Social Security: How to Grow Your Practice Around the Advice Clients Need Most

by Sheryl Theisen

A client’s financial well-being consists of various products, strategies, and goals pulled together with a financial professional’s help. There are taxes to consider, estate plans to review, investments to monitor, retirement plans to uncover, and even decisions regarding lazy money.

One financial topic not to overlook is Social Security’s impact on a person’s retirement plans and how to ensure it’ll work in their favor.

Still, when it comes to Social Security, many financial professionals refer clients elsewhere for guidance, resulting in missed opportunities.

“75% of clients would be likely to switch financial planners if their current planner couldn’t give them satisfactory help with their Social Security benefit decisions.”

Nationwide 2022 Social Security Survey

No matter if someone is just starting in the workforce or ready to retire, Social Security impacts their finances, so that’s why they turn to you—their trusted financial professional—for guidance.

3 Things Your Business Gains by Offering Social Security Services

1. Deeper Relationships

Eligible adults want help integrating all their different income streams with their Social Security benefits. Add Social Security expertise and realize this unique opportunity to give clients something they generally can’t easily access. This leaves no doubt in their mind that no one can serve them the way your firm does.

2. Business Growth

The number of Americans 65 and older will increase from approximately 56 million today to over 78 million by 2035.

This demographic needs reliable insight. Adding Social Security services to your business can help you scale and grow through potential added business and client referrals.

3. Business Longevity

Flip the narrative on centers of influence (COI) relationships. Typical COI-advisor-type alliances find themselves on a one-way street, with financial professionals sending clients to the tax or estate planner.

But if you’re known to have Social Security strategies and expertise on your team, your COIs now recognize the value you provide to their clients and, in general, are happy to send referrals your way.

Podcast: Launching the New Social Security Program With Hamilton Morales

Where Can You Access Reliable Social Security Expertise?

Did you know there are about 2700 rules related to the Social Security program?

If you Google “Social Security rules to know,” about 1,500,000,000 results pop up in 0.56 seconds!

As a professional looking to optimize your client’s financial plans, you must understand all those rules and how to align them against each situation. If you don’t have that knowledge in your wheelhouse, you’ll need an alliance to gain reliable insight.

We can empower you with the Social Security services you need to create personalized solutions for clients, including:

  • Education: Answers to the questions and confusion you and clients may have surrounding Social Security
  • Resources: Access to a Social Security Strategist, expertise, and presentation materials
  • Agent consulting: Coaching on how to interact with the topic during seminars and client appointments

Educate Clients About Social Security in a Memorable Way

Hosting a Social Security speaking engagement is a great way to establish yourself as the go-to for all things Social Security. 

At FIG, our partnered professionals are encouraged to invite our Social Security strategist to speak to their clients, prospects, and business associates, such as broker-dealers, RIAs, and financial professionals. Each presentation is tailored to the audience and guided by the needs of the host.

Presentations can include:

  • Large seminars
  • Lunch or dinner events
  • College classes
  • Podcasts
  • Radio shows

When a Social Security strategist addresses questions, concerns, and misconceptions head-on, you open the door for valuable conversations and potential product sales.

If you’re looking to grow your practice and set yourself apart from the competition, there’s tremendous value in providing expertise around the advice clients need most: Social Security.

Are you interested in expanding your Social Security business and want strategic insight from our team? Click to learn more today!

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For Financial Professional Use Only – Not For Customer Use

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