John Maynard Keynes once said, “When the facts change, I change my mind. What do you do sir?” We live in an era where technological advances and new innovations constantly change. Hence, with personal finance and financial advising, your clients need to stay abreast of changing tides. You give them sound advice to prepare them financially, with insurance policies, Prosperity strategies, savings, education, and more. You may assume – along with your clients – that a life insurance policy, a will, and a durable power of attorney constitute “preparedness.” And yet, your clients likely don’t tell their beneficiaries where they store important documents (online, the cloud, physical files).
The reality is that even the people who prepare retirement and financial strategies might fail to leave instructions for their loved ones. Their strategies often include dozens of seemingly small, and essential details. And, failing to leave the location of documents (online, physical files) causes families to suffer from lack of information. When a life-altering experience occurs, few people know what to actually DO. They don’t have a guide in the event of an accident, injury, illness, or the unexpected death of a loved one.
Too often, the missing piece of the puzzle isn’t life insurance or a will. It’s communication. For instance, do you or your clients’ loved ones know how to:
- Contact their doctor?
- Find their durable power of attorney?
- Pay their bills and keep their household running?
- Care for their pets, their home, or even their child for a short time?
- Find their extra house and car keys, or their email passwords?
- Find virtual and physical files?
- Locate their will and/or life insurance documents – especially the policies or wills they put in place before working with you?
- If they have no life insurance or will, do their loved ones know, or will they embark on a frustrating search?
The family members left to “manage” are too often left in the dark. And as an advisor, chances are, you’re in the dark, too.
Fortunately, our friend Lenore Vassil has made it her mission to shine a light! A former technology executive for a Fortune 500 company, Lenore learned first-hand the desire for a simple solution to communicate essential information to loved ones and advisors.
In late 2011, Lenore’s father became suddenly ill with viral encephalitis, a condition that caused temporary dementia and robbed him of his memory for two long months. During this time, her whole family scrambled to run the household. Her father had always managed the household bills, and her mother was in the dark about how to navigate their finances.
With the assistance of a little research, printed bank statements, and Lenore’s help, the bills did get paid. And, the experience was a wake-up call for her. What if the statements had all been online? What if they didn’t even know where to make a house payment, car payment, utility payment or an insurance payment, or didn’t have access to the money to do so?
Fortunately, Lenore’s father made a full recovery, and soon afterwards, she watched as another family went through chaos and grief, following a friend’s disappearance. He had gone missing on an extreme surfing expedition, and was never found. His family and pregnant girlfriend searched in vain for months, not knowing if a will or life insurance policy existed.
Then, someone else Lenore knew suffered her very first seizure while home alone. The seizure left her with profound memory loss, and she ended up in the hospital, unable to remember who her doctor was! When they were finally able to consult with her doctor several long weeks later, he confessed that he would have recommended a different course of treatment, based on her medical history.
Lenore had seen enough! She looked for a solution to help people communicate such essential details. However, she found existing systems lacking or problematic. As a technology executive in the banking industry, she knew there had to be a better way for people to share critical information. So she set about devising simple, user-friendly, and easily updatable software.
Lenore left her executive position to create a solution – a system that helps people communicate the essential details of their lives with loved ones and advisors. A short while later, The Torch was born.
The Torch is a simple online system designed to communicate instructions for “what if” life scenarios. Using it prepares people for the unexpected by providing instructions to those close to them who might want them someday. It’s also a part of the Prosperity Economics Movement. The Torch helps them adapt to succeed so they don’t fall behind. You’re teaching them control to ensure things don’t spin out of control.
The Torch solves a lot of common problems:
- States hold a whopping $58 BILLION of unclaimed assets, largely because people fail to tell others what they own.
- As of 2019, nearly 36.5 million Americans live alone. Yet, without something in writing, many states require court approval for anyone, even family, to make medical decisions for them.
- About 52% of heirs subsequently can’t find the information or documents they need.
- Sharing who your doctor is ensures you will have the best care possible in the event of an extreme circumstance.
- More than 25% of life insurance policy proceeds go unclaimed, because heirs do not know the policies exist.
- With online bill statements and recurring debits, it is difficult for anyone to access your accounts without passwords.
Make It personal: Light the way for clients to avoid the dark
We wholeheartedly recommend The Torch to clients, friends, and advisors. It’s a narrative your clients need. With your emphasis on financial advising, personal finance, and prosperity, you’re ensuring there aren’t any “information gaps” that can occur with a major life occurrence. We receive nothing for recommending this strategy, we simply think it is an idea whose time has come, and one that we are grateful to have access to in our work with clients.
As our technology continues to grow and change, nobody can predict the future. However, we can communicate with clients on a personal level. This helps them “prepare for anything.” Light YOUR Torch today!
Todd and Kim