Filed Under:Markets, Senior Market

3 essential screenings for a financial checkup


We all need checkups. As a financial professional, you have meetings with clients that are little different from the preventive visits they have with doctors. They have chosen you to help them navigate what can be rough seas and develop a trusting relationship that will last for many years to come.

Sometimes financial professionals miss the mark and neglect three fronts that would serve their clients better, strengthen their relationships and grow their bottom line.

pink piggy bank health cost

1. Assessing their state of health and long-term care cost literacy. 

Your clients need to learn the facts about health costs ahead of time, so that you can work together to help formulate the right plan for their needs. Here’s a staggering statistic to break the ice: A 65-year-old couple retiring this year needs an average of $220,000 to pay for medical costs throughout their retirement (Fidelity).


2. Verifying whether your clients who are women, or are related to women, understand how women fit into the planning equation.

You owe it to all your clients to develop well-rounded strategies... that’s why they choose you rather than the next financial professional. Yet, I see half of all clients are often left out of financial discussions and decisions right in their financial professional’s office! More than half of women (51 percent) seek advice and/or prefer to rely on outside experts to manage and monitor their retirement savings (Transamerica Center for Retirement Studies).

See also: The real market

father and son

3. Looking to see whether younger clients have thought about both their parents and their children.

Be sure to address your younger clients' and working clients’ plans for their own aging parents and the costs associated with caring for parents.

Life insurance is another no-brainer that covers its beneficiaries in many ways from paying off debts and mortgages to funding education and burial expenses.

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Nichole Morford

Nichole Morford
Managing Editor

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