Working with senior clients to ensure the longevity of their finances can become a complex task for any advisor. Pairing seniors and annuities is sometimes a no-brainer; however, other times we must ask ourselves if annuities are really the right product for our client. Our job is to adequately help seniors, and all clients, understand what they’re purchasing when we explore annuity options with them.
Many times senior clients can be suffering from slight cases of Alzheimer’s, dementia or other related conditions, preventing them from fully comprehending the recommendations a financial advisor may be suggesting. This can lead to a number of tricky situations, including a client who forgets the logistics spoken about during a meeting, or a client who even forgets the details of a product or policy they have purchased.
Video or audio record meetings
There are a few things we can do as advisors to ensure our clients not only understand what they are purchasing, but also feel confident we have their best interests in mind. One thing I’ve found helpful is videotaping or audio-recording each session with senior clients. Let your client know annuities can be a complicated product. Recording these sessions allows both of you to remain confident the details will not be lost in the conversation.