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What Senior Clients Want from Their Financial Advisors


November 19,19 | 3:14 pm

Professionals who offer financial consulting services play an important role in their clients’ quality of life. “Quality of life,” of course, can mean very different things throughout a person’s life. The financial needs of clients in their thirties, for example, can vary greatly from those of clients in their fifties. 

As clients experience the increased vulnerability that comes with older age, it’s especially important to become aware of what seniors are seeking from their financial advisors.

A Trusted Partner

There is an increasing number of reports about retirees losing their savings to fraudulent “investment” schemes. Because of this, senior clients may be distrustful even of those with their best interests at heart. Unfortunately, even the most ethical financial advisors are frequently called to answer for the actions of a few bad apples. If you encounter a senior client with concerns about your motives, offer reassurances and provide evidence that they’ve found a trusted partner.

To paraphrase Stephen Covey, clients don’t care how much you know until they know how much you care. Seniors clients who are feeling especially vulnerable want to know that you care enough to take the time to help them feel safe and build trust, and only then will your financial expertise be up for discussion.

A Patient Teacher

It should be a foregone conclusion that your financial acumen will generally far exceed that of your clients, no matter their age. That said, keep in mind that financial concepts or practices that may be second nature to you may seem complex to your clients.

When explaining financial matters, refrain from jargon or complex language. Simplify your presentation and exercise patience since you may need to explain something repeatedly. (If your client is suffering an age-related condition, like hearing-loss, this will be all the more likely.)

An Expert With Unexpected Solutions

Making senior clients aware of financial solutions they didn’t know were available can go a long way toward ensuring a high quality of life and securing their future. One such option is a life settlement, which can provide much-needed financial resources for short-term needs and long-term care alike.

A life settlement is the sale of an existing life insurance policy to a licensed, institutional buyer. Upon receipt of the sale, the original policyholder receives a lump sum payment, which can then be spent however they wish. Life settlements can give seniors the financial security they need, and restore financial peace of mind to many of their families.

To provide trusted information for making the best decisions for your clients, Ashar Group goes above and beyond to exercise fiduciary protection on behalf of policyholders. We do this by:

  • Seeking to work with a client’s advisory team.
  • Creating a competitive bidding environment among licensed buyers to ensure the seller receives fair market value.
  • Forgoing any possible conflicts of interest. This means we don’t invest, sell insurance, give financial advice, provide financial planning, or buy policies.

Clients often receive, on average, offers that are 10 times higher than the cash surrender value of the life insurance policy. This is because we have the power to negotiate fair market value through independent valuations and auctions, and by bidding aggressive buyers against one another.

Ashar Group serves as an independent resource to the financial planning community and their clients by providing expertise in life insurance appraisals, life settlement services, and longevity analysis for advanced planning applications. We believe that life settlement decisions made by consumers are best served when they are represented by their advisor or planning team. We invite you to contact us today to learn how we can be part of the process of determining what makes sense for your client’s situation.

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