Are Your Senior Clients Financially Prepared for Next Year?

(3 Minute Read)

As an advisor, your primary objective is to help your clients stay financially sound. Whether that means carefully curating their investment portfolio, helping them plan for a big purchase, or simply staying afloat as a retiree, they look to you for guidance on their future plans. But while your clients may be set and you’ve done your due diligence for this year, what about the next one? How can you help them feel confident about those expenditures that will come with a fresh twelve months? Consider these four points to help your senior clients keep their finances in order in the coming year.

Have There Been Any Life Changes?

If you’re reading this in preparation for the new year, it’s possible that you haven’t had a proper sit-down with them for several months. Spend some time asking about the big updates in their life. Did they recently change jobs or retire? Have they had any deaths among their families or friends? Have there been changes in their health or living situations? All of these inquiries will help you to understand their position in life, as well as what challenges may face them in the upcoming year. As an added bonus, it’ll give you a closer connection with them as clients.

Learn What Goals They Have

It’s hard to provide clients with financial guidance when you don’t know where they’re headed. Find out what kind of plans and aspirations they may have. Perhaps they’re looking to move into a nicer home, or buy an RV and tour the western United States. Asking them to disclose the major purchases they’re looking to make over the coming year will help to provide a blueprint for what kind of savings and investment they’ll need.

Offer Comprehensive Investment Strategies

Keeping your clients prepared for the coming year means a lot of planning ahead. These people trust in you to help them establish a reliable income stream during retirement, as opposed to younger clients who can depend on a bi-weekly paycheck. Educate them about their options concerning stocks, particularly the difference between growth and value stocks. Break down long term investments with short sales, and help them to learn how their money is being allocated.

Life Settlement

Did you know you can sell all or a portion of a life insurance policy, even term insurance? If you haven’t asked your senior clients this, you should. Life settlements offer a fantastic way to not only boost on-hand cash and grow nest eggs, but to provide additional funds for investment opportunities. If you’re looking to get your client into a life settlement opportunity, contact Life Settlement Advisors today to learn more.

Case Study:

Jim was forced to retire recently due to a chronic illness. The medical bills have been piling up and his wife Judy has become concerned about their finances. Jim sold his Term life insurance policy on the recommendation of a family friend. Jim and Judy used the proceeds to pay off the medical bills and boost their retirement.

Leo LaGrotte
Life Settlement Advisors
llagrotte@lsa-llc.com
1-888-849-0887

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