Navigating & Anticipating The New Retirement: Longevity Planning And Advisory Value
Longevity changes everything. Clients are likely to live longer than any previous generation. Nearly one half of Americans are likely to live to 85-plus, making retirement about one-third of adult life. But, life in retirement is not just longer than previous generations it is different. The new generation gap in retirement is about expectations, to do, and to experience more in older age — work, volunteerism, continuing search for meaning, and purpose. Living situations are different as well. Families are smaller, often dispersed not just across towns, but regions, and even continents. Many women have more education than men, have had professional careers, and now serve as the primary decision-maker in the home and are key influencers in the homes of adult children and elderly parents. Care for an older loved one, such as a partner, or parent, may extend well into the caregiver’s own retirement years. At the same time divorce rates are highest among the 50-plus. Suddenly, retirement is no longer a short earned period of rest and enjoyment supported by income and surrounded by family, but a longer period of life with new possibilities and challenges still ahead. Financial professionals must offer a new value proposition — more than financial security — to meet the needs of the new retirement. Clients are now seeking trusted advice to navigate, and anticipate, what may lay ahead — longevity planning, not retirement financial planning alone. Facilitating financial wellbeing in retirement is the most basic value to be provided by a financial professional, increasingly possible and enabled by DIY clients or by algorithm. A new generation of longevity planning professionals will make retirement financial planning the beginning of their relationship with the client, but their continuing value and ability to retain clients will be based upon their capacity to provide an effective holistic platform for preparing clients to live longer, better. Attendees of this session will learn about the elements of the new retirement; how financial professional value is being determined by clients in the longevity economy, and how professionals can transform their practices to excite and delight their clients by rethinking the context, conversation, and content of their engagement strategy.