As a financial adviser, you are a long-term partner in your clients' financial journeys. You have guided them through market fluctuations, career changes, and retirement planning. But as clients live longer, a new set of challenges and questions emerges that goes far beyond traditional wealth management. Later life planning is not just about portfolios; it is about people facing profound decisions about their health, housing, and care.
To provide the best guidance, it helps to have a framework. Understanding the broad stages of ageing can help you anticipate the conversations, decisions, and support needs that may arise, allowing you to offer advice with empathy and foresight.
Here is a simple framework to help you segment your clients and tailor your approach.
Stage 1: Optimistic Retirees (Ages 55-65)
Clients in this stage are often still working or just beginning their transition into retirement. They are generally healthy, active, and looking forward to new hobbies or travel. However, this phase can also bring pressure, as many are simultaneously supporting ageing parents and young adult children.
Stage 2: The Newly Old (Ages 65-75)
This group is typically active, independent, and enjoying life. Most still live in their own homes and manage their affairs with confidence. Because they are not yet facing urgent health or housing needs, this is often the perfect window to introduce more sensitive conversations about the future.
Stage 3: The Established Old (Ages 75-85)
During this stage, health may begin to decline. Clients may require more support with daily tasks or mobility and might start considering their future care options. This period can bring increased anxiety for clients, particularly around the fear of losing their independence.
Stage 4: The Oldest Old (Ages 85-100+)
Care needs often increase significantly for this group. Many will be relying on family or professional care services to manage their day-to-day lives. Conversations at this stage tend to focus on ensuring continuity, comfort, and legacy.
By recognising where your clients are on this journey, you can move beyond reactive financial management. You become a proactive, trusted guide who understands their real-world needs, not just their balance sheet.
