By speaking with clients about difficult topics like succession planning, advisors can build trust while introducing solutions such as buy-sell agreements to prepare clients for scenarios like a business exit or the unfortunate death of a joint owner.
They can further strengthen relationships by encouraging collaboration with estate attorneys to integrate business assets into estate plans and proactively discussing legacy goals, such as gifting shares to family members.
Addressing these critical topics allows advisors to safeguard their clients’ futures and build upon their reputation as essential partners in navigating life’s most important transitions.
Taxes can significantly affect retirement income, and proactive planning is key to minimizing liabilities.
6. Don’t forget tax-proofing.
To that end, advisors should encourage clients to work with their CPAs to evaluate the tax implications of various retirement vehicles. This approach can keep clients well-informed about strategies to minimize tax liabilities, so they don’t have unwelcome surprises during their transition to earning a fixed income.
7. Invest in tools for smarter planning.
While these conversations might seem daunting, advisors now have access to specialized engagement platforms that proactively offer insights to inform retirement plans and strengthen collaboration with other financial experts.
These software platforms can create scenario analyses, generate conversation prompts and integrate seamlessly with advisors’ workflows.
By leveraging these tools, advisors can more confidently approach even the most complex topics — regardless of whether the subject matter extends beyond their expertise or exceeds the client’s ability to present relevant data points.
They are empowered to proactively address difficult topics, uncover hidden opportunities and collaborate effectively with CPAs, estate planning attorneys and other financial professionals.
By embracing these solutions, advisors can turn challenging discussions into opportunities to build stronger client relationships and solidify their roles as trusted, indispensable financial partners.
Jason Early is founder and CEO of RISR, an engagement platform designed to empower advisors and the business owners they serve.
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