Advisor Today - July/August 2015 - (Page 61)

SALES & MARKETING MARKETING By Bryce Sanders What Is Keeping Your Senior Clients Up at Night? Here are some of your senior clients' greatest financial worries-and what you can do about them. Y ou may think of seniors as having it all-defined-benefit pension plans, lots of assets accumulated thanks to the 1982 bull market, and a supportive real estate market. But this is not the case for most seniors. They have lots to worry about, and if you know what keeps them up at night, you might be able to help them make the most of their assets-and add to your bottom line. Here are a few of their worries, and some of the steps you can take to help alleviate them: * Providing for surviving spouses. People who were born between 1925 and 1945 are used to playing specific roles. The husband was typically the breadwinner, while the wife ran the household and raised the family. The breadwinner often made the financial decisions for the family. Now, he is probably wondering what will happen if he dies first. This is a major worry for your senior clients, some of whom avoid it or make the wrong decisions. They assume that their children will look after the surviving parent or they will remarry eventually. Not only does this put a strain on the surviving spouse, it also puts the relationship at risk. Also, if the spouse withdraws and neglects their finances, their friends might arrange an "intervention" and introduce them to their financial advisor who might suggest transferring the account to him. As their advisor, this is an issue you can help address, especially if both parties are alive and in good health. Developing a strong relationship with both parties is the first step. * Estate taxes. High-net-worth always sounds like more money than you have got. That is, until the government enters the Your thoroughness in bringing up these worries shows your concern. picture. If your client's estate hits a certain threshold, the government quickly becomes his silent partner and its bite can be considerable. Your clients might suspect this is a looming problem, but unfortunately their solution may be to go into denial or worse, wait until one partner passes away before they start to address the problem. As their advisor, you are placing yourself at risk if you don't confront the issue. Since they worry about it, engaging the help of an estate planning specialist might make sense to them. Your best opportunity is to help them address it through your advice or your referrals to specialists while both of them are alive. They will sleep better at night and will think of you when their friends start to worry about the same problem. * Increasing expenses. Inflation doesn't seem to be a major problem right now, but tell that to your senior clients who see their property taxes and daily living expenses going up. Older clients have lived through the high-interest-rate years of the 1980s and sometimes think that just waiting until rates rise cont'd on page 62 July/August 2015 | ADVISOR TODAY 61

Table of Contents for the Digital Edition of Advisor Today - July/August 2015

From The Editor
Viewpoint
New Products
How Do You Create the Million-Dollar-Plus Practice?
Traits of Top Performers
The Business Benefits of a Pipeline Mentality
What Does It Mean to Act Ethically?
Variable Universal Life is Back
Sell More LTCI By Selling Less!
Overcoming the Most Common DI Objections
Divorce DI
Mitigating Retirement Risks with Life Insurance
Creating Irreplaceable Capital
Closing the Gap
Financial Future Less than Rosy for Boomers and GenX
Estate Planning and Annuities?
Ignite Your Sales Potential
A Closer Look at BTID
Upholding the Tradition
NAIFA’s Candidates for Election
NAIFA News
Addicted to Rejection
What is Keeping Your Senior Clients Up At Night?
Advertiser Index
Back Page

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