When making important financial decisions, such as those arising from a lawsuit or settlement, it’s often assumed that a financial advisor can provide the best guidance. While that may be true in certain circumstances, effectively safeguarding a settlement requires the specialized expertise of a Settlement Consultant.
Here are 3 reasons why your client NEEDS a settlement consultant.
Reason #1: Specialized Knowledge
A settlement consultant’s training goes beyond traditional wealth management strategies. It also encompasses experience with providing solutions specific to the financial intricacies of injured claimants and plaintiff attorneys, to include structured settlements and attorney fee deferral products.
In particular, settlement consultants are familiar with roadblocks that can prevent a smooth settlement resolution. From helping prevent the loss of government benefits to knowing whom to consult when a lien report is inaccurate, a settlement consultant has specialized experience needed to provide the most comprehensive level of service during and after settlement negotiations.
Reason #2: Holistic Approach
Not only are an injured claimant’s financial needs unique and different than those of a non-injury victim, but there is also an emotional aspect to settlement planning that a settlement consultant is better equipped to navigate. When someone has experienced a traumatic injury or the death of a loved one, their wrong can never be made right regardless of the amount of money they receive through a settlement. Newfound wealth can often feel like more of a burden than a blessing — especially if the windfall came as a result of a loved one’s death. A settlement consultant is an advocate for the injury victim and can help navigate emotional storms while keeping claimants focused on goals and a well-thought-out plan that provides for financial stability.
Whereas the typical financial client may be focused on investments that can provide for retirement savings or funding extensive vacations, injured claimants must deal with economic complications as a result of an accident, and planning for the costs of their future medical treatment. The cost of prescription drugs, prosthetics and home modifications; eligibility for needs-based government benefits; replacing lost income; and trying to adjust to a new reality are all elements that must be considered in an effective settlement plan.
Settlement consultants work daily with injured claimants and their family members, and they understand how to provide detailed, expert guidance while offering empathy and emotional support.
Reason #3: Team-Based Solutions
Different than the typical solo approach often associated with advice provided by a financial advisor, the best settlement consultants recognize the strengths that other experts offer in the settlement process and will choose the right professional partner to quarterback every component of settlement resolution for the claimant. Reputable settlement consulting firms have access to a broad range of tax, government benefit, lien resolution, estate planning, trust services, and wealth management experts that can help the claimant create a seamless plan for his/her financial future. Moreover, settlement consultants are not captive agents, guaranteeing that they will only consider the best interests of the claimant when recommending products and services.
Contact Kimberly Overby Today
Sage is proud to be the largest plaintiff-oriented settlement planning firm in the nation. With offices from coast to coast and a national network of experts, we have the resources you need to ensure that your clients are receiving the best advice. Contact Kimberly Overby today to learn more.
Losing a spouse can be shattering, emotionally and financially. When a spouse dies, the surviving spouse and children are left with the overwhelming task of trying to establish a new normal. The hardship brought upon by this situation is further exacerbated when a widow is involved in a wrongful death settlement and is suddenly forced to make financial decisions that he/she may not be equipped to handle. A trusted advocate that offers careful, customized planning is a welcome partner in the process and can help ease the transition into this new stage of life.