How to Better Serve Senior Clients if You're a Financial Advisor
Seniors aren’t what they used to be -- they’re taking up new hobbies and being more physically active than in years past -- 50 is the new 40 -- that’s the reason why financial advisors need to start changing how they serve their senior clients, according to a study from BNY Mellon.
BNY Mellon has a few tips for financial advisors looking to better serve their senior clients. They say advisers need to recognize and be sensitive to the new senior. Doing so will give them an advantage with communication, meetings and planning strategies.
The study also suggests advisors start the conversation early with their clients, that way clients can clearly and realistically plan for their futures without being physically or mentally diminished. That can be as early as mid-fifties to early sixties.
In addition, the report says it’s important to review retirement plans periodically to make sure their senior clients’ intentions or situations haven’t changed.