June 1, 2015
Last month I was invited to speak on a panel at a Raymond James national conference. The panel was intended to help other advisors with strategies to ensure our aging clients have a plan for their more “sensitive” years. I was excited to share what I’ve learned over the 25 years I’ve worked in this arena. Although its second nature to me, I realized after sitting in front of a packed meeting room that this difficult subject is an increasing concern for all.
What happens if I need help down the road? Not only how can I finance it, but where will I be and to what capacity will my family or other close network be involved? What complications could arise from a legal or tax standpoint and when do we get those experts involved? As trusted advisors, our clients rely on us to assist in many areas outside of typical investment advice. Each year we attend classes and read books and other materials intended to help them through this time with dignity intact and as much independence as physically possible. We continue to utilize the financial tools and resources we have at our disposal, such as the research from the MIT Age Lab. Many of you came to our workshop a couple months back and we’ll continue to provide help in this arena.
As a parent of 2 teenagers, I realize that parenting them is all about patience and grace while learning through their (and our) mistakes. Just as our plan for our children has veered off course at times, yours will as well; but much of our plan came to fruition because we had one. Our plan is giving us strength and direction through the tough times. If you ever have parented teenagers, it is the practice you and I will need to get through our later years. Having open discussions with your family is a good start to your aging plan. Sharing your ideas and thoughts with us, your advisors, is the next step.
Remember, we already have all the strength we need to get through this. We know how to make a successful plan and, hopefully, we also have a trusted advisor to help us iron out the details and see it through.
We hope that you’ll soon have the opportunity to meet each of them.
With strength and joy,Kelli Young, CLTC, Financial PlannerMainspring Wealth Advisors