There are many details to consider when helping a client set up a will or estate plan, from assigning an executor or power of attorney, to choosing beneficiaries, to setting up a trust and more. 

The process of creating any good estate plan includes taking an inventory of valuable assets that will need to be managed or dispersed upon someone’s death, including:

• Real estate
• Investment accounts, cash, stocks and bonds
• A business or intellectual property
• Personal property such as jewelry, vehicles, artwork and furniture

Often, miscellaneous items or heirlooms that may not hold great monetary value but have significant meaning to individual family members are also included in estate planning.

It’s a common assumption that most, if not all, wealthy individuals already have financial advisors assisting them, making them difficult to engage as prospects. But this isn’t always the case; some have quietly accumulated wealth over their lifetimes without the help of others — through higher earnings, real estate, employer-sponsored plans, inheritances or good old-fashioned savings (and a bit of luck).

It’s also important to consider that some affluent investors who are already working with an advisor may actually be ready to consider a switch. Take, for example, an executive who accepts a position at a company that requires relocating to a different state. Understandably, they may prefer to work with an advisor who is closer to their new home. There are plenty of reasons affluent clients of other advisors could be open to an initial conversation.

For advisors, this leads to the question: how can you get yourself introduced to that executive or other wealthy prospective client?

Despite the onset of mobile apps and technologies that allow individuals to go it alone when it comes to investing, the demand for financial advisors is on the rise. That’s according to a study by LIMRA, a worldwide research, consulting, and professional development trade association to the financial industry.¹ 

Understandably, consumer confidence a decade ago may have been lackluster due to the housing crisis and market volatility as part of the Great Recession. However, confidence levels for financial advisors in 2020 surpassed their pre-Great Recession levels (24% vs. 36%).¹ That’s despite unprecedented uncertainty resulting from the global COVID-19 pandemic, social unrest, political upheaval, supply chain disruption, market swings and more.

Fraud continues to be a major problem, especially for older Americans. More than 791,000 complaints were filed with the FBI Internet Crime Complaint Center in 2020, and more than one-quarter (28%) of victims were over age 60. Seniors, in particular, lost approximately $1 billion.¹ 

Criminals are becoming increasingly cunning and resourceful in the ways in which they defraud individuals. While phone and mail continue to be used as outlets for criminal activities, online schemes have swept the globe, allowing criminals to target thousands or millions of individuals with the click of a button.

Even the most leery individuals could fall prey. Take time to talk with your clients about the top potential risks of fraud and help them avoid the devastating consequences that could threaten a lifetime of retirement savings.

As a financial advisor, you likely have some clients who are eager to invest and plan for the future, but go through seasons when they struggle with cash flow. Clearly, the latter can significantly impact the former, and when that client also has a poor credit score, the challenges mount. 

A bad credit score typically isn’t the result of one poor decision or bad transaction — it worsens over time through a series of events. Perhaps a client fails to pay bills on time, maxes out credit cards, has excessive debt or has a foreclosure in their credit history. 

The consequences of poor credit scores have the ability to compound a situation, making it difficult for an individual to get ahead. In worst case scenarios, landlords deny rent applications or utility companies won’t extend their services. Some employers who review credit history as part of the job application process might pass by an applicant with poor credit in favor of another who scores higher.

The shorter, cooler days of October welcome personal reflections on abundance and the changing of seasons. Maybe that’s what makes the month an ideal time for National Retirement Security Week, when Americans are encouraged to reflect on their individual retirement goals and explore whether they’re on track to achieve them.

First established in 2006 by a Senate resolution and called “National Save for Retirement Week,”¹ National Retirement Security Week offers an opportunity for advisors to amplify messages and increase public understanding of the importance of saving early and preparing in advance for retirement.

With that in mind, here are five facts you can reflect on that offer insights into clients’ needs when it comes to saving and planning for retirement — and which you can use as conversation starters to help get clients thinking about saving, investing and planning for the retirement they envision.

Success is subjective, and can be difficult to measure. 

As a financial advisor, however, your success is directly tied to the financial success of your clients. 

While hard work and strategic thinking as you help them plan and invest their money certainly play a part, there’s more to building a reputation — and a successful life — than merely putting in the work hours and recommending the “right” portfolios.

Here’s some good news: there’s no single personality type that’s required for success. Rather, there are actions you can take to establish and demonstrate qualities clients look for in a financial professional.

Consider these three important qualities you can develop and nurture that may help you achieve new heights of success and, in turn, help your clients do the same.

The heartbreak of becoming a widow is often amplified by the uncertainty over having to face the rest of life without a partner by one’s side. Suddenly, the goals, ambitions and dreams for two people no longer seem relevant, and the burden of making decisions about the future rests solely on an individual who may not be ready for a new reality.

Older women over age 75 are more than twice as likely to become a widow than older men (58% vs. 28%) and may face many years on their own.¹ In the wake of becoming a widow, they may need assistance, especially if their spouse handled paying bills and managing their finances. 

There are a lot of social media networks, but LinkedIn stands out among the rest as a place where professionals can share their insights, grow their sphere of influence and virtually rub elbows with other industry thought leaders, clients and prospects.

Having a presence on LinkedIn to represent your professional advisory role may be a good idea, but it’s important not to treat it the same way you would a personal account. There are boundaries to keep in mind when sharing LinkedIn content and engaging with others. 

The COVID-19 pandemic was an obvious call-to-action for employers to consider their employees’ physical wellness. Many stepped up to help provide safety measures or remote work opportunities for their workforces. But many employers could not weather the financial impact brought on by the pandemic, forcing them to lay off employees or adjust spending in other ways.

Now, in addition to physical wellness, many are seeking ways to address the financial wellness of their employees, both now and into retirement. But with lingering economic uncertainty, some find it a challenge.