5/14/2013Insurance Industry Leaders Meet at West PointMYSTIC, Conn., May 13, 2013 /PRNewswire/ -- Industry leaders met at West Point April 24 -- 25, 2013 to discuss and review the proposed Best Practices Standard for Life Insurance Stewards. In attendance were representatives of nearly every facet of the life insurance industry, including: the largest trust and estates law firm; largest third-party administrator of trust-owned life insurance for institutional fiduciaries; the largest association of financial planners; one of the leading financial planning universities; and, most of the largest independent distributors of life insurance.
The edited standard, which will now be referred to as the "West Point Draft", will be administered by an Advisory Board overseen by the Leadership Center for Investment Stewards, a Swiss-based, not-for-profit professional society. As soon as practical, the Leadership Center will publish the West Point Draft and provide the public web-based access to the Standard and the ability to comment on the proposed language.
Follow this Link provided by Veralytic to view the draft now: http://www.veralytic.com/westpointdraft.aspx
### 4/2/2013May 2013 Webinar - Part 2Life Insurance Management in a Trust Setting
Part Two of this webinar will provide an overview of the importance of the trust document, including specific issues and problems that can occur and what to look for when accepting a trust. In addition, the webinar will cover the issues that a trustee can run into when dealing with a life insurance trust including managing beneficiaries, and dealing with a non-responsive grantor.
Wednesday, May 29th 1:30 p.m. - 2:30 p.m (CDT)
Register for Webinar
### 4/2/2013April 2013 Webinar - Part 1Life Insurance Management in a Trust Setting
Part One of this webinar provides a background of life insurance policy types along with considerations (advantages / disadvantages, etc.) for each type of policy. It reviews the methods (suitability/criteria) to develop best practices for life insurance purchases and/or replacements. It also will provide guidance to the Trustee for the steps that must be taken for managing policies, including proper documentation to mitigate trustee liability.
Tuesday, April 23rd 10:00 a.m. - 11:15 a.m (CDT)
Register for Webinar
### 4/1/2013JHAM Radio InterviewTune into the JHAM Radio Series titled Trust Owned Life Insurance: From the Theoretical, to the Practical and into the Future!
### 4/1/2013April 2013 WebinarLife Insurance Management in a Trust Setting
Part One of this webinar provides a background of life insurance policy types along with considerations (advantages / disadvantages, etc.) for each type of policy. It reviews the methods (suitability/criteria) to develop best practices for life insurance purchases and/or replacements. It also will provide guidance to the Trustee for the steps that must be taken for managing policies, including proper documentation to mitigate trustee liability.
Tuesday, April 23rd 10:00 a.m. - 11:15 a.m (CDT)
Register for Webinar
### 2/18/2013Life Insurance Illustrations WebinarMany TOLI Trustees struggle with life insurance illustrations, one of the only (admittedly clumsy) ways to predict the outcome of a policy under various scenarios. Learn how to read illustrations and gain guidance for the use of illustrations to model different scenarios and policy outcomes.
Register for Webinar
Wednesday, March 20th
### 2/14/20132013 Webinar Scheduled AnnouncedWe will be hosting a free educational webinar every month in 2013. As the leading company of third party ILIT administration, we offer these webinars to help you expand your knowledge, gain valuable insight, and learn how to better manage your fiduciary risk. These fast paced webinars will include informative workbooks featuring real life examples and case studies. As noted, these courses are approved for CFP and CTFA continuing education credits.
2013 Monthly Schedule
### 1/4/2013Heckerling Institute on Estate Planning ConferenceIf you are going to the 47th Annual Heckerling Institute on Estate Planning, please stop by our booth - Suite C - across from the Lounge Area in the Exhibit Hall. We would love to introduce you to Insurance Trust Monitor, a complete turnkey solution for those managing the complexities of Irrevocable Life Insurance Trusts.
ONE STOP ILIT SHOP!!!
Suite C in the Exhibit Hall
Heckerling Institute on Estate Planning
January 14-18th, 2013
Orlando Resort & Convention Center
Orlando, Florida
### 11/21/2012December 2012 WebinarFind out how ITM and its team of experts can help you in 2013. Our aim is to help you provide a new level of ILIT management services to your clients while - reducing your risks and overall costs AND help you improve service to your clients. Attend this seminar and learn how ITM can help you:
- Understand the hidden risk in No-Lapse Guarantee policies
- Avoid unplanned policy lapses
- Avoid costly litigation
- Manage underfunded policies
- Dissolve small/unneeded trusts
- ILIT Transfers made easy
- 2012 ILIT recap and 2013 outlook
- Upcoming CEC topics
Important Insurance Trust Updates
Thursday, December 13th, 2012
10:00 a.m. CST
### 10/23/2012We're growing as demand for our services increaseInsurance Trust Monitor, Inc. (ITM) has expanded its staff in order to keep up with the increased demand for our trust administration and risk mitigation services.
Jon Wessels, President of ITM states, "We have promoted one of our key employees to a leadership position and hired three new members to help expand our team of professionals and the services being offered to our clients. It seems every week we are approached by a Trust Owned Life Insurance (TOLI) trustee who is considering outsourcing their TOLI administration. We are structuring our business model for a foreseeable doubling of our business in the next 18 months. These are our first steps."
Click to meet our new staff changes
### 6/28/2012July 2012 WebinarsRegister today for any of our upcoming webinars and earn FREE continuing education credits while you expand your knowledge, understanding & efficiency of Insurance Trust Administration. Below are the webinar titles and their respective dates/times:
Understanding & Using Life Insurance Illustrations
Tuesday: July 10th - 10:00 a.m.
Vulnerability for the ILIT Trustee Due to Policy Pricing Suitability
Wednesday, May 18th - 10:00 a.m.
Score an Insurance Trust Trifecta!
Wednesday, July 25nd - 10:00 a.m.
Click for more information on all seminars
### 4/26/2012Webinar Opportunties - Earn FREE CE creditsRegister today for any of our upcoming webinars and earn up to three continuing education credits while you expand your knowledge, understanding & efficiency of Insurance Trust Administration. We all know that managing ILITs has been cumbersome and considered risky buisness, but it doesn't have to be that way. We will show you some of the new tools we can provide to help reduce your fiduciary risk associated with ILIT administration. Below are the webinar titles and their respective dates/times:
Life Insurance Management in a Trust Setting
Thursday: May 10th - 10:00 a.m.
Dealing with Stand-Alone Irrevocable Life Insurance Trusts
Tuesday, May 15th - 10:00 a.m.
ILIT's and the Grantor Trust Rules
Tuesday, May 22nd - 10:00 a.m.
The webinar below DOES NOT qualify for CE credit
Is it Time to Outsource your ILIT Administration
Wednesday, May 23rd - 10:00 a.m.
Click to register for the webinars today!
### 12/20/2011Legacy Private Trust CompanyDecember 1, 2011, Legacy Private Trust Company of Neenah, Wisconsin entered into an agreement with Insurance Trust Monitor of Cedar Falls Iowa to take over the administration and management of their insurance trust accounts. Legacy’s portfolio of ILIT’s had recently increased due to acquisitions of two other companies located in Wisconsin.
### 12/6/2011Register today - Free "What's Good with ILITs" Webinar Register today for our upcoming webinar to be held on Thursday, Dec. 15th. We have some exciting new solutions to help you protect yourself and serve your clients better. We all know that managing ILITs has been cumbersome and considered risky buisness, but it doesn't have to be that way. We will show you some of the new tools we can provide to help reduce your fiduciary risk associated with ILIT administration. This Free webinar will present information on:
- Verilytic - An Integrated Solution
- InsuranceIQ - VERSION 2
- Insurance Trust Monitor (ITM)
Click to register for the webinar today!
### 10/26/2011Heckerling Institute - Upcoming ConferenceITM will be participating as an exhibitor at the 2012 Heckerling Institute on Estate Planning in Orlando, Florida. Managed by the University of Miami, this is the nation's leading annual conference for estate planners, including attorneys, trust officers, accountants, insurance advisors, and wealth management professionals.
For more information, visit http://www.law.miami.edu/heckerling/
### 10/19/2011Veralytic of Tampa, and ITM enter into a strategic allianceVeralytic of Tampa, FL has entered into a Letter of Intent (LOI) to license their life insurance pricing and performance research to IIQ/ITM. In response to recent precedential case law providing ILIT trustees with guidance for determining the suitability to trust-owned life insurance (TOLI) holdings, IIQ/ITM is adding this new tool so our customers can soon easily investigate these now-clear key measures of TOLI policy suitability. These research reports will be available directly from your dashboard in the next release of IIQ and we have has negotiated a special rate only for IIQ/ITM customers. In the meantime, you can request “off-line” research reports through your account services representative. Click here (http://www.veralytic.com/) for an example Veralytic research report and feel free to call Barry Flagg ((888) 908-8242), the inventor and founder of Veralytic, with any questions about how to use Veralytic research to document the exercise of your duty to investigate TOLI suitability.
### 10/14/2011Trust Company of Virginia (TCVA)Trust Company of Virginia (TCVA) has contracted with Insurance Trust Monitor, Inc. (ITM) of Cedar Falls, IA to provide complete outsourced insurance trust administration, policy review, and remediation services for its trust clients. ITM will assume administration responsibilities from trust officers located in Richmond, Roanoke, Colonial Heights, Northern Virginia, Williamsburg, and Lynchburg Virginia beginning December 1, 2011.
### 8/10/2011Wells Fargo Referral ProgramWells Fargo Advisors in St. Louis MO announced a “Referral Program” in conjunction with Insurance Trust Monitor, Inc. (ITM) of Cedar Falls IA. Represented by more than 15,000 Financial Advisors nationwide, Wells Fargo Advisors is one of the nation's premier financial services firms. This first of its kind referral program gives Wells Fargo Advisors, General Agents and their investment and banking clients access to ITM’s professional trust administration and policy review services at a fraction of the cost charged by most corporate trustees. When a Wells Fargo Advisor or General Agent referral occurs, ITM is engaged to serve as “Agent” for the trustee. In this capacity, ITM can assume the duties otherwise performed by the grantor or trustee without changing or replacing the existing trust structure. By ensuring timely gift and Crummey notices, as well as premium payment, coupled with objective policy review and monitoring, ITM provides all persons associated with the account, peace of mind.
### 7/1/2011GenSpring - Atlanta, GAGenSpring Family Offices in Atlanta, GA entered into an agreement with Insurance Trust Monitor, Inc. (ITM) of Cedar Falls, IA to provide customized insurance policy reviews for its clients. In announcing the program, GenSpring management stressed the importance of periodic reviews of life insurance policies through an independent third party insurance specialist. The program reinforces GenSpring’s commitment to clients to provide objective advice and best practices in all financial matters, including life insurance. GenSpring Family Offices LLC, is a leading wealth management firm for ultra-high net worth families. With over $20 billion in assets under advisement, GenSpring, including its affiliates GenSpring Family Offices International and GenSpring Charleston LLC, is trusted by more than 700 of the world's wealthiest families to oversee or manage important aspects of their financial lives. GenSpring ranked #1 in Investment News magazine's 2010 Top RIA Rankings of Independent Advisors and most recently ranked #1 on Forbes' 2011 list of Top Fee-Only Advisors.
### 5/5/2011First Lawyers Trust Company partners with ITMInsurance Trust Monitor, Inc. (“ITM”) has entered into a strategic
relationship with First Lawyers Trust Company (“First Lawyers”)
headquartered in Aberdeen, South Dakota (www.firstlawyerstrust.com). ITM
has been selected by First Lawyers as its back office administrator for
Insurance Trusts, which will include annual policy reviews, risk
management, policy remediation, and client services. First Lawyers is a
South Dakota chartered non-depository trust company that offers
comprehensive fiduciary administration coupled with a robust technology
platform for true open architecture investment management. Its goal is
to support lawyers, accountants, investment managers, insurance
professionals, financial planners, and other trusted advisors in serving
their clients.
First Lawyers parent company is ALPS Corporation (www.alpsnet.com),
located in Missoula, MT. ALPS is an attorney-focused family of
professional service companies that provides insurance, risk management
and financial services through a direct and comprehensive approach that
is tailored to meet today’s business environment.
### 4/12/2011FIRMA Conference - Atlanta, April 17th - 21st, 2011ITM will be a Sponsor and Exhibitor at the 25th annual FIRMA Conference in Atlanta, April 17th – 21st, 2011. The Fiduciary and Investment Risk Management Association, Inc., FIRMATM, is the leading provider of fiduciary and investment risk management education and networking to the global fiduciary and investment services industries. Additionally, Mr. Edward S. Linsley, Senior Vice President at Reliance Trust Company, will be a featured speaker at the FIRMA conference and will be sharing his knowledge and experience with ILIT accounts with a presentation titled “ILIT’s Are Not What You Think They Are!”
Reliance Trust Company partnered with ITM in 2008 to provide ongoing ILIT administration, policy review, and risk mitigation on their portfolio of insurance trusts. In a statement from Mr. Linsley he says, “We have been so pleased with the outcome of this project and the professional nature of ITM that we decided to have them take over most of our back office work as it relates to the administration and management of our life insurance trusts. Their combination of trust administration skills and life insurance knowledge has provided us with such comfort that we are now actively seeking to acquire these types of trusts from other institutions.”
If you are in Atlanta or planning to attend the conference, be sure to stop by the ITM booth and introduce yourself.
### 4/1/2011Insurance Trust Monitor & SunTrust PartnershipInsurance Trust Monitor, Inc. ("ITM") has been selected by SunTrust to provide Trust Owned Life Insurance administrative services.
Insurance Trust Monitor (ITM) announced today that SunTrust Banks, a market leader in the banking and trust industry, has entered into an agreement for ITM to provide a complete independent, comprehensive and specialized portfolio of TOLI administration services. ITM, a Cedar Falls, Iowa based Trust Owned Life Insurance (TOLI) administration firm, is a recognized industry leader in third party TOLI administration. ITM's robust technology platform facilitates administration, reporting and risk mitigation for TOLI trustees.
ITM will provide back office administration services to help support SunTrust's Wealth Team Advisors ("Advisors"). It is anticipated that ITM's services will help enhance SunTrust's current service offerings for their clients and Advisors. ITM, in addition to administration, will also provide SunTrust's clients and Advisors with in-depth life insurance policy reviews for policies held in trust. ITM's unique rating system allows trustees to quickly react to changes in policy performance and maximize benefits for trust beneficiaries.
About SunTrust: SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of December 31, 2010, SunTrust had total assets of $172.9 billion and total deposits of $123.0 billion. The Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides mortgage banking, insurance, brokerage, investment management, equipment leasing and investment banking services. SunTrust's Internet address is suntrust.com.
### 2/1/2011Thomas I. Meyers, Esq. joins ITMThomas
I. Meyers, Esq. has joined Insurance Trust Monitor, Inc. (ITM) located
in Cedar Falls, Iowa, as Senior Counsel. Tom will be a key contributor
and a valuable resource to the company as it continues to expand its
service platform which now includes an in-depth review of trust
agreements, amendments, hanging powers, and split dollar agreements.
With a diverse and expanding clientele, these specialized services by
ITM are in high demand and require the attention of an experienced trust
& estates and fiduciary risk management attorney. ITM services a
wide variety of clients ranging from national banks to individual
trustees possessing large insurance trusts.
Tom’s extensive
experience in the T& E field began in private practice before his
first trust department position in 1994. He was a Senior Vice President
and Regional Fiduciary Officer for Fleet Private Clients Group, managing
fiduciary risk and litigation and serving as the technical expert for
the Irrevocable Life Insurance Trust unit. He was a Senior Vice
President and Chief Fiduciary Officer for KeyBank, managing the trust
department in the Pacific Northwest and Rockies. He was also a Senior
Vice President and Regional Trust Executive for Union Bank of
California, managing the trust department in the Pacific Northwest. He
most recently served at MassMutual Trust Company, primarily managing the
Irrevocable Life Insurance Trusts. Tom has a JD from the Indiana
University School of Law in Bloomington, Indiana, and a BA from
Kalamazoo College in Kalamazoo, Michigan. He is actively licensed to
practice law in Massachusetts and Connecticut.
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