For Financial Advisors, it’s the Dawn of Professional Collaboration

As we inch our way to the other side of this pandemic, we see a big change in the way clients view their advisory relationships. Having experienced the roller coaster ride of their lives in the last year, many are beginning to question the value of financial advice that isn’t tied to their larger financial picture. Clients are becoming more attuned to their personal goals, emphasizing financial security and their legacy desires for their families. Professional advisors who aren’t prepared to have this conversation with their clients may find themselves alone on an island.

Professional advisors are best positioned to understand their clients’ life insurance needs—they know what assets they have, and they have a good idea of what they need to protect. Yet many don’t have that conversation with their clients. There are several reasons for this. The advisors may not be comfortable with that conversation, or they’re not comfortable discussing life insurance solutions.

Based on our experience, we know that many clients may not be comfortable with that conversation either, which is why they typically don’t initiate it. But, when approached as part of their overall financial plan, understanding the crucial role life insurance plays in a family’s financial security and legacy, clients invariably welcome the conversation.

If Not You, Then Who?

It’s almost certain that one day, your clients will have that conversation with someone. Why shouldn’t they have it with you? If not you, then who? Why would you allow another advisor into the picture? Why not start a collaborative relationship with a life insurance specialist or the specialists at First American to work with you as part of your advisory team with you as the quarterback?

It’s What Clients Want

More than ever, high-net-worth clients are eager for a more integrated approach to their life planning—they just don’t know how to go about it. It takes a collaborative effort that encompasses the planning expertise across multiple disciplines integrated into a single coordinated plan. In other words, it takes a team approach, headed by a professional advisor skilled at assembling a collaborative team of advisors to consolidate the complete planning needs of your client into one synergistic process.

First American was built on that premise. Your high-net-worth clients need to have that critical conversation, but you may not be fully equipped to walk them through the process. With an experienced First American life specialist on your team, you’re bringing the expertise, skillset, and consultative approach your clients need to solve their problems.  Please contact me to find out how we can assist you.

— By Ken Shapiro, President