How to be a retirement lifeguard

How to be a retirement lifeguard (and recruit others)

There are millions of older Americans swimming in the pool of retirement. The question is who’s looking after those retirees showing signs of distress or in danger of drowning financially? The best lifeguards are proactive looking for the slightest hint of any problem that could become a life-threatening situation. It takes a sharp-eyed financial advisor to catch a problem before it becomes a crisis, especially when you have hundreds of clients swimming. Some are in the deep end taking the biggest risks, some are in the shallows and prefer to play it safe, while others are quite comfortable regardless lounging along the sides.

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1 comment

The Positive Realist July 11, 2022 at 4:37 pm

Great vlog!

So what is a lifeguard? Google definitions state that a lifeguard is “an expert swimmer employed to rescue people who get into difficulty in a swimming pool or at the beach.” Could a lifeguard also be a successful chef? Sure but when you are drowning, you won’t care if the rescue knows how to cook and properly present Bison filet mignon! That was not on my mind when drowning in 20 foot waves when I was 12 nor would it be on yours.

To be compete as a lifeguard requires knowing more than how to swim. It does not come overnight. There is work involved. While lifeguard training is not as extensive as training to be a brain surgeon, proper and thorough lifeguard training is crucial in saving the lives of drowning people. Just ask my neighbor who is both lifeguard and fireman for our city’s fire department.

So how does this apply to reverse mortgage originators? Just make sure that when you meet with prospects that you are thoroughly competent in knowing the full array of reverse mortgages. It really does not matter that you are the best in the industry at explaining how reverse mortgages can mitigate the risk of loss from the sequence of returns of a portfolio held in an IRA (especially to a consumer who has less than $40,000 in asset value in the IRA). When it comes to what plan is best for a senior, always defer to his or her competent, knowledgeable, and trained adviser even if you fear that the adviser will kill the deal.

Financial perils have things in common and that can be addressed in lengthy explanations to a prospect but that is not the immediate need. When financial peril exists, time is of the essence as is demonstrating to the prospect how a reverse mortgage might potentially improve their chances of financial survival by providing increased cash flow in retirement. Every reverse mortgage originator should be an expert on this subject.

Remember when it comes to financial advising, it is best to stay in your own lane.


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