If a client is laid off late in life, he’ll be worried about his retirement plans.
If he intended to work and save for several more years, you’ll need to step in and help him and his family get back on track.
As Financial Post reports, you can start by reassuring your client that layoffs aren’t always as much of a hurdle as they seem. Through a case study, Financial Post shows that if a 60-year-old client has little debt and has saved responsibility prior to losing his job, he may just have to tweak his saving and wealth management strategy.
Read more on how one advisor suggests such clients deal with layoffs.
Also check out:
Open Agenda: Regularly review business goals, for more on altering your schedule to help unemployed clients