to suggest that this
year-over-year return for the policy’s life
could occur (what would otherwise be a
national economic catastrophe), but it
highlights the policy’s internal cost
efficiency.
In other words, the more a policy’s costs
overwhelm the death benefit calculation,
the sooner the policy will collapse. (The
Great-West policy’s costs are
guaranteed in a single, asset-based
charge that rises and falls with the
policy’s cash value; this enables the
policy to not lapse even in a 0% scenario
regardless of age (and assuming no
withdrawals).)
The native implication is insurance
companies, unable to show a sustained
death benefit, will be more likely to
increase current charges at some future
point than a carrier with an efficient
policy design (i.e. one that sustains a
death benefit across an insured’s entire
mortality horizon even at a 0% return
assumption).
Exhibit 3
Illustration Games
FOR INVESTMENT PROFESSIONAL USE ONLY
13
Illustration Game #Illustration Game #Illustration Game #Illustration Game #4: Non4: Non4: Non4: Non----Transparent Transparent Transparent Transparent
FeesFeesFeesFees
Every dollar of additional fees degrades
the policy’s tax-free compounding
(assuming the policy is held until the
policy owner’s death). Best practices in
any investing scenario avoids
unnecessary charges that do not
provide specific benefits to the portfolio.
In common PPVUL policies, there’s a
need for ongoing maintenance by an
insurance professional to keep the
policy from falling outside the expected
cash value-to-death benefit corridor
necessary to keep it compliant with
insurance definitions (see the above
section “Policy Maintenance or Suffer
Increased Lapse Risk” on page XX).
It is reasonable to compensate an agent
for this ongoing maintenance and
minimize lapse risk. (Note: Great-West’s
policy, as a no-maintenance design,
complies with formal corridor tests
defining insurance.)
However, this maintenance work is
minimal and annual. Some insurance
companies have negotiated annual
maintenance fees with agents of 85
basis points, which is an excessive
amount for the average of one to two
hours required each year (with some
years needing no work and others more
when a premium or death benefit
adjustment is needed).
Consider a policy with a cash value of $1
million, this would equal $8,500; a $10
million policy would be $85,000. These
are exorbitant hour-equivalent charges.
Broker/dealers or broker/general agents
may engineer additional fees for agent
oversight (i.e. as much as 25 basis points
per year). Again, this is not to say there
isn’t work to be done, but the actual
oversight effort is low for the amount
charged.
When fees are high, especially compared
to the required guaranteed-charge
scenario, other creative approaches
emerge to entice investors and/or their
wealth advisors. A recent case showed
an agent offering “top-client” fee credits
to lower the stated charges but without
disclosing that these offsets were fully
discretionary.
Illustrations take these extra charges
and embed them into the insurance
company’s Mortality & Expense fee. This
lack of transparency keeps a policy
owner or advisor from identifying the
higher costs for the work required
compared to a case that doesn’t have
agent and broker/dealer compensation.
(Typically, only an expert insurance
analyst would be able to uncover the
excessive fees from the state-filed
insurance charges.)
Illustration Games
FOR INVESTMENT PROFESSIONAL USE ONLY
14
Regulations Have a PurposeRegulations Have a PurposeRegulations Have a PurposeRegulations Have a Purpose
The NAIC and FINRA Illustration
regulations produce a set of scenarios
that would not appear if left solely to a
marketing presentation. This gives a
clear-minded and diligent advisor the
opportunity to evaluate a life insurance
policy’s viability for a client’s particular
long-term needs.
To this point, an Illustration’s depiction of
multiple scenarios (i.e. guaranteed
charges vs. non-guaranteed vs. assumed
rates of return) recognizes that a policy’s
potentially long duration may not only
outlast an insurance company’s current
strategies, operations, and financial
capabilities but also a family’s
relationship with its advisor and/or
insurance agent.
Therefore, an advisor that may not be in
an advisory role with the family in the
future is still tasked as a fiduciary – in the
present time – to judge a policy’s viability
across the insured’s mortality horizon.
And, this fiduciary orientation should
lead advisors to evaluate an expanded
array of PPVUL policy designs not just
one offered by a friendly insurance
agent or consultant. Doing so will bring
to the forefront important innovations
that have been made in advisor-focused
life insurance products such as the
unique Great-West PPVUL offering.
An objective of informed decision
making is behind the NAIC/FINRA
regulations. And what a choice PPVUL is
for a family’s investment plan: tax-free
income; tax-free growth; tax-free death
benefit (as long as the policy is held until
the insured dies); use preferred
investments; integrate in the wealth
plan; create wealth for downstream
generations and charitable passions.
Illustration Games
FOR INVESTMENT PROFESSIONAL USE ONLY
15
ABOUT ADVISABLE WEALTH ENGINES
Advisable Wealth Engines (AdvisableWE) and its affiliates provide an array of technology,
investment, marketing, and practice management services to various wealth advisor
segments. These services are delivered as self-contained product platforms on a
proprietary, custom-contract, or joint venture basis.
AdvisableWE develops its various solutions with a deep appreciation for the challenges
faced by a wealth advisory business. MyTaxAlphaPortfolio.com, operated by
AdvisableWE, is a marketing and education resource for its insurance and annuity
partners, each of whom delivers wealth planning and investment execution tools to
private wealth advisors catering to high net worth clients.
Neither AdvisableWE nor its partners are legal affiliates of the other. AdvisableWE and
its affiliates do not provide legal, tax, accounting or investment advice. Moreover, none
of the information provided by AdvisableWE, in any of its forms, is a solicitation or offer
to buy or sell any security or other financial instrument.
Advisable Wealth Engines
www.MyTaxAlphaPortfolio.com
For more information contact:
Kirk Loury
609-759-0404