Ensuring that all of your clients have educational resources at their disposal is a huge part of an advisor’s job. Of course, no matter the age of your clients, more financial knowledge is helpful to have. But, in the case of senior clients, educational resources and online tools can help reassure and assist a population that has long had anxiety around finances. Whether that means you’re keeping a blog, engaging in thought leadership, or simply sharing tools and educational materials with your clients, staying on top of all the information out there can help you get a leg up on your competition.
Financial Tracking & Saving Tools
Long gone are the days of budgeting on paper by hand. Computers, tablets, and smart phones have taken over and have made taking stock of your finances very simple. For example, Mint.com’s interface allows clients to connect bank accounts and tracks their spending habits. This program will send notifications if they’re spending more on something that they’ve budgeted for a certain total. If they set their budget cap at $400.00 for eating out and overspend, Mint will let them know and help them stay on target.
For saving, there’s the application Digit that connects to clients’ bank accounts and monitors their spending habits. Once Digit has ascertained when and how they spend money, it will begin to withdraw small amounts from their checking account into a relegated savings account to help them reach their financial goals all without having to lift a finger.
Those who are new to investing might benefit from having access to applications that will make understanding the big picture of investing much simpler. This is exactly what Personal Capital does. This online application is free and not only helps clients track expenses, but will help them develop a long-term investment strategy. It’s entirely secure and backed by 24/7 customer service.
Similar to Personal Capital, Betterment is a web service company that doesn’t just rely on an online presence. Their company provides both tools and personal guidance to help clients reach their investment goals. For example, they have an asset calculator tool available for use no matter whether their professional services have been engaged.
In the realm of financial products, there also exists less tangible “products.” These products or services are rooted in a partnership you might make with another type of advisor like a lawyer or trust officer. In this case, we’re addressing the often misunderstood product of a life settlement. If you have senior clients who are looking for more financial liquidity in their retirement, or need extra income on hand for medical expenses, being able to offer a life settlement through partnership with a life settlement company is a huge benefit to your business. If your client is stuck paying their high life insurance premiums, life settlements are a great way to convert that money out into money in.
For more information on the life settlement process, or to find out if your client qualifies, visit our website, Life Settlement Advisors.
If you’d like to learn more of the specifics of providing life settlements, download our handy e-book, Serving Senior Clients: Turning High Life Insurance Premiums into Financial Liquidity.