9. I can’t think long term anymore. I once had a client who explained, “I don’t buy green bananas.” They think long term investing is not for them. Does this mean they shouldn’t be invested in the stock market?
Logic: If equities have historically outperformed other asset classes over time, this can mean they are a good hedge against inflation. They likely discovered good stocks in the past and rode them up. They might still own them now. Why does that have to stop?
10. I won’t be around much longer. They are in good health but doing less and less. They might feel sidelined. They do not see the point of investing.
Logic: If they have good genes and their mind is intact, they might be around for a long time. Add in the fact they live in an area with great hospitals. They should think of their portfolio as an institution that might even live on after them. Should they establish a foundation, get involved in charitable giving? They can enjoy managing it during their lifetime. It can live on beyond their lifetime, run by someone they designate.
Living in the past sometimes means the golden age is behind them. Those years might look good in the rear-view mirror, but they were likely scary when they lived through them. You can help them get comfortable living in the present and taking advantage of current opportunities.
Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book Captivating the Wealthy Investor is available on Amazon.