If these past few months have taught us anything, it’s that trend-forecasting is an inexact science. We’ve all known for at least the past two decades that technology would continue to change our world, seamlessly integrating itself into our daily lives until almost everything can be ordered, viewed, or accomplished digitally. But very few of us could have predicted just how much, and how quickly, we would have to adapt to a world where working from home, video-chatting with doctors, and ordering groceries was not only an option but a necessity. It’s changed the way we conduct business – so much so that many industries, like life and health insurance, have been forced to reevaluate their relationship with tech to meet the demand of advisors and clients alike. They’ve begun to realize that technology is not just a trend they must grudgingly dip their toes into but an opportunity to dive in head first for total transformation. Keeping all that in mind, here are the most notable trends that insurance agents should be aware of.
Recent posts by Dan Pierson
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For a long time, Baby Boomers have been the lifeblood of many finance-based industries, and the financial advisor business is no exception. Baby Boomers, considered to be anybody between the ages of 55 and 75, are perhaps the last generation that practices similar financial habits to the generations that came before them.
They own homes, businesses, and other assets, making them easily the wealthiest generation in American history with an estimated $68 trillion in wealth. And, while pondering our own mortality is never fun, it’s an indisputable fact that, as Baby Boomers continue to age, they will need trusted financial advisors to guide them through the uncharted waters of long-term care as well as complete the transference of wealth to their Gen X and Millennial children when applicable.
From retirement plans to long-term healthcare options and beyond, knowing how to provide valuable and targeted guidance to your Baby Boomer clients will ensure mutually beneficial partnerships for everyone involved. Keep reading to learn more about the importance of long-term and extended care planning and how LegacyShield can be a valuable tool for you, your clients, and their loved ones.
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The steps outlined in this article will help you work with your clients to implement effective legacy planning programs.
In my time as a financial advisor, I was primarily focused on providing my clients with wealth accumulation and distribution strategies. More often than not, the solution involved the use of life insurance, taking advantage of its tax-free accumulation and distribution benefits.