September 18, 2018 | Newsletter

Losing a spouse is a difficult ordeal, and it’s a painful transition for those involved. Advisors in our network shared that it can be more challenging working with clients during this time period, because more often than not, widows are uncertain or even fearful of finances after their spouse passes.

In a research study focused on a group of 1,100 widows, a key finding was that about half of them said they were not as confident about finances after their spouse’s death as they were before. However, the same study showed that widows who are able to work with a trusted financial advisor felt more financially confident.1

On the other hand, there are numerous studies showing that a large percentage of widows end up leaving the advisor that helped them while they were married. Participants of those studies reported it was because the advisor didn’t seem to know how to work with their widowed clients. A cause of this could be that advisors are too focused on the technical side of financial planning, rather than being sensitive to the emotions and reality these widows are going through.

As a financial advisor, if you take the time to learn more about widowhood and the emotions that go along with it, you may be more likely to keep the relationship with your client’s widow. Unfortunately, widows are a fast-growing population. A lot of the baby boomer generation, as well as their parents, are reaching that age where this is becoming a reality. In 2016 alone, there were over 13 million widows – and this demographic is only growing.2

Considering that 70% of widows seek to change their advisory relationship, it may be a good time now to consider what actions you want to take with this paradigm shift, because it may impact your business planning moving forward.2 By offering a specialization in helping widows through their transition period, you’ll not only be able to maintain business relationships, but also potentially grow your business as well. What can you start doing to provide a surviving spouse with personal, caring assistance in managing investments during this difficult time?

RoboWholesaler is a technology that was created to help Financial Advisors looking for ways to save time and enhance their productivity. With their time spent more efficiently, they’re able to focus on developing the interpersonal component of their client relationships and grow their businesses. The RoboWholesaler app is now available for free in the App Store and Google Play. It offers you a fast, easy way to review fund performance rankings, get up-to-date fund fact sheets for top-performing funds and at-a-glance summaries of key fund information.

1 Widows’ Voices: The Value of Financial Planning

2“5 Financial Planning Tips for Working with Recent Widows.”   Jack Waymire.


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