Going Above and Beyond: The Advisor’s Guide to Wowing Senior Clients

(3 Minute Read)

When you work with senior clients, of course you take specific intentional actions that help ensure you can build client trust and security. But the resources you can offer your senior clients are growing and it’s important to stay up to speed, especially as baby boomers are closing in on millennials as one of the largest living consumer groups. Giving your senior clients the “wow” factor when it comes to service is a great way to build a consistent client base. Here are a few ways you can do just that.

As an advisor working with senior clients, one crucial thing to understand is Medicare coverage. For example, clients might not know that Medicare is available as two separate packages: Original and Medicare Advantage. Original Medicare allows seniors to pick any healthcare provider that participates in Medicare. This plan doesn’t force retirees to select a new primary care physician as long as specialists accept Medicare coverage. There are also supplements for Original Medicare plans that can help cover co-pays and other fees.

Medicare advantage is offered through a private insurance company and is not a government sponsored service. However, MA plans do offer coverage for additional things like vision and dental care. The premium payment is also much lower than Original Medicare plans but because co-pays and other expenses aren’t covered in MA plans out of pocket costs can be high.

As an advisor for senior clients, knowing the average costs of living in retirement can really go a long way. Budgeting for retirement can be tricky for seniors as there are a lot of hidden costs. Whether healthcare related, the cost of finding the right retirement community, or even as simple as creating a budget based on after-tax income rather than gross income, providing information to your senior clients or helping them utilize budgeting tools online or on their phones, like Mint.com is a great start.

Another bit of knowledge worth having in your arsenal are lifestyle resources for your senior clients looking to enjoy their retirement but stay under budget. There are discounts available to seniors for travel, shopping online, subscriptions, etc. Websites like The Senior List do an excellent job of posting regular discounts for seniors, like this 2017 restaurant discount list. When your senior clients see that you care about their mental and emotional well-being as much as their financial well-being, you lay the foundation for success.

Finally, you’ll want to have a handle on things that are outside of the box for your senior client, things they might not know about or understand. For example, did you know your senior client can sell all or a portion of their life insurance policy? As we age, our need for life insurance changes and seniors often lapse or surrender their policies. Learning more about the Life Settlement industry provides you with a stellar knowledge base to better serve your senior clients. If you or a client has a life insurance policy they no longer want or need, visit our qualification calculator to see if it’s a good fit.

Do you have other questions about life settlements? I would be happy to answer them. Call me at 888-849-0887, or email me at llagrotte@lsa-llc.com.

Case Study:

Louis purchased a life insurance policy many years ago for his wife, Marilee, to ensure their two childrens’ college educations were funded (in the event of Louis’ premature death.)

The children have graduated from college and both have lucrative carriers. The mortgage is paid off and Louis has a pension. Louis sold his life insurance policy for $112,000 to bridge the retirement gap!

Download our free resource, Serving Senior Clients, for more information about how you can unlock a powerful new source of financial liquidity for your clients today.

Leave a Reply