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March 18, 2020 at 11:59 PM
One of the most significant challenges advisors face is how to help clients address the myriad of financial decisions that could impact their households. Retirement planning tends to receive great attention because it’s an easy conversation to initiate and often a focus for clients already.
Comparatively few clients, however, consider the potential impact of losing their ability to generate an income due to disability.
(Related: The 6 L’s of Small-Business Planning)
Especially amid the Covid-19 outbreak over the last few weeks, it’s that much more important for individuals and families to forward-think about how they will financially survive if they cannot work, and advisors need to step up to proactively support clients on this matter.
Meanwhile, financial advisors find that trying to cover clients with private disability insurance policies is often a very complex process — entailing both medical and financial underwriting as well as historical tax documentation. Due to the complexity for advisors and lack of expressed demand by clients, preparing for disability tends to be a drastically under-addressed topic of conversation.
This pattern is reflected by the data we analyze at Asset-Map, which indicates our retirement funding calculator is the most-run analysis engine by advisors using the platform. The least-run is the disability funding scenario, despite representing the most significant exposure for many clients.
