There are two segments to this issue. One is buying and selling consequences and the other is government programs for specifically tailored to retirement planning.
Buying/Selling Will the sale of an asset cause a taxable event? Will that taxable event be classified as an ordinary income or capital gains occurrence? Will it create any illiquidity? Will the income necessary to fund retirement include RMDs (required minimum distribution). These are just a few of the visceral topics that can back to bite you. You can’t sell a single product without considering the ramifications of taxes, liquidity and longevity of the retirement plan.
Government Programs The financial foundation of every retirement plan is the proper optimization of government programs that generate Social Security income, Medicare health coverage and Home Equity Conversion Mortgage for housing. Maximizing these programs for your clients is necessary to insure their financial future. But unless you can legally charge a fee for the plan that includes these critical items, you not going to be compensated for addressing them. And therein lies the problem.
Why should you spend time on items that can’t generate income? If you hold yourself out as a fiduciary, you must address them. If you hold yourself out as a comprehensive retirement planner, you must address them. If you hold yourself out as the quarterback or steward of your client’s money matters, you must address them. It is conceivable that errors and omissions insurance won’t cover neglect in these areas if you advertise your skills as an expert.