Find The Will Power

Time to Review
Quite simply, a financial plan should encompass a review of the will, and
related documents such as a power of attorney.
Doing so --- and developing an associated asset inventory to support
directions in the will --- can be the basis for developing a net worth
statement.
Plus, you can learn a lot about a prospect or the client and his plans
through looking at the will. You’ll learn about financial plans for the spouse
and children that may have insurance implications; you’ll learn something
about the complexity of the estate and the sophistication of the client;
you’ll also develop an understanding of client priorities. All of this can be
vital to conducting thorough needs’ analysis.
Here’s a frightening fact from the Canadian Life and Health Insurance
Association (CLHIA): In a survey conducted within the last three years,
75% of those surveyed said they look to their advisor for financial advice
and, on average, it had been five years since they were approached
about their needs and coverages.
o Because this finding is an average, that meant half the people
surveyed had not been approached for more than five years.
What changes have you experienced in the last five years? Don’t you
think the same may be true for clients with whom you haven’t met
regularly and often? The heavy lifting you had to do to get the business
and acquire the client’s initial trust may go to waste if you don’t sustain the
effort.
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