Retirement Concerns Provide a Way to Connect with Clients

Retirement savings are a concern for people from all walks of life, and high net-worth individuals are no exception. By speaking with high-net worth clients about the ways unexpected life events can impact their retirement savings, independent insurance providers can remain a trusted source for financial planning advice. No one is immune to fear about the future, and highlighting how today’s events can affect people’s future finances can help advisors build relationships quickly.

A common worry

Fear of inadequate retirement savings is a regular concern for many high net-worth individuals. In a study conducted by the American Institute of CPAs, 57 percent of the accountants surveyed said running out of money during retirement was their clients’ chief concern.

Financial planning with a strong focus on retirement income and strategies that minimize the impact of taxes can provide some respite from persistent concerns about solvency in retirement. Still, the specter of unforeseeable life events weighs heavily on many future retirees.

Nearly 60 percent of the surveyed CPA clients expressed fear that their savings would be inadequate to handle long-term health care costs for unexpected illnesses. The prevalence of these concerns is justified, as unexpected life events can wreak havoc on people’s ability to adequately save for retirement.

The events with an impact

Speaking with clients about unforeseen life events can tap into common worries about retirement, and may create openings for larger conversations about developments that are already affecting a client’s savings.

TD Ameritrade examined the effects of various events on retirement savings in their Financial Disruptions Survey for 2015, and spoke with more than 2,000 Americans from all walks of life who had experienced life events that negatively impacted their ability to save for retirement. Common issues that could affect the lives of high net-worth individuals include divorce and the need to take care of additional family members.

These events are spread evenly throughout people’s lives, and affect older individuals at about the same rate that they impact younger people. The survey participants reported these events resulted in delayed, reduced or paused efforts to invest or save money for retirement.

When the unexpected occurs, financial professionals can step in to help their clients work through potential issues. These life events may be negative, but advisors can use these moments as an opportunity to revaluate clients’ insurance needs in light of changing situations.

A chance for policy reviews

It’s important for financial professionals to regularly check in with clients regarding their insurance needs, and unexpected life events provide the perfect opportunity to reevaluate what policy is best for a consumer. A policy review from Highland Capital Brokers does not necessarily act as a policy replacement program, but instead offers an objective look at what policies will best meet the client’s needs today, and going forward.


Life events, such as a divorce, the birth of a child or new medical conditions alter what a person expects from their life insurance, and are likely to make a client concerned about their financial viability in the future. Working with consumers to assuage these fears and provide insurance solutions builds relationships.

Because these events can occur at any time in a person’s life, it’s important to note that nearly any client can benefit from regular policy reviews. Too many consumers purchase a life insurance policy and forget about it. By engaging in a policy review and the ensuing conversation, you can direct the client to a newer policy that better suits their situation. Worry about retirement savings is common, and any number of life events can have a negative impact on people’s ability to save. Examining a person’s current insurance policies in tandem with their savings goals, financial professionals can better serve their clients and improve their business.

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Highland Capital Brokerage

Highland Capital Brokerage

Highland Capital Brokerage is committed to developing client-focused relationships with financial advisors using our core competencies of life insurance, annuities, and long-term care. We distinguish ourselves by providing point-of-sale support, advanced marketing, and creative estate and business planning techniques.
Highland Capital Brokerage

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