“I was speaking at a small conference for an ETF vendor to their family offices and advisors who look after them, and I talked about the cost of long-term care. But I also included the whole concept of counselors starting a conversation about life planning after work – pointing out that the number of divorces among people over 50 is really increasing.
“They might expect them to make this huge fortune transfer to the next generation, but the women are usually the ones who become the widows, so the fortune ends with them. And statistics show that 80% of these widows leave their counselor because they have no connection or relationship with them.
“So you might think you’re going to a phase of getting more fortune, but it’s going to be pretty static – or you can lose half in the event of a divorce or death. Or a lot of it can be pulled out for health care. So I’ve pointed out conversations they likely haven’t had, and stats they haven’t seen regarding their clients over 40 and 50, and what conversations to have given the general demographics of Canada. ”
While this may have been news to some there, especially as they started having conversations with both members of a couple, CETFA has increasingly addressed the financial implications of endangered aging this year.
Last summer, it held a webinar with Michael Nicin, executive director of Ryerson’s National Institute of Aging, to highlight some of the costs and concerns of financially planning for vulnerable aging. In September the board looked at how to address this publicly and asked its marketing and public relations committee to develop a communication plan that the board will review at its December meeting. Dunwoody said it could include some social media and articles in early 2022, but also some merchant associations to encourage company bosses “so they can figure out how to get the message across to individual advisors”.