How Financial Advisors Add Value for Aging Clients

Financial advisors are slowly being viewed as the orchestrators of all the various financial planning components of a client’s life, such as asset management, estate planning, legacy building, long-term care planning, and insurance. There are two main principals driving this change—advisors wishing to differentiate themselves and retirees entering the distribution phase of their financial life cycle. Accordingly, there are four ways that advisors can be of value to their aging clients.

First, advisors can provide a holistic view of insurance, helping clients plan for every stage of their insurance needs, especially long-term care and health insurance. Second, estate planning is an essential aspect of post-retirement; therefore, advisors should be able to provide robust estate planning capabilities. Third, clients at this stage will need to prepare for any possible disability care, which will give clients a sense of empowerment over their inevitable futures. Finally, advisors should help wealthy clients apply tax-advantageous strategies to reach their charitable goals and legacy aspirations.

See Richard Whitworth, Looking Beyond Asset Management: Top Four Ways Financial Advisors Add Value for Aging Clients, Wealth Management, August 31, 2016.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.