Proving Value to Retired Clients: Creating a Financial Checklist

Proving Value to Retired Clients: Creating a Financial Checklist

Many of us in this society have a very negative image about aging in general. We don’t want to be “old”. It is fueled by advertising on TV, movies, print media and other outlets with a consistent message: aging is bad, being younger and turning back the clock is good. We are a work ethic driven culture. When we are older and no longer “productive” we are generally seen as less valuable.

Then there is the fear and denial about dying and death.  Our culture has been called the only one in the world that thinks of death as something optional.  Note how we talk about it to family–“in case anything ever happens to me… Besides it being a fantasy that maybe something” won’t happen to us, it keeps us from planning, from preparing our loved ones and from being responsible about our older years, possible declining health and the burden ignoring these things can put on our families.  Reaching retirement age is a time to do planning about more than money.

Financial advisors are in the planning business. You look ahead, analyze, budget and calculate. But your clients may not be on the same page in your view of the future.  They are busy being in denial that they may ever get ill and die.  You can help them.  In doing so, it may also make your job of talking about such issues as long term care, budgeting and spending easier.

Most people do not want to burden their loved ones. Most of them do not want to trouble adult children unnecessarily as they age. That is your best selling point for bringing up the personal matters.  These include how every senior and every retiree needs to plan for things in their own lives that go beyond how much money they’ve saved and how it will be spent having a great retirement.

Here at AgingInvestor.com we see the messes people leave behind when they nurture the Great American Fantasy that losing independence won’t happen to them and that they will live happily to age 100 and die peacefully in their sleep.  Family members can spend years cleaning up the disaster their older loved ones leave because of failure to plan and take care of business.  It is truly not fair to anyone.  It leads to anger, resentment, family conflicts and sometimes to loss of wealth through ignorance. We’ve heard it and seen it countless times.  We put a checklist together to help people avoid these disasters created by the fantasy.

What Can You Do About It?


You can give your clients this checklist next time you sit with them and review the portfolio. You can gently urge them to do what the list says is needed. We’ve broken down the essentials into 10 points, a “to do” list if you will. You can encourage them to take care of the items on the list, if they haven’t already.  In general, the to do list includes updating the estate plan, having critical documents in the right hands, providing necessary financial, computer and account information to trusted family and having a family meeting to educate one’s heirs about the older person’s affairs. This is how your client gets a family ready. This is how they avoid unduly burdening anyone. This is how they free their loved ones from distress and unnecessary work when they have to take action as an aging parent declines and passes away.

Some of your clients will brush off your suggestion. They love that Great American Fantasy and aren’t about to give it up. Others will thank you as they have thanked us and will go forward.  Their families will be forever grateful.  You’ll look like the caring, smart and responsible planner that you are.

 

Get your free 10 point checklist, Don’t Wait Until You’re Old, click HERE.

Carolyn Rosenblatt
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Carolyn Rosenblatt is an R.N. with 10 years of nursing and a lawyer with 27 years of legal practice. She has extensive experience working with both healthcare and legal i ... Click for full bio

Most Read IRIS Articles of the Week (March 20 - 24)

Most Read IRIS Articles of the Week (March 20 - 24)

Here’s a look at the Top 11 Most Viewed Articles of the Week on IRIS.xyz, March 20 - 24, 2017 


Click the headline to read the full article.  Enjoy!



1. Facing a Massive Menu of ETFs? 4 Steps for Smart Choices


In the world of ETFs, advisors face a similar challenge. Simply put, the menu of ETFs is massive. And while advisors used to debate only about the merits of active versus passive investing ... — Jillian DelSignore

2. 5 Reasons Not to Run From REITs During Rising Interest Rates


Here are five reasons why we believe simply shifting your strategy, but not running from REITs, may provide desired yield—even in the face of yet another rate hike ... — Salvatore Bruno

3. The Impact of Working with a Narcissist


There are different types of narcissists but handling them is always the same: be humble, don’t engage. — Tanya Beaudry

4. Advisors: How to Get Referred


Use these simple tips to establish and grow valuable relationships with Centers of Influence to have them recommend you to their best clients. — Paul Kingsman

5. Five Reasons Why You're Not Getting Referrals


​Are you getting enough qualified referrals from people within your network? Or are you relationship rich but referral poor? — James Pollard

6. Understanding ETF Liquidity and Trading


ETFs offer attractive features—access to a broad range of asset classes, sectors and styles in a liquid, transparent and cost-effective vehicle. But before using that vehicle, it’s helpful to understand how it works ... — ProShares

7. McMobile: Will McDonald’s Mobile Strategy Kill the Drive-thru?


While I personally won’t forsake my Starbucks ritual for McDonalds’ curbside delivery, I have to concede the prospect of having my breakfast provided to me as I pull up to a restaurant does sound appealing. — Joseph Michelli

8. Top Ten Strategies for Increasing Marketing ROI


So many leads, so little time. Your marketing strategy is generating so many qualified prospects and you can’t keep pace. It is an enviable position. — Elizabeth Harr​​​​​​​

9. Is the Trump Bump an Example of Irrational Exuberance?


The stock market continues to soar. The natural question is: How long can this go on? — Mark Germain​​​​​​​

10. Can Trump Follow Reagan's Playbook?


New presidents typically arrive in office with an economic agenda. In the case of Trump, the nature of his proposals has invited comparison with a variety of changes made under the first term of President Ronald Reagan in the 1980s. — Matthew F. Beaudry

11. Hope Is Fading for Robust Economic Growth


The hope for economic growth much beyond 2.0% looks to be deferred, as legislation appears to be bogging down and the Fed is reducing monetary support, clearly taking the path to interest rate normalization. — SNW Asset Management​​​​​​​

Douglas Heikkinen
Perspective
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IRIS Founder and Producer of Perspective—a personal look at the industry, and notables who share what they’ve learned, regretted, won, lost and what continues to ... Click for full bio