It’s a Family Matter – Discussing Financial Planning with Loved Ones

We all know that it is not always easy for our clients to discuss financial matters with their family members.

As a Financial Advisor, your main focus is to identify your client’s financial goals and provide guidance with knowledge to reach those goals during their financial accumulation and retirement distribution years.  I urge you to consider expanding your focus to include helping your clients prepare their families for what can happen in the face of a life event such as disability or death.

Do your clients really understand what can happen to their families in their absence? Are they knowledgeable about their options to protect their investment portfolio, including their home? Have they shared with their family members what needs to be done in their absence, or will you be responsible? Will you be the one to receive the call from a spouse, child or designated beneficiary after the life changing event asking you for help?

As a Trusted Advisor, it’s critical that you change the conversation with your clients to include this important discussion about life events. As an added benefit, the conversation will help you uncover more than you currently know about your client’s financial situation.

Ask a simple question at the end of your conversation. Have you shared with your family what to do in case of a life changing event such as disability, chronic illness or death? Just listen! Seize the opportunity to become more familiar with your client’s family and how they will be impacted by these life events. Just by asking that question, you move closer to earning the Trusted Advisor role with this client.

As a Financial Advisor, your meetings should not only focus on the client’s investment portfolio. Are you inspiring financial family talks with clients?  It’s time to consider having these in-depth conversations with your clients about their families and what they want their legacy for their families to be.