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® affiliates, their distributors, and their respective employees, representatives, and/or insurance agents do not provide tax, accounting, or legal advice. Please consult an independent professional as to any tax, accounting, or legal statements made herein.
Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Affiliates are separately responsible for their own financial and contractual obligations. Affiliates include broker-dealer/distributor Lincoln Financial Distributors, Inc., Radnor, PA, and insurance company affiliates The Lincoln National Life Insurance Company, Fort Wayne, IN, and Lincoln Life & Annuity Company of New York, Syracuse, NY.
The views expressed are those of the speaker and not necessarily of any Lincoln Financial Group affiliate or the broker-dealer, or any affiliates. These views are not based on any particularized financial situation, or need, and are not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific strategy, product or service. Investing involves risk including the risk of loss of principal.
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