Win More Financial Planning Clients With Lumiant HALO

How to Break the Mold and Differentiate Your Practice

Differentiate Your Practice

In a world where nearly anyone can call themselves an insurance or financial advisor, it is more important than ever to stand out from the crowd in the eyes of prospective (and current) clients.

Showing your prospects a customized prediction that is based on their ancestors’ health histories is one way to create a truly personalized plan that highlights the likelihood of needing long-term care – as well as the associated costs – versus simply relying on averages. This can be easily accomplished by using the Lumiant HALO process.

What is HALO?

“Lumiant's HALO Planner (Health Analysis & Longevity Optimizer) combines science with financial insights to provide licensed advisers with personalized projections about clients’ longevity, health, and potential elder care needs.

HALO is an engaging client experience that is easy and fast to complete in just a few minutes. The results are presented in a comprehensive, personalized report that equips licensed advisers with insights to help guide discussions with clients about potential health and elder care considerations.

Built by trusted experts with backgrounds in computational genetics, data science, and health IT, HALO pinpoints a client’s risk so the advisor can help the client plan for it.

Its guided or self-guided assessment process creates the opportunity to engage clients with an entirely new conversation about their financial future while capturing key data to better understand and target the needs and concerns of their ideal audience.

For the first time, clients are able to better understand their priorities and needs with more accurate planning for future costs. Specifically, HALO helps advisors and clients:

• Plan for your client's most active and healthy years in retirement.

• Determine how many years of eldercare (in-home care/ care facilities) your client may need and what the estimated costs could be.

• Estimate out-of-pocket healthcare costs throughout a client's lifespan and how those costs may change during different life stages.

Covering Specific Insurable Needs with HALO

With HALO, prospects can review a report that is generated specifically for them using real data from their family health history. This data highlights the probability of various health risks and longevity, along with the projected need for – and the cost of – long-term care.

Showing clients and prospects what their realistic care needs and costs are likely to be is a catalyst for getting them to take notice – and in turn, to do something about it sooner rather than later.

So, how well does the HALO process work for insurance and financial advisors? Just ask Erik Olson, a RIA headquartered in the Chicagoland area.

Since incorporating HALO into his practice, Erik uses the tool to provide licensed advisers with detailed longevity and health insights, helping them engage clients in more informed conversations about potential long-term care considerations. This makes the need much more “real” and personal than relying on an average or across-the-board possibility.

For instance, in one case, Erik was working with a couple where the wife had a shorter life expectancy than her husband – which goes against “traditional” financial and longevity statistics.

Because of the personalized insights from HALO, the adviser was able to use the information to discuss tailored insurance and estate planning considerations with the couple, while all financial decisions remained under the adviser's professional judgment. In this scenario, simply going with the average probabilities could end up putting the husband in a difficult financial bind down the road.

Differentiating Your Practice Using the HALO Process

Just simply using HALO as a value-added won’t necessarily ensure an advisor’s success, though. Rather, the process should ideally follow a series of steps in order to draw a client or prospect in.

For instance, by going through a series of steps, Erik Olson introduces HALO at just the right time during his initial meeting with an individual or a couple.

This, in turn, keeps prospects much more engaged...and more likely to work with Erik, and move forward with his recommendations for covering their specific needs.

By using HALO in connection with Social Security optimization software, Erik is also able to connect a prospect’s life expectancy – not just an average – to uncover other potential vulnerabilities that are specific to the individual.

Because these “hidden” financial dangers are oftentimes hard to detect when using traditional averages, the HALO process provides licensed advisers with detailed insights into clients’ potential longevity and care needs, supporting them in identifying areas they may want to discuss further when planning coverage.

Further, by showing clients and prospects in “real-time” where they have significant financial “gaps,” it then becomes a much more collaborative process where the next logical step is to work together and implement the solution.

How to Set Your Practice Apart with HALO

Trusted and long-lasting relationships with are typically formed when clients are educated, rather than sold. The HALO process allows insurance and financial advisors to set themselves apart by uncovering individualized needs that are based on actual data – and

then designing the precise solution.

Are you ready to see how incorporating HALO into your practice can position you as the expert and bring more clients in the door?

Get a demo