Despite the recent media frenzy around predictions of impending doom, the much anticipated “Judgment Day” of May 21st has now come and gone and we’re back to business as usual (at least until next year if the Mayans got it right).
Assuming your clients didn’t deplete their life’s savings on a panic-induced Las Vegas adventure, they are still going to need your advice on how to manage their finances and make important decisions for the foreseeable future. So, all joking aside, how can you as a financial advisor take this opportunity to impart some valuable financial wisdom to your clients about planning for a real tragedy
?
Most people have concerns about what might happen should an unexpected event occur in their lives, and how they would navigate a significant financial obstacle unscathed, but many might not be willing to address them until prompted. It’s never a bad time to discuss with your clients what their financial plans are around unexpected events or tragedies. This might include how to handle the loss of a job, a severe car accident, natural disasters such as floods or earthquakes, or chronic illness. Proper planning can prevent an enormous amount of additional financial and emotional strain should the unthinkable occur.
Conversation starters such as the recent headlines may lighten the mood as you take the opportunity to reach out and discuss issues like establishing an emergency fund for “stormy weather” or even more serious topics such as wills, estate planning or living trusts. Helping your clients to be prepared for the unexpected will not only ease their minds in the short term but decrease the possible burden that their families might incur in the long run as well, so the next topic you can discuss is saving for that summer home, or how to take a real Las Vegas vacation, without giving up the shirt off your back to do it.