The Fiduciary & Long-Term Care Planning


Consumers are beginning to truly understand the importance of planning for retirement and the impact of longevity for that planning.  Unfortunately, most of their advisors are failing to address Healthcare In Retirement and Long-Term Care (LTC); even though BOTH can impact a financial plan like longevity. 


Then there is consistent survey data - this one from Lincoln Financial Group - indicates 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, lets' wrap these stats into the thread of the ongoing "fiduciary standard" drumbeat of the past few years as a very simple question:  Can an advisor truly be considered a "fiduciary" if Healthcare In Retirement and Long-Term Care is not a component of their recommended financial planning?   


Based on the data below, the short answer is "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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