When building a client’s financial plan, it's natural to focus on investments, retirement savings, tax strategies, and long-term goals. But many plans depend on something more fundamental: a client's ability to earn an income.
For most working clients, income supports every element of the plan. If it’s interrupted, retirement contributions may stop, long-term goals may be delayed, and assets intended for future growth may need to cover current expenses.
Yet disability is rarely an easy topic to discuss. According to the Council for Disability Income Awareness, many people associate it with accidents and injuries, when roughly 90% of disabilities stem from illness. More than one in four of today's 20-year-olds will experience a disabling condition before retirement, while 64% of Americans believe their personal risk is less than 2%.
These misconceptions can leave clients unprepared for an event that could affect their financial future. For wealth managers, discussing income protection is an important part of comprehensive planning.
Looking Beyond Existing Coverage
Understanding what protections clients already have in place is a practical first step.
According to LIMRA’s 2025 BEAT Study, only 55% of employees could definitively say whether their employer offers disability insurance, and fewer than half say they understand these benefits well.
Some clients may also qualify for Social Security Disability Insurance (SSDI), but those benefits may replace only a portion of pre-disability income.
This creates an opportunity for wealth managers to expand the planning conversation and consider how an extended interruption in income could affect a client's broader financial picture.
A few questions can help start the conversation:
If your income stopped tomorrow, how long could your current financial plan stay on track?
Would an extended absence from work affect your retirement savings or other long-term goals?
Do you know what income protection is already available through your employer or other sources?
Understanding those answers can help wealth managers uncover planning gaps before they become financial setbacks.
Making Income Protection Part of the Conversation
Once a potential gap has been identified, the next step is determining what resources and solutions may be appropriate for the client’s situation.
AIM (Annuities & Insurance Marketplace) from SS&C Black Diamond® Wealth Solutions provides access to disability insurance solutions, policy review capabilities, educational resources, and planning tools designed to help wealth managers evaluate options and guide those conversations.
By bringing insurance into the advisor workflow, AIM helps make income protection part of ongoing planning rather than a separate, standalone conversation.
Protecting What Makes the Plan Possible
Financial planning is about helping clients work toward their goals while preparing for the unexpected.
For working clients, that means considering not only how their assets are invested, but also how their financial commitments would be met if their income were interrupted.
Few clients raise disability planning on their own. By initiating the conversation and reviewing existing coverage, wealth managers can help clients protect the goals they've worked so hard to achieve.
To learn how SS&C Black Diamond Wealth Solutions supports insurance and annuity strategies, request a personalized demo, contact the AIM Consulting Team at 1-888-680-0830, or email info@sscblackdiamond.com today.
