Preventing identify theft is about a lot more than protecting clients’ privacy. Indeed, sophisticated hackers that breach data firewalls can use the stolen information to gain control of individuals’ financial accounts and take out loans in victims’ names. What’s more, data breaches appear to be occurring more frequently and are becoming more threatening to individuals’ financial health. With that in mind, advisors should help their clients take appropriate actions—some of which may not be commonly known—to help halt identify theft. At the same time, many Americans who use data monitoring services may be enjoying a false sense of comfort.
As couples across the nation bask in the afterglow of celebrating their relationships on Valentine’s Day, it’s important to keep in mind that financial planning, like most things in life, is best done with involvement from both spouses.
Facing off against competitors that offer low fees or even free services can feel intimidating. And with the advent of robo-advisors, there is no shortage of such players. Indeed, some reports say there are approximately 80 web-based firms that are trying to carve out a niche with rock-bottom fees.
Many financial planners offer estate planning as a way to get a competitive edge over advisors that don’t offer such services. Yet, the most appealing aspect of providing estate planning is that the services can play a big role in retaining assets when clients die by putting advisors in position to secure estate beneficiaries as clients.
Advisors seeking to pursue millennials as clients should ask their elderly clients to introduce them to younger family members so they can work on establishing new relationships. So reports The Business Journals.