Financial advisors can play a pivotal role in keeping their retired clients healthy as they age, according to physicians who participated in an American Geriatrics Society (AGS) webinar.
“With their professional recommendations, financial advisors can help shape a client’s old age in a way that is very positive—that preserves ... a life that is meaningful,” said Dr. Susan Friedman, a physician and associate professor at the University of Rochester Medical Center in Rochester, N.Y., who was one of the speakers in the webinar last week.
More than 40 percent adults experience loneliness in old age, according to a study recently published in the Journal of the American Geriatrics Society, which added that loneliness can impact physical health.
“Advisors can suggest their clients move to places or live in places that are age friendly if their current home has isolated them from social engagement and support,” said Dr. Paul Mulhausen, an American Geriatrics Society (AGS) board member who participated in the webinar.
The term "age friendly" refers to an environment where nutritious food is easily accessible without driving for miles or a community with parks and gardens that are engineered for pedestrians, with features such as wide sidewalks, curb cuts, no steps and timed traffic lights that allow slower walkers to cross safely.
“Age-friendly communities help to foster socialization and inclusion through physical layout, programs and policies,” said Friedman.
They can also be costly.
“These are communities where one would require the resources to buy the housing and financial advisors are a resource to help people plan out their financial needs and their financial health as they get older so that they can live in these places or create such spaces,” Mulhausen told Financial Advisor.
One example of these communities, which are sometimes called "blue zones," is Loma Linda, a city in San Bernardino County, Calif., where senior citizens reportedly lead a lifestyle that's conducive to healthy aging.
“I boil it down to three factors, which are healthy eating, natural movement and connectedness,” Friedman told Financial Advisor. “Advisors can recommend that clients spend assets in a way that promotes connectedness to loved ones, whether that be traveling or setting aside funds that can foster shared experiences with family and friends.”