Tom Rowan, CLU, ChFC, CLTC, started his career with Prudential Insurance as an agent in 1977. After five years in production, he spent 14 years in management. In 1996, he transitioned back to financial planning with Prudential under the DBA of Rowan Associates in Harrisburg, Pa. Senior Market Advisor recently asked Rowan for his insights on providing financial- and estate-planning services to clients.
Senior Market Advisor: How do you identify prospective estate planning clients?
Tom Rowan: I think there is a mystique about estate planning — everyone thinks that an individual or a couple has to have a huge amount of assets before they’d ever consider doing anything in the conservation of their estate or the management and distribution of their estate. I typically look at estate planning clients as individuals probably, from an age standpoint, around age 55 and above. They are either near the end of their careers or they’re already retired and they have a substantial amount of assets. The definition of substantial may vary but I would say at least in the range of $1 million to $2 million of assets and above. These clients are candidates to at least look at strategies to try to preserve their assets or to try to either maximize or manage their estates’ distribution.
SMA: What are the most common estate planning mistakes you encounter among prospects?