We all tend to organically fall into certain roles in order to meet the needs of our loved ones, and within every family, there is most likely one person that is inclined to assume the role of caregiver. The tendency, in my opinion, is that caregivers are female. That fact is significant for financial advisors—not only do your female clients have unique needs and concerns, but if they are acting as caregiver in their family, then those needs and concerns become even more nuanced.
The role of the caregiver is also evolving in response to emerging family trends. With each generation, the life expectancy gets longer, which means that those playing caregiver will also be doing so for a longer period of time than in the past. In addition, it seems to be more common to have adult children move back home with their parents. Today’s caregiver may now be tending to an elderly loved one while also helping out with their grandchildren’s after-school activities.