With longevity increasing, the state of retirement evolving, and healthcare costs rising, more and more seniors need a financial advisor’s professional guidance. So much has changed since today’s seniors’ parents were facing retirement.
Every day, various clients come to you with a new problem or fear they have for the future. In today's environment specifically, the news frequently reads that stock markets are down, the cost of living is increasing, retirement accounts are crashing, and the list goes on. These valid fears can typically be relieved by generating a lump sum of cash that can be allocated for today’s needs - optimizing retirement options, paying for medical or long-term care, generating liquidity for a business, or alleviating cash-flow problems. But how can you create a large influx of funds for your client in a down market and seemingly no available options?
Every year, thousands of senior citizens in America file for bankruptcy for a variety of reasons. Medical bills, housing markets, long-term care, and more account for some reasons why Americans are in this predicament. However, it could be much worse for those who are beyond their earning years and are in retirement. Where are they going to pull the additional liquidity from without hurting their golden years?
For many financial advisors, working with nonprofit clients is the gold standard in their industry. Because nonprofits are dependent on the generosity of donors and entities with high net worth, financial advisors who can successfully partner with foundations can often also open doors to valuable partnerships with donors. But the question for most financial advisors is: How do I attract nonprofit clients? The key lies in creating strategic alliances that result from five deliberately designed processes that attract – and cultivate – relationships of trust with these sought-after clients.
Although today’s seniors can generally look forward to longer lifespans, many feel anxiety about their financial future and the need to continue working indefinitely to make ends meet. If you’re one of these seniors, the idea of comfortably retiring may seem unimaginable. But you may be sitting on a valuable financial asset you’re not even aware of. (more…)
Even seasoned policy owners can benefit from learning more about their policy, how the policy is affected by the market, and more. Both the grantor and the trustee can find these discussions constructive and productive. (more…)
Some of your retirement-age clients might think that they should keep paying for life insurance, i.e. expensive premiums, in hopes of a buyer eventually purchasing their policy. Yes, it is wise to practice forward planning with personal finances, but with life insurance, things are rarely black-and-white. (more…)
Embracing a laissez-faire attitude towards life insurance is easy. After all, other pressing, day-to-day needs require our immediate attention. And if someone doesn’t consider himself a life insurance expert, their involvement might seem unwarranted and maybe even unhelpful. (more…)
