Although my parents were financially secure, they relied on me for a wide variety of help across their lives. Though my parents have now passed away, I was tasked with coordinating a number of financial, health, real estate, and care professionals for both of them. Like most people, they didn’t have a trusted, fee-based advisor to help them coordinate the journey of America’s new retirement.
As your client’s trusted advisor, you have a unique view into not only their finances, but their hopes, dreams, fears, and concerns. Moreover, you likely know their legacy intentions and who is tasked with helping them when they can no longer help themselves. It’s rare that any other professional has this visibility into both their financial and personal affairs. With that access comes a responsibility to steward your clients through various transitions across retirement.
Your Expert Team
You’ve chosen Loring Ward as your investment partner to help you design, build, and manage portfolios unique to each client situation. But as your business partner, Loring Ward has also assembled several experts across the 360 LifeMap to help you better help your clients.
At our 2018 National Education Conference in San Francisco we brought together five industry leaders representing different areas of the 360 LifeMap. Under the backdrop of the 360 LifeMap, these experts shared challenges and opportunities to help clients across their financial and personal lives. Here are five themes the speakers shared in their remarks:
- Life Transitions: You need to protect your clients from these 3 things: What they know will happen, hope will happen, and hope will never happen
- Heath & Wellness: Healthy aging is highly influenced by lifestyle choices, which includes nutrition and exercise, but also social involvement
- Financial Comfort: Help simplify finances by consolidating cash and accounts. When possible, set up autopay as well.
- Higher Education Considerations: For most families, Higher-education funding is one of the largest “purchases” outside of the primary residence. Know how to use debt and savings in tandem with other sources of funds.
- Legacy: Clients can make an even larger philanthropic impact by giving wisely — even with more complex assets like real estate.
The 360 LifeMap is a great conversation catalyst to help uncover various areas that may be of concern or interest for your clients. Coupled with the 360 Discovery process, you’ll be able to learn what’s truly important to your clients as they transition and more deeply engage the uninvolved spouse.
Engaging the Next Generation
Your clients’ kids are likely to have “sandwich” responsibilities. One way to help them while bridging the generational gap is to review the 360 LifeMap in a family meeting. This blog from Heather Hooper provides a great list of questions to review with your clients’ kids. When coupled with the LifeMap, it can help you find different ways you can help — above and beyond the investment portfolio.
Loring Ward continues to seek opportunities to help you deliver a better wealth experience — through education, webinars, and access to experts to help you help your clients, their kids, and generations to come.
For more information on various experts we’ve curated to help you implement the 360 LifeMap, please contact Loring Ward’s Practice Management team at firstname.lastname@example.org.