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Those of us who have worked with consumers to develop and execute a personal financial plan can attest that there is something truly rewarding about helping a family achieve its financial goals. An advisor’s highest calling is to analyze a client’s personal finances, discuss their objectives and then educate them about the options available in order to accomplish those objectives, while acting in the best interests of the client.
By: Darwin Bayston, CFA
LifeHealthPro, 12 October 2015

Those of us who have worked with consumers to develop and execute a personal financial plan can attest that there is something truly rewarding about helping a family achieve its financial goals. An advisor’s highest calling is to analyze a client’s personal finances, discuss their objectives and then educate them about the options available in order to accomplish those objectives, while acting in the best interests of the client.

Of course, financial advisors clearly understand and are well-schooled in financial planning itself, so the reality is that advisors need to know how they will personally benefit – either financially or otherwise – from recommending various strategies for their clients. This is an important topic to discuss as it relates to possible choices for clients’ life insurance policies that may no longer be needed or affordable, including possibly selling the policy through a life settlement.

According to a 2014 study by WealthManagement.com, the vast majority of financial advisors are either unfamiliar with life settlements or are familiar with them but have never recommended them to clients.

At the same time, nearly 50 percent of advisors agreed that clients who plan to let their life insurance policy lapse should consider selling that policy. This disconnect suggests that many advisors are simply unaware of how life settlements work and how they can benefit their clients.

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