Adding Value

The great news for a trusted financial advisor to a sandwich generation woman client is that you are both needed and wanted!

Nearly 80 percent of the women in the original FWAC study said it was important to have a proactive advisor who makes recommendations, monitors asset protection strategies, acts as the quarterback of a team of professionals and provides access to world-class financial planning solutions.

Be A Connector

One of the biggest ways an advisor can add value is to be a connector. These women have many responsibilities and must make decisions for themselves as well as others, often without the luxury of time. To the extent an advisor can assist in creating a good support team, the more successful the client will be. From my experience, these clients will need, at minimum:

  • A trusted advisor (you!)

  • An estate and/or elder care attorney

  • An accountant

  • A risk management specialist with expertise in long-term care and life insurance

  • A geriatric care manager

Other “team members” that you may be able to connect your client with include personal trainers, real estate specialists or family counselors. Our FWAC research shows that women don’t just want a general idea of who to talk to…they find incredible value in specific recommendations and the actual connection.

Create A Proactive Plan For Aging

  • Long before clear symptoms of dementia are evident, various abilities begin to deteriorate. Increasing confusion about finances, not being able to balance a checkbook, misplacing items, memory loss and struggling for words are all early symptoms of dementia. If you would like to add value to the life of your sandwich generation woman client, I suggest the following steps:

  • Educate her about the early signs of aging.

  • Provide a plan for your client to begin the aging conversation with loved ones.

  • Suggest ways the younger generation can assist with the aging one. Engaging children in the care of grandparents by making calls, writing letters and making special visits can enrich the lives of all parties involved and relieve some of the burden on the sandwich generation client.

  • Help get the aging individual’s finances in order. This may involve getting a financial power of attorney in place sooner rather than later and reviewing copies of bank and credit card statements as well as their checkbook.

  • Understand housing options and the healthcare and financial implications of each. Options include aging in place, independent living, assisted living, nursing home care and continuing care retirement communities.