Client Voices

President of AARP Financial, Richard “Mac” Hisey, Discusses the Financial Implications of a Major Life Event in Financial Planning Magazine

Richard “Mac” Hisey, President of AARP Financial, authored an op-ed in the June issue of Financial Planning calling for financial services professionals to be more proactive when their clients face times of personal life crisis.

In his op-ed, Hisey describes what he calls a “perfect storm” of personal financial when the need to make urgent and consequential financial decisions meets an emotional hurricane. As a result, many individuals take ill-considered actions or, worse yet, do nothing at all, which places their financial security at risk.

To better understand financial decision-making during a life crisis, AARP Financial commissioned a survey on the issue, discovering that more than half of Americans (57%) have experienced a life crisis such as divorce, death of a spouse, job loss, serious illness or disability in their household and often times, the event caused a significant impact on family finances. What’s worse, many individuals sought the financial advice of close family and friends, who are well-intentioned, but not necessarily financially well-informed.

 “This research implies that despite its best intentions, the financial services industry has failed to communicate its care and concern during these critical times,” Hisey wrote. “The good news is that the financial services industry is well equipped to help clients anticipate and address a financial life crisis. Therein lies an opportunity— and an obligation— for advisors. It’s time to step up.”

To read the full article, click here.

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