Description
The landscape of financial advice has changed dramatically in recent years. Baby boomers, generation X, and millennials, are more educated, more tech-savvy, and more demanding than previous generations. Clients now want financial advice to identify and help them navigate what they may confront in middle age and as older adults.
Given the new demands that these circumstances have created, clients will increasingly seek solutions to what the MIT AgeLab refers to as the “jobs of longevity.” Anticipating and solving for these jobs, often referred to as longevity navigation or longevity management, presents a new frame of reference regarding what clients need, want, and will ultimately be willing to pay an advisory firm to provide.
Based on MIT AgeLab’s insights, we’ll discuss the evolving context of old age. We’ll see which characteristics and services clients might be considered valuable in an advisor, and translate it into three distinct advisor value propositions: the transaction-based advisor, the planning-based advisor, and the longevity-based advisor.
Knowing these roles will help advisors assess where there practice fits is within the spectrum, and how they can position your practice to take advantage of the opportunities that lie ahead.
Learning Objectives
Learning objectives:
• Understand trends in aging—how demographics have changed and how these changes are influencing clients’ needs and their expectations for advice.
• Become aware of the “jobs” of longevity.” Retirement, or the latter years of our lives, are not a time of leisure only, nor is it a short phase of life. The challenges and opportunities that come about as a result of living longer require work.
• Distinguish three main types of advisor value propositions and what they entail, and how they do—or don’t—integrate with demographic changes.
• Learn specific ways you can actively help clients navigate longevity in accordance with these trends.