I’ve been very lucky in my 34 years (and counting!) of business. Why? Because the majority of my clients have been with me for many, if not most, of those years. I’ve watched them start their careers, launch businesses, get married, and have children. And through it all, I’ve helped them protect themselves and their families by putting comprehensive financial plans in place for their future.
And now, many of my clients’ children have grown up. They’re starting their careers, launching businesses, getting married, and having children of their own. Maybe it’s the mother in me… but I want to protect them too.
Recently, a client of mine brought their adult son in for a planning session. He and his wife had applied for a mortgage, and their bank told them they had to have insurance – critical illness, disability and life insurance. This was true – they should have insurance! Of course, the bank then offered them their standard insurance package. It sounded good, so they were tempted to take it. That’s when the parents stepped in and sent them to see me.
This insurance package, like most packages offered by banks, was a one-size-fits-all product… not a comprehensive financial plan. It didn’t take their personal situation or future plans into account, and came with high monthly premiums for limited coverage.
Because I deal with all types of insurance – business, personal and employee – I like to get the big picture, which means I asked this young couple a lot of questions. What coverage do you have now with your employers? How long do you think you’ll be with your current employers? Any plans to start your own business in the future? Do you plan to have children?
It turned out that one of them did intend to start a business in the next 3-5 years… which meant they needed to get comprehensive coverage in place now, because once they went out on their own it would be very difficult (and expensive) to find a company willing to insure them. Together, we created a plan that protected them here and now, and that would continue to protect them in the future as their situation changed.
I feel very lucky to have the privilege of watching my clients and their families grow – and giving them personal financial advice that grows along with them. I love being a key advisor to them as they evolve in their personal and professional lives, and helping to protect them along the way.