How to help financial advisor clients save money
Healthcare costs in retirement are a huge concern for older Americans, and financial advisors are uniquely positioned to address this area of need. According to Fidelity Benefits Consulting, a 65-year-old couple retiring this year will spend $275,000 on healthcare, not including long-term care expenses.
This number has been on the rise for years, which is why smart planners are increasingly building healthcare planning into their clients’ financial goals and portfolios. But aside from asset management, there are many other intersections of healthcare and finance where consulting services are sorely needed but hard to find.
Three areas advisors may not have considered as affecting their clients’ finances are yearly Medicare costs, high-dollar medical bills, and HSAs. Planners can help clients make more informed, cost-effective and tax-advantaged choices by partnering with insurance advisors, national consulting firms, or building expertise in-house.
Providing advisory services in these areas is to the benefit of both your clients and your practice. Here are three areas you may not have considered when it comes to retirement and healthcare costs, and how you can help your clients address them.Read More