Delivering More Personalized Advice with Lumiant HALO

How Insurance and Financial Advisors Can Truly Set Themselves Apart

Add Value for your Clients

The insurance and financial services field is extremely competitive. With so many options available, it can be difficult for advisors to find – and keep – clients. So, how exactly can advisors set themselves apart?

One way is to provide an in-depth assessment that shows – based on clients’ family health data – potential future scenarios. These insights help advisers support discussions with clients about planning for their health and care considerations.

Kevin Baranczyk, a financial advisor in Wisconsin, has been implementing the Lumiant HALO process, a solution that provides licensed advisers with detailed projections about clients’ potential long-term care needs and associated costs, which the advisers can use to guide conversations with clients. And doing so has benefited his business substantially.

How HALO Works for Narrowing Down the Right Financial Solutions

In an effort to develop and maintain strong relationships with his clients, Baranczyk introduces the HALO assessment in person during his review meetings. This involves asking a series of questions that essentially bring science and financial planning together to create personalized projections about clients’ health and care expenses.

Once completed, the HALO report provides a multitude of details, including personalized projections for:

• Family Health Risks

• Projected Active Healthy Years (for the client)

• Projected Years of Extended Care (LTC) & Related Expenses

• Projected Longevity (extending out to age 110)

• Projected Out-of-Pocket Health Care Expenses

With the power of HALO, advisors no longer have to rely on inaccurate or outdated “averages” when it comes to planning ahead for future healthcare costs. In Mr. Baranczyk’s case, he shows clients the data in real-time – which can be an eye-opening experience.

How HALO Works for Narrowing Down the Right Financial Solutions: A Client Example

In one instance, Baranczyk had been working with a couple for over ten years – and even though the clients had considered buying long-term care insurance, they just hadn’t taken the plunge...that is, until Baranczyk started using HALO.

The policy the clients purchased had an initial premium of just over $100,000 but provided them with an annual long-term care benefit of more than $71,300 paid out for life. So, regardless of how long they need the protection, the coverage will be there.

But it gets even better. Once the clients realized how beneficial the long-term care coverage would be, not only did Baranczyk’s clients move forward with securing a policy, but HALO also helped to broaden the advisor’s conversation with them to touch on their estate planning needs as well.

How HALO Positions Advisors as an Expert

HALO offers a fast and easy method of planning for future longevity, health, and eldercare expenses that are based on the real probability of a client facing the same types of healthcare issues.

Using insights from HALO, advisors can more easily “customize” an insurance plan that fits with specific needs – and because of this, clients are much less likely to be over- or under-insured. They can also already have their game plan in place before it’s too late to secure such coverage.

When first introduced to HALO, Baranczyk was admittedly a bit skeptical. But once he saw the results, he was hooked. In fact, he even makes the HALO assessment process fun for his clients when going through the assessment questions.

Before using HALO, Baranczyk had a tough time bringing up the topic of long-term care, primarily because most people don’t really relish change –especially when it involves thinking about their own future health and long-

term care needs.

But with HALO, he's able to show clients their unique longevity projections and more customized cost-of-care figures that are based on their own personal data.

In Kevin Baranczyk’s case, the program virtually takes projected needs and shows clients just how real they are. Because of that, Baranczyk now regularly incorporates HALO into his planning presentations with both new and existing clients.

Using HALO to Highlight and Plan for Real Needs

HALO offers a unique process for educating clients and highlighting areas for discussion – helping advisers guide conversations about potential insurance needs

Any insurance or financial advisor can leverage HALO as a value-added service to differentiate their practice.

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