What Boomers Want In An LTC Advisor
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Boomers are looking for financial planners who have expert knowledge and make the process and products understandable, Ken Dychtwald said recently.
"Financial services speaks like the CIA," he said. "Most people dont get what it means."
The noted Age Wave gerontologist spoke at LIMRA Internationals annual meeting in Chicago.
"Advisors need to be good at navigating lifes course, not just life and death and complicated products," he said. He added that boomers "may get their research from the Internet, but they need and want a person to relate to them."
Long term care insurance agents who spoke with National Underwriter largely agree with this assessment.
Lowell Halpern, a New York Life agent in Ft. Lauderdale, Fla., says he keeps in contact with his boomer clients throughout the year.
"I believe its appreciated," Halpern says. "They know Im there should they need me."
Maintaining communication with boomers is critical because they base their decisions to buy on whether they trust the person selling to them, he says. Trust is earned through both ongoing contact and product knowledge.
Boomers will not make a buying decision based on a mailing that tells them which product they need. Rather, they will ask their advisor about the product and act on his recommendation, he says.
William C. Gelberg, principal, William C. Gelberg, Delray Beach, Fla., agrees that boomers want to work with someone "whos sharp in financial planning with a lot of experience and an objective opinion."
