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Collaboration and your business

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This past week, the world turned its eyes towards Richmond, Va., as the UCI Road World Cycling Championships took center stage! For only the second time in its history, the last being in 1986, cycling’s pinnacle event was contested on American soil.

It is no small task for a city to host an event of this grandeur. It takes enormous effort and hundreds of dedicated people with a single focus. The goal for a host city is to create a legacy that will endure forever.

“Securing the 2015 world championships is the result of tremendous collaboration between civic and business leaders and strategic partners,” says Tim Miller, executive director of Richmond 2015 Inc., the nonprofit corporation that is responsible for the organization, management and promotion of the 2015 championships. I am also proud to say that my company, Genworth, is one of the founding partners in this great effort.

You are probably wondering why I chose to write a blog on these championships and how on earth does this have anything to do with you, my readers in terms of insights, knowledge and driving your business? As my loyal readers know, I believe that sports are a wonderful analogy for life.

See also: 3 critical steps: Help clients win the race against aging

So you’re probably thinking here comes a story about the athletes, but you’re wrong.

This time I want to focus on the collaboration among the various organizing groups to make my point. Richmond celebrated an incredible event and an enduring legacy because of the team-work to which so many people contributed.

This is exactly what is required to serve your clients’ long-term care (LTC) needs as the future for LTC becomes increasingly more complex and important. Given the wide-range of LTC circumstances people face in today’s complex environment, financial professionals need to “team up.” For a look at what I think your team of professionals should include, read on.

Bleachers

1. An insurance agent/producer who specializes in long-term care insurance (LTCI): the LTCI specialist. Of course, if you, the reader, or are a diehard LTCI specialist, you know why you’re the first on this list.

If you’re some other type of financial professional, or one that is contemplating getting your LTCI license, you should realize that the sooner clients talk to your LTCI specialist colleagues, the better.

While not all of your clients may qualify for insurance policies due to their health, many will if they act early before health concerns arise. For those who are uninsurable, a specialist can still offer guidance so that you and your clients better understand the current landscape which includes cost of long-term care services in your area

See also: How much does care cost?!?!

2. A geriatric nurse or licensed health care practitioner. Few among us want to envision ourselves in a future state of requiring care, but most of us would like to be prepared if not for ourselves than for the sake of our loved ones when that occurs. After all, long-term care impacts the family just as much (often times even more so) than the recipient of care. I have found when working with a geriatric nurse they provided a key understanding of the many forms LTC can take on. Their expertise has helped many clients decide which tasks family members may be able to perform and what the community services are offered locally and more.

3. An elder care attorney, and an accountant holding the Certified Public Accountant (CPA) designation. By finding a trusted attorney in your area who specializes in elder law (ElderLawAnswers.comis an example of a site that could help clients locate one) along with a seasoned CPA, you can help your clients understand the nuances of government programs, withdrawing from retirement investments to pay for long-term care, estate taxes and more. To me and so many professionals this is a holistic approach.

A trusted elder care attorney provides the general estate planning issues and will counsel clients regarding the planning for incapacity but also viable alternative solutions with proper planning documents. When it comes to the issues of long-term care, these professionals assist clients in that planning process which could also include nursing home, assisted living and home care options. Some of the most immediate and difficult decisions clients and their loved ones face head on, is coordinating and finding the right type of care, determining if public and private resources are available to them, financing cost of care and working to ensure that every client receives their right to quality care. Elder care attorneys provide these strategies and more in their very specialized practice.

When it comes to the tax aspect of financial planning, it is the seasoned CPA that provides the specific structure of the investments that favor the investor as it applies to taxation. Coordinated in this way, everyone benefits. It is a holistic approach to proper planning. Today’s economy which is more diverse than ever, requires expert guidance.

Every team needs a driver to get organized. One of the best ways I have found that financial professionals can build these teams is through the use of seminars and presentations. Invite one or several of the above professionals to a seminar that you have scheduled for your appropriate clients and ask them to contribute their expertise. This is a ‘win-win’ for the allied professional who has the opportunity to meet your clients, impart their wisdom and eventually work as an integral part of the team to help build your clients and their families financial plan.