Clients Really Don’t Like Discussing Eldercare with Their Parents
Source: How Senior Care Impacts Families Financially, Emotionally and in the Workplace, Care.com, 2016. Most recent data available used.
Remember being assigned a book report back in school? Did you plan out your progress and diligently make strides toward its completion? Many of us waited until the night before and got it done in a panicked frenzy.
Procrastination also comes into play later in life when it’s time for clients to plan for senior housing options. They don’t want to discuss it. Avoiding these conversations results in them not having a plan for the possibility of a serious illness or incapacity that could trigger the need for assisted living or nursing home care. Unexpected housing decisions can lead to financial and emotional consequences for clients and their families. Help them get ahead of these challenges by initiating discussions about future housing options.
Is providing eldercare advice really worth it?
It’ll take time and effort to become an eldercare expert. But, because of demographic trends, advisors who don’t provide eldercare guidance may miss a business opportunity. By the year 2030, 20% of our population will be 65 and older.1 At that point, clients will be less interested in golf, travel, and beaches and more focused on where they want to live.
Dr. Joe Coughlin, director of the MIT AgeLab says it’s imperative that business leaders focus on the needs of aging clients. “Because population aging will manifest in such dramatic-yet-predictable ways, when companies make long-term plans for the future, there should be nothing higher on their priorities list than preparing for an older world,” says Coughlin “It’s worth planning for the unexpected, after all, but only after you prepare for the guaranteed.” Even if your current clients in their 50s aren’t concerned about eldercare for themselves, they’re probably dealing with these issues for parents. Building eldercare skills can help differentiate your practice and can help you retain clients who are concerned about their housing options.
Why should advisors discuss clients’ future housing options?
According to the U.S. Department of Health and Human Services, 70% of people over age 65 will need some form of long-term care during their lives.3 That care can range from around-the-clock medical and personal assistance to independent living with a safety net.