Digital nomads are an incredible phenomenon. There are approximately 40 million worldwide, and they can live and work almost anywhere with high-speed internet, from countries in Central and North America to Asia and Europe.
Some digital nomads may be already by your clients who are starting a new chapter of their lives by working abroad, or they could be your clients’ family members or friends. And there are a lot of opportunities for insurance and financial planning for them. For example, many digital nomads are self-employed, and they may not realize they need help with retirement planning as well as banking challenges and insurance.
You may have to guide them with questions and ask them, for instance, if they’re in another country and get into a car accident or have a medical issue, who’s paying their hospital and other bills, especially if they can’t work. How will they be protected?
Usually, the clients will say, “I didn’t think of that. What great questions.” Then you can tell them we can help and that we’re now on the same team. We’re going to take care of this together.
See more from Lopez in his video, which includes the importance of joint work with other financial advisors for cross-border financial planning.
We may say, “We’ll design a road map to take you where you want to go. We need to tackle this, though, because it’s very important.”
Cesar Lopez is a 10-year MDRT member as well as a Top of the Table member.
For more about financial planning across borders, watch this MDRT member-exclusive content:
Thank you for your input, Rachel. The world is evolving faster than ever, and collaboration has become not only beneficial, but essential. I strongly believe in joint work. I know I can’t, and really shouldn’t, try to be everything to everyone.
When done well, collaboration leads to better outcomes for clients and strengthens professional relationships. The key is establishing mutual respect, clear roles, well-defined boundaries, and partnering with someone whose integrity, trustworthiness, and working style align with your own.
While a financial planner may possess the requisite licenses to implement insurance strategies and, in certain jurisdictions, an insurance advisor may appropriately address planning matters, competency and specialization remain critical considerations.
For example, if a client’s financial planner is domiciled in the United States, it is reasonable to question whether that professional is sufficiently versed in the regulatory requirements, product structures, and operational nuances associated with international or cross-border planning. In many cases, the answer is no, which may materially limit the scope or suitability of their recommendations.
This is where a focus on true subject-matter expertise becomes essential. As in medicine, specialists often achieve more targeted and efficient outcomes and are compensated accordingly, while generalists continue to play a valuable and complementary role in the broader advisory process. Ultimately, both contribute as part of the same team, aligned toward delivering the best results for the client.
When each professional operates within their area of strength, clients gain access to deeper insight, more tailored solutions, and better long-term outcomes. In a coordinated framework, where every contributor adds value through clearly defined roles, the entire team advances in the same direction, with the client unequivocally at the center and as the ultimate beneficiary.
Great article for today’s new trends. If I may ask further on the joint work mentioned by Mr Lopez in his video, do you think it is wise for an insurance agent to joint work with a financial planner, since a financial planner can do the same work as an insurance agent and that might take away their business?