Tuesday, January 28, 2020

What are the 3 layers of asset protection (assuming you cannot have 1,000s of layers)**?

Today’s post considers the above-mentioned topic in a ‘vidcast

As usual, an edited transcript of the presentation for those that cannot (or choose not) to view it is below.

Asset protection can be described as a 3-legged stool for want of a better phrase. At the top of that stool, the absolute best layer of protection, and often you will hear specialists in the asset protection space talk about building firewalls.

The very best one is actually best practice. The easiest way to ensure that a person is not going to be exposed from an asset protection perspective is to make sure they don’t ever do anything wrong. Now I know that’s a really easy thing to say and really easy to write up on the whiteboard.

A lot more difficult to deal with in today’s environment particularly where if you look at the per capita numbers, the three most litigious areas in the world are California in the US, which is probably not too surprising, New South Wales and Queensland in that order. But it means that even if we are trying our level best to deliver on that best practice principle, there is every chance that something will go wrong at some point in time.

What are the other two components of this three-legged stool? The next one obviously is making sure you’ve got appropriate insurance in place.

If you’ve got a situation where you haven’t delivered on best practice for whatever reason, it might be a team member or employee, it could be in a moment of time where you weren’t quite across the issues you need to be across. The insurance doesn’t deliver.

The insurance I put an asterisk against, because the reality is that the insurance companies that are around still today aren't there because they pay out. They are around because they specialise in not paying out.

The third leg of the stool then is this: it all comes down to your structure.

As always thanks to the Television Education Network for the video content here.

** for the trainspotters, the title here is riffed from a Paul McCartney tune ‘House of Wax’.

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Wednesday, January 15, 2020

View's Adviser Facilitated Estate Planning Platform 2020

View’s online estate planning platform is in a constant state of beta testing aimed at providing advisers (and their customers) the best possible solution. From 6 January 2020, View accredited advisers have three ways to lodge instructions:
  • via View’s webpage here; or
  • emailing a completed word based instruction form to solutions@viewlegal.com.au, or;
  • submitting a Free Review (yes, it is free) via View’s diagnostic tool here
Here are some of the links regular users have found most useful:
If you are unsure which estate planning package is right for your customer, we recommend you submit a Free Review.

To learn more about how the View Legal platform can help you to seamlessly deliver estate planning solutions for your customers, here is a 10 minute video.

Based on feedback from leading compliance specialists, any adviser wanting to utilise the View Legal Estate Planning platform must be accredited by View Legal as an Estate Planning Specialist Adviser.

There are three steps to achieving accreditation:
  1. Join the AdVIEWser community (in the ‘Friend’, ‘BFF’, or ‘Family’ categories) here, and;
  2. Complete the accreditation exam within 30 days of joining AdVIEWser, and;
  3. Complete at least five hours of self assessed continuing estate planning education with View Legal every 12 months (attending customer online meetings, View webinars and AdVIEWser Facebook lives all count towards the five hours).
Some FAQs are here.