Survey: Advisors lacking in LTCI advice

By Gary Linnell

ProWEB Wire (Industry News)

A huge majority of Americans say their financial advisors have not mentioned long term care planning with them, according to a recent survey by Genworth Financial Inc.

The Web survey found that 91 percent of respondents said they haven't been approached by a financial professional on the topic of long term care.

According to Colleen Goldhammer, Genworth's senior vice president of sale and distribution, "Many advisors are missing a tremendous opportunity to talk to their existing clients. Discussions about long term care represent a major tipping point for advisors."

Although advisors aren't broaching the subject of long term care, 86 percent of those surveyed believe it's important that they discuss the topic with financial professionals. Respondents said they expect advisors to help them to choose ideal residential-care options and to explain which topics should be discussed with family members during LTC planning.

Meanwhile, just 11 percent said they are "very confident" in their ability to afford long term medical care, while only 15 percent believe they're on their way to a financially secure retirement.