Want to Connect with Your Clients? Make It Simple

Posted by Robert L. Arone Estate planning is a complex, nuanced process. Properly done, it requires a specialized team of experts in investment, tax, and legal strategy. At its center, however, is the client and their particular needs, hopes, and goals. It’s vital that over the course of working together, you engage your client and help them gain comfort and understanding of the process. Delving into a client’s plan together is a great opportunity to interact more closely. Be an Active Listener As an experienced financial advisor, you may feel as if you’ve heard and seen it all. But every client is unique. Each one’s story, background, goals, hopes and fears are different, and it’s up to you to ensure you’re getting all the necessary information before proceeding with the next steps. If you’re not entering client consultations with the goal of being an active listener, you could be setting

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Don’t Allow New Accounts to Catch Clients Unaware

Posted by Robert L. Arone   As a financial advisor, what could be more important than the financial health of your clients? As you know, a comprehensive trust-centered estate plan allows your clients to provide for loved ones, affording them immense peace of mind. But, estate planning is not a one-time event since trust-centered estate plans require careful supervision and regular reviews to function properly. Accordingly, it’s crucial that you participate in the maintenance of your clients’ trusts by monitoring important financial changes and helping clients to update their plans to reflect these changes. Significant Changes in Wealth Setting your clients up for success with their trusts is not difficult. Keep an eye out for any significant changes in wealth. One such important development in a portfolio is the addition of a new account, such as an IRA or new taxable investment account. Any time a new account is opened,

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Planning for Individuals and Couples Without Children

Posted by Robert L. Arone   How to Tailor the Conversation to Their Goals Financial advisors often have a clear path to starting the estate planning discussion when their clients have children, as many estate planning discussions center around clients’ objectives for passing their wealth, properties, and legacy to the next generation. Because of this traditional emphasis on the next generation, individuals and couples without children can easily arrive at the conclusion that they don’t need the same level of detail in their own plans or, worse yet, that they don’t need a plan at all. Nevertheless, there are several ways to help estate planning resonate with individuals and couples who aren’t parents. Reframe the planning conversation You can keep these clients engaged and help them find fulfillment by shifting your message away from discussions about bettering future generations and focusing instead on ways to plan for life, the future,

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5 Hidden Client Risks That Demand Your Immediate Attention

How to Steer Your Clients in the Right Direction Estate planning provides your clients with a wealth of opportunities to strategically grow their net worth while also planning for their families’ future comfort and security. Opportunity brings risk, but also the potential reward of deeper, longer-lasting client relationships. Educational Topics for Your Clients That Can Help Your Business What you don’t know can end up hurting your clients, and in turn, limit your ability to secure future business opportunities and retain assets under management. That’s why it’s important to learn about and discuss the potential estate planning risks faced by your clients. When you discuss the value of estate planning and these hidden risks with your clients, you strengthen your professional relationships, build long-lasting trust, and help clients maximize their financial well-being.   Risk 1: Sub-Optimal Insurance Products Problem: Busy clients can put insurance product comparison efforts on the back burner

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3 tips for preventing financial elder abuse

The definition of elder financial abuse is a simple one. It is any case in which a senior citizen’s finances are manipulated or misappropriated for the personal gain of another. While defining elder financial abuse may be simple, recognizing it, and preventing it, are separate matters. However, elder financial abuse can be detected if you know what to look for. Below are some tips to help elders and their loved ones spot the warning signs of financial abuse: 1. Watch out for Isolation Sadly, despite a lifetime of cultivating relationships and friendships, a person’s senior years are the ones in which they are most likely to feel the effects of isolation. Sometimes it is because they no longer drive and are stuck at home more often, or perhaps their children and grandchildren no longer feel them relevant or worthy of a visit. Regardless, isolation is a major contributor to elder

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