Our society has a strong bias against aging. Just think about the first words that come to mind when you think of old people — words such as frail, slow, cranky, feeble or sick are typically associated with seniors.
The financial industry uses this narrative to sell financial products and plans, especially to women, who fear becoming a burden to their adult children due to their risk of longevity. The problem is that this perspective contributes to money silence in families and denies the fact that clients are living longer than ever before.
[More: How old are you, really?]
Life expectancy in the United States is approximately 80 years, with the number of people living to 100 years or older, known as centenarians, on the rise. Women statistically outlive men and represent 85% of centenarians. While the COVID-19 pandemic has many people focused on dying prematurely, chances are many of your clients need to be planning for and discussing their needs and wishes should they live a long life.
Here are three tips for engaging your clients in a longevity conversation:
Breaking money silence on longevity with your clients is not a one-time event. It is a dialogue that occurs over time. Your role as a trusted adviser is to help clients think about all the possibilities so they can holistically plan for the future and share their wishes with the next generations to ensure success.
Meanwhile, Orion's former COO and wealth division president has emerged to become CEO of wealth technology consultancy firm F2 strategy.
The firm said in May that current leader Paul Reilly would be stepping down.
Firm says automated tool aims to solve a gap in the marketplace.
Beverly Hills firm serves clients including those in entertainment industry.
Paul Atkins replacing Gary Gensler is seen as a win for cryptos.
"Synth Equity has been such a tailwind for these advisors who really understand the story," Measured Risk Portfolios’ head of distribution said.
Streamline your outreach with Aidentified's AI-driven solutions