This is a myth, of course. But rarely do we discuss the consequences of, or solutions for, the mortality of our advisers.
I’m writing this post because this year I seem to be getting way more questions from potential and existing clients like, “Well what happens to our plan if you’re no longer around?” I don’t know if this is because I look terrible lately or because I went on Medicare this year. Or maybe both. But it’s a smart and legitimate question. Here’s how I answer:
First of all, a large portion of my plans can usually be called “set it and forget it” requiring little future tweaking, other than for untimely life events like unemployment, divorce, disability, or death. But even those risks are largely taken into account.
Secondly, I have a succession plan should I become incapacitated or deceased. Without giving too many details- to protect the security of your data -I can tell you this: Upon my incapacity or death, my Personal Representative can present proof of that to my CRM vendor and gain complete access. Then they notify all the vendors, partners & clients in my database. I have designated professional partners who will either step into my shoes or find appropriately experienced and credentialed individuals to do so. And they will be in touch with you to discuss any necessary changes.
Finally, in my experience, most successful advisers never retire anyway. We are in this profession because it is extremely gratifying to make such a difference in the lives of our clients. Having heard the hopes and dreams of thousands of retirees, we understand the importance of finding happiness now instead of deferring it to a couple decades of post-professional idling. Besides, the Life Expectancy Calculator says I’m going to live to be 98 so I may outlive most of you!
Your Constructive Comments are Welcome!