1. Get creative in your strategies…your clients may need major tax breaks for next year. Help a client in any way you can to try to “make up” for what they lost in the market. You may not be able to recover their losses, but you might be able to help them reclaim a portion of their losses by repositioning assets and putting tax savings back into their pockets.
2. Think security. A secure income stream helps a client sleep well at night. We’ve seen a number of advisors seek our services because their clients’ income stream is secured in three levels.
3. Know all of your vehicle options…there may be vehicles that can offer your client better advantages in this market. Many seniors are happily surprised to learn that by simply repositioning existing assets like real estate,
securities and annuities, they can enjoy tax deductions and secure income as well as free themselves from a non-performing asset.
Source: Jim Wolter, VP of development for Brentwood, Tenn.-based National Community Foundation.