Many caregivers crave advice, which can spark important conversations with financial advisors, says a leading gerontologist.
Financial advisors care about their clients, and most understand that managing a portfolio is just a fraction of comprehensive services they provide.
Advisors help clients pursue their retirement and work to ensure a secure future for the next generation. In so many ways, the idea of “care” is baked into our industry. That’s why it might come as a surprise that advisors may be missing an opportunity to support caregiving and caregivers.
It all comes down to demographics. By 2032, the U.S. will have more people over age 65 than children under the age of 18 for the first time in the country’s history.1 Supporting their clients’ caregiving efforts could be a massive opportunity for advisors, said Sherri Snelling, a gerontologist and CEO and founder of Caregiving Club, a firm that’s focused on helping employers respond to issues of caregiver’s well-being.
On the latest episode of the Synergize podcast, Snelling discusses how advisors can potentially deepen client relationships by addressing the many caregiving demands encountered throughout life. Advisors tend to focus on spousal relationships, childcare, and college tuition as classic examples of caregiving, but there are many more opportunities for support, Snelling explains.
As Baby Boomers enter retirement and their children — who are often looking after their own families — begin facing the caregiving needs of their aging parents, financial advisors may be ideally situated to facilitate important intergenerational dialogue. In this edited except, Snelling shares how this can be an opportunity for advisors to forge deeper relationships with their clients.
Sherri Snelling, Founder and CEO of Caregiving Club: “It isn't just about the financial products; it isn't just about the financial questions. I think that we recognize that caregiving can be a big life disruptor … physically as well as emotionally.
A financial advisor can certainly play that role as a trusted partner in this, where they work to understand all of the aspects of caregiving – not just the cost outlay and the financial aspect, but how life could be disrupted – and are able to give some type of support and maybe even guide clients to different resources that may help out above and beyond finances.
I believe, you can really bond with somebody who recognizes what you're going through and helps you out by going above and beyond what they're trying to maybe sell you or what their primary role is. That empathy and that emotional intelligence really kicks in to be a big driver in making that relationship really solid.
For advisors, it could open the door to helping with family planning. You may have clients that are in their 50s and 60s or even 70s, but are there younger children who are maybe in their 20s and 30s? Have they started financial planning? Can you help with that?
Because, as we all know, it's never too early to start planning ahead for all of the financial challenges and opportunities that are out there in life.”
The Synergize podcast explores the evolving role of the financial advisor in an emerging AI-driven world. TradePMR Chief Client Growth Officer Bill Coppel and co-host Senior Editor Ryan Neal bring together thought leaders and industry experts across a range of disciplines, sharing insights designed to help registered investment advisors thrive in the industry of tomorrow. Listen and subscribe for free on Apple Music, Spotify, and YouTube.
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1 More people projected over age 65, than children under 18, U.S. Census Bureau. Published Oct. 18, 2019.
Disclosures: Sherri Snelling and Caregiving Club and are separate and unaffiliated with TradePMR. Securities offered by TradePMR, member FINRA/SIPC.
