It is also important to understand the dynamics that they want to see in their retirement. This vision is different for everyone and the financial needs will depend a lot.
Remember to have an overview of your situation to make a good financial plan and set achievable goals. Thus, insurance protection requirements are crucial elements of this overview.
- Plan for a longer life.
Medical advances allow people to live longer and longer. The number of people over 100 years old is increasing in Canada. For this reason, despite the complex market situation, advisors should not only bet on “safe” investments such as GIC.
It is important to consider an investment approach that creates potential return in portfolios and provides clients with income for an extended life.
- Explore new product strategies
Advisors try to find solutions that offer returns while limiting volatility. Obviously, there is no miracle product, but it is always possible to bet on diversification by integrating other asset classes and different geographical areas.
Also check if there are no more suitable products for the decumulation phase. Be careful, however, to always meet the obligations of knowledge of the product (KYP).
You have already taken into account the intergenerational transfer of wealth. It is also important to help the next generations in their investment journey. Meeting with them will increase your chances of continuing to do business with you after their loved one’s disappearance.
This is a good opportunity to create a relationship with them. Not to mention that your customers will be less likely to go elsewhere if you also recommend other members of their family.
If you are nearing retirement, you may also consider bringing a younger counselor into your meetings to work with the younger family members of your clients.
- Extend the reach of communications
On the communication side, send messages to your customers that go beyond the market situation. You need to cover a variety of topics. Why not send them tips on how to stay healthy or take advantage of insurance to finance future tax bills?
Adapt your messages according to the type of customer, their interests and their goals. Also make sure you use different communication platforms to better suit your customers.
Tell yourself that these messages can be excellent engagement tools.