Retirement is changing, and financial professionals must deliver more value to clients or risk losing them. How do you build trust in 2018? How do you make your offering unique and expand existing relationships? It’s time to move beyond traditional money talk.
Why Wealth + Health?
Put simply, today’s clients are expecting more. If all you have to stand behind is your rate and product offerings, your clients don’t have much reason to stick around.
Consider the bigger picture. As lifespans increase, people will be spending more and more of their years in retirement. Your clients’ health could strongly determine what kind of medical costs they face down the road.
That’s why thinking holistically is so important. Are your competitors addressing these concerns? Moving forward, your level of familiarity with your clients’ Wealth + Health will be a measure of the quality of your professional relationship.
What else is going on in their lives? How do they currently feel about their health? What about their loved ones? Are they concerned about anything that runs in the family? These questions can help get the ball rolling.
Advice that’s profoundly human
Despite the rise of robo-advisors and automated everything, there’s no match for personalized advice.
“Do you get me?” is the number one measure of how people rate their financial professionals. Assisting them with money matters is a baseline expectation — what else are you doing?
Instead of strictly talking financial numbers, consider health numbers too. Some of your clients may brush off a high cholesterol reading at the doctor’s office, but would their reaction change if they knew the next generation of cholesterol drugs is projected to cost individuals $14,000 per year? These conversations matter.
How to leverage caretaking conversations with clients
Personal health is one thing, but the well-being of family is another. It’s no mystery caretaking is difficult. The realities grow starker when your client is looking after a loved one with dementia, a cruel disease that takes more lives than breast cancer and prostate cancer combined.
As of 2018, over 16 million Americans provide unpaid care for loved ones with dementia, valued at over $232 billion. These duties range from helping with finances to shopping, cooking — even helping once-vibrant loved ones get dressed.
This is why demonstrating genuine empathy is so important. To help you guide clients on this sensitive topic, we’ve prepared a Field Guide to Dementia for financial professionals.
Casting a holistic vision for clients’ active retirement years
Retirement isn’t all vacations and bucket lists. Nor is it crosswords and rocking chairs. Having a deeper, holistic conversation with clients about the reality of retirement will demonstrate your personal investment far beyond their earning years.
Consider the importance of planning. During our working years, we plan and schedule just about every minute. Naturally, this stops at retirement.
But consider the reality. After returning home from that maiden vacation voyage (the big one) and opening the first social security check, reality begins to set in. What’s next?
The perks of scheduling
Beyond a date and time marked on a calendar, these are commitments. Encourage clients to “make appointments” to meet old friends, commit to activities and quality time with the grandkids, register for events or classes they’re passionate about, to always have a plan.
Just as importantly, ensure clients understand there’s nothing wrong with the mundane. They will have slow days. This is part of life after work. Why not treat it as personal time — an opportunity to decompress, to do something for themselves? After all, the next adventure is right around the corner.
Expanding the conversation into navigating longevity
Let’s face it. Today’s clients are expecting more. This is no longer a conversation about dollars and cents, but about everything money can empower.
Integrating Wealth + Health into your business doesn’t require a medical license or specialized degree. It’s simply taking the time to explore and discuss the bigger picture in your clients’ lives. People want a sense of relief from uncertainty, whether that be future healthcare costs, retirement concerns, or something new altogether.
The emerging job of financial professionals today is not only to manage money, but to develop lifelong connections with clients while delivering the right solutions at the right time at every stage of life.
Transamerica Resources, Inc. is an Aegon company and is affiliated with various companies which include, but are not limited to, insurance companies and broker dealers. Transamerica Resources, Inc. does not offer insurance products or securities. This material is provided for informational purposes only and should not be construed as insurance, securities, ERISA, tax, investment, or legal advice. Although care has been taken in preparing this material and presenting it accurately, Transamerica Resources, Inc. disclaims any express or implied warranty as to the accuracy of any material contained herein and any liability with respect to it. Interested parties must consult and rely solely upon their own independent advisors regarding their particular situation and the concepts presented here.
Neither Transamerica nor its agents or representatives may provide tax or legal advice. Anyone to whom this material is promoted, marketed, or recommended should consult with and rely on their own independent tax and legal advisors regarding their particular situation and the concepts presented herein.
Transamerica is a proud sponsor of Dr. Joseph Coughlin and the MIT AgeLab.