Financial planner

2024 - 11 - 13

Are Financial Planners Becoming Time Travelers? Discover Why They’re Obsessed With Longevity Assessments!

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Financial planners are taking longevity assessments seriously, and it’s not just because they want to outlive their clients! Dive into the fascinating world of longevity risk planning!

In recent years, financial planners have become increasingly focused on longevity assessments, and it’s no wonder. As life expectancy rises, the age-old question remains: how can we ensure our clients have enough resources to last through their golden years? Alexandra Macqueen, a certified financial planner and vice-president of learning, sheds light on this growing trend. She emphasizes that longevity risk planning is a relatively new frontier in the financial services industry, but it’s quickly becoming crucial for planners who want to stay ahead of the curve.

So, what exactly is longevity risk? Simply put, it’s the concern that individuals may outlive their savings, leading to financial strain in later life. As innovative health advancements and lifestyle changes continue to boost life expectancy, the importance of thorough financial planning becomes clear. It’s not just about reaching retirement age anymore; it’s about preparing to thrive well into one’s 90s or even beyond. Financial planners are stepping up their game by incorporating longevity assessments that help clients understand their unique risks and develop a comprehensive strategy to address them.

One key aspect of these assessments is understanding a client’s health background, family history, and lifestyle choices. This holistic approach provides insightful data that allows planners to paint a more accurate picture of each client’s longevity, leading to tailored investment and savings strategies. It’s no longer a one-size-fits-all scenario; financial planners are becoming personalized life coaches of sorts, guiding clients on the path to financial wellness well into their twilight years.

As we explore the link between financial planning and longevity, it’s hard not to chuckle at the idea of financial planners becoming ‘time travelers’—helping ensure their clients are financially prepared for decades to come! And while they may not have access to a DeLorean, their assessments do bring potential futures into clearer focus.

🧡 Fun Fact 1: Did you know that life expectancy in Canada has risen significantly over the last century? In 1920, the average life expectancy was just 60 years! 🧡 Fun Fact 2: According to Forbes, nearly 30% of people aged 65+ will live to be 90—if that doesn’t scream longevity risk, we don’t know what does!

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Image courtesy of "The Globe and Mail"

Why financial planners are taking longevity assessments more ... (The Globe and Mail)

Longevity risk planning is fairly new within financial planning, says Alexandra Macqueen, certified financial planner and vice-president of learning, ...

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