Everyone has preconceived notions about seniors as a group. Well, it may be time to throw those notions out the window. Consider these far-from-average seniors: Pop music icons Simon and Garfunkel turn 65 this year, while one-time sexpots Ann-Margret and Charo are now eligible to collect Social Security; country singers Glen Campbell, Charlie Daniels, Mickey Gilley, and Roger Miller are celebrating birthday number 70; "Police Woman" (Angie Dickinson), "J.R. Ewing" (Larry Hagman), and "Captain Kirk" (William Shatner) will be 75 this year; and turning 80 are current or former heads of state Queen Elizabeth II, Fidel Castro, Jiang Zemin, and Valery Giscard d'Estaing.
While each senior is unique -- you may know an 80-year-old who seems as young as a 50-year-old, or a 65-year-old who seems more like 90 -- there are some things that all seniors have in common, and that is their financial circumstances. Age and government dictate specific aspects of the senior client's financial status. At 65, for example, seniors become eligible for federal benefits such as Social Security and Medicare. At 70-1/2, they are required to begin taking distributions from certain qualified retirement plans. At 75, a move to less-aggressive investments may be in order, while at 80, a lifestyle or health change may precipitate the need to sell a primary residence.
As you read the articles in the Agent's Sales Journal's Senior Market Selling Guide, keep your own senior clients in mind. Would Mr. Smith be more likely to accept your recommendations if you took Michael Sullivan's advice on page 18? Would Mr. Martin be more likely to visit your office if you had a dedicated parking space as Sue Cunningham recommends on page 20? And would Mrs. Jackson be more receptive to discussing an annuity if you spoke to her about it in plain language as Larry Klein suggests on page 22?
Getting to know your senior clients on an individual basis and accommodating their unique situations is the true key to your success as an advisor to this market segment. Every relationship can be improved, and improving your relationships with your senior clients will result in improved business for you.
