In a research study conducted in August 2009, LIMRA found that education and communication are two key elements when it comes to client satisfaction with financial advisors. A lack of communication was cited by 35% as a key reason for client dissatisfaction, while only 12% cited loss of money as a reason for dissatisfaction. Almost 40% of respondents cited the advisor’s willingness to educate as a [...]
It's no secret that I advocate the inclusion of long term care planning into every financial/retirement plan. Below is an article I wrote for Advisor.ca to help advisors use a personal experience to increase their comfort with the long term care planning process. Creating Your Own LTC Plan to Support Clients Before you attempt to sell long-term-care (LTC) insurance, consider examining your own life and plan [...]
Because I am presently heavily involved in the financial services sector, many of you may not be aware of my former experience in the family caregiving arena. I know what caregivers do on a daily basis: from meal preparation, house maintenance, shopping, to personal care - assistance with bathing, toileting, and dressing. They help with transferring, transportation, banking and every other task you can think of [...]
If you are wondering why Karen continues to speak about the special care risks that women face, here’s why: More than 75% of long-term care home beds are occupied by women, many of whom suffer from a moderately severe dementing illness According to 2006 Census data, currently 4.3 million Canadians are seniors; one million are over 80, with two-thirds of them being women 4,635 people are [...]
And finally, another reason Karen continues to talk about cognitive impairment or dementia: A June, 2008 survey of 1,390 adults, commissioned by the Alzheimer's Foundation for Caregiving in Canada, and conducted by the pollster IPSOS found 6 in 10 Canadian baby boomers have experienced a mild form of memory decline in the past year symptoms of a disorder called Age Associated Memory Impairment (AAMI). AAMI, a [...]
The percentage of Canada’s gross domestic product (GDP) spent on health services has been constant at about 10% for over 20 years, with about $148 billion - public and private funds combined - spent on health care in 2006. If it were spent equally throughout the year, national health expenditure would be approximately $17 million per hour. Karen's View: Yikes! Why then can't we get a glass of juice or [...]
My time in New York was well spent, not only because of what I learned and who I met but mostly because it reinforced the issues and trends that I have been following, studying, researching, writing about and teaching. It also supported the re-branding of my company last fall to the Long Term Care PlanningNetwork! Canada has approximately 65 million fewer boomers than the U.S. but the opportunity [...]
My father was almost 94 when he died. Looking after him opened my eyes to a world I don’t want to move into – the world of the old. Everyone gets old. None of us should be surprised or angry; it’s a fact of life. But what’s also a fact of life is this: We don’t treat older people as people. We treat them as a [...]
As an EPC (Elder Planning Counselor) I was delighted to attend and speak at the first Elder Planning Issues Conference (EPIC) in Niagara Falls this month. Approximately 150 EPC’s from across Canada met for two days to learn more about topics critical to their elder clients, including: Memory loss Frauds and scams Funeral planning Legacy planning Emergency planning Advising family caregivers of the frail elderly (Karen’s session) [...]
It should. We are on the edge of the first "mass geriatric society” and unless we get our act together, the picture will not be pretty. The fastest growing segment of our society is the 85+ and roughly half of those will suffer from some form of dementia. Why? Because the number one risk factor for Alzheimer Disease and related dementias is aging. If no cure [...]
Wealth management is the phrase du jour. The billions of dollars that are being transferred inter-generationally are creating a renewed interest in HNW clients. There is tremendous competition on Bay Street and across Canada for these clients However are they being well served? According to Taddingstone Market Research, they are not. "Only 33% of millionaires surveyed by Taddingstone use private banking services. And those that do aren't [...]
How MGAs Can Help Their Agents Sell More By Wilma Anderson Many sales organizations are accustomed to giving their agents sales training and providing agents with leads. This is good, but it’s only a start. Over the years, the industry has developed an infrastructure to train agents how to sell life insurance and financial products. Most agents can adeptly conduct a sales interview and overcome typical [...]
