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Connect with Families of Clients with Diminished Capacity

MauterstockIt isn’t an easy situation when your client starts losing their mental capacity.

Author and planner Robert B. Mauterstock, CFP®, CLU, ChFC, knows this all too well. Only it wasn’t his client, it was his late mother. She was in her early 80s when she was at a doctor’s appointment. Her longtime nurse greeted her only for her to ask, “Do I know you?”

She lived with Alzheimer’s ten years, so Mauterstock came to know the ins and outs of living and working with someone with the disease. Chances are you will be working with clients who are going through something similar as 46 percent of people over the age of 85 will develop dementia, Mauterstock said.

Mauterstock presented at the FPA Annual Conference—BE Boston 2015—a session titled “The Seven Steps to Protect Yourself, Your Practice and Your Clients Who Have Diminished Mental Capacity.” In it he said one of the steps to working successfully with clients facing diminished capacity is to connect and build trust with the families.

A Fidelity Investments Study Shows that 84 percent of planners want help with clients who have dementia and Alzheimer’s. The following are the seven steps Mauterstock said these planners can refer to:

1.) Recognize the Behavior Patterns. When your clients start calling your office asking for their accountant, chances are something is off.

2.) Develop a Diminished Capacity Checklist. This includes designating a client advocate and power of attorney—somebody who is privy to all your client’s details and will be able to make decisions for them. Client advocates and your client must fill out a “Third-Party Sharing of Information” document.

3.) Learn How to Protect Your Client’s Assets. Know the ins and outs of Medicare—for example it only covers three nights in a hospital—nothing less. Research and present the best long-term care insurance for your client.  

4.) Build a Network of Professionals. This network should include an elder law attorney, a geriatric care manager, and an insurance agent.

5.) Build a Relationship with the Client’s Family. The entire family is going to be affected by this situation so call a family meeting, connect with them, and help them through it. A side benefit is that the family may want to continue working with you later on.

6.) Utilize a Single Source with All Relevant Records. Mauterstock calls this the Lifefolio—a PDF document put on a flash drive that includes all medical insurance information, usernames and password for all accounts, and the like.

7.) Create an Investment Policy Statement. This is to remind the client what your plan was and how it works. The client advocate should also have access to this.

Find more information on Mauterstock’s BE presentation here, including the presentation slides. You can also earn 1 CE credit by taking the exam for this particular presentation.

HeadshotAna Trujillo
Associate Editor
Journal of Financial Planning
Denver, Colo.


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If the CIA Can Tweet, So Can You: 5 Marketing Lessons from David Meerman Scott

DMS

David Meerman Scott takes a selfie with the BE crowd to prove the power of real time connection.

When David Meerman Scott turned 50, he was bigger, he said.

He proved this by showing a roomful of people at the second general session at the FPA Annual Converence—BE Boston a picture of big 50-year-old him, and new fit 54-year-old him.

He changed his mindset, he said. That’s exactly what you have to do with marketing in real time utilizing social media.

1) Provide Great Content. Generate helpful blog posts and Tweet links. You may be concerned about regulations, but Meerman Scott gave the example of the CIA tweeting, so you shouldn’t have any excuse not to, too.

“Yes you have regulations, yes you have to be ethical, but that doesn’t mean you can’t communicate,” Meerman Scott said. One of the methods to communicate is something Meerman Scott calls “newsjacking,” which is the art of injecting your ideas into breaking news.

2) Connect With Your Markets Via Social Media. Align the way you sell with the way people buy. A good example of this is Donald Trump. Meerman Scott emphasized he wasn’t endorsing Trump politically, but said the man is “crushing it” in terms of social media connection.

For example, when Trump’s phone number was published by Gawker, instead of changing his number Trump changed his voicemail message to be a campaign tool, driving callers to his Twitter page and his campaign website.

Trump is leading in the polls, and it’s probably no coincidence that Trump has Tweeted 27,000 times.

Meerman Scott also emphasized following the “Sharing More than Selling Rule,” which is 85 percent of your activity on social media should be sharing and connecting, 10 percent should be original content and 5 percent or less should be promotional stuff.

3) Real Time Is Key. You should be operating in real time. Planners know about real time when it comes to markets and the news, but when it comes to marketing, they tend to look to past information to make plans for the future.

“If you’re spending all of your time in the past and the future, you’re not spending any time in right now,” Meerman Scott said. And that’s a problem because potential clients are looking for right now.

He used the CIA as an example here, too. The agency answers questions and interacts with its followers in real time, often making comical statements like, “No, we don’t know where Tupac is,” referring to the famous 90s rapper whose death involves numerous conspiracy theories that he is alive and well.

“If the CIA can do it, what’s you’re excuse,” for not doing it, Meerman Scott posed.

4) Bring Humanity to the Organization.  Don’t ask your potential clients to first fill out a form before you give them access to your content. Make your content free and encourage followers to share it. Take a lesson from the Grateful Dead, who shared their music for free and were tremendously successful.

Also, don’t describe your firm in technical, hard-to-digest terms. Eliminate stock photos and hire a real photographer to take pictures of you and your firm.

5) Manage Your Fear. The best way to manage your fear is to change your mindset. Think of it in terms of fitness, Meerman Scott said, and be diligent and consistent.

“If you want to get fit and run around a stage like I do,” Meerman Scott said. “You can’t dabble, you have to truly become fit.”

Same thing with marketing and sales, he said.

For more on Meerman Scott, check out this recent Journal of Financial Planning article.

HeadshotAna Trujillo
Associate Editor
Journal of Financial Planning
Denver, Colo.


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Leaders: Born or Made?

leadersThis question came from a participant in one of my strengths workshops.

“Are certain strengths or characteristics common in leaders?” the participant posed. Many questions along this same line have been asked about leadership over the years. What do you think the answer is?

Are leaders born or made? What are the characteristics of great leaders? Can you learn to become a better leader? These are all versions of the same question and a natural one to ask. Deep down inside we might just want to know if we have the capability to lead.

The phrase “we are all leaders” is true. Yet it does not get at the answer to what most people are attempting to ask, which is, “Do I have the stuff that leads to greatness as a leader?” Yes you do and here is what you need to know to tap it: Leadership is not an anointment, appointment or an otherwise granted ability; it is earned through the use of the gifts you were given at birth. Is it born? Yes. Is it made? Absolutely.

A few rare souls come into this world with clarity about their natural gifts and how they are to be utilized for good. Most of the rest of us get to figure it out and that is where leadership is made. Back to the question from the participant in the strengths workshop: “Are certain strengths or characteristics common in leaders?”

This is the question that Dr. Donald O. Clifton and the researchers at Gallup sought to answer as they began their research starting in the 1960’s (to read more about the research and outcomes, check out the book Strengths Based Leadership by Tom Rath and Barry Conchie).

Through interviews, Dr. Clifton and his team quizzed leaders across industries and occupations including political leaders. One might think after all this research the scientists would identify one strength, a single characteristic that all the best leaders have in common. That was not the case.

“A leader needs to know his strengths as a carpenter knows his tools, or as a physician knows the instruments at her disposal,” Dr. Clifton found. “What great leaders have in common is that each truly knows his or her strengths—and can call on the right strength at the right time. This explains why there is no definitive list of characteristics that describes all leaders.”

The answer to the question you are asking “Do I have what it takes to be a leader?” is yes. Will you become a leader is the question you need to answer.

Barbara StewartBarbara Stewart
Coach to financial advisers
Owner and founder
Accelus Partners
Houston, Texas