The number of seniors is growing exponentially, which means the need for qualified professionals to help develop long-term financial and health-care plans is increasing as well.
The plethora of options that exist in terms of insurance, Medicare and Medicaid, housing opportunities, etc., can be overwhelming and most of these are extremely complex. Financial advisors who take it upon themselves to learn the inner workings of these programs would open themselves to an underserved niche business practice.
Middle class seniors are some of the most vulnerable when it comes to planning for long-term care, as they often have too many assets to qualify for government programs, yet not enough to take care of themselves for the next 20+ years.
This creates a lucrative opportunity for financial advisors to step in, as the middle class makes up nearly half of the U.S. population.
Long-term financial and medical security is important—particularly for seniors —and a go-to professional who is able to help people take advantage of existing programs and explain the various options that exist would be invaluable.
Adapting To The Needs Of Seniors
Several decades ago, there was an understanding that once you reached a certain age, you would simply move back in with your children. However, that has become more of a TV trope than a widespread solution in the modern era.
Instead, the majority of seniors are more interested in the concept of "aging-in-place" as opposed to moving into a retirement home. While this has many advantages, such as allowing them to stay in a familiar house and community, it does present its own set of challenges.
Professionals who work with seniors are becoming increasingly sensitive to this objective that is almost universal; however, it requires extensive financial planning, insurance planning, utilization of government benefits and more.
Financial advisors are well suited for advising on senior care, yet continued education is vital to ensure you are qualified to dispense this kind of important advice.