Everyone knows we’re living longer. Too few are planning for what it really costs to fund
those extra years. Since 1980, global life expectancy has risen by nearly a decade,
according to the World Health Organization—and it’s still climbing. Yet a recent Fidelity
study reveals that most people are dangerously underestimating both how long they’ll
live and how much they’ll need. This growing disconnect isn’t just a risk for clients—it’s
a call to action for wealth managers ready to lead.
The widening gap between life expectancy and financial preparedness creates a
powerful opportunity for wealth managers to grow their business and help clients build a future that is financially sustainable and aligned with their life goals.
That said, it’s important not to equate longevity planning with “retirement planning 2.0.” It’s a comprehensive, forward-looking approach that spans decades, incorporates fluid career trajectories, and considers everything from second (or third) acts to
multigenerational caregiving and legacy creation.
So, how can advisors better serve this growing demographic of high-net-worth clients
who are living longer than ever? A good place to start is by shifting the narrative—and
then shifting your services.
Position Yourself as a Longevity Partner, Not Just a Portfolio Manager
Wealth managers often focus on managing assets, but clients increasingly want help
managing life. That includes detours and pivots like career changes at 60, caregiving
responsibilities at 70, or launching a business at 75. The traditional “retire at 65 and ride off into the sunset” model is dead. Today’s clients want to know their wealth will support an evolving life—and they’re looking for advisors who can evolve with them.
Start conversations early about what aging well means to them. Are they envisioning
global travel, a home renovation to accommodate aging-in-place, or subsidizing their
grandchildren’s education? Let their aspirations drive the plan.
To Do: Create a discovery questionnaire for clients to help uncover expectations and
needs beyond finances—think housing, health and family dynamics.
Build a Comprehensive Network of Resources
Longevity planning touches nearly every aspect of a client’s life—not just their finances.
From housing decisions to caregiving, health, and emotional well-being, clients need support that goes far beyond investment strategy. While no single advisor can provide
every solution, you can play a pivotal role by curating a network of trusted professionals
who can.
Offer your clients the added value of connections. Cultivate relationships with eldercare
attorneys, aging-in-place consultants, healthcare advocates, mental health providers,
and even encore career coaches. Being the connector not only strengthens your client
relationships but also positions you as a central, trusted resource through every stage of
life.
To Do: Create a vetted “Longevity Resource List” that includes local and national
experts your clients can turn to for non-financial needs. Consider branding it as a
concierge service to emphasize your high-touch, whole-life approach.
Reframe Risk Conversations to Include Health, Lifespan, and Values
Risk tolerance questionnaires typically focus on market volatility. But today’s
clients—across all generations—are just as concerned with outliving their money, facing
cognitive decline, or needing long-term care. Younger investors, in particular, are
expanding the conversation beyond traditional financial risk to include personal values,
social impact, and health outcomes.
Instead of isolating risk as an investment concept, broaden the definition for your
clients. Talk about the risks that come with living longer: rising healthcare costs, the
impact of inflation over an extended retirement period, late-in-life family obligations, and the desire to maintain a values-driven financial legacy throughout life. Frame your
guidance around resilience—financial, emotional, and physical—and increasingly,
around personal purpose and community impact.
To Do: Factor in the potential costs of healthcare and long-term care when building
retirement plans. Help clients explore “what-if” scenarios—like the financial impact of
living longer than expected, facing cognitive decline, or what life may look like after the
loss of a partner. For younger clients, incorporate discussions around aligning portfolios
with personal values, sustainable investing, and funding charitable endeavors
throughout their lives.
Make Legacy Conversations More Meaningful—and More Immediate
For many clients today—especially Millennials and Gen Z—legacy isn’t just about what
they leave after they die. It’s about the impact they create while they are alive. Younger
generations are driving a shift toward living legacies, emphasizing philanthropic giving,
impact investing, and family engagement early and often, not just at end of life.
Offer ways for clients to engage their heirs or favorite causes sooner. Encourage family
meetings to align expectations and values across generations. Talk about phased giving—both during life and after—and how strategic, values-based investing can serve
as a living expression of a client’s legacy over decades, not just after death.
To Do: Consider facilitating Living Legacy planning sessions that incorporate charitable goals, gifting strategies, and values-based investment approaches. Help clients design a financial life that makes an impact now and leaves an enduring footprint.
Embrace the Emotional Side of Aging
There’s no denying that wealth and aging are emotional issues. Combine the two, and
you’ve got a conversation that can’t be solved with spreadsheets alone. Clients need
empathy, insight, and someone to walk alongside them—not just someone to optimize
returns.
A longer life doesn’t guarantee a better one. But with the right planning, support, and
vision, your clients can have both. The wealth managers who recognize that—and
respond with holistic, human-first service—will be the ones who not only retain their
clients, but deepen relationships across generations.
Longevity is here. The question is: are you and your clients ready for it?
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