1. MichiganPharmacists.org

2. Financial Protections: Are you Sufficiently Protected? April 23, 2015 Host: Brenda J. Wagenknecht-Ivey, Ph.D. CEO, PRAXIS Consulting, Inc. Webinar #3 Presenter: Reuben Levinsohn Financial Advisor, Centennial Group

3. MichiganPharmacists.org Today’s Take-Aways/Learning Objectives: 1. Protect your most valuable asset 2. Build a customized protection plan 3. Protect those you care about 4. Group vs. individual protection

4. MichiganPharmacists.org Rules of the Road for Webinars 1. The webinar is being recorded. 2. Discussion format - raise hand, mute/unmute you, submit questions, and may call on participants. 3. Please minimize outside noise; a headset is preferred if listening through VoIP. 4. Limit distractions – unplug, turn off, tune out…..

5. THE CENTENNIAL GROUP & ITS AFFILIATES ARE INDEPENDENTLY OWNED & OPERATED. SECURITIES AND INVESTMENT ADVISORY SERVICES OFFERED THROUGH SECURIAN FINANCIAL SERVICES, INC. MEMBER FINRA/SIPC. CORPORATE OFFICE: 511 SOUTH WASHINGTON AVENUE, LANSING, MI 48933 WWW.CENTENNIALGROUP.COM 800-999-9350WWW.CENTENNIALGROUP.COM #257106 DOFU 12/10

6. LIFE & WEALTH SOLUTIONS FOR YOUNG PHARMACISTS

7. Workshop Series Roadmap for Pharmacists The financial decisions pharmacists make at this critical phase of their careers can have a lifelong impact on their futures. Our series of quarterly workshops is designed to provide pharmacists with the education necessary to make smart financial decisions and increase the likelihood that they will achieve their personal goals. 1. Financial Foundation 2. Protection 3. Debt Management 4. Investment and Tax Strategies

8. What kind of protection should I have for myself and my family? How should I be managing my student loans and other debts? How much money should I have in my emergency fund? What are the common financial mistakes that pharmacists make? How can I help minimize the impact of taxes? How do I know if I am on track to meet my long term goals? DO YOU FIND YOURSELF ASKING THESE QUESTIONS?

9. Cash Flow Management Emergency Fund Group Benefits Reviews Life Insurance / Disability Insurance Debt / Student Loans Liability Protection Roadmap for Pharmacists Program - used nationwide VALUES BASED FINANCIAL SOLUTIONS FOR YOUNG PHARMACISTS

10. Less Time 6 year delay and no spare time to focus on financial matters More Debt Average pharmacists carries $101,892 in student loans* More Taxes Higher Income = Higher taxes, fewer investment options available More Exposure Need for protection is greater, not just malpractice, personal liability (home, auto) Higher Earning Potential Greater likelihood of achieving your personal goals if you make smart decisions UNIQUE SITUATION American Association of Colleges of Pharmacy, “Graduating Student Survey- Summary Report,” July 2009. URL:http://www.aacp.org/resources/research/institutionalresearch/Documents/2009_GSS_Summary%20Report_ all%20schools_83.pdf

11. Discipline/Plan Investments Insurance Bank $0.00 Credit Card Debt Safety Net 3-6 months Fixed Expenses Home Auto Life Disability Health LTC Save First Spend First

12. You live a long healthy life You become sick or injured You die prematurely 3 scenarios we have to plan for:

13. PROTECT YOUR MOST VALUABLE ASSET

14. What is your most valuable asset?

15. 1 in 133 Disabled 1 in 90 Car Accident 1 in 8 Home Burns

16. WORTH PROTECTING A home is worth: $200,000 Homeowner’s insurance: 800/year Odds of a fire is 1 in 133 (National Safety Counsel)

17. WORTH PROTECTING A car is worth: $20,000 Auto Insurance Costs = $1000/year Odds of injury in an accident: 1 in 90 (National Safety Counsel)

18. WORTH PROTECTING What is your earning potential? $___________ What would you pay to protect this? Odds of becoming disabled during working years: 1 in 8 (Commissioner’s Individual Disability Table A)

19. POLL #1:

20. If you were disabled how much take home income would you receive from your employer’s long term disability plan? A.100% B.60% C.42%

21. WHICH OPTION WOULD YOU CHOOSE? Option A Annual Salary $100,000 if working $0 Income while too sick or hurt to work Option B Annual Salary $98,500* if working $57,600* Income while too sick or hurt to work *$100,000 less $1,500 in hypothetical annual disability income insurance premiums. Premiums and benefit amount depend on various factors. This is a hypothetical example only.

22. Income Protection Income Protection Video Disability Flipchart

23. Where Would The Money Come From? You Disabled Savings Investments LoansFamily Social security

24. Why Should I Purchase Protection Today? Locking in protection now saves you money long term!  Current income  Current health  Current age

29. BUILD A POLICY THAT’S RIGHT FOR YOU.

30. WORTH PROTECTING Own Occupation Future Purchase Option Non Cancelable Residual Disability Indexed Cost of Living Supplemental Social Insurance

31. REPLACING LOST INCOME  Own occupation?  Definition ?  How soon?  How long?  How much?

32. Female Age: 30 Occupation Class: 4P Non Tobacco Discount Gender Neutral Rates Total Monthly Benefit: $3880 Waiting Period: 90 Days Benefit Period: To Age 67 Premiums Payable To: Age 67 This illustration reflects the Association Discount BenefitDescription Premium $3,880Base Policy Benefit ** $649.90 Policy Fee 40.00 Optional Riders Selected: Residual Disability Rider** 100.34 _________Indexed Cost of Living Rider (3% maximum increase)** 141.20 $3,880Total Monthly Benefit Total Annual Premium $931.44 Association Discount (not applied to policy fee)‡ -89.14 $46,560 Total Annual Benefit Net Annual Premium $842.30 Special Monthly Premium $73.70 **Premiums for these benefits may change as other benefits are added or deleted ‡This illustration reflects the Association premium discount, which is not guaranteed. For information on qualifying for the discount, or to obtain an illustration without the discount, please contact your insurance representative or The Standard’s home office. The Protector + Disability Income Insurance Illustration Prepared for Dr. Example on 03/08/2010 Proposed Effective Date of 03/08/2010 Prepared by Kirk Sempsrott

33. PROTECT YOUR LOVED ONES

34. POLL #2:

35. How much life insurance do you need to replace your income for your family or dependents? 1.$500,000 2.$1,500,000 3.$3,000,000

36. 2 REASONS TO OWN LIFE INSURANCE Needs Final expenses Pay off debt Wants Maintain income Children’s Education Family’s income needs Legacy planning Living benefits

37. WHAT KIND OF LIFE INSURANCE SHOULD I BUY? 1. Term 2.Permanent

38. GROUP VS. INDIVIDUAL INSURANCE TermPermanent TemporaryLifetime Lower initial costHigher initial cost InflexibleFlexible Death benefitDeath benefit + living benefits No cash valueCash value Tax favorable features Estate planning tool

39. ACCUMULATION STAGE Three Buckets of Money Post Tax Dollars Pre Tax Dollars Post Tax Dollars Taxed Today Ordinary Income Tax on Dividends/Interest Capital Gains Tax on Realized Gains Withdrawals Taxed at Ordinary Income Rate No Pre 59 1/2 Distributions Capital Gains Tax on Realized Gains Tax-Deferred Growth Tax-Free Withdrawals TaxableTaxable Tax Deferred Tax Favored

40. Scratching the Surface

41. GROUP VS. INDIVIDUAL

42. WHAT DOES YOUR GROUP PROVIDE? Group Life Health, Dental, Vision Group Long Term Disability 401K or 403B

43. GROUP VS. INDIVIDUAL INSURANCE GroupIndividual Purchased in a groupObtained individually Easier to obtainUsually requires approval Limited underwritingUnderwriting can be extensive Amounts are limitedCan be customized for you Not always portablePortable Not always flexibleFlexible May be taxableTax free benefit Usually not enough for the long term Sufficient coverage is usually available

44. Underwriting: Review income Review health o Look at medical records o Exam / lab work WHAT DO I HAVE TO DO TO GET INSURANCE?

45. 1.Protect Your most valuable asset Disability Insurance 2.Build a policy that’s right for you Understand the riders and definitions 3.Protect the ones you love Life insurance, types, amounts 4.Group vs. Individual protection Understand the differences and what you need Today’s Take-Aways:

47. It’s all about...Implementation Roadmap for Young Pharmacists It’s all about...Implementation Roadmap for Young Pharmacists

48.  Feedback Cards  Request Cards  Questions?

49. IN MUCH THE SAME WAY THAT YOU WOULD RECOMMEND SOMEONE TO SEEK OUT A PROFESSIONAL FOR PHARMACEUTICAL ADVICE...

50. YOU SHOULD SEEK OUT A PROFESSIONAL FOR FINANCIAL ADVICE TO PROTECT AND PLAN FOR YOUR FUTURE.

51. ROADMAP FINANCIAL PLANNING PROGRAM Discovery meeting Mid-point / Delivery meeting –Cash flow / emergency fund/ debt management practices –Protection analysis –Investment strategies –Goals (short term, long term) –Basic estate planning Semi-annual check up Annual Review (net worth, cash flow, & goal update) $400/yr pharmacist fee 1% of income once in practice This information should not be considered as specific tax/legal advice. You should consult your tax/legal advisor regarding you own tax/legal situation.

53.  Feedback Cards  Request Cards  Questions?

54. MichiganPharmacists.org

56. 1. I am making good progress; I am on track to complete all by October. 2. I am making some progress but am concerned about completing everything by October. 3. I have not made much progress but have a plan for how I will catch up and complete by October. 4. I am encountering problems and/or am stuck; I need assistance.

57. Page 4

58. MichiganPharmacists.org Overview of MPF-LA – 4 Leadership Domains Pages 2-3

59. MichiganPharmacists.org Announcements/Updates 1. May Huddle: Doodle.com poll 2. June 4 – Workshop #3 in Lansing 3. Leadership Projects, Mentors, and Goals 4. Oct. 2 – Final/Capstone Workshop – Graduation 5. Questions?

60. MichiganPharmacists.org Thank you and ADJOURN! “See” you at the May Huddle and June 4!

61. MichiganPharmacists.org