March is here and many of us may be thinking about the corresponding madness we get this time of year. At the same time, our farming clients are focused on the work that lies ahead. Winter is nearly behind us as we head into spring planting season.
National Ag Day is perfectly placed on the calendar on March 22 because it calls on us recognize the hard-working farmers and ranchers in our agricultural community for all that they do just as their busy season begins.
I see first-hand how farmers must adjust to the seemingly ever-changing economic landscape to manage their businesses, all while with an eye towards future planning. A recent report from the USDA predicts farm profits to remain in a healthy place this year and this could signal the time to broach financial planning topics with your farming and ranching clients.
Protect your next
This year at Nationwide, we’ve taken up the phrase “Protect your next,” with our agricultural clients and partners. Because our history is rooted in farming since our start in 1926, we’ve seen farm businesses evolve along with the needs of farmers. We’ve evolved our support of them too. Nationwide is committed to helping farmers and ranchers stay ahead of today’s fast pace of evolving technology and how it affects their operations.
That is what “Protect your next” is all about. Every time agriculture leaps forward, so do we. We strive to always put the farmer or rancher first and thinking ahead. In the words of Nationwide President of Agribusiness Brad Liggett, “Nationwide is committed to helping our customers be resilient and ready for tomorrow’s challenges.”
The Land As Your Legacy program was designed for farmers and ranchers to protect your next in the most literal ways. One of the biggest challenges a family-owned operation can face today is protecting the farm or ranch as it passes to the next generation. The Land As Your Legacy team puts plans in place to strategically use financial planning concepts to facilitate the successful transition of a farm operation. I can’t think of a better way to protect a farmer and rancher’s next than to secure the future of that operation as it moves to the next generation that will shepherd it on.
Another way that we can protect your next of a farming or ranching client is to consider their own retirement and what is next for them personally. Are they satisfied with the outlook of their expected retirement income? Do they feel like their health care needs will be met, especially if a long-term care need arises? There’s only one way to know for sure: ask.
National Ag Day offers a great opportunity to think not just about how those in agriculture keep us fed, clothed and fueled, but also how that farming or ranching client may be interested in having a conversation about putting a plan or plans in place.
The Land As Your Legacy program is here for you with resources that can help you have better conversations with your clients. I would invite you to share with them our client-friendly tools, recorded webinars and other materials that can introduce financial planning topics to them or answer questions they may already have.
Don’t hesitate to reach out to the Land As Your Legacy team with questions about our program, additional resources that we can provide, or even how you can become a Land As Your Legacy-trained advisor. I invite you to find the Regional Vice President in your area and connect with them to learn more.