"In a Time of Need"

As I take my leisurely walk with my dog ​​through the older section of the local cemetery, I pause to read details about the barely legible, weathered headstones. I am fascinated by the data, because I know that each stone has to tell a story of his own time and place, but only enough space for identity a story. Assuming the rolling asphalt road, I am guided to the new part of the cemetery. It is crystal clear when I compare to the new, Americans are living longer. Ancient sections of the cemetery

The aging of the people in the U.S. over the next three decades will have a huge impact on the way to have. Financial planners business Most baby boomers reach retirement age in the next 30 years, making the rapid growth of the population over 65 years.

According to the 1999 National Vital Statistics reports, a total of 2,391,399 deaths occurred in the United States in that year. The age-adjusted death rate, the effects of population aging occurs, was 881.9 deaths per 100,000. In 2001, a total of 2,416,425 deaths occurred in the United States. The age-adjusted death rate was 854.5 deaths per 100,000 (U.S. Census Bureau 1999, 2001).

Because the facts are stated, the financial planning community to work with many older customers in the coming years together. This will dramatically change the structure and the methods used to create. Successful long-term relationship We will have to think our strategies with a view to the ever-changing customer needs, both financially and emotionally to meet again.

During an active career it is inevitable that most of us will come. At some point in contact in providing financial advice with grieving clients When the occasion arises, we can play an important role in the healing process. Well done, it will be added to the customer relationship value and strengthen your personal rewards will be extraordinary. Done incorrectly, the client may be adversely affected, both emotionally and financially, possibly creating serious consequences.

Adding to the complexity of mourning is the painful process of dealing with the financial reality. Usually the surviving spouse has to the ongoing obligations of family and business to accept. Financial commitments In addition, if there are children involved, the larger issues are their health and financial wellbeing.

The financial advisor has to perform in a relatively short period of time. Many tasks Important financial decisions should be made, in some cases immediately. Life insurance, investment accounts, trusts, wills, deeds, debt, employee benefits, change beneficiaries, social benefits and budgetary issues, to name but a few. If necessary, the consultant will ask for assistance from a lawyer and a tax accountant to settle the succession. Away

The trust and support of a trusted financial advisor is crucial at this time so the grieving client will be charged less and less financial mistakes. We must also recognize that we have additional responsibilities due to the long term nature of the relationship. The mental health of the customer is as important as the financial health.

The financial planning community, banks, brokerage firms, CPAs and insurance agents not yet adopted a specialized training in mourning as a priority. For many reasons, mostly traditional, financial advisers had limited knowledge about the correct methods in assisting the grieving client.

To begin, we must understand the "The five stages of grief" (Kubler-Ross 1969). Without a thorough understanding of these phases the financial advisor can not fully understand what the customer experiences. We must be able to identify both mental and physical signs of mourning. Although the grieving process is necessary, unresolved could affect a person's self-esteem and effectively make crucial decisions. Serious about a long-term Recognizing these often crippling symptoms may include the salvation for the client and the family.

As financial professionals, we can play an important role in the client's long-term healing. How big a role you play, will also depend on your knowledge and understanding of the subject of grief and dealing with its consequences. Aware of the five (5) symptoms of the grieving process is an important prerequisite for building a solid relationship with the customer.

Five symptoms of the grieving process

Denial

The individual is overwhelmed and refuses to believe that the loss happens. This phase should mobilize to deal with the situation. Defense as a buffer in helping the customer

Anger

The individual resists the loss and can be expressed by acting out to family, friends and caregivers. / Her anger

Haggle

The individual attempts to establish by advocating an extension of life or the chance to "everything" the reality of the loss

Depression

This phase is characterized by an emotional void or disinterest in external affairs. The individual finally realizes the full impact of the loss and struggle with the idea of ​​separation.

Acceptance

The individual comes to terms with the loss and gain a greater perspective of the situation and integrates the loss of his / her reengagement in life.

While interviewing many grief counselors, funeral directors, clergy, hospice care staff and volunteers, a comment often surfaced. Each individual does not follow the grieving process in a certain order. Often the person will confront address the grief and readdress some stage or stages repeatedly. The grieving process is individualized and has no time limits.

Grieving relatives left struggling with their loss. In many cases they think their life has collapsed and feel every emotion imaginable and some unimaginable. Their anxiety, sadness, despair, pain and sorrow away too much of their purpose and determination to take in life. Given the emotional turmoil involved, this customer requires a special kind of care. The following attributes will help bring financial advisors care and understanding.

Attitude

You must be sincerely committed to support your customer throughout the process. Trust and commitment can be established with your long-term client, but this bridge to be built or repaired with a new customer or customers departed spouse or family.

As with any professional / client relationship, trust and loyalty take time and patience to establish. Your patience and understanding in this critical time of need will confirm your commitment and the population is a long way the confidence needed for the customer to know that they are making the right decisions.

You should also be able to real-life situations while maintaining a high degree of professionalism. Sensitivity, kindness and patience are qualities that will beautify your relationship. Your customer has just gone through one of the most traumatic experiences and they are naturally afraid of every aspect of life, in particular with regard to their finances.

Remember, your first priority is to provide a sense of security, your customers so they can get. Confidence in your decisions Let the customer know that you are a sincere conviction to them through this difficult period will help establish a safe and comforting atmosphere at this time as they have little hope.

Share your positive outlook on life, this stability will provide the families a sense of balance and hope for the future. Your customer will feel confident when you communicate in approaching their current circumstances. Your warmth and determination

Listen

This is an art that must be practiced. To want to respond as the concerns of your customer be increased, his human nature but it is your duty to the client to speak. This meeting is about the client, not the financial advisor. This is the time of the client to vent their feelings. It's about their needs, concerns and objectives. Do you have time enough time to speak, but it is not now. Continue to ask questions and take notes.

Listening is a skill that can not be overemphasized. Listen carefully and hear what the client says. They will amounts of information in a short time to convey. Both financial and emotional For assistance in developing your skills in this area is an excellent book: Listening: The Forgotten Skill: A Self-Teaching Guide by Madelyn Burley-ALL, the founder and chairman of the Dynamics of Human Behavior. There will always be room for growth in this area and the benefits for your practice worthwhile.

Empathy

Above all, your client feel and understand that you care for their emotional and financial well-being. Disclose to your client that you are really concerned for their welfare and have a deep understanding of their current circumstances is more than worth your credentials at this point. Trust and loyalty are built on honesty. These virtues are crucial to your success and once established, you will have gained their loyalty for life.

Getting Started

Dealing with this subject knowledge will increase in human behavior and understanding necessary before helping you knowledge in this critical moment in need of your services.

Volunteer at a local hospice and palliative care organization. This can give you real hands-on experience. It will be worth your time and effort because you have a chance to learn from people who have years of experience in this field. Firsthand It is also a very satisfying experience to serve in this time of need real people. It is true that the experience can be your best teacher.

Financial advisors and other professionals desiring a better understanding of grief and loss can and should get the many educational materials available the basics. You can start with the references listed below.

Bookstores and public libraries in general have a wide selection on the subject of grief, death and mourning. Noteworthy are the following manuals: Death and Dying Life and Living, Charles A. Corr, Clyde M. Nabe, Donna M. Corr, 4th edition, 2003, Wadsworth, Thomson Learning Publishing Co. and The Last Dance: Encountering Death and Dying. Lynn Ann DeSpelder and Albert Lee Strickland, 6th edition, 2002, McGraw Hill.

There are also many private and public training and certification programs throughout the country. The American Academy of mourning by CMI Education Institute, Inc. offers a Bereavement Facilitator Level I training. The American Academy of Grief Counseling offers a comprehensive certification program. A certification in Thanatology (CT) is provided by the Association for Death Education and Counseling . Most local colleges or universities offer introductory courses as well as advanced degrees in sorrow and grief.

Our role

It is my hope and wish that the financial planning community in the field of grief and mourning will begin. Task of educating professionals As the national death statistics change, so must our methodology. We are long overdue in creating a precedent in the understanding of this critical area. You do not need to be an expert or consultant in the field, this should be left to mental health professionals. However, to be an effective counselor, we must realize that the long-term relationships we demand play a crucial role in the healing process if we serve our clients.

Beyond the fundamentals of financial planning, it is ultimately the choice of consultants to serve with compassion and understanding and technical competence. Customers These characteristics are not mutually exclusive, but mutually dependent requirements of mastering your craft and becoming a trusted family advisor.

Future

The financial planning community must start setting a national program to identify a level of expertise in grief and mourning. Implementing a training program through a series of continuing education courses would be a positive first step. However, a formal course provides the tools necessary to integrate the financial planning process this ability are optimal.

Identifying these professionals in the financial world with the desire and knowledge to work in this area could be of great benefit to people in need. A recognition of skill mastery regime could be granted. Course after successful completion of the sadness and grief The value of this brand would be to ensure that those who would receive guidance advice of a certified financial advisor in this area. New standards were set to put all financial advisors, dramatically changing the way we deal with this very natural, but often ignored part of the planning process.

Another way to

If I'm about to leave the cemetery I found a new appreciation for the grieving client. I realize the benefit of our society, the financial planning industry to final action on its approach and understanding of grieving clients and take their family members.

Approaching the exit of the cemetery, is my interest when I attracted to an artistic-built structure. This monument stands above all others, it's the size of a small house. It is built of solid granite, darkened by the decades to a smoke black and gray with beautifully detailed finish. Four generations are buried in this mausoleum, dating from 1809 to 1992. At the entrance, a large granite plaque announcing this quote from Thomas Mann, "A man dying is more the survivors' affair than his own." This statement could not be truer.

Kenneth W. Stephan, RFC graduated from Thiel College in 1979 with a BS degree in Economics and Business. He is a Registered Financial Consultant, RFC with "The Equity Advisor Group, Inc." a comprehensive financial planning firm in Monroeville, Pennsylvania. Ken specializes in financial planning for clients who have recently lost. A loved one He provides care, patience, trust and professionalism for the families, to help them through a very difficult time. Them Ken is a registered representative offering securities and advisory services through Mutual Service Corporation, a registered investment advisor, member NASD / SIPC, located in West Palm Beach, Florida.