Your clients are aging. They expect to age in place—and they may very well be able to do so—if they are healthy enough and have the cognitive ability to do so. What if they do not?
What happens when you start to notice changes? What if they start forgetting important things or you aren’t sure they are making good decisions? What if their health starts to fail and they need your help to manage more than their finances? What if they do not have family or friends — that you know of— that can help and support them? What if they have failed to have the proper legal documents in place?
Your Role as an Advisor
As an advisor, you have a fiduciary responsibility to protect your clients and their assets. You need to know what is happening and who is influencing them. You need to provide resources so they have access to what they need when they need it.
If you aren’t doing this, you are vulnerable too. There are risks in ignoring the problems: Risks to the assets in leaving the aging client open to charlatans and sharks who might be wiggling into the relationship in order to benefit. Risks that the client will make poor decisions because of diminished capacity, dementia or ailing health. Risks that the client will enter this phase of life without the proper documentation. Risks that someone who really needs help at the most vulnerable time in life will not have access to it. Risks that the client will pass without the proper documentation.
As an advisor, you might not have the skills to serve the aging client well. Your expertise may be in investing well, in helping the client to plan. You might need to turn to experts to round out your ability to serve this market and provide the right resources, to the right clients at the right times.
Help Finding the Right Solution
That’s where The Collaborative’s Aging and Personal Finance Program comes in. Our mission is to guide members of the financial services industry with a solution-based Financial Care Management platform for servicing client needs through the challenges of aging.
During the aging years, investors are looking for support in managing their affairs and finding creative ways to live a robust and healthy life post-50. Financial advisors who have an answer for an aging market will find themselves at the forefront of anticipating and addressing needs that become important to their clients.
Do you know the mistakes your clients make as they age?
Many advisors believe having an estate plan, a will, and long-term care insurance covers their clients’ needs but there are so many other places clients and their children can find themselves struggling to make decisions. Our FREE guide Addressing Financial Planning Concerns as Your Clients Age: The Top Ten Mistakes Most Investors Make will help you identify the challenges faced by your aging clients and begin having a productive dialogue. Download it today and start the conversation!Meet Our Team Read About the Barron's TEAMS Conference Appearance Download Our 2019 Presentation List