How the retirement conversation has changed

Apr 21, 2014 @ 12:00 am

Runtime: 2:20

Robert Mulholland, head of wealth management and investment solutions at UBS Wealth Management Americas, discusses what clients really want out of conversations with their advisers.

Video Transcript

[MUSIC] So conversation has changed, at the kitchen table from do we have enough money to retire to do we have enough money to retire and to subsidize our parents wherever they may be so they can sustain their life or the healthcare that they need. As I mentioned, I have a mother who's about 87 years old. My wife has a mother that's about 90 years old. And it use to be you would have a rare opportunity as a baby boomer of having a, a parent that old. Life expectancies have gone up considerably but with, longer life expectancies they carry with them associated health problems, which usually fall on the baby boomers. Specifically, in many cases, the spouses. So, the worries that you have are not specifically about retirement, and do I have enough money to retire. The worries are do I or my parents have the, have enough money to su, to support themselves in, in a healthcare facility or wherever they may live. Maybe the best question to start with is telling me what you're trying to accomplish with your money and just be quiet and listen. And clients will tell you a lot. The conversations these days have to do, quite a lot also with the, The the wife, or the female spouse. Because as we know, life expectancies of the women are greater than the men. And we have many of the spouses want to be intricately involved because they look at themselves by carrying the burden of of, of living out their lives the same as my mother does or the same as my wife's mother does. And so, you're finding that the, the wife, the female spouse is a lot more in those conversations. So we cannot be just talking to the, the husband anymore. As I mentioned in the meeting, there were the old questions. How much do you have? How is it invested? How have you done? How has your performance have been? What is your risk appetite? The new questions really have to be much, much more about parents, about children, about health, about philanthropy and what they're trying to get out of their money, what do they want it to accomplish. And I think a lot of that is simply with training and the tools that we give them to help them have those conversations. [MUSIC]


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