Working Effectively with Widows Alexandra Armstrong, CFP July 19, 2005

The Market – Who are they?

Not all the Same Age Age Cause Cause Dependents Dependents Knowledge Knowledge Assets Assets

Things in Common Shock Shock Fear Fear Different from divorcees Different from divorcees

Good Clients Growth field Growth field Need and appreciate help Need and appreciate help Motivated to act Motivated to act

How do you find them?

Main Sources Other professional advisors Other professional advisors Grief counselors Grief counselors Psychologists Psychologists Spiritual advisors Spiritual advisors Funeral directors Funeral directors Hospice workers Hospice workers Hospitals Hospitals

Accessing Them Estate planning councils Estate planning councils Professional groups Professional groups Other widows Other widows Adult children Adult children

Building the Trust of Other Advisors Team player Team player Cash flow Cash flow Conservative Conservative Concerned Concerned Patient Patient Responsive Responsive

Thanking Them Referrals Referrals Approved lists of counselors Approved lists of counselors

How do you work with them?

Current Clients Funeral Funeral Note/donation Note/donation Book Book Assets DOD Assets DOD Call one month Call one month

First Meeting Sympathy Sympathy Net worth Net worth Cash flow Cash flow Must vs. Like to expenses Must vs. Like to expenses Run numbers Run numbers May resist,insist May resist,insist

Avoid Irrevocable Decisions Loans Loans Gifts Gifts Vacations Vacations Purchases Purchases Insurance money Insurance money House/Mortgage House/Mortgage Immediate annuity Immediate annuity

Investment Advice Few changes Few changes Do not criticize Do not criticize Inflation/Taxes Inflation/Taxes Short-term/Long-term goals Short-term/Long-term goals Simple and slow Simple and slow Asset allocation Asset allocation

Ongoing Relationship Annual Review=minimum Annual Review=minimum Phone calls, cards, gifts Phone calls, cards, gifts Set up files/statements Set up files/statements Written recommendations Written recommendations Inform family and advisors Inform family and advisors

Long-term Relationship Educate Educate Protect (remarry) Protect (remarry) Avoid dependency Avoid dependency Recovery not constant Recovery not constant

Conclusion Not for everybody Not for everybody Must care about them Must care about them Patient-repeat Patient-repeat Must be a good listener-- Must be a good listener--

Don’t betray their trust! It is rewarding to use your expertise to help people who really need it.