Catering to the needs of the “sandwich generation” will help you attract and retain these influential clients, who are scrambling to care both for their children and their parents, while trying to save for their own approaching retirement.
“The 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.
The following tips will help you better serve sandwiched clients:
> Save Them Time
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.
This may leave them with little time to deal with their own finances. You can help by working with them to build a comprehensive financial plan.
“They need to feel that their 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 addition to handling multiple responsibilities, Del Greco says, these clients are 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 by 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. 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 plans to downsize 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, Del Greco says. These imbalances can bring out conflicts between siblings.
Although it is a delicate area, you can help reduce tension for your clients. For example, make sure the parents’ wills are up to date, the estate plan is in place and powers of attorney are assigned. IE