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Chris Price is the Assistant Vice President of Advanced Sales at Lincoln Financial Group, a firm that has been helping millions of people plan, protect, and retire for over a century.
In this episode, Chris introduces and breaks down an overlooked aspect of financial planning, beneficiary designations: the strategy that influences virtually everything a client owns.
They also discussed:
- The importance of beneficiary designations in showcasing a financial professional’s attention to detail and care for their clients.
- The consequences of not filling out a beneficiary designation, defaulting to government rules, and the need for periodic reviews due to changing goals and circumstances.
- Timeliness of discussing beneficiary designations during annual benefit enrollments and the potential permanent problems if not addressed in a timely manner.
- The role of a will as a cleanup document and its limitations compared to beneficiary designations.
- Misunderstood or overlooked aspects of beneficiary designations, such as tax implications, auto revoke statutes, and conflicts within families.
- Customization and planning solutions based on client needs, with a mention of Lincoln’s advanced sales team for additional support.
- The potential for financial professionals to add value to clients by addressing beneficiary designations and seeking help from experienced teams like Lincoln’s advanced sales team.
Resources: Lincoln Financial Group
Related: You Inherited an Annuity. Now What?