The Uniform Prudent Investor Act & Trust-Owned Life Insurance:
The Impossible Dream or a Match Made in Heaven

A Video Teleconference (VTC) produced by the Society of FSP. VTCs are educational programs streamed over the Internet and hosted by local Chapters.

† New York Residents: To receive CE credit you must be present at the live broadcast.

National Broadcast Dates:

Nov. 14, 2012, 1:00–3:10 p.m. ET
Nov. 15, 2012, 10:00 a.m.–12:10 pm. ET

*Chapters can offer programs on national broadcast dates or a date of their own choosing. Each Chapter also determines the cost and location for its program. Consult your Chapter about its plans to present this program.

Participating Chapters

Program Overview

The Uniform Prudent Investor Act (UPIA) imposes a duty on all trustees/fiduciaries to manage, monitor, and evaluate assets and investments under their care for the benefit of the beneficiaries of the trust, a duty which also applies to Trust-Owned Life Insurance (TOLI). Despite numerous professional articles pointing out the applicability of UPIA to Trust-Owned Life Insurance (TOLI), the vast majority of trustees/fiduciaries have not applied these statutes uniformly with respect to TOLI. This program, which references the Stuart Cochran Irrevocable Trust v. KeyBank, N.A. case, examines the risk management of life insurance. It identifies the techniques and resources available to trustees to evaluate permanent life insurance policies and reviews UPIA and its applicability to TOLI. The program also examines the nature and explains the pricing elements of life insurance and the most common types of permanent life insurance policies, their reliability and usefulness, and the problems associated with "comparing apples to oranges." Attendees will look at the process of creating benchmarks for permanent life insurance policies, review various evaluation methods available to comply with UPIA, the pros and cons of each, and whether or not these systems meet the "dispute defensible" test for the fiduciary and avoid allegations of predatory practices.

By the end of the program attendees will understand:

• What the UPIA is and how it applies to Trust-Owned Life Insurance
• How the Cochran v. KeyBank case affects trustees and fiduciaries in the management of life insurance
• The red flags and predatory practices trustees/fiduciaries need to avoid in managing life insurance policies
• Life Insurance Policy Management Statements

Who should attend?

Financial planners, insurance producers, investment advisors, and retirement counselors.

Educational Level

Intermediate

Moderator

Gary L. Flotron, MBA, CLU®, ChFC®, AEP® An Adjunct Professor for both the University of Missouri — St. Louis and The American College, and practitioner for over 30 years, Gary is the author of a research white paper of the same title and topic as this presentation. He is also a Past President of the National Association of Estate Planners & Councils, Former Chair of the Synergy Summit, and Past National Director of the Society for Financial Service Professionals.

Panel of Experts

	Lawrence Brody, J.D., LL.M, AEP® (Distinguished) — Partner with the National law firm Bryan Cave LLP, where he leads the firm's Private Client Group, and a member of the American College of Trust and Estate Councils (ACTEC), Larry is a frequent speaker at many national events and a prolific author. A particular focus in his practice is the use of life insurance in estate planning and in non-qualified benefits planning.
	Richard A. Schwartz, FSA, MAAA, CLU® — President of Life Insurance Analysts (LIA), Inc. where he functions as a consultant to professional advisors, including their corporate and individual clients, and the financial services industry. LIA provides strategy and analysis, product development, private placement consulting and expert witness valuation and consulting services. Dick is a former Executive Vice President of M Financial Group and former Senior Vice President of Product Marketing for Sun America. He is the co-author of the American Bar Association primer publication Life Insurance Due Care: Carriers, Products and Illustrations.
	Richard M. Weber, MBA, CLU®, AEP® (Distinguished) — Managing Member of Ethical Edge Insurance Solutions, LLC, an insurance fiduciary, and current President of the Society of Financial Service Professions, Dick is the author or co-author of numerous books and articles relating to the ethical sale of life insurance including his latest Life Insurance as an Asset Class — Managing a Valuable Asset. He was also the prosecution life insurance expert witness for the Cochran v. KeyBank case.
	E. Randolph Whitelaw — Managing Director of Trust Asset Consultants, LLC (TAC), a TOLI (Trust-Owned Life Insurance) risk management consulting and policy evaluation firm. Randy has been a leader in the TOLI suitability and problematic policy consulting marketplace since the early 1990s. He is frequently engaged to provide expert opinion and testimony in dispute and litigation matters.

Questions?

If you have a problem contacting your local chapter, call 800-392-6900 (M–F, 9 a.m.–4:30 p.m. ET ) or contact us via e-mail at Info@FinancialPro.org