For many, relying on GPS is a given—gone are the days of keeping an atlas in the car or printing out turn-by-turn directions—and we often unwittingly obey whatever directional commands we’re given. A GPS will not question the destination you enter; it will simply tell you how to get there. While a higher-end model may allow you to customize the route to help you get there faster, avoid paying tolls, or put the lowest mileage on your car, GPS is designed with the sole purpose of getting you from point A to point B.
The retirement landscape is evolving, and many investors may not be as prepared as they think they are for this stage of their life. People are living longer, each generation is becoming more educated, family dynamics are changing, and technology is infiltrating every part of our lives. For a financial advisor, these trends may mean that your clients’ needs and their expectations of your role are expanding.
We recently hosted Dr. Joe Coughlin of the MIT AgeLab to discuss how advisors can transition into what the MIT Age Lab has coined a “longevity-based advisor.” A longevity-based advisor guides clients with education, resources, and solutions to the challenges that longer lifespans and this new retirement can present.