Business Innovators Radio - Interview with Ryan Quante, Founder of Care Income Advisors Discussing Serving Financial Advisors, Attorneys & Care Communities

Episode Date: January 19, 2024

Ryan is a Certified Long Term-Care Insurance specialist and has helped clients, agents, & attorneys find viable solutions to their LTC needs. For the past 8 years, he’s made it his mission to help as many people avoid spending down all their assets to pay for care as he can through creative planning strategies. Ryan resides in St. Charles, Missouri, and enjoys hockey, music, and his two dogs.Learn More:https://www.careincomeadvisors.com/https://calendly.com/careincomeadvisors Influential Entrepreneurs with Mike Saundershttps://businessinnovatorsradio.com/influential-entrepreneurs-with-mike-saunders/Source: https://businessinnovatorsradio.com/interview-with-ryan-quante-founder-of-care-income-advisors-discussing-serving-financial-advisors-attorneys-care-communities

Welcome to influential entrepreneurs, bringing you interviews with elite business leaders and experts, sharing tips and strategies for elevating your business to the next level. Here's your host, Mike Saunders. Hello and welcome to this episode of Influential Entrepreneurs. This is Mike Saunders, the authority positioning coach. Today we have back with us Ryan Quante, who's the founder of Care Income Advisors, and we'll be talking about how he serves financial advisors, attorneys, and care. communities. Ryan, welcome back to the program. Thanks so much, Mike. I appreciate you having me back.

You're welcome. I was really interested in how you position yourself as serving, yes, your clients with high ethical, high quality products and services, but then you're now also serving these strategic alliances. So I'm excited to see how that fits in the puzzle piece that fits in together because here are financial advisors, attorneys and care communities that have people that are dealing with long-term care and dementia, what are some ways that they can provide added value to their clients and integrate you in with that? So get it started with first, you know, kind of your approach, your overall approach to these, you know, kind of three sectors. Yeah, absolutely. So the last, spent the last almost decade now working specifically with

financial advisors, attorneys, care communities to help them bring these solutions to their clients that, you know, so desperately need to be aware of them. And what we found is that, A lot of the financial advisors aren't aware of the solutions that are available today. So what I do is I educate. I try to put the advisor in a position where they're best able to serve their clients. A lot of advisors are maybe fee only or they deal specifically with securities and they don't necessarily mess with insurance or annuities and things like that. I'm a specialist when it comes to long-term care that they can lean on and ultimately help their clients. clients and also add to their bottom line. A lot of times advisors will just outsource those things.

I'm saying, no, let's work on these cases together. If you've got a client who has a long-term care need, I'm more than happy to step in, do all the heavy lifting and split, split whatever revenue might be generated from the sale. And, you know, the advisors that I've trained over the years have been very receptive of this idea. And it's a topic that might be a topic that might be Most people don't really like to discuss with their clients. And I am fortunately enough, or fortunate enough to have the knowledge and experience now to help have those hard conversations and help them see the light when it comes to the topic of long-term care planning.

And I think what you're able to also bring to the table to, let's just use financial advisors as that example you were mentioning, rather than just then. getting kind of deep with their client going, wow, you've got to do something here. So go out and find someone. Or here's this company that I've heard is good. Go talk to them. When you can align and become embedded as an embedded strategic alliance with that advisor, now they can set up a meeting and it feels like you're part of the team.

And now the advisor isn't shoving them off saying, oh, you need, I can't do it. You need to talk to someone. now they're bringing in Ryan, who is an expert, and now you're collaborating together, and that client feels well taken care of because it's like part of that financial advisor's team. That's exactly right. And they say de-work makes the dream work, and it really does, especially with such complicated matters as long-term care planning. And the advisors, you know, I'd say to a lot of them, the single biggest threat to their

assets under management sometimes is a long-term care event in retirement. and the advisors will see, you know, rather quickly how devastating a long-term care event can be on the portfolio, which ultimately, as they know, affects their bottom line each each and every year as time progresses. So if we're able to put a plan in place to, you know, stop that bleeding, put a stop loss on the portfolio, basically, on a long-term care costs, life is good for everybody, including the client and the advisor. Well, I think that's the key point there is it's not just a matter of, you know, let's, Let's put this plan together so we can both make some money. It's let's put the client first.

And if their bucket is going to have these huge holes punched into it with the expenses of a long-term care event, which could be longer than they prefer, and now all of a sudden, yeah, it hits your assets under management. But the more important thing is it hits the client. And like we've said before in our conversation, the client's self-esteem gets hit because, wow, I didn't want to be this burden to my family. or, you know, look, am I going to have enough money to last through, you know, my life in retirement? And all of those things, well, if we can put that plan into place and feel like they're part of, you know, they're collaborating together and the client and their family is all coming together, seeing how this works. I would venture to say that as we've said the cliched, you know, you know, when there's a win, win, win, you know, like if everybody's winning, man, it's a solid solution. That's exactly right. And that's that's the mindset that I have going into. each and every meeting with an attorney and their client, I'm sorry, an advisor, attorney,

and whoever, and their client is out to try to, you know, let them see that we're not just trying to, you know, make a sale. We're trying to actually help them solve these problems in a methodical way that it will set them up to, you know, have success and greater peace of mind throughout their remaining years. And, and, you know, like Benjamin Franklin said, a penny saved as a penny earned, well, you're actually bringing a number. other side of that kind of thought where you're able to keep the AUM, you know, in place because they're not tapping into that neat for long-term care needs. But then also when the time is right and when the decision is right to select a certain solution that you provide and there is a revenue share,

well, now they're keeping their AUM intact and they're earning revenue without them having to learn and get licensed with selling something new that they're not used to. So I would would venture to say that that's very attractive when done the right way with compliance and legal and all these kinds of things. But I would think that that's very attractive to an advisor. Absolutely. And that's, again, what I'm really passionate about is helping the advisor make a difference in their client's life because, as I said earlier, a lot of advisors, you know, they just don't know what they don't know. And obviously consumers don't know what they don't know. And the long-term care planning space is a bit daunting if you don't have a lot of experience in it.

And it does take some time and some learning. And a lot of the advisors that I've partnered with in the past are like, wow, man, this would have taken me, you know, six months to get done or a really, really long time to understand what the correct solution is, whereas I can come in, make the advisor and the client feel comfortable and put together a plan that really makes sense. And also, you know, I'm thinking of like different industries. Like if a real estate agent says to another real estate agent, oh, send me your buyers and I'll help them out.

Well, every agent is licensed to do buying and selling, whereas in the scenario you're talking about, you don't have to worry that you're going to steal the advisor's client because you're not licensed to do any of the things that they can do regarding asset management and AUM. So it's a perfect synergy because you can't do what they can do and they can't do what you can do. And now we're just putting their heads together to help serve that client. Absolutely.

And to tag on to that, when I'm faced with a client who has questions regarding the investments and that sort of thing, well, then that opens the doorway for me to make referrals right back to the advisor that I'm partnering with to help their clients with long-term care. So it's a two-way street. Yeah. 100%. So we also talked about serving financial advisors and attorneys. So I know that attorneys is a different realm, you know, because they're not advising clients on financial matters, but they're advising their clients on the legal matters with a state. state planning. So take us through like that process of how you're working with and serving attorneys. Yes, perfect. So, you know, ultimately somebody goes to see on an elder law attorney when they're faced with, you know, issues regarding elder care, state planning, you know, making sure that everything is, you know, in order for end of life. And a lot of times what the attorneys will find is that everything is, you know, nice and neat, sewed up real good, but they don't, they fail to discuss, you know, what happens if you get sick, what happens if you, you know, God forbid,

it's been through all your assets. Well, then you're in a situation where you really do need a specialist. So I've been successful in training and educating attorneys on the best way to, you know, go about those things and have those difficult conversations. It's a lot like, you know, my relationship with the financial advisor. I would come in as a, you know, a trusted resource, trusted expert. I meet with the family and the attorney. We discuss their goals and needs.

And ultimately, between the attorney, myself and, and the client, we are in a much better position. Usually when we're done speaking, then we would have been, if they hadn't engaged me. So attorneys are great, great people to work with and they're great people to get legal advice from. However, they're not always the most familiar with some of the solutions that are available today. So that's where I come. Yeah, and you know, I'm thinking of the words being proactive and being reactive. So if a client goes to an advisor and they're talking about,

long-term care needs and same with the attorney. The reactive is, oh, this came up, let's deal with it. I've got someone that can help. The proactive may be you can go to both your financial advisor, strategic alliances and attorneys and say, because of the work we've been doing together, why don't we go ahead and do a seminar and be proactive and really position both of your practices as an advisor, as an attorney, as someone that has this full breadth of, you know, long-term care planning, comprehensive, holistic, and it would really position their practice as more attractive than even their competitors because their competitors aren't talking about those kind of things that are real needs. Is that something that you're able to provide them as well?

Exactly. Yeah. Joint seminars, you know, getting the message out there that, hey, look, I'm not just like the everyday elder law attorney. I encompass, you know, the financial side of things through strategic alliances with care income advisors and being able to to have that resource available for their clients is a huge, huge win, in my opinion, because like, you know, you can Google elder law attorneys and come up with, you know, 10 or 12, but chances are maybe only one or two are very familiar with the insurance solutions that are available today. And the more that we can get the message out there, that there are solutions for folks, no matter what their, you know, what their current situation is, a lot of times the attorneys

deal with the people who are, you know, think it's the end of the road and, you know, Medicaid is their only option. Well, there are, you know, some creative solutions that are now available, they may not be aware of that can provide great, great value to their, to their clients. And I think, too, what we've even talked about from our previous conversations, I remember, one of the distinctive, you know, aspects of your approach is a lot of times people assume that, oh, long-term care, it's too late because this happened and now we haven't planned for it years in advance, but you've got solutions that can help clients, you know, even in the midst of the long-term care dementia type crisis. So that's unique in the industry. And I think that

that message is really attractive to the advisors and attorneys because they might assume the same thing. And now all of a sudden, they're telling their client, no, hold up. Let's bring Ryan in because he's got something that's pretty cutting edge. Right. And my thing is it, or what I like to kind of hang my hat on is it's not too late. Historically, yes, you know, four or five years ago, there weren't, there weren't these options available. So now there are. And I like to, you know, make sure that we can. can get that message out there. If the attorney is aware, well, then that's just going to create more awareness for their clients.

And we'll ultimately be in a better place as a team, as a country, you know, getting behind this issue of long-term care because I can tell you right now, Medicaid is going broke. A lot of states are implementing, you know, payroll taxes, like Washington Cares Act, for example, in Washington, if you're not aware, they implemented a payroll tax to help cover the, you know, ever growing need for long-term care services that Medicaid is just not going to be able to provide. So there's just a, you know, it's a growing need. And the more that we can educate, the better off we'll all be. You know, and I know you're serving the client who's dealing with long-term care needs and their family because that has that ripple effect. So, you know, that's the

whole focus. But now what about the third entity that you mentioned care communities? Talk a little bit about what they're doing or what you're doing with them to help serve them in serving the clients. Absolutely. So care communities and the partnerships that I've formed over the last couple of years with those senior living facilities, memory care centers, they have proved to be extremely fruitful in that we're able to not only help the client, but we're also able to help those facilities retain the clients. So you see a lot of times what will happen is that A client will come on board. They'll sign up for the assisted living.

And then a couple of years go by and their money runs out. At that point, well, not only is the client not have anywhere to go and they don't have the care that they need so desperately need. Well, the facility is also losing out on revenue at that point because if the clients doesn't have any money to continue paying the bill, well, then that means the facility is not going to have the revenue that. they once did have. So we're able to come in and say, hey, look, no matter what the issue is, no matter what you think, we can a lot of times provide peace of mind and a guarantee that that client will stay in your facility. And a lot of care communities, their biggest challenge is is client retention, you know, obviously a client attraction. That's always a big one too. And I think that between, you know, doing seminars, being raising awareness and that sort of thing,

we're able to really drive home the point that, look, we are able to help your clients stay where they're at and also help you continue to receive the money that you need to continue running your business and providing sexual care. And it's about providing value added services because if that care community, is giving education referrals introductions so that their clients who are in their facility now can understand that, oh, it's not too late. And now I can stop that, you know, some of the huge expenses and have it covered with this unique approach. That helps everybody.

Again, getting back to the win, win, win. But it made me think of a question, are some people in care communities who are not dealing with dementia and long-term care? and then all of a sudden dementia or long-term care flares up and then it's impacting that. Yes, absolutely. It's not uncommon at all for, you know, diseases to develop. You may go into a nursing home because you have an assisted living facility because you're having a little bit of a hard time getting around your own place. And it's just not, it's not safe anymore in terms of mobility.

There may not be any sort of cognitive decline at that point. But a lot of times you take somebody out of their environment, it becomes a lot more difficult to navigate everyday life, and especially with aging, you see a lot of, you know, dementia start popping up. And we have, you know, it's not too late. I want to, you know, really drive that home. It's not too late if somebody has got a diagnosis of dementia. They've got mobility issues. They're currently in your community.

And maybe they've spent, you know, three-fourths or, you know, half of their assets. Well, I would highly suggest you give care income advisors a call and we can talk about how exactly we can help stop that bleeding and continue and help you continue providing the care that that client so desperately needs. Yeah, I think that's that's the huge piece is the it's not too late and and being proactive as well as reactive because there's going to be times where, you know, oh, this flare it up. We need this help. So let's go talk about it. But then as that momentum continues to build, then your work with advisors, attorneys, and care communities then can layer in and add the proactive. Let's educate. Let's get ahead of it.

Let's have people that even before they choose the care community, the advisor, the attorney are realizing that they provide this holistic approach. And you're doing those seminars and teaching and educating. And then people feel like they're part of the decision making process rather than really, then reacting, you know, quickly to get something fixed. And now did I make the right decision? They're doing it before the problem has flared up. So I think that's such a unique approach that you're mentioning. There's strategically aligning with these trusted advisors.

That's exactly right. Yeah. And the more, like I keep going back to the more that we can raise awareness, the better off we'll all be in the end. Well, Ryan, once again, it's just been great hearing how you're serving your communities. if someone is interested in learning how the strategic alliance can look for them in their organization, what's the best way that they can reach out and connect with you? Yeah, I'd suggest that they go to www.meat with ryankew.com.

Again, that's www. meetwithryanq.com. We'll schedule a 30-minute call. Tell me what's going on and we'll hopefully be able to make a difference together. Excellent. Well, Ryan, thanks again for coming back on. It's been a real pleasure talking with you. Yeah, thanks a lot, Mike. I've enjoyed it.

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