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In Case of Emergency (ICE)

Older and elderly people (aged 60 plus) are the most vulnerable to COVID-19 and the fatality rate for people over 80 is almost 15% according to data from China.

ICE2The age demographic presents advisers with a problem as many of their clients will be over 60 and in the at-risk group.

An expert from the World Economic Forum explains how to help older people through the COVID-19 pandemic

As an adviser what can you do to help your clients.

Your clients should be isolating but they're still contactable and whilst it may not be the easiest subject to broach at this point, planning against the worst can be strangely comforting for people.

We wrote an article late last year on how to begin to build a relationship with your next generation of clients.

How to build a relationship with your next generation of clients

One of the key points is to work with your current clients to create an ‘In Case of Emergency’ (ICE) folder in which to store everything of relevance including copies of wills, trust deeds and lasting powers of attorney together with all the relevant paperwork for insurances, property deeds etc.

ICE3This data is very sensitive and that's where your moneyinfo app comes in to its own as it's a secure place for you and your clients to store sensitive personal and financial data.

Create a special folder in the client's document area called "In Case of Emergency"

Into this folder store a template document with contact details for the client's advisers and other important contacts including all family members.

Put in this folder any documents you already have access to - including life assurance and property insurance contracts and then provide a list for your clients of the other documents that they should put in the folder.

Getting this stuff together is not fun, but it is do-able from the comfort of the client's home during self-isolation and your older clients probably have time on their hands as their social clubs and networking will have been closed.

ICE4The benefits once the information has been pulled together are obvious. Not least the financial peace of mind for your clients of knowing that everything is organised, in one place and accessible.

Should the worst happen, you can provide the family with all the information and paperwork to calculate the estate, supporting the executor and speeding-up the process of probate.

You will look well organised and a key adviser to those inheriting from the estate. Useful to stop those assets going to another adviser.

Sim Sangha

Business Development Director

moneyinfo limited

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