The problem of product complexity can be compounded by older consumers whose mental astuteness may be slipping. Though many are as sharp mentally as ever, some may be dealing with issues of mental competence.
For many in this age group, the actual or perceived loss of mental sharpness and control can have dramatic implications. For example, many older people experience:
Financial advisers are not expected to be clinical psychologists, but they do need to recognize signs that prospective insureds may lack the short-term memory or the judgment required to make buying decisions involving insurance and other financial products.
In such situations, for ethical and legal reasons, it's bettter to err on the side of caution.
Make sure you are always in compliance with your state's regulations involving marketing to seniors. Also, when in doubt, you are encouraged to bring other family members into discussions involving annuities and estate planning issues.
Ohio National is not affiliated with, nor does it endorse or sponsor, any particular prospecting, marketing or selling system.