Page 3 - Wealth Transfer Playbook

How can insurance agents and financial professionals help?
Simply because of sheer numbers, probability dictates that most agents and financial professionals have at least some baby boomers as clients who are interested in the wealth transfer concept. You have professional relationships with these clients and have already proven your value to them.
In visiting with these clients, you can zero in on the wealth transfer concept and offer specific solutions to meet this need. For example, one solution may include single-premium life insurance which can provide a tax-free transfer of wealth.
Who are the players?
Anyone in line to inherit a baby boomer’s wealth are eligible players in the wealth transfer process. These might include children, grandchildren or other relatives, businesses and charities.
Wealth-transfer planning works best if as many of the players as possible are involved. Agents and financial professionals should therefore meet their baby boomer clients together with their children (or other wealth transfer participants.)
When is the time to act?
Successful agents are proactive. Now’s the time to have meetings with your baby boomer clients and those to whom they will pass their wealth.
These appointments should be designed to help heirs feel comfortable working with you and give them a chance to witness your dedication and transparency. Also, these meetings help keep everyone on the same page and provides understanding regarding the wealth transfer process.
Opportunities with the next generation
Baby boomers are currently nearing or in retirement which has led to a boom for many insurance agents and financial advisors. As wealth is transferred from baby boomers to their children and relatives,
it’s imperative to keep your books full. Most studies suggest that 80% or more of heirs will look for a new financial advisor after inheritances have been received. You increase the chance that the heirs will choose you to be their advocate by involving them early in the wealth transfer process. Plus, this becomes your foot in the door to helping them with other financial and insurance needs.
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