Help clients prepare to live longer and be financially secure. With advances in medical treatment and technology, your clients are living longer — and could potentially face major challenges from both a health and financial standpoint. To help you initiate conversations about the keys to longevity, and provide strategic advice on financial security, explore the practical resources available here.
Who can Benefit
Clients concerned with the risks that impact their retirement
- Longevity Risk – Potential to live longer than expected and not having enough savings. Opportunity to recommend products that offer guaranteed income.
- Inflation Risk – Potential rise in inflation reducing the ability to maintain standard of living. Opportunity to recommend products with potential to provide tax-efficient, inflation-adjusted returns or income.
- Market Risk – Potential negative performance of investments, particularly during drawdown phase. Opportunity to showcase retirement income-planning strategies.
- Health Care and Long-Term Care Risk – Potential for greater health and long-term care expenses than anticipated. Opportunity to encourage investing more for unforeseen events or purchasing long-term care insurance.
Communicate Your Value
- Help clients save more money for retirement, and manage the risks of living longer, to enhance your value as a trusted Advisor assist clients to prepare an effective action plan.
- Understand and maximize social benefit and tax credits.
- Utilize financial tools to improve financial well-being.
- Develop and implement a customized financial plan.
- Engage the services of experts in areas of specialization such as tax planning, trust and estate planning, or accounting.
Get in the Know
- 34% of Canadian adults are not prepared financially for retirement.
- 72% of Canadians said they should have started saving for retirement before 30, but only 41% actually did. Help clients invest for growth, and participate in government benefits, and tax-advantaged plans and investments.
- 60% don’t know how much money they need to save to maintain their desired standard of living during retirement. Help clients maintain focus on long-term financial planning, frequently reviewing their plan and making adjustments as their circumstances change.
* Source: Living to 100: The four keys to longevity, BMO Wealth Institute, July 2014.