December 1, 2020

When’s the Right Time to Bring in a Financial Advisor?

As a care manager, you have a unique perspective on what families need for their loved one. This often goes beyond matters of physical and mental well-being, too. In fact, you’ve likely found yourself in a position where you’ve evaluated a patient or family’s finances—especially when affording care is concerned.

Helping families with straightforward financial questions is one thing, but offering a robust plan for affording long-term care is another entirely. That’s when you might begin thinking about calling in the professionals, like a financial advisor. Here are three signs that the time is right to bring in a financial advisor. 

1. When Paying for Care Means Reaching into Assets

Some families might be able to afford care by dipping into a savings account, nest egg, or a cash holding that they can access quickly and repeatedly. This may not be the case for most clients, however. 

You’re more likely to encounter families that have a limited amount of cash and a more sizable amount of money in non-liquid holdings. These are stocks, bonds, mutual funds, and other investments that have to be converted into liquid assets (cash). Accessing this source of funding can be tricky and come with tax consequences—making it a much better task for a financial advisor to deal with than taking it on yourself.

2. If Families Express a Need for Financial Guidance

This might sound obvious to some, but a financial advisor can help whenever a family or care recipient expresses a need for expert help managing their money. Few people think immediately about getting an advisor in to help—even fewer when they may need a comprehensive financial plan for a loved one.

One common misconception about financial advisors is that they’re only for those with tons of funds or investments. Another is that financial advisors are only interested in helping people who are saving for retirement—not those who have already retired. That’s far from the case, however. Just about anyone can call upon a financial advisor for help managing their money. Families that want to know if they can afford long-term care are a perfect fit for many advisors.

3. When Uncovering Extra Funds is Needed

Not every family realizes that they might be able to pull from resources that are less conventional. Life insurance policies, for example, can help bridge the affordability gap if sold to an interested investor. 

If you think this might be an option a family has overlooked, or that there might be other financial products already in their name that could provide funds for care, it might be an excellent idea to call upon a financial advisor to help paint a clearer picture of each option.

These are just a few of the many signs that it could be the right time to bring a financial advisor into the care team. To learn more about how you can help families afford care, as well as helpful tips about finances and other topics, check out Worthright’s resources page.


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