A resident of Austin, Texas, Michael Wodchis is a Fellow of the Life Management Institute (FLMI) and an experienced financial services and life insurance professional. Most recently serving at Windsor Insurance Associates as vice president of strategic alliances and business development, Michael Wodchis applies his expertise in strategic marketing, leadership, revenue growth, distribution, and business plan execution. Mr. Wodchis is also an active member of the Association for Advanced Life Underwriting (AALU), an organization which supports professionals working in the annuities distribution and life insurance industry.
Life insurance enhances the economic security of Americans who have it and decreases the burden on national programs. The life insurance industry pays out $1.7 billion each day to Americans, while 75 million families in the nation depend on life insurance to provide them with security during retirement. Overall, the life insurance industry provides $20 trillion of financial safeguarding.
Though industry experts typically recommend having a life insurance plan that covers at minimum seven to ten times the amount of annual earnings, approximately 40 percent of American families don’t have this much coverage and many more are uninsured. Also problematic, it is a fact that fewer employees in America have traditional pension plans than in the past to provide them with security over their lifetime, and government programs such as Medicaid and Social Security are increasingly being strained. However, life insurance is optimally suited to meet the retirement challenges of Americans and offers the only financial products that can provide guaranteed protection for a lifetime of financial security.
An accomplished life insurance professional with decades of senior level financial services experience, Michael Wodchis has served as vice president of strategic alliances/business development with Windsor Insurance Associates since 2013. To stay informed and enhance his role with Windsor, Michael Wodchis holds active membership in multiple industry organizations, including the Association for Advanced Life Underwriting (AALU).
As part of its mission to help its membership tackle the issues that impact them the most, the AALU recently spearheaded comprehensive efforts to examine the widespread implications of the Department of Labor (DOL) Fiduciary Rule. Scheduled for full implementation in July 2019, this rule threatens to change the way that financial professionals interact with clients and generally conduct business.
Of specific concern for brokers and insurance agents who handle retirement plans and/or provide retirement planning advice, the DOL Fiduciary Rule will elevate these positions to the fiduciary level. As fiduciaries, people who hold these positions would face stanch requirements to work only in the best interests of their clients, put their clients’ needs far above their own, state all fees and commissions in easy-to-understand dollar form, and fully disclose any and all potential conflicts of interest when it comes to investments and other financial matters.
As vice president of strategic alliances and business development with Windsor Insurance Associates, Michael Wodchis continues to build on a long career in life insurance and the broader financial services industry. With this expertise, Michael Wodchis became one of five insurance professionals to contribute to the article “Under Control.”
Published in the January 2010 edition of Best’s Review, “Under Control” examined the ways in which annual reviews can recalibrate client life insurance portfolios to address any deficiencies or inconsistencies. Furthermore, the article contended that a yearly meeting can help to reassure clients by showing them that they are well covered, their products are performing as expected, and that all of their risk management needs have been addressed.
Mr. Wodchis joined AXA Advisor’s Cynthia Block-Taylor, who praised annual reviews for turning up unexpected items of concern, and ACE Private Risk Services’ John Paolini, who stressed the importance of annual reviews as a method of keeping up with evolving market trends. Mr. Wodchis’ contribution to the article discussed the ways in which an outside forensic life policy audit can benefit any life insurance advisor’s annual client reviews.
An insurance and financial services executive with more than 30 years of experience, Michael Wodchis serves as vice president for strategic alliances and business development at Windsor Insurance Associates in Woodland Hills, California. Beyond his day-to-day professional duties, Michael Wodchis maintains membership in the Association for Advanced Life Underwriting (AALU).
In its efforts to advance the life insurance profession and consumers, AALU oversees a variety of programs and activities focused on advocacy and education. The organization’s largest event is its annual meeting, which brings members of the life insurance community together for several days of workshops, networking events,and presentations focused on personal development.
AALU’s next annual meeting will be held April 29-May 1, 2018, at the Washington Marriott Marquis in Washington, DC. The three-day event will feature an education program comprising daily professional development workshops. Attendees also will have the opportunity to take part in several networking activities, including receptions and the seventh annual AALU Fun Run and Walk.
Other highlights of the AALU 2018 Annual Meeting will include advocacy events on Capitol Hill and an exhibit hall featuring more than two dozen companies. Registration for the event is open online to both AALU members and nonmembers. For more information, visit www.aalu.org/annualmeeting.
Experienced in establishing strategic partnerships for the purpose of distributing life insurance products, Michael Wodchis serves as vice president at Windsor Insurance Associates. Actively engaged in his profession, Michael Wodchis holds memberships with the Society of Financial Service Professionals and the Association for Advanced Life Underwriting.
As part of its mission to represent the interests of its members and the entire life insurance community, the Association for Advanced Life Underwriting (AALU) maintains a government affairs team at its office in Washington, D.C. From this office, AALU focuses on advocating in three areas, including the taxation of life insurance products.
According to AALU, two-thirds of American families depend on life insurance products. In addition, companies rely on these plans to finance employee benefits and to remain operational in the event of the death of key organizational figures.
AALU recognizes the efforts of Congress to address the fiscal issues of the United States and acknowledges the desire of some in government to reform the tax code. However, AALU advises Congress that any changes to the tax code should not extend to life insurance products. According to AALU, retaining the current tax treatment of these products is important not only to those families and businesses that rely on them, but also to the health of the overall US economy.