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Financial Advisors – Friend or Foe?

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“Investing in a CCRC may be the biggest financial decision a senior will make during retirement.  For help evaluating your decision, be sure to work with an advisor who is familiar with the financials associated with CCRCs.”

As a sales person for a CCRC/Life Plan Community, does that statement strike fear in your heart? Or do you welcome financial advisors as part of the sales process? Perhaps a little of both, according to James Ciprich, CFP, a wealth advisor for Regent Atlantic. Ciprich works with clients who are considering a Life Plan Community and asking financial questions like, “Can I afford this community?” and “What impact will this have on my long term financial goals?”

Ciprich happens to be a fan of Life Plan Communities and understands the potential benefits they can provide, but also cautions his clients to ask good questions, not just about the services and amenities available, but also about the community’s financial health. He offers five areas he believes retirees should research to determine the financial strength and sustainability of a community. READ MORE

  1. Ask to see financials
  2. Talk to the CFO to learn more about operating revenues, bond debt ratings
    and net worth
  3. Learn about the endowment
  4. Ask about occupancy rates
  5. Research expansion plans

These are not topics a typical sales person would likely venture into willingly – but if a prospect comes armed with these questions, are you totally transparent about your financial information and can you help find answers? Moreover, have you made an effort to reach out to the financial advisors in your area to help educate them about the advantages of a Life Plan Community? In turn, a financial planner can help you understand the many tax implications of a life care or fee for service contract so that you can be better prepared to address these questions and concerns in the future.