Farmers and ranchers are always having to adjust to an ever-changing economic landscape to manage their businesses, and they must do so with an eye towards future planning.
One of the biggest challenges that a family-owned operation can face is protecting the farm or ranch as it passes to the next generation. So, with National Ag Day arriving on March 22, now may be a good time for financial advisors to broach financial planning topics with their farming and ranching clients.
A recent blog post from Nationwide points out a new program designed for farmers and ranchers to protect what’s theirs. Nationwide’s Land As Your Legacy program puts plans in place to strategically use financial planning concepts to facilitate the successful transition of a farm operation.
In addition to helping farmers or ranchers hand their farm off to the next generation, financial advisors should also ask their farming or ranching clients about their retirement plans. Ask them if they’re satisfied with the outlook of their expected retirement income. Find out if they feel like their healthcare needs will be met, especially if a long-term care need arises.
“National Ag Day offers a great opportunity to think not just about how those in agriculture keep us fed, clothed, and fueled, but also how that farming or ranching client may be interested in having a conversation about putting a plan or plans in place,” according to the blog post.
The Land As Your Legacy program provides resources that can help financial advisors have better conversations with their clients. Advisors can also share the program’s client-friendly tools, recorded webinars, and other materials their clients, which can introduce them to financial planning concepts or answer questions they may already have.
Nationwide a variety of actively managed ETFs for advisors that cater to a range of investment exposures and strategies for those seeking retirement income options for their clients as part of their bigger retirement planning picture.
For more news, information, and strategy, visit the Retirement Income Channel.
