In Long-Term Care Planning, Traditions Matter
Build strong relationships with your younger clients, who are responsible for supporting their parents while also providing care for young children.
The sandwich generation is often your greatest advocate, and the gateway to helping their elders understand important financial solutions.
Encourage open communication: Conversations around aging are necessary, even though they’re never easy.
As financial advisors, we do more than provide financial guidance: We play a key role in helping clients have “heart-to-hearts” with their families.
Equip them with thought starters and questions they can use while talking with their older family members; some clients may even take you up on role-playing how they’d approach a difficult conversation.
By offering this type of support, you’re not only showing your commitment to helping them achieve their financial goals but also showing how you truly care for them as a person.
Don’t underestimate the power of real-life examples: I can’t tell you how often I share other client stories (anonymously, of course) during client meetings.
Your client will not be the first family helped by long-term care planning, and it’s amazing how far a simple real-life story goes.
People don’t want to feel alone, so sharing real examples can help them feel more confident about exploring long-term care as an option.
Using these tips turned out to be just what my clients in Denver needed.
At first, few in this multi-generational household understood long-term care planning or why it was important.
Younger members were forming their own families and living apart, while a sister with a disability needed care, so long-term care planning helped give them the sense of reassurance they needed to know their houses would be kept in the family.
Long-term care is a vital aspect of financial planning, and financial advisors should proactively discuss with all clients, regardless of circumstances.
Start these conversations today to ensure your clients — including those in the Hispanic American community — understand the importance of long-term care planning and are equipped to make informed decisions to benefit their families.
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Oscar Moreno is a Thrivent financial advisor based in Greenwood Village, Colorado.
