Financial advisors are well-versed in investment strategies, life insurance, annuities, long-term care insurance and estate planning
. I’ve heard it stressed that you should find your niche and focus your efforts on a specified target to establish yourself as an expert in that
subject. I’ve also heard of holistic retirement planning, covering all stages of the client’s financial life, from investments to Medicare.
The missing piece to the financial puzzle
The harsh reality is that one of the most important conversations lacking in most advisory firms is regarding end of life planning. The fact of the matter is that one day we will all die. Hopefully later versus sooner, but I once heard a veteran insurance salesman say, “God promises us eternity but never promises us tomorrow."
Sure, most people are afraid to speak candidly about death and dying
. It is largely considered to be a taboo conversation. However, the implications of life insurance and estate planning are arguably just as grim as those associated with medical directives, funeral
arrangements and funeral expenses, right? The fact of the matter is that all of these aforementioned planning strategies involve products and planning that are only triggered upon death. Furthermore, we know that not only is death is a 100 percent guaranteed event in our lives, but it is also accompanied by important emotional and financial decisions.
The million-dollar questions:
- Why are we not talking about end of life planning with every client?
- Why are we not helping our clients plan and prepare for arguably one of the most difficult times in their lives, which is guaranteed
By having “the conversation” about end of life planning, not only are you serving and protecting your clients in a more comprehensive
way, but you are also able to:
- Add value to your practice
- Create a new niche service
- Generate new revenue
- Identify new planning opportunities
- Create new referrals
- Solidify a multi-generational clientele