I started working with my clients Bob and Carolyn about 10 years ago. When I began calling them, they were very hesitant to share information. They didn’t want to worry about losing money, but they also wanted a return that was better than what they were currently earning. They had some small annuities in place, and I would politely follow up with them every six months to see if they wanted to add to those annuities. Initially, they said they were all set and click, they’d hang up the phone.
While they didn’t follow all of my advice, my persistence influenced them to make incremental changes that not only provided for their next generation but also gave me a foothold to begin intergenerational planning with their children.
I had done them a great service by getting their outside assets in order and keeping them organized in a binder I provided. Eventually, Bob asked me to help him keep this organized and updated, so they could continually see the progress. One time, they were warm enough to sit down and meet with me, and they continued to add to and grow those annuities.
Eventually, they did end up putting a good chunk of money into an annuity, and over the next 10 years, it accumulated from about $500,000 to $750,000. However, despite their advancing age and emerging health issues in their mid-80s, they remained reluctant to pursue any long-term care coverage. About three years ago, I said to them, “Have you at least thought about gifting some of this money to your kids if you’re not going to do anything for long-term care?” And they started to do that for their four adult children.
About two years into them gifting some of those monies to their kids, Bob had to go into a nursing home. The kids were receiving about $60,000 a year from this annuity that helped them get out of financial holes and landmines they encountered in life. I wanted to give the parents flexibility, so the annuity had a chronic illness and a nursing home rider in case they needed money for long-term care. Now, that $60,000-a-year disbursement is going toward the nursing home expenses.
When Bob and Carolyn started adding to their annuities, I had a group meeting with them and their kids. These were important decisions, and I needed to have the adult children there, so they understood the value of what we were doing and there wouldn’t be any misunderstandings. I think they could see my authenticity in how I was taking care of their mom and dad.
The kids were greatly appreciative and began talking to me about intergenerational planning. One of them is doing business with me. Another sibling would like to be a client in the near future once some debt is paid. I’m also impacting the third generation. Bob and Carolyn have a grandchild, and she is going to dental school because they took out some insurance policies on their grandchildren with me when they were younger. So, I would imagine she could turn into a nice client as well.
This experience reinforced a powerful truth: that consistent, compassionate persistence can lead to meaningful financial outcomes and deeper trust. Watching Bob and Carolyn not only grow their wealth but ultimately share it in ways that uplifted their children and grandchildren showed me that the impact of thoughtful planning goes well beyond numbers. By doing the right thing, even within the limits they set, I built relationships that extended across generations.
