Advisor-Focused
Currently 68% of the average Baby Boomer's wealth is concentrated in their home. If housing wealth is not part of the retirement conversation, advisors potentially miss out on planning opportunities that may only be possible if a reverse mortgage is incorporated.
The competition for client attention (and retention) is fierce, and the strategies to attract new clients are scarce. Adding housing wealth to their vocabulary, client-engagement strategies and digital profile positions advisors on the cutting edge and sets them apart from competitors.
Since FINRA's "last resort" position on reverse mortgages has changed and the program has recently been restructured, reverse mortgages can no longer be seen as an addendum. Housing wealth strategies will come up more often, and holistic advisors want to provide updated and well-informed information when it does.
