One comment I hear from potential users is they can’t help clients plan for aging because they don’t have medical training. Whealthcare tools were developed specifically for non-medical advisors to comfortably plan for the challenges of aging clients.
This is the first of a series of interviews we are doing with Whealthcare “Power Users” – advisors who don’t have a medical degree and have recognized the need to improve their skills to better help their aging clients. Ourfirst interview was with Leila Dudley.
Leila’s practice is Mosaic Wealth Strategies located in Columbia, South Carolina. Many of her clients come to her because of a major life transition, often divorce or the death of a spouse. She is using the Financial Caretaking Plan, Whealthcare Risk Profile, and the Proactive Aging Plan with every client over the age of 60. Her clients have been very appreciative and receptive of her effort to plan for the financial and logistical challenges of aging.
What has made her use of Whealthcare a success?
- She makes it a part of the planning process for every client once they turn 60.
- By having an objective reason to start, clients do not feel singled out as having a problem. At Whealthcare, we recommend that advisors announce to all their clients through newsletters or emails that the firm is putting in processes to help clients better plan for the challenges of aging.
- Leila sent out a newsletter sharing the story of how well her parents planned for the aging process, and how much peace that provided to her as her parents aged and when they died. She wants her clients and their family to have that same experience.
- The clients don’t have a choice about going through the aging planning process. Although clients didn’t like some of the questions, she encouraged them through it.
- Because she believes this is important work, her clients follow through and get it done. Leila has “normalized” the aging planning process.
- Leila charges a separate planning fee in her practice. Planning is paramount for client success and takes time. The Whealthcare planning tools make planning for the challenges of aging much more efficient. Clients see the value in the output and are willing to pay for this service.
- Leila shared the example of her client who was soon to have quadruple bypass surgery. Because they had already done the planning, he didn’t have to face making quality of life and estate planning decisions when his and his family’s anxiety was at the highest.
One comment Leila made that most advisors know and are not addressing – the tsunami of problems you will have with aging clients and increasing regulation to protect aging clients is coming. If advisors are not implementing these processes now, they will be left standing flat footed when the big wave hits.
Planning for aging is not hard, and anyone who has the interest can use Whealthcare tools to deliver the service their client’s need to age safely, reduce their risk of fraud and abuse, and prepare families for the transfer of financial duties and assets in the years to come.
As Lelia’s story shows, you don’t have to be a doctor to help your clients plan for their biggest worries, and they will appreciate you for it. Whealthcare tools make it easy.