Commencing in the 1970’s, and maturing throughout the 1980’s and 1990’s, many advisers who adopted the mantle of ‘financial planner’, wanted to generate a different image in the eyes of their clients than that held by many consumers who saw them as purely sales-driven operators.
I believe the most powerful question you can ask in the first meeting with a single person is ‘What would you regard as your most valuable asset? ‘It is important that you ask this question in the context of discussing their assets/liabilities.
With business owners, when discussing the area of estate planning, I asked two specific questions: Will your heirs inherit a gross estate or a net estate? AND “If you had died yesterday, what amount of shrinkage would your estate have suffered?
From my experience, the single person is generally oblivious to the need for owning life insurance and consider themselves “bullet-proof” so far as long-term disability is concerned.
Sadly, from my experience, a negative side-effect of our compliance regime is the inability of many Financial Advisers (FA) to convince people of their need to own much larger and appropriate sums of life insurance.
The basic premise for Keyperson insurance is that business is an enterprise for profit. Since the purpose of business is profit, it is self evident that the most valuable asset of a business is the asset which produces
In the last 37 years I have had relatively few disability claims. However, in the last two years I have had to handle three claims, all for depression, and these particular claims – because they are emotion oriented have given me a very valuable insight into the claims process.
The more successful we become, the further we move away from the basics that made us successful in the first place!” Don Connelly— internationally acclaimed successful trainer, coach and mentor to Financial Advisers.