Four steps to help your clients better prepare to face the future

| 03 Oct 2017

Here are some important insights and practical actions drawn from the research findings of HSBC's "The Power of Protection - Facing the future" study, to aid you in starting a conversation with your clients to help them better prepare their family to face the future.

1. Identify your priorities
70% of people say their family’s health and wellbeing is the most important thing to them for the future.

Think about your priorities in life. Make sure you have a financial plan in place that addresses your needs as well as those of your family. Don’t neglect your own aspirations when planning for the future.

2. Assess your finances
33% of people supporting someone financially feel they themselves are just about managing or not managing at all well.

Consider how financially secure you feel. Think about whether any financial support you are giving to others is likely to increase or decrease in the future and if you need to update your financial plan.

3. Plan for the whole family
72% of people supporting someone financially say their family would not manage well if they had to significantly reduce their support to them.

Unexpected life events can have knock-on effects for the whole family. Bear this in mind when reviewing if you have enough financial protection in place.

4. Talk about the future
84% of people who are supporting someone yet managing well financially have had a conversation about their long-term financial security should something happen to them.

Make time to talk to your family about the future. Discuss what could happen to them if you experience a life-changing circumstance and what financial safeguards you have in place. If you need help, seek professional advice.

You can find the full results and report here.

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