PRACTICE SPECIALTIES Conversations That Empower Clients

they should consider whole life policies. Luckily there are riders now available where a client can purchase a term policy and on the 5th, 10th and 15th anniversary year of a 15-year policy a portion of the face value is moved to a whole life policy. This helps to streamline the process and continues to provide financial security.

• Do your clients have a steady paycheck, or does their income have ups and downs? In the aftermath of the Great Recession, Millennials in particular are finding it hard to find steady work.1 Many have turned to freelancing, seasonal work and temping. Uncertainty about the possibility of illness or unemployment may make these clients wary of committing to regular payments throughout life, e.g., a mortgage or a whole life insurance policy. Let them know that together, you can develop a plan to overcome potential stumbling blocks while keeping their goals within reach.

Equally as important, is your client expecting a large lump sum or inheritance in the near future? Large sums of cash can be overwhelming to manage. Bring up the attributes of various annuity products that can provide a life-long income stream.

• Is your client concerned that you are too young, or does he lack brand recognition of the product manufacturer? Reassure your client that you are here for the long haul with them. Share information about your associates. Do you work on a team? Share bios for those you may confer with in order to stress to the client that with a team approach, they are benefiting from collaborative knowledge and experiences. Provide your clients with information about the product carriers you are recommending. They need to know that your financial institution is positioned for their long-term security.

• How do we evaluate the plan? How would your client determine if the plan has been successful? How often does the client want to be in touch to ensure the plan you’ve designed together is on track?

The right advice can contribute significantly to long-term prosperity.

Your client wants to select a financial representative that he not only likes and trusts, but also one who shows enthusiasm and commitment to his success. By having this conversation, you will already be situated as an advisor who is thoughtful and thorough.

Financial representatives can explain things clearly and simplify choices when it comes to the many competing issues in life. Your clients are searching for someone to help them look at their finances in a unified, holistic way so that they can achieve major milestones, such as starting a family, selling a business, transferring wealth to new generations, and living a fulfilling life along the way. This is your opportunity to guide that complicated conversation even when your clients may not know where to start.

By Jeffrey Fleischman