Sometimes the best way for us to succeed is to take some time to reflect on what we’ve learned. Let’s revisit the top eight things advisors should keep in mind when working with senior clients.

Understanding the client

  • Slow down: Learn how to reach across generations and slow down for your senior clients.
  • Know the family executives: Invest in the two family CEOs – chief executive officer and chief emotional officer – and their children, because as time passes the next generation will inherit the role of CEO.
  • Family matters: Generate important family conversations, and help create a sense of peace for seniors, knowing their loved ones understand the benefits of the financial planning they have done.

Understanding the product

  • Policy basics: Take the time to educate yourself on new policies before advising clients on the products that are right for them.
  • Educate the senior consumer: Look at your senior clients and make sure they understand the policies and what they need to do to achieve their retirement and legacy goals.
  • The good and the bad: Help clients understand that life insurance can have value not only during the bad times, but also in life’s good moments.

Understanding your role

  • Integrity, always integrity: Recognize the importance of integrity in your relationships with senior clients and always strive to maintain the reputation of our industry.
  • Excite action: Create the will in your clients to take action to prepare for retirement – the solutions exist today and as advisors we must always do what we do best – encourage our clients to take action.

Philip E. Harriman is past president of the Million Dollar Round Table and a partner with the firm Lebel and Harriman, LLP in Falmouth, Maine. He has been in the insurance industry for 28 years and has been an MDRT member since 1983.