The Fiduciary & Long-Term Care Planning

It's no secret that consumers and advisors know the importance of planning for retirement & longevity. Unfortunately, most are not prepared to discuss of Long-Term Care (LTC) and how those risks can impact nearly all of the top financial concerns for which they are planning.  Surveys indicate less than 50% of consumers have discussed LTC planning with their advisor, and less than 30% of all those individuals own a financial solution mitigating the risk associated with future LTC needs.  

 

As advisors move forward with their clients' planning, they must consider their actions under some kind of "fiduciary" standard.  This is especially true in the context of retirement savings/planning, where more than 60% of advisors are recommending how LTC expenses should or would be funded.   As such, the financial services industry must consider how it will address LTC and Healthcare In Retirement with clients.

Making mattes worse, 55% of advisors are not having appropriate or meaningful discussions about this topic with consumers.  Thus, our industry has a LONG way to go before we can even come close to saying these topics are sufficiently addressed......

In order to better understand today's positioning of LTC Planning for your clients, we encourage you to review the following items:

 

Managing Long-Term Care

Spending Risks in Retirement

 

Long-Term Care Risk - Survey

Results from Consumers & Advisors

 

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

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