Working with “sandwiched” clients

“The aging population means that the vast majority of your clients at some point in their lives are going to be facing this ‘sandwich’ phenomenon,” says Kathryn Del Greco, an investment advisor with TD Waterhouse Private Investment Advice in Toronto.

These tips will help you work better with time-pressed sandwich-generation clients:

> Save them time
Alleviate some of your clients’ stress by taking an organized, detailed approach to their financial needs.

Sandwich-generation clients are feeling pulled in different directions by responsibilities for their children and their parents, says Del Greco. They may be trying to save for their children’s education and their own retirement while juggling soccer practice, parents’ medical appointments and their own full-time jobs. To ease some of those time constraints, it’s important to have an up-to-date investment policy statement in place.

“They need to feel that their own personal finances are well taken care of,” Del Greco says, “which allows them to free up more of their time to focus on the needs of the other generations that are placing demands on them.”

> Show that you understand
Be sensitive to the emotional strains your sandwich clients are dealing with in looking after aging parents.

In addition to handling the burden of multiple responsibilities, says Del Greco, these clients are also experiencing the emotional stress of watching parents lose their independence, their health and in some cases their mental capacity.

Keir Clark, branch manager and senior investment advisor with ScotiaMcLeod Inc. in Fredericton, says this emotional strain may show itself in curt exchanges during light conversations, or the client simply acting out of character.

Demonstrate that you understand the client’s situation by trying to accommodate his or her schedule, he says. For example, you could be flexible with the timing of meetings or phone calls.

Or, Del Greco adds, you could offer to visit the client at home.

> Look past the numbers
Talk about more than just finances to find out what your clients really need.

“Part of the exercise we take people through when they’re approaching retirement,” Clark says, “is an analysis that involves their network of friends, their planned activities in retirement and their strengths and weaknesses, [as well as] their plans to connect and stay connected with friends and family.”

These conversations could reveal financial challenges you can help with, such as advice about downsizing a home or financing a retirement home for a parent.

> Minimize family tensions
Be aware of the influence of other family members when working with sandwiched clients.

Sometimes, the responsibility of looking after an aging parent isn’t shared equally among siblings — due to geography or family dynamics, Del Greco says. These imbalances can bring out conflicts between siblings.

While this is a delicate area, there are things you can do to reduce tension for your clients — and possibly other family members. For example, make sure the parents’ wills are up to date, the estate plan is in place and powers of attorney are assigned.

IE