in “Alleviating boomer anxiety simply well-made“, I wrote about several topics with two things in common. First, they are a widespread and profound concern for those who are simply the young rich. Second, boomers are finding it increasingly difficult to find advice and services related to these topics.

As far as deep concern goes, I don't see any way to reverse the trend. Just spend a few hours scanning the news, catching up on social media, and talking to boomers, and you'll get a sense of their deep concern about addressing many of the issues they see before them. And it's not just about the well-publicized costs and challenges of caring for the elderly. Many other issues on their plate are or will require attention.

Regarding the second, I think it's pretty clear that boomers will have an increasingly difficult time accessing the advice and services they need. I have experienced it myself. This is because, without a transaction, such advice and services are outside the lines of most advisers' business models. This makes many boomers invisible to many advisors. Fortunately, there may be a way to address this second point.

The designated scheduler

I see a role for what I would call a “designated planner” or “PD”. Variations on the theme, DP would be a well-credentialed, likely fee-only planner. For an hourly or retainer fee, the DP would advise individuals directly on issues of concern or identify, verify, and possibly collaborate with other resources to address concerns on an ad hoc basis.

Here are some specific topics that PD can help with:

Memorandum of Instructions

I have written about this topic several times, most recently in “Boomer Anxiety” article. I emphasized the importance of a memorandum not only in the event of the death of the spouse, but also in the event of the incapacity of the spouse. You show me someone who says writing a memo like this is easy, and I'll show you someone who hasn't tried. Besides the usual inertia and time constraints, I think there are two main reasons why people who should have these memos don't. The first is human nature. Someone who sits down to write a memo may soon find that their work is in an alarming state of disarray and disorganization. They may also be reminded of the many things they promised their spouse they would do but failed to do. So maybe they will postpone the memo until everything is in better shape. You know, maybe a year from now.

Second, drafting this type of comprehensive memo is technically challenging. It is difficult enough to list everything that can be listed and provide contact information for those the spouse needs to contact for one reason or another. The task becomes exponentially more difficult when it comes to giving the spouse instructions about the decisions they will have to make, the money they will have to invest and all that. And, if the counseling relationship is not in place to provide that guidance, the spouse is alone in a very stressful time.

The DP can guide the couple through the process of creating their memos. In addition to the obvious benefit of helping the couple accomplish the task, the planner's multidisciplinary background can be extremely helpful in pointing out any gaps in the couple's planning, such as whether they have adequate insurance coverage, are saving money, have an estate plan. they are titling their assets and designating their beneficiaries properly and more.

Estate plan

I wish I had a dollar for every time I've heard any of these things. “Yes, I know I should do this, but…” “I have an estate plan, but really, I have no idea how it works.” “I have no idea where my money will come from or what I will have to do to get my money when my husband dies.” “I had no idea my husband's plan deprived me of control of my money.” It is also called, “Say What?” “Isn't it great, the trust company we appointed as successor trustee is now telling me I don't have enough money to meet their minimum. Now what?” And another one for good measure, “Our attorney will not recommend a corporate trustee. The best they will do is give us three names. Who will help us find and interview them?” The DP can help with all of these issues and concerns, either directly or as a liaison with an estate planner and other advisors.

Life Insurance

Boomers may find it difficult to get objective, motivated, non-transactional guidance on what to do with an existing policy. There are countless ways that DP can be useful here. The PD can verify the credentials, process, and motivation of someone offering to do a policy review. Or refer the couple to an agent whose work the DP admires and then stay involved in the analysis. If a life settlement may be imminent, the PD can oversee hold vs. sell analysis, monitor the life settlement company, and more. PD can also help demystify annuities.

Care for the elderly

For many growing people, just thinking about how to develop a phased plan for transitioning from independent to dependent living takes them beyond the pale, both intellectually and emotionally. Boomers would appreciate having a DP who, while not necessarily an expert in various travel-related disciplines, can lead them to the right, properly vetted resources at the right time.

Long Term Care (LTC) Insurance.

Boomers are inundated with informational ads about why to buy the product, but underwhelmed by instructions on whether and how to buy it. A typical conversation between boomers and an agent selling LTC insurance is likely to go something like this: “We recognize that one of us will likely need some level of LTC, that Medicare won't cover it and all that. So get down to business.What is your analytical process to determine whether we should self-insure or buy some coverage?How should the policy be funded? policies and the carriers that issue them, especially the history of customer service and claims payments? By the way, how many of your customers are now in demand for LTC policies? How do you help customers when it comes to that? about filing claims? What has your claim experience taught you about how to approach this business?” This is complicated stuff, and I, for one, would like someone to sit on my side of the table to help me deal with the agent

Interface with a money management firm or corporate trustee

I have discussed how a young couple can interview investment advisory firms and trustees. I have offered one series of questions to ask any type of organization. In general, the questions are best suited to larger firms that, among other things, would assign a specific individual or team to serve each client. In that setting, the couple is there to get to know the firm, not because they know a particular individual who works there. Of course, this may not be the only type of advisor they will interview.

As helpful as my interview suggestions are, they don't go far enough. This is because, no matter how thoroughly the couple prepares for the meeting, they may not be able to “hear” the firm's responses or even know if their questions are being answered. There's a lot going on in those meetings, including so many people describing their roles and providing a lot of material to the couple. They must be extremely knowledgeable, measured and discerning to focus on what is being said without being distracted by the personalities and presentation skills of those saying it.

Moreover, this may be the first time that this couple, who have always managed their money, have had to show their portfolio to outsiders who are investment professionals. It can be a bit disturbing for the couple. To me, there is no more critical time for the PD to be in that meeting than when the conversation turns to how a client's portfolio is built and monitored, who is involved in that process, namely the respective roles of firm management and the advisor , etc. in a row. By “constructed,” I'm primarily referring to allocation between and within asset classes, security selection, and asset location among taxable and tax-deferred accounts. By “monitored”, I'm referring to things like routine portfolio maintenance and rebalancing.

The PD is likely to be much better able than clients to see the full picture of the firm's approach here. The DP's ability to explain to clients where the firm's management involvement in portfolio construction stops and the advisor's involvement begins can be extremely important to the more financially savvy spouse who is concerned about potential turnover. of advisors in the firm and therefore how the less financially savvy survive. The spouse's portfolio will be managed when they are no longer around to deal directly with the advisor. I noticed this concern in “Alleviating Boomer Anxiety Simply Well-Made.

I'm closing with another topic about which DP can add value. Many of these firms offer a range of services beyond investment management. With everything else the couple needs to absorb in the meeting, they will appreciate the PD taking the lead in having the firm describe what those services are, when they are offered, how they are offered, who offers them, if sample providers are available. and, of course, how much the services cost, if anything.

This just scratches the surface of why it would be beneficial for DP to attend the meeting, let alone the subsequent meetings if the circumstances warrant it, and they may. By the way, investment professionals who present for the firm will likely have a better chance of getting more of their nuanced and competitive differentiators across if the PD is there to help explain them to clients. . A win-win?

There is no doubt in my mind that many boomers would embrace the DP concept if it were available to them. I think this is the next step.