How to Work with Seniors: A Financial Advisors Guide

Reh Bhanji (Certified Financial Planner, Chartered Life Underwriter)

Table of Contents

Did you realize that by 2030, all Baby Boomers will exceed age 65? With over 10,000 Americans turning 65 daily, according to the United States Census Bureau, and with Canadians following closely in proportion, understanding the intricacies of financial advising for seniors only grows more pivotal.

Significant investable wealth remains untapped. Senior clients represent years of savings ready for customized strategy. “I’m more shocked when I see under $500K assets,” Taivi Tayler told me on her Discovery Series podcast episode, noting 7-figures the norm. Inheritances, property sales, insurance payouts also boost capacity.

With this guide on working with seniors as a financial advisor, my goal is to equip fellow colleagues with the insights and expertise that Taivi and I have amassed over decades in the financial industry.


  • Understand the Demographic: Recognize the diversity among senior clients, including different financial backgrounds, health statuses, and family dynamics. Tailor your strategies accordingly for effective financial planning.
  • Address Unique Financial Needs: Focus on retirement income management, healthcare planning, and estate planning. Offer solutions for fixed incomes and rising medical expenses, ensuring financial stability and peace of mind for seniors.
  • Emphasize Relationship Building: Establish trust through empathy, patience, and clear communication. Understand personal histories and respect the wisdom and experiences of your senior clients.
  • Adapt Communication Styles: Use clear, empathetic language and provide visual aids or written summaries. Be aware of cognitive changes and adjust your communication methods to maintain clarity and understanding.
  • Continuous Education and Networking: Stay informed about the latest trends and challenges facing seniors. Join organizations like the Financial Planning Association (FPA) and engage in ongoing learning to enhance your expertise in senior financial advising.
Focus Area Considerations Implementation Tactics
Understanding Seniors' Needs - Diverse financial goals
- Health care and retirement concerns
- Estate and legacy planning
- Conduct comprehensive interviews
- Regularly review health care plans and retirement goals
- Discuss estate planning details and options
Effective Communication - Clear, respectful language
- Patience and empathy
- Regular, transparent updates
- Use simple, jargon-free language
- Listen actively and acknowledge concerns
- Schedule regular meetings or updates
Building Trust - Demonstrating reliability
- Consistent, honest advice
- Understanding personal values
- Share success stories and testimonials
- Provide consistent, unbiased financial advice
- Align financial strategies with their values and life goals
Customized Financial Planning - Tailored investment strategies
- Risk management suited to age
- Long-term care planning
- Develop personalized investment plans
- Review and adjust risk profiles annually
- Include long-term care insurance and health care costs in planning
Technology and Accessibility - Digital tool usage
- Easy-to-use platforms
- Technology training if needed
- Introduce user-friendly financial tools
- Provide tutorials or assistance in using digital platforms
- Offer alternatives to digital communication
Legal and Regulatory Awareness - Understanding of elder law
- Compliance with financial regulations
- Awareness of scams/fraud
- Stay updated on elder law and regulations
- Ensure all practices are compliant
- Educate seniors about potential financial scams and how to avoid them
Family Dynamics and Involvement - Involving family in discussions
- Addressing intergenerational wealth transfer
- Family meetings
- Encourage family meetings for major decisions
- Discuss and plan for wealth transfer among generations
- Mediate and provide clarity in family financial talks
Retirement and Lifestyle Changes - Adjusting to retirement life
- Budgeting for lifestyle changes
- Managing retirement income
- Assist in budget planning for post-retirement
- Advise on sustainable withdrawal rates from retirement funds
- Discuss lifestyle goals and budget adjustments
Ongoing Education and Support - Financial literacy
- Workshops and seminars
- Continuous learning resources
- Conduct educational workshops
- Provide easily accessible financial education materials
- Recommend resources for continuous learning
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PROS of Working with Senior Clients as a Financial Advisor

For financial planners like Taivi Tayler, the chance to holistically coordinate major lifetime milestones resonates. Guiding senior clients into retirement, ensuring responsible wealth transfer, and establishing legacies that uphold values makes an incredibly meaningful vocation. You’d agree with this from your experience, wouldn’t you? The breadth of impact feels quite profound.

And the trust developed through years of reliable service presents special opportunities too. When decades of relationship building cultivate an advisor’s role as venerable confidant rather than vendor, the honor feels weighty. Wouldn’t you say?

Of course steadier client bases balance temporary setbacks as well. While pandemics, recessions and black swan events unsettle everyone, seasoned seniors often refrain from impulsive decisions even amid chaos. Having weathered uncertainty before, this group understands marathon mindsets prevail over reactionary sprints. Their prudence steadies our days too.

Personally I appreciate seniors’ tendency to refer family and friends when satisfied also. Strong word of mouth not only grows my practice but introduces incredibly rewarding multi-generational relationships!

CONS of Working with Senior Clients as a Financial Advisor

While collaborating with seniors brings profound rewards, frustrations emerge too. We ought to enter this space clear-eyed, wouldn’t you agree?

Of course health declines that erode cognition, memory and decision-making abilities challenge our best laid plans. Despite meticulous organization and preparedness earlier on, degenerative conditions later force reactive pivots even in model clients. Heartbreaking scenes can unfold.

Likewise, reluctance to relinquish control poses obstacles. Whether insisting on retaining check writing abilities when hands grow unsteady or refusing home assistance despite dangerous falls, stubbornness arises. Respecting independence while safeguarding interests delicately walks fine lines.

We also often mediate family dynamics laden with years of history or rivalry. Navigating charged estate matters risks financial advisor relationships unless handed impartially. Wouldn’t you agree we sometimes absorb clients’ tangible and intangible costs here?

Administratively, serving seniors also multiplies required paperwork and documentation exponentially too, such as Personal Asset Inventory of Documents.

Financial advisors shoulder so much coordinating: wills, trusts, properties, pensions, powers of attorney, beneficiary forms and infinitely more! Just staying organized takes such concerted effort.

Reh Bhanji (Certified Financial Planner, Chartered Life Underwriter)
Reh Bhanji (CFP, CLU)

National Best Practice Leader at Desjardins

Understanding Senior Clients as a Financial Advisor

As financial advisors, getting to know our clients is pivotal, wouldn’t you agree? But before we explore those relationships, we should understand the different backgrounds comprising the 60+ crowd. Knowing the demographic landscape equips us to serve this diverse group better.

First, let’s meet the generations involved. Most seniors today belong to the Baby Boomer cohort born 1946 to 1964. Can you recall when the first Boomers turned 65? That’s right – 2011. Now the youngest Boomers are turning 59. By 2030, all surviving Boomers will have graduated to senior status! Besides Boomers, we also serve members of the wise Silent Generation born before 1946.
Now, these groups aren’t monolithic at all, are they? Seniors come from varying ethnicities, education levels, health statuses and more. Some clients still work full-tilt while others have retired completely. Certain folks boast robust nest eggs yet some struggle financially. These factors color the personalized strategies we must develop for each person, wouldn’t you say?

Geography plays a role too. While many seniors age in place, certain spots like Florida (my personal vacation residence) and British Columbia (where I grew up), see higher influxes. Understanding area demographics helps us tailor relevant solutions. But above all this background, we should connect with the individual first, right? Getting to know personal histories and family dynamics cements trusted advisor relationships. This is what propels fruitful planning dialogues.

As Taivi shared on her Discovery Series episode: “It always comes back to relationship building.” I couldn’t agree more!

Unique Financial Needs and Challenges Seniors Face

Seniors face a distinct set of financial needs and challenges compared to other demographics. By grasping these nuances, financial advisors can serve this group more meaningfully. Let’s explore some standout aspects of senior finances, shall we?

Retirement living marks a pivotal life transition. And an expensive one! Daily costs can be daunting, especially with dwindling income streams. Medical needs also balloon, wouldn’t you agree? From 2009 to 2019, out-of-pocket health expenses rose 41% for those over 65 in the US, according to U.S. Department of Health and Human Services. And supporting daily living assistance? That adds up too. It’s no wonder survey after survey tags finances as a top retirement concern.

But money matters compete with other pressing issues. Elder abuse affects nearly 1 in 6 seniors 60 years and older according World Health Organization. Heartbreaking, I know. Likewise, isolation takes a toll. Over a third of older adults lack companionship, hindering mental and physical health. We ought to watch for signs of decline, right? On the family front, some clients become caregivers for spouses or parents too. Balancing responsibilities weighs heavily.

Optimizing income streams proves vital. But how? Claiming Social Security in the US or Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) in Canada, at the earliest age often shortchanges lifetime payouts. Delaying reaps bigger rewards. Maxing out 401(k) or RRSP matches boosts savings as well. Downsizing homes or relocating cuts expenses too. Laddering GIC’s and annuities also produces steady cash flow. Still, planning sustained income 20, 30 years out challenges even seasoned financial planners.

Collaborating with CPAs streamlines tax strategies. Meanwhile, estate planning clarity aids the whole family, bringing peace of mind too. But keeping beneficiaries, titles, and documents updated falls short if health declines or memory issues emerge. You’ve likely seen such complications stymie progress if overlooked early on. Catching small lapses quickly makes a big difference.

Navigating the Financial Psychology of the Seniors

As financial advisors, behavioral finance shows us invaluable lessons for bettering senior outcomes. Let’s break down key psychological and social dynamics uniquely impacting the 60+ crowd.

First, the transition into retirement sparks difficult emotional adjustments (take it from me when I was helping my in-laws downsize). Ending long held identities around prestigious careers affects self-worth. Mourning lost feelings of purpose or achievement creates unease. At the same time, decades of diligent saving must flip to sustainable spending. What’s been set aside must now fuel possibly 30+ years! Talk about a total mindset reset.

Powerful loss aversion biases emerge too. After lifetimes of accumulation and growth, portfolio declines severely disturb many seniors. In fact, according to Population Reference Bureau, wealth, including stock market holdings and savings, is crucial for older adults, impacting both their economic security and health. Preventing steep losses thus becomes pivotal for client wellbeing.

Seniors also fall prey to overconfidence regarding financial matters or future health trajectories. You’ve likely experienced clients refusing to give up control over assets “in case something happens” (in my case ,my in-laws personal residence was tough to let go as a result of the emotional attachment in Woodbridge, ON). Yet hesitating to put protections in place leaves exposure if cognition or capacities decline. Getting seniors realistic about changes ahead proves delicate work indeed!

Herding tendencies manifest as well – like that nagging fear of missing out on “hot new accounts” friends rave about. Bad idea chasing causes more harm than good, though. Don’t we have a duty to educate clients against gambles likely way outside their risk tolerance anyway? Protecting capital takes priority.

Of course cognitive decline represents its own beast. By 2050 it is projected that over 12.7 million Americans will face Alzheimer’s disease, according to Alzheimer’s Association. Coping mechanisms quickly crumble once organizing information, evaluating choices, or directing others exceeds mental reserves. Planning ahead hedges risks if capacities later slide.

Effective Communication Techniques with Senior Clients

Connecting genuinely with senior clients fuels their trust while ensuring messaging resonates. But as Taivi shared on the Discovery Series episode, ineffective communication leads too many seniors astray. What techniques BUILD productive financial advisor relationships instead of barriers?

First, acknowledge this demographic’s hesitation around financial matters. Shouldering anxiety alone, many miss simple financial strategies that could enhance stability. Restoring confidence requires concerted effort on the part of financial advisors.

As Taivi mentioned, seniors aren’t inexperienced but rather most seasoned investors after weathering diverse market cycles over time. Respect this wisdom. Many still acutely recall the biting 2008 downturn – don’t condescend the investor anxiety leftover residue.

Patience proves pivotal. When working with seniors, rushed pace easily overwhelms. I’m sure you’ve noticed this as well, haven’t you? Allowing adequate time demonstrates respect while letting details emerge. Refraining from interruptions says “your perspective matters” loud and clear too.

Actively listening also uncovers true needs rather than surface assumptions we project. Often seniors voice concerns about market volatility yet deeper digging reveals cash flow anxiety or longevity risk driving distress. Solving the wrong problems leads nowhere fast.

Of course, empathy cements rapport. Comments like “I understand this decision poses difficulty” validate feelings, opening fruitful dialogue around trade-offs and risk mitigation. Meanwhile, reading body language clues us into discomfort before words convey troubles.

Presenting options clearly gives seniors proper control too. Describing scenarios help a lot. Visual aids focusing discussions prevent minds wandering mid-conversation.

In the end, communication grounded in care, patience and clarity allows many seniors to open up, articulate priorities, weigh options, and regain financial confidence.

Special Considerations for Communicating with Senior Clients

General communication tips provide helpful starting points when collaborating with senior clients. However, we know that within this vast demographic, amplified needs around hearing loss, cognitive changes, caregiver dynamics and other intricacies shape discussions too.

For example, scheduling early morning appointments optimizes energy and focus for those experiencing mild memory loss rather than late-day meetings when mental fatigue compounds. Additionally, speaking slowly and avoiding noisy environments mitigates hearing impairment challenges. This strategy bolds well when connecting with my father in law on money matters.

Caregiver dynamics also influence interactions, right? Inviting healthcare aides alongside clients to periodic reviews demonstrates inclusivity, ensures addressing questions fully, and helps document next step clarity for all stakeholders.

Of course assistive devices integrate easily too nowadays – from screen readers speaking digits aloud to video remote interpreters facilitating in real time. Have you found technology bridges communication gaps efficiently on financial matters without replacing human connection? Let’s connect on LinkedIn. I’m still growing my toolbox here!

Navigating Sensitive Family Situations as a Financial Advisor

When senior clients confide worries about beneficiaries requiring special financial planning, demonstrate compassion first rather than rushing into technicalities. You can open such conversations by asking considered questions like:

“Is there anybody who has special needs in your family?”

“Are there kids that have mobility issues?”

“Is there anyone globally that is relying on their income?”

This gentle approach allows clients to articulate sensitivities around family members needing customized inheritance strategies. Whether minor children or adults with disabilities, you can investigate tailored solutions catering to specific requirements once trust builds.

For example, some grandparents funding Registered Disability Savings Plans (RDSP) for autistic grandchildren involve parents in the process to optimize outcomes holistically. By advising entire families jointly on available disability credits and government benefits, customized financial plans integrating priorities of all stakeholders can take shape.

The key takeaway is never use a cookie-cutter approach with delicate inheritance planning scenarios. Customize solutions after understanding unique aspects of each situation. Reassure clients their family member’s welfare matters deeply to you. That’s how you become more than just financial advisors to them.


Learn the top social media strategies that have proven successful for financial advisors. Grow your brand with these actionable tips.

Establishing Trust and Empathy with Seniors

At the core of every enduring senior client relationship lies trust and empathy. You’ve probably felt the same way with your clients, right? But fostering unshakable bonds takes concerted cultivation on our part from the earliest interactions. What principles guide your efforts here?

Firstly, sincerely owning any errors rebounds confidence much faster. Showing accountability and transparency around solutions for strengthening processes going forward reassures competence.

Meanwhile, regularly considering contexts from the senior’s perspective builds invaluable empathy, right? Losing a spouse after decades together… facing new reliance on portfolio income vs career earnings… can we even fully comprehend such difficult transitions? Still, comments like “I can’t understand all you face but I’m here to listen” can mean the world.

Pre-retirees now focus more on sustainable income strategies rather than portfolio growth alone. Exploring careers’ next chapters, many seniors ask, “What monthly budgets allow pursuing long-held dreams?” Calculations providing clarity around realistic, life-long cash flow possibilities bring great comfort.

Setting clear expectations also focuses new relationships. Explicitly establishing both our expertise and limitations prevents false assumptions down the road. Highlighting abilities around analyzing tax strategies yet needing estate attorneys for aspects beyond our scope shows candor.

Quick check-in conversations and promptly returning messages demonstrate prioritization too. But in my experience, well-timed encouragement cements loyal confidence most. Gently reminding nervous clients of obstacles they’ve already overcome or market downturns previously navigated lends reassuring perspective when worries strike.

Overcoming Communication Barriers with Seniors as a Financial Advisor

When collaborating with seniors, communication breakdowns readily undermine progress if we don’t finesse discussions carefully. As Taivi shared, assuming seniors understand modern financial instruments or terminology quickly backfires. Likewise, impatience around retrieving account documents sabotages rapport. So what techniques defuse friction then?

Gauge comprehension continuously. Summarize agreed next steps and have senior clients rephrase in their own words. Asking “how would you explain this concept to your spouse or adult child?” also assesses grasp. My mother in law is a master at this technique.

Rephrasing jargon and defining acronyms helps too. Discussing required minimum distributions (RMDs) or fiduciary standards means little without orienting context. Relaying concepts multiple ways cements understanding.

Meanwhile, expecting urgent email replies rather than given response windows risks relationships, right? Assuming accessible technology proficiency creates undue pressure. After all, according to Pew Research Center, only about 18% feel confident in figuring out how to use a new device like a smartphone or tablet by themselves. A whopping 77% say they’d really appreciate having someone guide them step-by-step through the learning process.

Of course, don’t shy from redirecting meandering tangents during meetings. Still, understanding this demographic’s innate storytelling tendencies with patience allows nuggets to emerge in time. As Taivi emphasized, listening with care uncovers true needs.

Reh Bhanji (Certified Financial Planner, Chartered Life Underwriter)
Reh Bhanji (CFP, CLU)

National Best Practice Leader at Desjardins

Key Areas of Financial Advising for Seniors

Serving seniors well spans a mosaic of financial facets. From income management to estate planning and far beyond personal finance, our role is multifaceted. Where do you see the greatest complexities arise when collaborating with this group?

Of course retirement planning anchors overall stability. As Taivi once underscored, sequence risk and longevity concerns challenge even disciplined savers. Crafting sustainable withdrawal rates to fund potentially 30+ years requires intricate balance. Over-conserving risks later-life quality while overspending jeopardizes security.

Meanwhile legacy clarity spares families major frustration. Having seen children quarrel over misaligned estate plans, Taivi prioritizes beneficiary specifics, updated wills and asset titling early on. Encouraging candid conversations around inheritance or property dispersion while parents are sound of mind can sidestep discord later.

The healthcare needs also intensify in the retirement years. With medical costs ballooning rapidly, reviewing government and supplemental insurance options containing expenses proves critical.

Navigating Financial Challenges with Lower-Income Senior Clients

Guiding lower-income clients contrasts sharply from high-net-worth approaches. With so many seniors economically insecure, how do you address heightened anxieties around affordability declining further amid volatile markets and inflation?

Of course, cash flow conservation tops priority lists. Rigorously segmenting discretionary “wants” then slashing ruthlessly insulates budgets better. Dining out less beats jeopardizing fixed incomes. Cash Flow Planning strategies proves a primary element in the conversation according to Dawn Ewing in her Discovery Series Unplugged Podcast.

I believe creatively stabilizing cash flow while unlocking alternative income sources and community supports summons our greatest ingenuity as financial advisors to those navigating hardship.

Identifying and Reaching the Senior Audience

Reaching the right senior prospects entails multifaceted outreach across today’s fragmented media landscape. Traditional advertising in community newspapers alongside digital visibility works best when attracting local leads.

Statistics - Among seniors, internet and broadband use drop off around age 75
Statistics - Seniors are more likely to own a tablet or e-book reader than smartphone

Seniors and technology use. Source: Pew Research Center

Of course referrals from existing satisfied gray-haired clients remain the most promising leads. That’s something you’ve observed too, isn’t it? Especially when backed by word-of-mouth advocacy, these introductions convey built-in trust. Hence providing exemplary service cementing referability ought to anchor acquisition efforts.

Meanwhile showcasing specialized designations like CFP (Certified Financial Planner), CLU (Chartered Life Underwriter), CRPC (Chartered Retirement Planning Counselor) and ChFC (Chartered Financial Consultant) signal focused expertise to the seniors demographic. Featuring credentials on websites, in email signatures and wherever online domains allow bolsters authority and search visibility. Likewise hosting in-person local seminars to demonstrate retirement planning mastery can influence attendees on the fence.

And we can’t overlook online visibility, right? Given middle-aged children often research options for aging parents, leading websites listing reputable area advisors for seniors garners vital exposure. Similarly, sustaining robust and regularly updated social media across familiar channels like Facebook fosters approachability to tech-savvy Boomers.

In-home visits allow showcasing reliability too. Meeting prospects face-to-face conveys sincerity and builds foundations for trust in very human ways emails just can’t replace.

Effective Marketing Strategies for Targeting Seniors

Successfully connecting with senior prospects requires tailored outreach acknowledging the demographic’s unique media habits and communication preferences. Connecting genuinely with retirement-minded prospects isn’t easy. When designing campaigns, what specific strategies attract your best senior clients?

For example, you can lead all emails expressing empathy around major worries many financial advisors often hear like healthcare costs or longevity risk. Taking 30 seconds to acknowledge common concerns before demonstrating your expertise around sustainable income planning tends to convey sincere interest.

Leading with empathy proves pivotal, wouldn’t you agree? Communicating genuinely that you aim to earn trust through reliability over time – not overnight miracles – conveys sincerity. Seniors value financial advisors committed for the long haul.

Acknowledging major retirement concerns also resonates. Demonstrating expertise around managing longevity risk, income strategies and healthcare costs signals relevance. Of course sensitivity around senior stereotypes stays important too. Segmenting messaging for vibrant Boomers vs elderly clients projects more respect.

Meanwhile, balancing traditional and digital presence drives awareness. Combining monthly seminars, community event sponsorships and local newspaper articles as sighted by Taivi Taylor’s poddcast.

Getting granular with tailored content also hooks attention, right? Many local financial advisors have luck hosting local weekend seminars for seniors. Gently incorporating important information in the invitations, such as the implications of age changes on inheritance for heirs, often strikes a meaningful chord with attendees.

Conversion then hinges on competence cues and values alignment. Articulating planning philosophies, showcasing credentials and referencing respected industry associations implies knowledge breadth. Affirming fiduciary and intergenerational duties also cements authenticity.

Custom branding
Showcase your brand.
Video narrations
Easily video-narrate PDF presentations or key documents when needed (otherwise video is optional). Redo slide if you made a mistake. Use built-in teleprompter to record longer videos.

Data rooms
Attach any supporting files and links. Make it easy for your prospects and clients to find the right information quickly.

Company profiles
Create company profiles with custom banners and info-packages tailored to different industries.
Contact details
Show your contact info easily accessible by your prospects and clients.
Custom CTAs
Add custom CTAs to drive prospects or clients to your calendar, sign up form, etc.
Engagement analytics
See how prospects and clients interact with your PDFs.

Feedback and Reactions
Collect feedback from prospects and clients. Feedback and reactions are not publicly visible.
Share PDFs
Share any existing PDF presentations and documents.
Live links
Share with a single link. Update files even after sharing your link. Get notified when your PDF is viewed. Turn off access anytime.

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Leveraging Technology while Maintaining Personal Touch with Seniors

Balancing digital efficiency with the human connection seniors value poses an ever-evolving challenge.

Of course, leading with empathy even in digital interfaces proves key, in my experience. Using client portals or CRMs to surface personalized content, provide resources and set agenda pathways streamlines coordinated care. Yet automating everything distances the trusted financial advisor relationship. Where do you draw lines on self-service functionality?

Similarly, opening communication channels via email, text and messaging expands reach tremendously, yet over-reliance falters. Scheduling regular value-add check-in calls to supplement digital messages helps. Do you find weekly or monthly cadences ideal there?

Educational webinars or video PDF explainers also boost comprehension if archived for on-demand access later. However, families appreciate in-home visits to discuss estate planning intricacies and debrief implications too. Blending digital and in-person formats targets learning preferences well.

Statistics - Older adults more likely to have physical or health conditions that make tech use challenging

Seniors and technology use. Source: Pew Research Center

Of course, various senior demographics navigate technology divides differently. While vigorously active Boomers expect seamless mobile access, some Silent Generation clients still prefer paper statements and in-person meetings exclusively.

Continuously Updating Knowledge for Effective Senior Financial Advising

Serving seniors well over decades requires diligent learning – about far more than investments and products alone. From regulations impacting seniors to the psychology around aging and beyond, understanding multidimensional contexts proves key.

Of course staying current on market trends, while seemingly obvious, takes concerted effort given competing priorities. How do you actively dedicate time to review analysis on pending legislation possibly affecting social security beneficiary rules, pension withdrawal implications and more? Outsourcing research to a skilled associate? Weekly journal scans?

Literature around senior behavioral patterns provides invaluable perspective also. Ever since reading Nobel-winner Daniel Kahneman’s book Thinking Fast & Slow on emotional biases influencing decisions, I always recommend financial advisors to structure guidance through far more empathetic frames. And of course networking events to continually expand expertise from respected peers’ experiences prove invaluable.


My senior financial planning insights and tips merely scratch the surface for collaborating meaningfully as financial advisors with this intricate demographic. Still, I hope relaying actionable best practices around communication, empathy building, and specialized expertise better equips your financial services to seniors.

Truly, as populations continue graying rapidly, understanding contexts shaping later years grows increasingly pivotal to society overall. Wouldn’t you agree financial stability impacts health outcomes and longevity too? By empowering seniors to optimize decisions amid challenging tradeoffs, we help secure dignity for the long haul.

Yet make no mistake, pursuing this work rewards in dividends those willing to invest human connection foremost. As financial planners like Taivi Tayler shine light on through their service stories: technical skill alone doesn’t cement loyal client relationships over decades. Instead, genuine care for people before portfolios distinguishes exemplary planning partners navigating life’s precarious turns together, side by side.

Of course, I welcome connecting if any of my insights struck you as particularly beneficial in your senior advising experience. Equally, please share what other insights or competencies you prioritize when advising seniors. Achieving financial confidence across the longevity journey summons our collective wisdom. I look forward to exchanging best practices further on the Discovery Series: Unplugged podcast by Desjardins!


What unique financial challenges do seniors face?

Seniors face unique financial challenges, including managing fixed incomes and potentially diminishing retirement savings. Seniors have to budget for increasing medical expenses, long-term care, and rising costs of living. Navigating social security benefits, healthcare options, and retirement income management become crucial aspects of their financial planning.

In financial planning for seniors, financial advisors should focus on a balanced approach between wealth preservation and growth. While securing retirement income and managing fixed income sources like social security payments are crucial for financial well-being, some growth-oriented strategies can help counter inflation and ensure the longevity of retirement savings.

In financial planning for seniors, healthcare planning is crucial. Certified financial planners address medical expenses, long-term care, and potential changes in health status. This ensures that healthcare costs don’t compromise retirement income, financial well-being, or estate plans.

The best way to discuss sensitive financial issues with senior clients is to approach with empathy and understanding. Certified financial planners should ensure clear communication, focusing on retirement planning and management of retirement income. Financial advisors should be patient, offer detailed explanations, and involve family members if appropriate, to ease any financial burden and support the client’s financial well-being.

Best practices for communicating with senior clients in financial planning involve clear, patient dialogue. Financial advisors should use simple language, avoid jargon, and provide written summaries. Regular, empathetic interactions help understand their retirement planning, estate planning, and social security concerns. It’s crucial to address financial security, medical expenses, and retirement income management, ensuring seniors feel heard and their financial goals are met.

Financial advisors can stay updated on issues relevant to senior clients by attending workshops and webinars focused on retirement planning and eldercare, being active in professional associations such as the Advocis , Financial Planning Association (FPA), FP Canada, and Institut Québécois de Planification Financière (IQPF), and by subscribing to publications that specialize in senior financial matters.

Disclaimer: The following information is being presented on the understanding that it is intended for information purposes only. None of the presenters or Desjardins Insurance has been engaged for the purpose of providing legal, taxation, or other professional advice. No one should act upon the examples/information without a thorough examination of the legal/tax situation with the appropriate professional advisors.

About the Author

Reh Bhanji (Certified Financial Planner, Chartered Life Underwriter), a veteran in the insurance and financial advisory industry, boasts over 25 years of experience. His journey began in 1998 at Imperial Life Financial in Toronto, ON, where he managed over $40 Million in annuity assets. His prowess quickly earned him a promotion to Team Leader in 2002, where he led a team of financial advisors. In 2005, Reh’s expertise propelled him to the role of Regional Sales Director at Desjardins Financial Security. In this role, he was responsible for training financial advisors and driving life and health insurance sales through strategic marketing and business development. His commitment to financial advisor education was further exemplified between 2007 and 2009, serving as Vice President for Education at Advocis Toronto (The Financial Advisors Association of Canada). In 2012, he became Senior Regional Sales Director at Desjardins Financial Security. At Desjardins, he managed the company’s largest account and developed key sales strategies and business building techniques for life and health insurance solutions. His exceptional leadership skills led to his 2020 promotion to National Best Practice Leader at Desjardins Financial Security, where he spearheaded the coaching and development of sales processes across the national network. In 2021, Reh expanded his influence as the host of the award-winning Discovery Series Podcast by Desjardins, providing a platform for industry-leading financial advisors to share their strategies, success stories, and industry leading insights.

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