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Following systems and processes make all the difference in end-of-life care for clients.
Recently, on a Friday afternoon, I reviewed client notes outside my working hours, and what I found bothered me.
I discovered that a long-time client (who had recently transferred to an up-and-coming advisor on my team) had been moved to a hospice. New to this situation, my fledgling advisor noted this turn of events but failed to raise the alarm for the entire team.
Being in hospice, my client, Bob, may not make it through to Monday morning, and I couldn’t sit with myself if I had missed one last opportunity to connect, say goodbye, and ensure that his wife, Sue, was taken care of.
When clients like Bob and Sue go through difficult times, my office looks for ways we can deliver high touches to help them. Where advisors tend to step back or shut down, we want to step up and look for ways we can support the caregiver.
With Bob in hospice, Sue will deal with caregiver guilt and won’t leave Bob’s side, let alone the house, until he passes. Sue will probably have difficulty caring for herself – cooking a meal or picking one up alone won’t be an option.
I contacted the team to ensure that an overwhelming portion of food would be delivered to their home so Sue could have nourishing meals over the next several days.
I don’t usually reach out to clients during my personal time, but knowing that Bob may not make it through the weekend weighed heavily on my mind. I picked up the phone and gave Sue a call.
We ended up having an excellent conversation where I learned that some financial things concerned Sue as her husband lay dying. I can’t relieve her burden of grief, but I could take these financial worries off her plate.
When you hear a client is in hospice, you want to double-check that all of their beneficiaries are right, that the accounts have been set up correctly, and that all their estate documents are in order.
If things aren’t properly cared for, now is the time to change them; waiting until Bob passes will be too late, and these arrangements will be set in stone.
Before my visit, I carefully reread their estate planning documents and double-checked their file for any outstanding memos.
When reviewing their notes, I found that Bob and Sue’s taxes hadn’t been completed for the year. This couple is usually on top of things; being late was unusual for them.
While talking to Sue, I learned that Bob was the tech-savvy one, and Sue hadn’t figured out how to access the tax forms.
To help Sue, I contacted their CPA for her, and as we already had the release information on file, I got her entire tax return from their CPA and personally delivered the documents during my visit.
Now, this may seem like a minimal task, but not knowing if she had some outstanding financial hiccups was eating at Sue, who had enough to worry about.
As we chatted, I was able to answer some of her pressing concerns about what her financial future would look like without Bob.
I also reassured her that everything would be taken care of – there would be nothing to worry about financially as she grieved with her family. I wasn’t telling her a white lie – due to my thorough review of their file, I knew everything was in order because of the systems in place at my firm.
You can make exceptions because of your rules
My firm puts a good deal of emphasis on ensuring that advisors create and follow systems and processes in their practice.
My experience with Bob and Sue is a prime example of why following your systems matters. Because our team systematically reviews estate documents regularly, I knew that their finances were in order.
We didn’t have to scramble to ensure everything was in place when we learned that a client was nearing the end of their life. We’re not rushing to amend documents or hold meetings while a client’s spouse grieves.
Usually, we discourage advisors from making home visits – there’s no accountability for your meeting schedule, and it's easy for meetings to run too long.
House calls aren’t scalable if advisors want to meet any measure of success. It's better to stick to meetings in your conference room.
Generally, my office runs on a very tight surge schedule. We have designated weeks and timeslots for days within those weeks where we meet with clients. Clients and prospects must wait weeks or months to get on my calendar.
Some advisors don’t understand that you need to have a system in place for your team to schedule appointments to be efficient.
Because I don’t regularly take house calls, I could make an exception for Bob and Sue last Friday and have a massive impact in this challenging time.
When you have rules in place, you’re not saying there can never be an exception. Your rules give you the flexibility to make exceptions when warranted.
You can make a massive difference in your clients’ lives on those few occasions when life just happens, and exceptions are necessary.
Action items
What are some things that you can implement in your practice this week to put yourself in a better position to serve your clients when exceptions for end-of-life or other tragedies come up?
In my office, we have an end-of-life checklist that our team follows when we learn a spouse is terminal.
What soft touches do you have in place? And what technical things do you need to roll up your sleeves and do?
Micah Shilanski, CFP®, is a financial planner who achieves the impossible. Micah is recognized as a leader in the concept of lifestyle design for financial planners and has spoken at conferences across the country. Micah is an advisor with Shilanski and Associates, a founder of Plan Your Federal Retirement, and a co-founder of The Perfect RIA.
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