Every problem creates an opportunity

After being in the business as a financial advisor for decades, 32-year MDRT member and MDRT Foundation Past President Brent Kimball, ChFC, CFP, has seen the markets rise and fall throughout his career.

“I’m as worried as anyone, but I’m old enough that I’ve been through this before. I remember in 2008 when the market dropped by 40%,” said Kimball, a Top of the Table qualifier from Pembroke, New Hampshire. “I don’t get those calls anymore from clients worried about their investments. I’m more conservative in my approach to planning and guaranteed income, and my clients know that.” The majority of Kimball’s clients are retired or own family businesses.

“Products like fixed-income annuities aren’t sexy, but they protect everything else in a down market,” Kimball said. He puts about half of his clients’ assets into that, which prevents them from losing principal. It’s a hedge against inflation, he explained.

It may be in a month or it could be in a year, but financial markets will regain their footing, Kimball said. If clients call, reassure them of that. “If you’ve done financial planning with your client, have the courage to stick with it,” he said.

“Maybe now is the time to remind people why we put money into products with a guaranteed income. Clients also may be open to hearing more about the advantages of disability insurance or life insurance,” Kimball said. “Every problem creates an opportunity. We just have to seek what that opportunity is now.”

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