Mike Langford Mike Langford

How Financial Advisors Can Help Clients Navigate The Black Box of Healthcare Costs

Drew Shockley, Co-Founder of Move Health joins Mike Langford to explore how financial advisors can help their clients tackle one of the biggest obstacles that many are likely going to face at some point in their life…

Finding a health care plan that they can afford and that works within the framework of their overall life goals.

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If you would like to follow up with Drew, shoot him an email.

Key Takeaways From This Episode

  • Healthcare costs can significantly alter clients' life plans.

  • Many clients feel trapped in jobs due to healthcare benefits.

  • Financial advisors often underestimate healthcare costs in planning.

  • The healthcare landscape is complex and requires specialized knowledge.

  • A significant portion of the population purchases their own healthcare coverage.

  • The age group 55-64 is critical for healthcare planning.

  • Myths about health insurance can prevent clients from making informed decisions.

  • The Affordable Care Act has changed the healthcare insurance landscape.

  • Financial advisors can play a crucial role in helping clients navigate healthcare options.

  • There is a growing need for financial advisors to integrate healthcare planning into their services. Financial advisors play a crucial role in retirement planning.

  • Healthcare costs are a significant concern for retirees.

  • 72% of clients would switch advisors if healthcare needs aren't met.

  • Long-term care is a reality for 50% of Americans.

  • The modern advisor must understand healthcare options.

  • Personalized service is essential in financial advising.

  • The Affordable Care Act has changed healthcare access.

  • Advisors should engage with clients about their career plans.

  • Partnerships with healthcare experts can enhance client service.

  • Understanding healthcare costs is vital for financial planning.

Resources Mentioned In This Episode:

  • Move Health - A healthcare insurance planning firm utilized by forward-thinking financial advisors and their clients across the country.

  • Long-Term Care Episode - In similar fashion to standard healthcare cost, long-term care has an extremely high probability to need for most clients of today’s financial advisors. Yet, most advisors are not planning for it appropriately, if at all. In this episode, Larry Nisenson of Assured Allies provides a quality roadmap for financial advisors to follow to ensure their clients needs are met.

Chapters

00:00 Introduction to Healthcare Challenges

02:45 The Role of Financial Advisors in Healthcare Planning

06:05 Understanding the Healthcare Landscape

08:52 Target Demographics for Healthcare Solutions

11:59 The Importance of Age 55-64 in Healthcare Planning

14:56 Myths About Health Insurance

18:12 The Impact of the Affordable Care Act

21:05 The Shift in Financial Advisory Services

24:10 The Modern Financial Advisor as a Quarterback

27:59 The Financial Playbook: Strategies for Retirement Planning

34:52 Navigating Healthcare: The Role of Financial Advisors

40:56 The Human Element in Healthcare Decisions

44:01 Unlocking Freedom: Helping Clients Transition to Retirement

52:57 The Future of Healthcare: Understanding the Affordable Care Act

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Mike Langford Mike Langford

Why Asking The Right Questions About Your Client’s Values Often Leads to Higher Quality Financial Advice

Jason Britton, CEO of Reflection Analytics joins Mike Langford to discuss the transformative power of values-based investing. They explore how financial advisors can help clients align their investment portfolios with their personal values, moving beyond traditional metrics of financial success. The conversation delves into the evolution of financial advice, the importance of understanding client values, and the challenges of navigating polarized discussions around investment choices. Jason emphasizes the need for genuine discovery in client conversations and the role of behavioral economics in understanding client motivations.

Sponsored By:

PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.

If you would like to follow up with Jason, shoot him an email.

Key Takeaways From This Episode

  • Advisors should help clients align portfolios with their values.

  • Finance has evolved from a means to an end to a complex system.

  • Values-based investing is about real-time decision-making.

  • Discovery is key in understanding client motivations.

  • Advisors must leave their politics at the door.

  • Clients care about preserving the earth, regardless of political views.

  • It's essential to provide clients with investment options that reflect their values.

  • Finance is a social science, not just a hard science.

  • Understanding what clients own is crucial for values alignment.

  • Navigating values discussions requires sensitivity and openness. There is no such thing as perfection in business.

  • Consistency and alignment are key in investment.

  • Corporations should aim to create public good.

  • The free market is influenced by government intervention.

  • Subsidies are necessary for public infrastructure projects.

  • Transitioning to renewable energy requires collective action.

  • Wealth is created by providing value to society.

  • Corporations and society must work together for mutual benefit.

  • Personal values should guide investment decisions.

  • AI has both positive and negative implications for society.

Resources Mentioned In This Episode:

  • Reflection Analytics - A scalable values-based investing analysis engine that ensures asset managers, advisors and asset owners are accessing solutions that truly reflect their values and mandates.

  • Reflection Asset Management - A boutique wealth and asset management firm specializing in thematic investing.

  • Rural Electrification Act - The Rural Electrification Act of 1936 was a U.S. federal law that provided funding and support to bring electricity to rural areas, improving infrastructure and living standards in underserved communities.

Chapters

00:00 Introduction to Values-Based Investing

02:51 The Evolution of Financial Advice

09:22 Defining Values in Investing

15:11 The Importance of Discovery in Client Conversations

20:38 Navigating Polarization in Values Discussions

27:10 The Complexity of Values-Based Investing

29:02 The Pursuit of Consistency Over Perfection

30:53 The Role of Corporations in Society

32:42 The Myth of a Free Market

34:37 Subsidies and Public Good

36:33 The Value of Innovation and Risk

38:30 Wealth Creation and Shared Value

40:54 The Interdependence of Corporations and Society

42:47 Personal Values in Investment Decisions

44:40 The Future of Values-Based Investing

46:38 Engaging Clients in Financial Conversations

50:55 The Dual Nature of AI and Technology

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Mike Langford Mike Langford

How Financial Advisors Can Build Better Client Relationships by Leveraging Technology

Patrick Spencer, Managing Director of Moneytree Software, joins Mike Langford to explore how financial advisors can enhance client relationships through technology. They discuss the evolution of Moneytree, the importance of goals-based planning and Monte Carlo simulations, and the critical role of communication in building trust with clients. The conversation emphasizes the need for advisors to understand their clients' objectives and to use technology to facilitate better engagement and decision-making.

Sponsored By:

PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.

If you would like to follow up with Patrick, shoot him an email.

Key Takeaways From This Episode

  • Financial advisors can build better relationships through technology.

  • Money Tree has evolved significantly since its inception in 1981.

  • Goals-based planning has transformed the financial advisory landscape.

  • Monte Carlo simulations provide critical insights for financial planning.

  • Frequent communication is essential for maintaining client relationships.

  • Clients desire personalized communication about their portfolios.

  • Understanding client objectives is key to effective advising.

  • Data quality directly impacts the effectiveness of financial planning tools.

  • Visual tools can enhance client understanding and engagement.

  • The ultimate goal is to instill confidence in clients about their financial futures. Advisors should provide clients with choices within structured frameworks.

  • Visual communication is essential for effective client engagement.

  • Scenario planning helps clients envision different life paths and outcomes.

  • Understanding client scenarios can lead to deeper conversations and insights.

  • Generational differences influence how clients view retirement and financial planning.

  • Business ownership should be treated as a valuable asset in financial planning.

  • Advisors need to ask probing questions to uncover client aspirations and concerns.

  • Technology is reshaping the way financial advisors interact with clients.

  • Clients increasingly prefer interactive and visual tools for financial analysis.

  • The financial advisory landscape is evolving, requiring adaptability from advisors.

Resources Mentioned In This Episode:

Chapters

00:00 Introduction and Personal Connections

04:29 The Evolution of Money Tree

10:20 Goals-Based Planning and Monte Carlo Simulations

18:24 Building Better Client Relationships

25:15 Conclusion and Future Directions

25:42 Client Engagement and Tools for Advisors

26:40 The Importance of Visual Communication

30:00 Scenario Planning in Financial Advisory

35:41 Understanding Client Scenarios and Life Changes

41:20 Generational Perspectives on Retirement

49:06 Business Ownership as an Asset

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Mike Langford Mike Langford

Why Long-Term Care Insurance Should Likely Be A Part Of Every Client’s Financial Plan

Larry Nisenson, Chief Commercial Officer at Assured Allies and Mike Langford discusses the need for financial advisors to have conversations about long-term care insurance with their clients. As Mike emphasizes in the episode's intro, the probability of clients needing long-term care is high, and the cost of securing long-term care is also high. Larry and Mike cover statistics on the need for long-term care, the challenges of discussing it with clients, and the importance of planning for long-term care in financial advice.

Sponsored By:

PodBox - Help your guest sound their best on your podcast, webinar, or important Zoom call with a PodBox microphone setup.

If you would like to follow up with Larry, shoot him an email.

Key Takeaways From This Episode

  • The probability that clients will need long-term care is high, and the cost of securing long-term care is also high.

  • Financial advisors often shy away from discussing long-term care insurance due to headline risk and negative perceptions of the product.

  • Having conversations about long-term care insurance is crucial for financial advisors to provide holistic financial advice and plan for potential long-term care needs.

  • Including long-term care planning in financial advice can help retain assets and build relationships with clients and their beneficiaries.

  • Financial advisors should document discussions about long-term care insurance to protect themselves from potential litigation. Long-term care is an important consideration in financial planning, and it is crucial to plan for the potential costs involved.

  • Aging in place is a desirable option for many individuals, but it requires modifications to homes and additional expenses.

  • Financial advisors can use projection tools and financial planning software to help clients prepare for long-term care expenses.

  • It is never too early to start discussing long-term care options, and advisors should consider the needs of family caregivers as well.

  • For child-free clients, long-term care insurance can still be a valuable asset to protect their legacy and ensure their desired level of care.

Resources Mentioned In This Episode:

Chapters

00:00 Introduction: Unlocking Tied-Up Value

02:25 The Opportunity for Financial Advisors

04:21 Partnering with Financial Advisors

09:31 Understanding the Scale of Small Businesses

17:45 The Benefits of Organizing a Competitive Process

23:23 Having Conversations with Business Owner Clients

25:19 Maximizing the Outcome of Selling a Business

35:27 The Importance of Succession Planning

41:34 Building Trust as a Resource for Business Owners

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