Some people have had financial planners in their lives for many years. Others have never considered it for a few reasons. Financial planning needs change as you get older. That means senior financial planning has to include more than the almighty dollar. Anyone handling senior financial planning must be considering a variety of things to meet the long term needs of their client.
Good financial planners not only know all the numbers and money stuff, but really listen to understand a few things.
Besides $$ what else should a senior financial planner be looking at?
- What might be happening physically to the senior.
- What preferred living arrangements the senior may have. Should you downsize?
- How they are feeling in general about everything going on as they age.
- Watching for any kind of behavioral change.
- Understanding the senior themselves and the dynamics of their family.
- What is the plan around a Power of Attorney, End of Life wishes and what’s included in the will.
All of these things can help the financial planner to better understand any upcoming costs including end of life expenses, living arrangement expenses, support cost needs etc. It can help them to plan better if they have an idea on when these extra expenses may occur.
And it is always beneficial to the senior if they feel their planner is working for them and with their long term goals in mind not just the state of today.
If you have a financial planner, make sure they are thinking about more than retirement needs. Make them think longer term. If you don’t have a financial planner, start thinking about getting one so that all of your needs and wishes have a plan.
See original article that intrigued us to recognize and promote senior financial planning https://www.financial-planning.com/news/using-psychology-and-a-great-network-to-build-trust