The changing context of retirement demands that advice must move beyond mere financial planning to longevity preparedness. With longer lives, changing family dynamics, and entirely new ideas of what older age is, today’s Baby Boomers and Gen X longevity client has new expectations and needs.
suggests that the complexity of tomorrow’s retirement makes any single source of expertise inadequate to address the unprecedented challenges that will be faced by the next-generation retiree. Rather, valued advice is likely to come in the form of what I would call athe relationship with a client and her family. Clients typically want at least one person that they know well, understands them and ultimately can be held accountable.
Advisory teams are not entirely new. Countless advisors have accountants, lawyers, and real estate agents on speed-dial, some even on staff. However, the new longevity advisory team will include more—much more. Dave and Barbara have children to help them with everything from home maintenance to home care, but not everyone will. Tomorrow’s longevity advisory team will provide clients with access to trusted home services, home modification contractors, home care aides and more—not just at the time of need, but as part of educating a client family and creating a longevity plan that anticipates future life transitions as well as their costs.
These practice innovations go well beyond simply meeting a client need; they make good advisory business. While money may not be the first thing that comes to mind when we think about providing care to a loved one, more than 90% of caregivers say they are also financial caregivers, according to a report on Caregiving from. Surya Kolluri, Managing Director at Merrill Lynch, believes that they have identified a big and growing need.
These innovations are the beginnings of an evolving comprehensive longevity advisory business model. Linking clients to resources and conversations are a start. As clients and financial services firms discover the new needs and opportunities of living longer in today’s
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