In the past, "self-funding" the risks of Long-Term Care (LTC) was a common theme among wealthy clients; however, RIAs should encourage clients to have an LTC Plan for several reasons.

• Financial Planning: LTC can be very expensive, and without a plan in place, clients may not have enough money to cover these costs, which can deplete their savings and assets, leaving them without enough money to cover other expenses or to pass on as an inheritance.

• Risk Management:  Long-term care can pose a significant risk to a client's overall financial well-being, and an RIA can help clients manage this risk by developing a long-term care plan that takes into account the client's overall financial goals and objectives.

• Estate Planning:  An RIA can help clients integrate long-term care planning into their overall estate planning strategy, which can help ensure that client's assets are protected and that their wishes are carried out as they intended.

• Peace of mind:  Having a long-term care plan in place can provide clients with peace of mind, knowing that they have a plan in place to cover potential future care expenses and that they won't have to rely on government benefits or deplete their retirement savings.

By encouraging clients to have a long-term care plan, you can help clients achieve financial security and peace of mind in their later years, which can be one of the most important goals of your advisory relationship.

Many RIAs consider Long-Term Care planning a “hedge” against this risk, so provide clients with added peace of mind and protect your AUM AND ensure multi-generational financial security.  

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