When senior living prospects had questions about their financial journey, Charter Senior Living gave them the best map possible.
The Naperville, Illinois-based senior living operator understood what many operators are still learning: the power of connecting prospects with a financial specialist. These professionals help prospects understand everything about their financial situation, the financial process of moving into senior living and what financial services are available to help.
An extension of the sales team, financial specialists are subject-matter experts on senior living and senior living financial resources. Sales teams employ them to contextualize senior living’s cost, arming prospects with information and financial understanding of the value of senior living.
“The Senior Living Financial Specialist Program has given Charter another way to deliver on enhancing the human spirit,” says Charter President and COO Jayne Sallerson. “By incorporating this program into our sales process, we’re not just providing housing — we’re offering peace of mind. It helps families navigate the financial aspects of senior living, aligning with our mission to support both the emotional and financial well-being of our residents.”
After all, just because a prospect does their own research doesn’t mean they’re finding what they need. The Senior Living Financial Specialist program (SLFS) provides support in two aspects:
- Supporting the sales processes of senior living communities
- Supporting seniors and their loved ones through the senior living financial transition journey
The SLFS program gives seniors and their families a hub of 25+ financial services all in one. And it gives executives a tool to give their sales teams insights into the changing buyers — the insights they as executives already have.
“It’s important that you bring someone in who is the expert of all experts on how to afford and is helping you connect with these resources,” says Sherrie Bebell, President, Senior Living Financial Specialist. “With our deep industry experience and full understanding of the psychographic nature of prospects and families, we’re not just bridging the gap — we’re building a seamless connection between corporate strategy and on-site sales mojo.”
How Operators Working with a Financial Specialist Boosted Move-ins
In 2021, Charter piloted the SLFS program at seven of its communities. The benefits came so quickly, and had so much impact, that today, Charter uses the program in all 63 of their communities. Sallerson and the team at Charter have seen what all operators are seeing when they use the SLFS program:
- occupancy gains
- financially confident seniors
- overall success in sales
“In reviewing recent data, we can attribute 19% of total sales in a community and an average increase in occupancy of 3% quarter over quarter,” Bebell says. “To show that your occupancy is consistently increasing quarter over quarter over years, that’s huge.”
The SLFS team works to continually enhance its program by adding new resources based on ongoing work with families. They’ve recently integrated a health care insurance consultant to assist seniors in transitioning their health coverage after moving into a community. They’ve also partnered with national enterprises to help with asset sales, such as cars and other vehicles.
“With our finger on the pulse of families’ financial concerns and opportunities, we’re uniquely positioned to offer a true one-stop-shop experience with a single point of contact for all their needs,” Bebell says.
By connecting prospects and families with a financial specialist, communities are able to break down barriers and avoid miscommunications to turn leads into conversions. Another case study at a community enrolled in the program found that financial specialists were able to help decrease previously-lost financial-related leads by 30%, while increasing occupancy incrementally over the course of 31 months.
Among the most exciting outcomes that operators are seeing:
- The program accounted for an average of 19% of total move-ins in high-referring communities
- More than 50% of the communities enrolled in the program increased occupancy
- Financial specialists were able to decrease previously-lost financial-related leads by 30%
“You want to truly show these families that you care enough to have an expert here to give them that education, and hold their hands through the entire process, end-to-end,” Bebell says.
The reason? That’s simple.
“Education,” she says, “is power.”
This article is sponsored by Senior Living Financial Specialist and is an excerpt from a new white paper between SLFS and Senior Housing News. To download the white paper, with more data showing the success of the program, click here.
