As I reflect on my first quarter as president of FSI, I'm grateful for your continued trust and optimism for the future. As we have faced uncertainty in our country's national political and financial environments, our industry remains strong and poised for growth.The deathcare industry is projected to reach $138.74 billion by the end of 2025, a year-over-year growth of 8%. A shift towards personalized services, innovative technology and environmentally friendly practices are supporting this projected growth, trends that have been building for several years. Looking ahead to the rest of this year, I'm encouraged by the opportunities that lie in front of us. At FSI, we're continuing to focus on providing you with exceptional service while adapting to your evolving needs. Thank you for your continued partnership. Sincerely, Jack Hirsch President, Funeral Services, Inc. |
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A Word About Selling Cremation Packages- The Right Way Wendy Russell Wiener, Managing Member, WRW Legal, PLLC As part of our work as regulatory lawyers and consultants to the deathcare profession and industry, we are often asked to review General Price Lists (GPL). One of the most common mistakes we see, and one that is a violation of the FTC Funeral Rule (which carries a fine of over $50,000!) is in the sale of cremation packages. Here's how to make sure you are selling them correctly. You may never offer a package for less than the stated amount for your fee for Basic Services of Funeral Director and Staff as set forth on the itemized portion of your GPL. You must however, if you sell cremations, offer a Direct Cremation Package as described by the FTC in its Guide to Complying with the Funeral Rule. Only for Direct Cremation (and Direct Burial, Forwarding of Remains and Receiving of Remains) may your price be lower than your stated price for your Basic Services. That means that any cremation package you sell must cost at least the same as or more than your Basic Services. Examples will help: The Wrong Way
What's wrong? The Platinum Cremation Package should not include “direct cremation”, instead it should include “cremation”. And, the package is less than your Basic Services. The Right Way
The takeaway: Except when you are selling one of the 4 items identified by the FTC (Direct Cremation, Direct Cremation, Forwarding of Remains, Receiving of Remains), your total price may not go below your Basic Service Fee. If you find this confusing, and so many do, feel free to reach out to us - we are here to help and give guidance. |
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Translating Financial Market Performance into Guidence for the Deathcare Industry As we begin the second quarter of the year, the financial markets reflect a complex landscape that has the potential to impact the deathcare industry. A few takeaways from the markets include:
If you have questions about the financial world, please reach out to Michael Faherty, Executive Vice President, Client Relations, at mfaherty@argenttrust.com or (504) 291-8870. |
If you're ready to modernize your payment process, contact our Client Services team today at 800-749-1340. |
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Here are brief summaries of several stories featuring FSI: Optimizing Your Pre-need Trust Program for the New Year In today's evolving deathcare industry, maintaining a thriving pre-need trust program is essential for sustained growth. FSI's former president, Bill Williams, explores effective strategies to enhance your pre-need trust program. Implementing an online storefront for pre-need sales is no longer optional - it's essential for staying competitive as consumers increasingly expect to make purchases virtually. Read the full article from Memento Mori's December edition here for tips on positioning your firm for sustainable growth. Win-Win: Improve profit margins in 2025 by taking four proactive steps Staying profitable amid rising costs requires a thoughtful approach. In the November issue of The Director, Bill Williams outlines four proactive steps funeral homes can take, like reexamining their business models, updating pricing strategies, strengthening collection policies and effectively communicating the value of their services. Learn more about building a financially resilient firm here. The Wants and Needs of Today's Consumer In the June issue of The Director, Bill Williams highlights four ways your firm can benefit from an online storefront. An online storefront should be mutually beneficial: It helps your firm facilitate a seamless digital purchase process for your customers and allows your customers to easily find the information they need and complete their purchase on their own terms. Read more for insights on digital storefronts here. |
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