What if my financial advisor is not alive at the time I need the services?

Hello Anmol,

We have answered a similar question before. Do check it out here: https://www.beshak.org/forum/post/how-can-beshak-guarantee-lifetime-personal-support-from-advisor/

Please let me know if you have any further questions. Thank you!

If your financial advisor is not alive when you need their services or if they are otherwise unable to provide the services, it's important to have a plan in place to ensure that your financial affairs are properly managed.

Here are some steps to consider:

1. Contact the Advisor's Firm: If your financial advisor was associated with a financial advisory firm or institution, contact the firm to inform them of the situation. They may have a process in place to transfer your account to another advisor within the firm.
2. Review Your Contract or Agreement: Review any contracts or agreements you had with your financial advisor to understand what provisions are in place for this type of situation. There may be information about succession planning or alternative advisors.
3. Seek a Replacement Advisor: If the advisor's firm is unable to provide an alternative advisor, or if you prefer to work with a different professional, start looking for a new financial advisor. Consider seeking recommendations from friends, family, or trusted sources, and conduct due diligence to ensure the new advisor is qualified and reputable.
4. Gather Financial Documents: Collect all relevant financial documents, account statements, and investment information to share with your new advisor. This will help them better understand your financial situation and make informed recommendations.
5. Update Beneficiary Information: Review and update beneficiary information on any financial accounts, retirement accounts, and insurance policies as needed.
6. Review Your Financial Goals: Take some time to review your financial goals, risk tolerance, and investment strategies. Communicate your preferences and objectives to your new advisor.
7. Assess Your Portfolio: Work with your new advisor to assess your existing investment portfolio and make any necessary adjustments to align with your financial goals and risk tolerance.
8. Monitor and Stay Informed: Stay engaged with your financial advisor, regularly review your financial situation, and ensure that your investments align with your goals. Ask questions and seek clarification if needed.
9. Estate Planning: Consider working with an estate planning attorney to ensure your financial affairs, including your investments and assets, are structured in a way that aligns with your overall estate plan and the distribution of your assets upon your passing.
10. Keep Important Documents Secure: Maintain copies of all important financial documents and keep them in a secure location, along with your will, estate plan, and other essential records.

It's important to have a contingency plan in place to ensure that your financial interests are protected if your financial advisor is unavailable.

Regularly reviewing and updating your financial plans and being prepared for unexpected changes can help you navigate such situations more smoothly.