Advisors: Are You In Communication…… With Your Client’s Family?
The client who called us was in great distress. Her name is changed to protect her identity.
Deanne had just been in contact with her mother’s financial advisor. Score one for the advisor for remembering that his client had a family and for having enough information to even contact the daughter. BUT, what the advisor told the daughter was very distressing.
“Your mother is going to run out of money in about 24 months”, he said. Deanne’s heart almost stopped! She is 52 years old and has had enough trouble supporting herself, much less worrying about her mother. She felt sick and panicked. What was she going to do?
Deanne’s mother is 84. She is in generally good health and may be around for quite a while. What might the advisor have done in this case?
Most financial services professionals work very hard to grow a client’s assets and to protect them against running out of money. But let’s face it: many factors are in play and when you start with a modest amount, there might not be a way to make it last to the end of a person’s life. How much notice do you have? Should you warn the family of a potential coming disaster? (more…)
