Latest news with #TFP
Associated Press
7 days ago
- Business
- Associated Press
The Financial Partners Celebrates 15 Years of Premium Finance Excellence Grounded in Expertise and Legacy
05/30/2025, Duluth, Georgia // PRODIGY: Feature Story // The Financial Partners Group (TFP), a premier life insurance brokerage agency specializing in premium finance, is celebrating its 15th anniversary, marking a milestone in an industry where trust, precision, and consistent performance are paramount. Founded in 2010 by veteran advisor Michael (Mike) Smith (and now retired partner Kathleen M. Donnelly), TFP has earned a national reputation for delivering highly specialized, mathematically sound premium financing strategies for high-net-worth clients through its TFP Legacy Plan. The Financial Partners What started as a means to capture profit and control over business placed outside a former general agency has evolved into a powerhouse niche firm that is now synonymous with integrity and success in the premium finance life insurance (PFLI) sector. 'Most people in financial services shy away from life insurance. I leaned in,' says Smith, whose journey began in 1983 and took a pivotal turn in 2011, when a prominent family office trusted him to restructure a portfolio of life insurance assets. His recommendation, premium financing, was bold, and it set TFP on a trajectory that would define its identity. That project became the proving ground for what would later become the TFP Legacy Plan: a customizable framework that combines leverage, tax advantages, and equity index performance to create maximum death benefit or tax-free retirement income with minimal out-of-pocket cost. 'Premium financing is conceptually simple, but in practice, it's highly complex. If this isn't what you do every day, you shouldn't be doing it without a committed, knowledgeable partner,' Smith explains. That belief underpins the firm's client-first, advisor-supported approach. Smith is hands-on in every major client engagement, guiding strategy design and participating in early client conversations to ensure the plan fits both the client's financial goals and risk tolerance. Despite the controversy that sometimes surrounds premium finance, TFP's track record is a point of pride. Smith further shares, 'We may not be able to prevent everything, but our commitment to due diligence, documentation, and constant client engagement is what has protected our clients.' The TFP Legacy Plan continues to adapt to changes in the market of interest rates, inflation, and estate tax exposure, offering high-net-worth individuals a structured, scalable way to leverage life insurance for tax-free income, estate planning, and wealth transfer. Smith credits his early mentor, a retired industry expert, for urging him to build independent models, a move that now defines TFP's continuous innovation. He shares, 'We've taken the design further, deeper. Every model is custom-built, and every assumption is stress-tested. And if a client isn't mentally or financially suited for premium finance, we'll tell them not to do it.' That honesty has built trust. As for the future, TFP is built to last. In late 2024, Smith finalized a succession plan that included his daughter, Kennedy Smith, and rising team member and Director of Logistics and Case Management, Harris Vinson, each now a minority stakeholder in the firm. 'I want clients to know that this business isn't just about me but a legacy for us and them. Kennedy and Harris are deeply committed, capable, and already driving growth. There's a real, living succession plan here.' Fifteen years long-standing, TFP now enters its next chapter with the same clarity that shaped its founding: delivering precise, customized, and responsibly managed premium finance solutions that protect legacies and amplify wealth. There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. Moreover, nothing contained in this should be construed as a recommendation to buy, sell, or hold any investment or security, or to engage in any investment strategy or transaction. It is your responsibility to determine whether any investment, investment strategy, security, or related transaction is appropriate for you based on your investment objectives, financial circumstances, and risk tolerance. Consult your business advisor, attorney, or tax advisor regarding your specific business, legal, or tax situation. Media Contact Name: The Financial Partners Group Email: [email protected] Source published by Submit Press Release >> The Financial Partners Celebrates 15 Years of Premium Finance Excellence Grounded in Expertise and Legacy
Yahoo
7 days ago
- Business
- Yahoo
The Financial Partners Celebrates 15 Years of Premium Finance Excellence Grounded in Expertise and Legacy
The Financial Partners is celebrating its 15 years in the insurance industry with a clear mission to continue its legacy. Duluth, Georgia, May 30, 2025 (GLOBE NEWSWIRE) -- The Financial Partners Group (TFP), a premier life insurance brokerage agency specializing in premium finance, is celebrating its 15th anniversary, marking a milestone in an industry where trust, precision, and consistent performance are paramount. Founded in 2010 by veteran advisor Michael (Mike) Smith (and now retired partner Kathleen M. Donnelly), TFP has earned a national reputation for delivering highly specialized, mathematically sound premium financing strategies for high-net-worth clients through its TFP Legacy Plan. The Financial Partners What started as a means to capture profit and control over business placed outside a former general agency has evolved into a powerhouse niche firm that is now synonymous with integrity and success in the premium finance life insurance (PFLI) sector. 'Most people in financial services shy away from life insurance. I leaned in,' says Smith, whose journey began in 1983 and took a pivotal turn in 2011, when a prominent family office trusted him to restructure a portfolio of life insurance assets. His recommendation, premium financing, was bold, and it set TFP on a trajectory that would define its identity. That project became the proving ground for what would later become the TFP Legacy Plan: a customizable framework that combines leverage, tax advantages, and equity index performance to create maximum death benefit or tax-free retirement income with minimal out-of-pocket cost. 'Premium financing is conceptually simple, but in practice, it's highly complex. If this isn't what you do every day, you shouldn't be doing it without a committed, knowledgeable partner,' Smith explains. That belief underpins the firm's client-first, advisor-supported approach. Smith is hands-on in every major client engagement, guiding strategy design and participating in early client conversations to ensure the plan fits both the client's financial goals and risk tolerance. Despite the controversy that sometimes surrounds premium finance, TFP's track record is a point of pride. Smith further shares, 'We may not be able to prevent everything, but our commitment to due diligence, documentation, and constant client engagement is what has protected our clients.' The TFP Legacy Plan continues to adapt to changes in the market of interest rates, inflation, and estate tax exposure, offering high-net-worth individuals a structured, scalable way to leverage life insurance for tax-free income, estate planning, and wealth transfer. Smith credits his early mentor, a retired industry expert, for urging him to build independent models, a move that now defines TFP's continuous innovation. He shares, 'We've taken the design further, deeper. Every model is custom-built, and every assumption is stress-tested. And if a client isn't mentally or financially suited for premium finance, we'll tell them not to do it.' That honesty has built trust. As for the future, TFP is built to last. In late 2024, Smith finalized a succession plan that included his daughter, Kennedy Smith, and rising team member and Director of Logistics and Case Management, Harris Vinson, each now a minority stakeholder in the firm. 'I want clients to know that this business isn't just about me but a legacy for us and them. Kennedy and Harris are deeply committed, capable, and already driving growth. There's a real, living succession plan here.' Fifteen years long-standing, TFP now enters its next chapter with the same clarity that shaped its founding: delivering precise, customized, and responsibly managed premium finance solutions that protect legacies and amplify wealth. There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. Moreover, nothing contained in this should be construed as a recommendation to buy, sell, or hold any investment or security, or to engage in any investment strategy or transaction. It is your responsibility to determine whether any investment, investment strategy, security, or related transaction is appropriate for you based on your investment objectives, financial circumstances, and risk tolerance. Consult your business advisor, attorney, or tax advisor regarding your specific business, legal, or tax situation. Media Contact Name: The Financial Partners Group Email: info@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15-05-2025
- Business
- Yahoo
Budzinski reacts to SNAP cuts approved by Agriculture Committee
ILLINOIS (WCIA) — Cuts could be coming to the Supplemental Nutrition Assistance Program, better known as SNAP. The cuts were voted on by the Agriculture Committee in the U.S. House Wednesday evening. The bill will move on to a full vote by the House of Representatives. Over 13% of Central Illinoisans are food insecure: EIF, Feeding America Supporters of the cuts said that SNAP has ballooned in cost. Some changes the legislation would make includes: Requiring states to shoulder a share of the benefit costs beginning in FY2028 Blocks future increases to the cost of Future Thrifty Food Plan (TFP) Increases the work requirement for able-bodied adults without dependents from 54 to 64 Ends SNAP-Ed (an educational program that helps people stretch out their SNAP money, cook healthy meals, and lead active lifestyles) Requires that to be eligible for SNAP, an individual must be a U.S. Citizen or green card holder Congresswoman Nikki Budzinski (IL-13) spoke out against the cuts during the budget reconciliation bill in the House Agriculture Committee Tuesday evening. She said the the $313 billion in SNAP cuts would impact families in need, as well as farmers and the food supply chain. 'This will take away food for SNAP households that are home to a child, an old adult or a disabled adult,' Budzinski said. 'And for what? To pay for tax cuts for the wealthiest people in this country.' You can find the full text of the budget resolution here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
13-05-2025
- Business
- Yahoo
House Republicans propose major reforms to SNAP
House Republicans rolled out legislation Monday evening that would make significant changes to the Supplemental Nutrition Assistance Program (SNAP), as the party seeks deep cuts to federal spending as part of a broader plan to advance President Trump's legislative agenda. The 97-page text from the House Agriculture Committee includes provisions that would require states to cover a portion of SNAP benefit costs, tighten eligibility requirements for the program and seek to block the federal government from being able to increase monthly benefits in the future. The panel is set to hold a meeting on the legislation later Tuesday afternoon, with hopes to advance the text out of committee. The proposal comes as Republicans are assembling a sprawling package across multiple committees to enact Trump's tax priorities, boost funding for defense and his deportation plans, and significantly cut federal spending. For their role in the party's overall goal to find more than a trillion dollars in savings, Republicans on the House Agriculture Committee were tasked with crafting recommendations for at least $230 billion in cuts. The GOP-led committee touted the legislation on social media upon its rollout as a measure that would restore SNAP 'to its original intent' and promote 'work, not welfare—while saving taxpayer dollars and investing in American agriculture.' While SNAP benefits are currently funded by the federal government, the proposal calls for the federal share of the cost of allotments to go from 100 percent in the next two fiscal years to 95 percent in fiscal 2028 'and each fiscal year thereafter.' It also includes language to increase the states' 5 percent share of benefit costs in fiscal 2028 depending on its payment error rate. If the error rate is 6 percent or higher, states would be subject to a sliding scale that could see its share of allotments rise to a range of between 15 percent and 25 percent. Democrats have sharply criticized the proposal, which they argue could lead to states cutting benefits on their own. The measure explicitly blocks the Department of Agriculture from increasing the cost of the Thrifty Food Plan (TFP), which is used to determine benefit amounts for the program, based on a reevaluation or other updates. Republicans have accused former President Biden of abusing his power when its 2021 TFP reevaluation led to a 21 percent increase in SNAP benefits, which they say goes against decades of precedent in ensuring cost-neutrality as part of the process. But Democrats have previously pushed back against efforts that would rein in the administration's ability to increase benefits, particularly as research has found millions were kept out of poverty after SNAP benefits were boosted during the coronavirus pandemic. Rep. Glenn Thompson (R-Pa.), chair of the committee, told The Hill ahead of the release that he expects the measure will 'honor my principles I set forward in terms of facilitating a farm bill as the first principle.' He added that he thinks the proposed changes will make a deal on a new farm bill 'more likely' this year. Congress agreed to another extension of the 2018 farm bill as part of a larger government funding compromise last year after bipartisan talks on a new farm deal fell apart. The bill would also decrease the administrative cost the federal government is required to pay to help cover program operations in the states by 25 percent, yanks back some funds from Democrats' Inflation Reduction Act, with a host of other farm provisions. Sen. Amy Klobuchar (Minn.), the top Democrat on the Senate Agriculture Committee, warned Monday night that the House Republicans' proposal would make it harder for Congress to pass a bipartisan farm bill later this year, however. 'Instead of working with Democrats to lower costs from President Trump's across-the-board tariffs, House Republicans have decided to pull the rug out from under families by cutting the SNAP benefits that 42 million Americans rely on to put food on the table – all to fund a tax cut for billionaires,' Klobuchar said in a statement. 'This means more seniors, veterans, people with disabilities and children will go to bed hungry. It means farmers, who are already operating on razor-thin margins, will see billions in lost revenue. It will mean job losses and lost wages for everyone who is a part of the food system – from truck drivers to local grocers,' she argued. Julia Manchester contributed. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
13-05-2025
- Business
- The Hill
House Republicans propose major reforms to SNAP
House Republicans rolled out legislation Monday evening that would make significant changes to the Supplemental Nutrition Assistance Program (SNAP), as the party seeks deep cuts to federal spending as part of a broader plan to advance President Trump's legislative agenda. The 97-page text from the House Agriculture Committee includes provisions that would require states to cover a portion of SNAP benefit costs, tighten eligibility requirements for the program, and seek to block the federal government from being able to increase monthly benefits in the future. The panel is set to hold a meeting on the legislation later on Tuesday afternoon, with hopes to advance the text out of committee. The measure comes as Republicans are assembling a sprawling package across multiple committees to enact Trump's tax priorities, boost funding for defense and his deportation plans, and significantly cut federal spending. For their role in the party's overall goal to find more than a trillion dollars in savings, Republicans on the House Agriculture Committee were tasked with crafting recommendations for at least $230 billion in cuts. The GOP-led committee touted the legislation on social media upon its rollout as a measure that would restore SNAP 'to its original intent' and promote 'work, not welfare—while saving taxpayer dollars and investing in American agriculture.' While SNAP benefits are currently funded by the federal government, the proposal calls for the federal share of the cost of allotments to go from 100 percent in the next two fiscal years to 95 percent in fiscal year 2028 'and each fiscal year thereafter.' It also includes language to increase the states' 5 percent share of benefit costs in fiscal 2028 depending on its payment error rate. If the error rate is 6 percent or higher, states would be subject to a sliding scale that could see its share of allotments rise from a range of 15 to 25 percent. Democrats have sharply criticized the proposal, which they argue could lead to states cutting benefits on their own. The measure explicitly blocks the Department of Agriculture from increasing the cost of the Thrifty Food Plan (TFP), which is used to determine benefit amounts for the program, based on a reevaluation or other updates. The proposal comes after Republicans have accused former President Biden of abusing his power when its 2021 TFP reevaluation led to a 21 percent increase in SNAP benefits, which they say goes against decades of precedent in ensuring cost-neutrality as part of the process. But Democrats have previously pushed back against efforts that would rein in the administration's ability to increase benefits, particularly as research has found millions were kept out of poverty after SNAP benefits were boosted during the coronavirus pandemic. Rep. Glenn Thompson (R-Pa.), chair of the committee, told The Hill ahead of the release that he expects the measure will 'honor my principles I set forward in terms of facilitating a farm bill as the first principle.' He added that he thinks the proposed changes will make a deal on a new farm bill 'more likely' this year. Congress agreed to another extension of the 2018 farm bill as part of a larger government funding compromise last year after bipartisan talks on a new farm deal fell apart. The bill would also decrease the administrative cost that the federal government is required to pay to help cover program operations in the states by 25 percent, yanks back some funds from Democrats' Inflation Reduction Act, with a host of other farm provisions. Sen. Amy Klobuchar (Minn.), the top Democrat on the Senate Agriculture Committee, warned on Monday night that the recent legislation unveiled by House Republicans, however, would make it harder for Congress to pass a bipartisan farm bill later this year. 'Instead of working with Democrats to lower costs from President Trump's across-the-board tariffs, House Republicans have decided to pull the rug out from under families by cutting the SNAP benefits that 42 million Americans rely on to put food on the table – all to fund a tax cut for billionaires,' Klobuchar said in a statement. 'This means more seniors, veterans, people with disabilities and children will go to bed hungry. It means farmers, who are already operating on razor-thin margins, will see billions in lost revenue. It will mean job losses and lost wages for everyone who is a part of the food system – from truck drivers to local grocers,' she argued. Julia Manchester contributed.
