The Fiduciary & Long-Term Care Planning

 

Consumers understand the importance of financial, retirement, and estate planning and how managing risk will enhance that planning.  Unfortunately, too many advisors fail to address Healthcare In Retirement and Long-Term Care (LTC); even though BOTH are measurable risks that impact a financial plan.

 

Now consider the fairly consistent survey data - this one from Lincoln Financial Group - indicating less than 50% of consumers have discussed LTC planning with their advisor, and less than 30% of all those individuals have implemented a planning solution to mitigate the risk associated with future LTC needs. 

 

Now, put this all into the context of the continuing "fiduciary standard" drumbeat and ask a very simple question:  Can an advisor truly be a "fiduciary" if Healthcare In Retirement and Long-Term Care are not addressed by their recommendations or comprehensive planning?   

 

Based on the data below, the short answer appears to be "NO"......

 

With further analysis, it becomes clear the advisory community should seriously consider expanding their discussions about LTC Planning solutions with clients.  

 

 

Making mattes worse, 55% of advisors are not having appropriate or meaningful discussions about this topic with consumers.  Again, how many of these advisors are "fiduciaries"??.......

 

Based on Lincoln's data, many advisors have a long way to go before they can confidently say they've addressed healthcare and LTC sufficiently with clients.....If you want to better understand the topic today, and how to position LTC Planning for your clients, we encourage you to review the following items:

 

Managing Long- Term Care 

Spending Risks in Retirement

 

Understanding Health Insurance Options in Retirement

 

Once you've done so, consider setting an appointment with one of our LTC Planning Strategists and we can help you to begin identifying clients and prospects who should consider LTC Planning.

 

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