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Ep.16: Sherri Snelling: What Advisors Need to Know About Caregiving Today
15 Plays5 months ago
Financial advisors haven’t traditionally addressed the topic of caregiving with clients, and when they do the discussion tends to focus on the cost of care. But with today’s longer lifespans, taking a more comprehensive approach to helping clients navigate the implications of caregiving may help advisors differentiate and grow their businesses. In this episode, Sherri Snelling ─ a gerontologist and Founder & CEO of Caregiving Club ─ joins hosts Bill Coppel, Chief Client Growth Officer at TradePMR, and Ryan Neal, Senior Editor at TradePMR, to dive into this topic. Listen as they explore: - Why addressing caregiving issues may help advisors build sustainable businesses - How a holistic approach to caregiving can potentially fit into the role of a financial advisor today - Practical steps advisors can consider to be better equipped to help clients with their caregiving journeys Subscribe now, and connect with us on social media:
YouTube LinkedIn Facebook Get the transcript for this episode, with sources, at https://synergizepodcast.com/. About Sherri Snelling: Sherri is a gerontologist, author, and speaker with a focus on aging and caregiving. She’s also the founder and CEO of Caregiving Club, a firm focused on helping employers understand and respond to issues related to aging and caregiver well-being. Sherri Snelling and Caregiving Club are not affiliates of TradePMR. More About Sherri: LinkedIn: https://www.linkedin.com/in/sherrisnelling/ Website: https://caregivingclub.com/ Books: A Cast of Caregivers: Celebrity Stories to Help You Prepare to Care Me Time Monday: The Weekly Wellness Plan to Find Balance and Joy for a Busy Life If you want to join the conversation or connect with us, please visit us at synergize.advisorevolutionsciences.com. This content is provided for general informational purposes only. The views expressed by non-affiliated guest speakers are their own, and do not necessarily reflect the opinion of TradePMR or its affiliates. TradePMR and its affiliates do not endorse any guest speakers or their companies, and therefore give no assurances as to the quality of their products and services. This channel is not monitored by TradePMR. TradePMR does not provide investment advice, tax advice or legal advice. TradePMR is a Member of FINRA and SIPC. Trade-PMR, Inc. is registered with the Securities and Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB). TradePMR provides brokerage and account services to registered investment advisors. Custodial services provided by First Clearing. First Clearing is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. Copyright 2024 Trade-PMR, Inc. #personalization #ria #wealthmangement #financialadvisor
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Transcript
Introduction to Synergize Podcast
00:00:01
Speaker
Welcome to Synergize, unscripted conversations where we explore the evolving role of the financial advisor in an emerging AI driven world.
00:00:11
Speaker
Join us as we bring together thought leaders across a range of disciplines and industry experts, sharing insights designed to help RIAs thrive in the industry of tomorrow.
00:00:23
Speaker
Hi, I'm Bill Capell, Chief Client Growth Officer at Trade PMR.
00:00:26
Speaker
And I'm Ryan Neal, Senior Editor at Trade PMR, and welcome to the Synergize Podcast.
Caregiving in Financial Advising: Beyond Money Management
00:00:32
Speaker
So when I think about it, Ryan, there are many important topics well beyond money management for advisors to discuss with clients as they strive to enhance their value, personalize the client experience, and ultimately remain relevant.
00:00:46
Speaker
Today, we wanna highlight a topic that advisors may not have thought about bringing into a client conversation, but nonetheless, it's a very important topic and it's something we will all face and it requires thoughtful planning.
00:00:59
Speaker
Yeah, I think one of the biggest opportunities RIAs have, and one that I love writing about as a reporter, is bringing in other ways to manage their clients' financial lives beyond the traditional portfolio.
00:01:11
Speaker
So one area specifically, which we're gonna talk about today is caregiving.
00:01:15
Speaker
something that hasn't traditionally been top of mind for many financial advisors.
00:01:20
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But caregiving is a topic that impacts virtually everyone, whether it's providing care for a child, an aging parent, a spouse, or another loved one.
00:01:30
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Of course, sometimes your client themselves is the one who may need care.
00:01:35
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So while advisors tend to focus on the cost of care, which of course is substantial, I'm currently looking at the cost of daycare for my first child and hoo boy, that is something.
00:01:46
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But it's not the only aspect of the caregiving journey that needs to be considered.
00:01:52
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Each situation requires an understanding of where clients are in their lives and the unique underlying needs that are specific to each of them and their circumstance.
00:02:01
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So with that as a backdrop, how can caregiving holistically fit into the role of a financial advisor today?
00:02:10
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That's a great question, Ryan.
00:02:12
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Financial advisors don't traditionally work in this space and many feel that they're crossing a line, you know, and it's unfamiliar.
00:02:19
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And more importantly, it's an uncomfortable territory to get involved with.
00:02:23
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You know, our job as advisors traditionally ended at retirement.
00:02:27
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We gave a client a paycheck and we sent them on their way.
00:02:30
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But the check alone didn't fully address a lot of the issues and caregiving being at the top of that list that, you know, people are facing.
00:02:39
Speaker
I believe taking a more comprehensive approach to helping clients with matters beyond investments, like the implications of caregiving, give advisors a distinct advantage and opportunity to differentiate themselves and ultimately grow their business.
Sherry Snelling on Caregiving's Role in Financial Planning
00:02:53
Speaker
Our guest today, Sherry Snelling, is here to help us better understand this important topic.
00:03:00
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Being able to keep our clients as financial advisors and keep family caregivers abreast of what's out there.
00:03:06
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Again, it's that moment I can breathe.
00:03:09
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I don't have to worry about this.
00:03:11
Speaker
This is so great.
00:03:12
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I heard about this from my financial advisor and it was just the perfect solution for me.
00:03:17
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Think about that in terms of your relationship, right?
00:03:20
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How bonding that is for clients to know that you're thinking about them as a person and their situation and not just their financial picture.
00:03:30
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Sherry is a gerontologist with a focus on aging and caregiving.
00:03:35
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She's also the founder and CEO of Caregiving Club, a firm focused on helping employers understand and respond to the issues of aging and caregiver well-being.
00:03:46
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Sherry, thanks for joining us.
00:03:48
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Yeah, it's great to be here with you both.
00:03:50
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Thank you for having me.
00:03:51
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Well, let me start with this, Sherry.
00:03:53
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You know, we tend to think about caregiving in the context of, you know, somebody's ill or I have to take care of them because of that.
00:04:02
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Well, that's certainly a part of it.
00:04:04
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What is the definition of caregiving today?
00:04:06
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How has that expanded?
00:04:07
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Yeah, that's an interesting question, Bill.
00:04:09
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You know, I've written a couple books and in my most recent book, which is called Me Time Monday, I talk about this kind of reframing and redefining caregiving across our lifespans.
00:04:20
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And I call it generation caregiver, which really lasts almost our whole lives.
00:04:24
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So if you think about it, we start life being cared for by parents.
00:04:27
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We're going to end life being cared for by someone, probably a family member.
00:04:32
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And then in between, we're forming all these caring relationships.
00:04:36
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Now, I think one that financial advisors obviously think about is both the spousal relationship and the planning of buying a home or, you know, vacations and ultimately retirement.
00:04:48
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There's also child care or child care giving where you're thinking about, as Ryan just mentioned, the costs of, you know, child care services, but all the way through college tuition.
00:04:58
Speaker
And the one we don't focus on is one that's becoming more of a reality for many of us.
00:05:03
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And that is more of the elder care, you know, more of the end of life caregiving that we're now delivering to parents and in-laws and grandparents.
Financial Planning for Longer Life Spans
00:05:12
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And in fact, by 2032, the
00:05:14
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For the first time in US history, we are going to have more people over age 65, so more parents and grandparents to care for, than children under 18.
00:05:25
Speaker
Wow, that's a really stark number.
00:05:28
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So when we think about that and how advisors can think about sort of building this into their practice and how they work with clients, what are we as the advice industry missing?
00:05:37
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What do we need to know about this that we don't know already?
00:05:41
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Well, first of all, I think it's just the, you know, the surprise, right, as you just said, of this longevity bonus years that we're all getting, right?
00:05:49
Speaker
We know that we're getting about 20 to 30 extra years of life.
00:05:52
Speaker
The average age span in 1900 is only 47 years old.
00:05:56
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Average lifespans now are, you know, we're still hovering in the late 70s, you know, 78 to 82.
00:06:03
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However, you know, if you think about it, former President Jimmy Carter just celebrated his 100th birthday on August.
00:06:10
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October 1st, we just lost Ethel Kennedy, who was 96.
00:06:14
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So we're seeing more and more people are living well into their 90s and 100s, and we don't really expect that or plan for that.
00:06:23
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And the reality is, is that even though we've got a lot of really thriving non-generians and even centenarians, the bonus years really do mean that we need more care.
00:06:34
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We have about 85% of people over 65 will be managing at least one
00:06:40
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one chronic illness, 25% over 65 have a disability, and one in three people who reach the age of 85 will have some type of dementia or even
Understanding Long-term Care Insurance
00:06:50
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Alzheimer's.
00:06:50
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So all of those realities are things that we have to now bring into the financial planning picture across this lifespan to help our clients, as you mentioned, whether they're going to be the caregiver of an older loved one or maybe just as they're planning their own aging, the types of things that they're looking at.
00:07:08
Speaker
You raise a great point, Sherry, because as an industry, we've really thought about this from a product solution standpoint.
00:07:15
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We call it long-term care.
00:07:17
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And the idea is that can we create an insurance product, as an example, that can cover the cost.
00:07:24
Speaker
But what I'm hearing here, it's beyond cost.
00:07:27
Speaker
For example, there's another side to caregiving that involves the time commitment and the stress and the disruption in a caregiver's own life
00:07:37
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And that are their relatives.
00:07:39
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And it's not insignificant.
00:07:42
Speaker
You know, we don't really plan for that part of it, do we?
00:07:45
Speaker
I mean, when you think about it, you know, it's just we plan for the money, but we don't plan for the other things.
00:07:51
Speaker
Talk to us a little bit about, you know, what's involved with that process.
00:07:54
Speaker
Yeah.
00:07:55
Speaker
So you mentioned long-term care insurance, which is really interesting because only 11% of people over the age of 60 have a long-term care insurance plan.
00:08:05
Speaker
And while, you know, for some, it seems like the silver bullet or the panacea of aging, the reality is that a lot of those benefits in those plans are only good for about three years or even six years once they're activated.
00:08:19
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So what we were seeing as an industry is a lot of people were outliving their benefits.
00:08:25
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So even if you had a long-term care insurance plan, you might live beyond that.
00:08:30
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And now the full financial burden will fall on, you know, the family or the savings of the person who has that need.
00:08:39
Speaker
I think what's really interesting is...
00:08:42
Speaker
The other side of this is kind of the education gap, right?
00:08:46
Speaker
There was a survey that was recently done among employees, because as you mentioned, I do a lot of work with employers and HR departments about the workplace caregiving.
00:08:55
Speaker
One in three employees are in some type of a caregiving situation, whether it's a child or again, older loved one.
00:09:02
Speaker
And among those employees, a majority of them said, oh yeah, I have long-term care insurance through my employer.
00:09:10
Speaker
Well, that's actually not accurate.
00:09:13
Speaker
They have long-term disability health support through the, you know, the options they may choose in their health plan.
00:09:21
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So, so this educational gap about really what long-term care is and what's covered and not covered.
00:09:28
Speaker
The other thing is there was a survey done a few years ago that showed over 50% of Americans over the age of 50 are
00:09:35
Speaker
thought that long term care will be covered by either Medicare or potentially Medicaid.
00:09:41
Speaker
If you, you know, meet the means test that is typically having lower assets, but Medicare would cover it.
00:09:49
Speaker
And the reality is Medicare does not cover long term care.
00:09:53
Speaker
And so again, having that better education, and I think that's a role that financial advisors can really play, where they're helping their clients understand really what these definitions are and where that help may or may not be.
00:10:09
Speaker
And then how are we going to plan for that gap becomes really critical.
Early Conversations: Family Planning and Aging
00:10:13
Speaker
So how do we begin to have that conversation?
00:10:16
Speaker
Because as Bill mentioned in our introduction, a lot of advisors haven't done this ever.
00:10:21
Speaker
Maybe some have dabbled in it, but it's still a relatively new concept for the advice industry.
00:10:27
Speaker
I can imagine, A, there's a bit of a blockage because it could be uncomfortable, right?
00:10:31
Speaker
People don't maybe want to talk about this stuff.
00:10:34
Speaker
But then also, as Bill said, it could feel like stepping over a line, right?
00:10:37
Speaker
Like maybe moving into an area that I'm not qualified to talk about.
00:10:41
Speaker
I maybe don't have the
00:10:42
Speaker
the knowledge and the experience.
00:10:44
Speaker
So with that all in mind, and I'm sure some other things as well, how can advisors start to change that thinking, evolve their approach, and bring that into client conversations?
00:10:55
Speaker
Where do they even get started?
00:10:56
Speaker
Yeah, it's a great question, Ryan.
00:10:58
Speaker
And I think that, first of all, the answer is when to start the conversation.
00:11:05
Speaker
And then the answer is as soon as possible.
00:11:07
Speaker
Now, a lot of people who are younger aren't even thinking about these things, but that's why this reframing aging and reframing caregiving as being something that happens across our lifespan, it's just a matter of who we're going to care for.
00:11:21
Speaker
It's not a matter of if.
00:11:22
Speaker
It's a matter of who and then potentially maybe when that will happen.
00:11:26
Speaker
And so, again, going back to advisors are probably asking clients about, you know, are you planning on having a family?
00:11:34
Speaker
Or if you already have a small family, you know, do we want to start with college tuition planning?
00:11:38
Speaker
What about your own maybe long-term care retirement plans?
00:11:41
Speaker
And then the drop-off happens and we don't ask about the aging of older family members.
00:11:47
Speaker
So this really becomes more of a family caregiving, family planning process.
00:11:51
Speaker
conversation.
00:11:53
Speaker
And I think the best advice that I would give to listeners and advisors out there is start with your own situation.
00:12:00
Speaker
Start with your own family.
00:12:02
Speaker
Think about the questions.
00:12:04
Speaker
And again, you may not have all the answers, but do you have older parents?
00:12:09
Speaker
Do you have older in-laws or even grandparents still alive?
00:12:12
Speaker
Do they live near you or are they all the way across the country?
00:12:16
Speaker
What is their financial picture look like?
00:12:19
Speaker
Would you potentially be called to help with some of the out-of-pocket care costs?
00:12:24
Speaker
You know, we know that on average, caregivers are in their role for four and a half years.
00:12:29
Speaker
And if you're caring for a loved one with dementia or Alzheimer's, that average journey is nine years.
00:12:35
Speaker
So this is a marathon, not a sprint.
00:12:38
Speaker
And the average outlay of cash for caring for someone with dementia
00:12:42
Speaker
dementia over a three-year period can be anywhere between $360,000 to a half million dollars.
00:12:48
Speaker
That's a pretty big cash outlay, not covered by any other benefits other than your own savings and maybe Social Security and things of that nature.
00:12:59
Speaker
So again, I think it becomes really critical.
00:13:01
Speaker
And I know, Bill, you asked earlier,
00:13:04
Speaker
It isn't just about the financial products.
00:13:07
Speaker
It isn't just about the financial questions.
00:13:10
Speaker
I think that we recognize that caregiving can be a big life disruptor, right?
00:13:17
Speaker
And there are situations where it will disrupt your work life.
00:13:21
Speaker
It will disrupt your marriage or potentially could.
00:13:24
Speaker
It will disrupt, you know, taking care of your kids.
00:13:27
Speaker
It will disrupt your social life.
00:13:28
Speaker
It will disrupt your own self-care, caring for yourself physically as well as emotionally.
00:13:34
Speaker
And I think when you have a trusted partner in this, which a financial advisor can certainly play that role, where they understand all of the aspects of caregiving, not just the cost outlay and the financial aspect, but how all these things could be in, you know, um,
00:13:54
Speaker
disrupted and be able to give some type of support and maybe even guide clients to different resources that may help out and above and beyond financial.
00:14:05
Speaker
I think that's where the relationship becomes again, you really bond with somebody who recognizes what you're going through and helps you out even maybe above and beyond what they're trying to maybe sell you or what their primary role is.
00:14:19
Speaker
That empathy and that emotional intelligence really
00:14:22
Speaker
really kicks in to be a big driver in making that relationship,
Generational Dialogues on Caregiving
00:14:27
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I think, really solid.
00:14:28
Speaker
The other thing too, I just want to mention for advisors is that really opens the door to helping family planning.
00:14:36
Speaker
You may have clients that are in their 50s and 60s or even 70s, but are there younger children who are maybe in their 20s and 30s?
00:14:44
Speaker
Have they started financial planning?
00:14:46
Speaker
Can you help with that?
00:14:48
Speaker
Because as we all know, it's never too early to start planning ahead for all of the financial challenges and opportunities that are out there in life.
00:14:56
Speaker
Well, you know, you hit on something I think is really important.
00:14:58
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It just dawned on me is that, you know, we've been focused a lot here on people suffering from an illness.
00:15:04
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And we correlate that with caregiving most of the time.
00:15:08
Speaker
And that's not something you can typically plan for when that illness is going to occur or what that illness is going to be.
00:15:14
Speaker
One thing I do know is as a baby boomer, I don't feel old.
00:15:21
Speaker
And my independence is very important to me.
00:15:24
Speaker
And I recognize that as I age, I won't be able to do some of the things I once was able to do when I was younger.
00:15:31
Speaker
So when you think about planning, Sherry, talk to us about other aspects of this.
00:15:36
Speaker
For example, you know, where do you want to live?
00:15:38
Speaker
You know, are you in the right kind of habitat today?
00:15:41
Speaker
What would that look like tomorrow?
00:15:44
Speaker
You know, what are my options for transportation when I decide I don't want to drive again?
00:15:48
Speaker
I mean, this becomes a part of the conversation, I'm assuming.
00:15:51
Speaker
Oh, absolutely.
00:15:52
Speaker
And just I can relate, Bill, I'm also a baby boomer.
00:15:55
Speaker
And I for sure, and not the age in my head that I am actually biologically.
00:16:02
Speaker
So I'm probably about 20 years younger in my head than where I'm really at.
00:16:06
Speaker
But it is really important.
00:16:07
Speaker
And you know, I think that, again, there is probably so much information that advisors as well as the general public are just not, you know, aware of.
00:16:17
Speaker
So there's the costs of care that I mentioned earlier.
00:16:21
Speaker
You know, on average, you're looking at anything between maybe $60,000 a year all the way up to $150,000 a year or more, just in terms of the care that you'll need.
00:16:31
Speaker
Now, whether that care is delivered in the home, because most of our older population wants to stay living independently in their home, or whether it's going to be, you know, delivered through assisted living or senior living, active senior living, or even nursing home, that's probably the biggest cash outlay.
00:16:47
Speaker
But you hit upon something really important.
00:16:49
Speaker
Okay, so let's say that the desire of our older parents or grandparents, again, whomever we're caring for, is to stay in their home.
00:16:57
Speaker
Well, we have, I write a chapter in my book called Peter Pan Housing, because the majority of the homes that are out there were built in the 1970s and 80s.
00:17:07
Speaker
And we only have 1% of all the 100 million plus homes out there that are actually what we call universal design, that are safe and accessible for people who are aging.
00:17:20
Speaker
So the Peter Pan comes from the homes were built for people who were younger that would never grow old, and that's not the case, right?
00:17:26
Speaker
Right.
00:17:26
Speaker
So home modification becomes one of those cash outlays.
00:17:31
Speaker
What do we need to do?
00:17:32
Speaker
What do we need to think about?
00:17:34
Speaker
And by the way, this is not the home modification of yesteryear, the ugly industrial design grab bars in the shower and ramps and all these other things.
00:17:44
Speaker
I have been doing so much in this whole area, and it's a combination now of both what we call universal design, which is the accessibility for aging, but also well-home design.
00:17:54
Speaker
So thinking about air care,
00:17:56
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You know, thinking about different things that you can bring into the home and they go hand in glove.
00:18:02
Speaker
But, you know, there is a cash outlay with that.
00:18:05
Speaker
And we should start thinking about that because we can keep loved ones at home longer if that's the desire.
00:18:10
Speaker
But we can't keep them in the same home that they had when they were in their 40s if they're in their 80s.
00:18:17
Speaker
So that's just one example, and you mentioned others as well.
Technological Innovations in Caregiving
00:18:20
Speaker
One of the roles that I play with a lot of my employer clients is to do ongoing webinars on all these different things.
00:18:30
Speaker
How do I travel with a loved one?
00:18:32
Speaker
What do I need to know if I become a caregiver to someone with dementia or Alzheimer's?
00:18:37
Speaker
What about the driving conversation?
00:18:39
Speaker
What are the alternatives?
00:18:40
Speaker
Uber Health just announced that they have a new caregiver app.
00:18:44
Speaker
which is an app that family caregivers can use to get rides for their loved ones to keep them socially engaged, because we know how important that is loneliness can really exacerbate chronic illness.
00:18:55
Speaker
And also to pick up on the benefits that are out there, because a lot of health plans now will cover a certain amount of rides under for instance, like a Medicare Advantage plan.
00:19:06
Speaker
So all these little nuances and things that are rapidly changing in our world, we may not expect financial advisors to know every little thing that, for instance, I know as a gerontologist who lives in this world, but knowing the basics and then also knowing the
00:19:22
Speaker
Who might be the experts or who might be the resources that I can guide my clients to learn more?
00:19:29
Speaker
Can I offer maybe some of these webinars that at least helps prompt the conversation and gets all of that started?
00:19:36
Speaker
That can actually be a really easy way for advisors to get into these conversations is to have some of those topics that they can give to their clients to take a look at.
00:19:47
Speaker
And then they can come back and have a meeting on, gosh, you know, it really got me thinking about this, this or this.
00:19:52
Speaker
Yeah, I know Bill wants to ask about technology, but all I'm hearing from all of this is just what an opportunity.
00:19:58
Speaker
We've talked so much on this podcast about building relationships across generations, providing value, even just giving those resources, being that trusted person to help clients go through this or help their parents or whoever it may be through these phases of life.
00:20:15
Speaker
What an absolute opportunity that advisors have kind of right in front of them.
00:20:18
Speaker
Absolutely.
00:20:20
Speaker
Yeah, I agree, Ryan.
00:20:21
Speaker
You know, it's an important point you're making because one of the challenges we are facing is that there is not good dialogue between generations.
00:20:29
Speaker
And it's largely because they think the dialogue is going to be entirely focused on money or taking something away from a parent or a grandparent.
00:20:38
Speaker
And
00:20:40
Speaker
As I think about this, we've mentioned this a couple of times in this podcast, Sherry, is that people are living longer.
00:20:47
Speaker
And ultimately, they're living with more health than we have traditionally experienced.
00:20:55
Speaker
which puts a really fine point on everything you've been mentioning, which is start when you're 50s or as early as 50 to think about how you want to live when you're 70 or 80 or 90.
00:21:06
Speaker
And that isn't about...
00:21:11
Speaker
checking into a senior living facility.
00:21:13
Speaker
It's really about putting in place the things that what I'm hearing you say, putting in place the things that matter with respect to who you are as an individual and the amount of flexibility you want to have in your life.
00:21:23
Speaker
And that's probably a better conversation between parents and children than the amount of money that they may or may not inherit.
00:21:30
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Absolutely.
00:21:31
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I mean, when you think about things like, you know, let's face it, Martha Stewart was just on the cover of Sports Illustrated and she's 83, 84 years old.
00:21:40
Speaker
Mick Jagger is still out there doing concerts and he's 80 years old.
00:21:43
Speaker
So, you know, the 80 of today, there's a famous phrase out there that 90 is the new 40.
00:21:50
Speaker
I don't know if that's absolutely true, but, you know, it's an interesting perception.
00:21:56
Speaker
And I think we look at anything over 60 as being this, you know, rapid decline, decay, all these different things.
00:22:03
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And the reality is we can still thrive.
00:22:06
Speaker
We can still have a great quality of life despite our physical and health needs and challenges well into our 90s and again, even 100.
00:22:15
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So let me go back to the comment that Ryan made.
00:22:19
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You know, I am interested a little bit in the implications of technology going forward.
00:22:24
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You know, as a gerontologist, you're looking at sort of the whole life cycle from birth to death.
00:22:32
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And what's hit the scene and it's hit it hard is the introduction of artificial intelligence and other machine learning type applications that are beginning to have a major impact.
00:22:44
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The example of Uber you mentioned earlier.
00:22:47
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Clearly when we had rideshare hit the scene, it changed the dynamics of people who were say living in an assisted living situation that didn't have access to a vehicle.
00:22:56
Speaker
It gave them a new sense of freedom.
00:22:58
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What are some of the things you see on the horizon from a technology standpoint
00:23:02
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that can positively impact the concept of aging, healthy aging with the appropriate levels of access, and how advisors need to be aware of these as part of the solution they may be helping clients identify.
00:23:20
Speaker
I think the one thing that's really important about the technology conversation or what we call age tech is that technology will never really replace in person, in real life care, hands on care.
00:23:33
Speaker
It's not going to replace it, but it's certainly going to aid that care.
00:23:38
Speaker
And it's going to give a little bit more freedom to our older adults and a little bit more peace of mind to our family caregivers.
00:23:44
Speaker
You know, one of my most popular webinars is the conversation around caregiving and technology and
00:23:49
Speaker
And I update it every month if I give it because everything's moving so rapidly.
00:23:55
Speaker
But let me give you a couple examples.
00:23:57
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So there's a lot of different apps and different devices and things out there that help with hearing and hearables.
00:24:04
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There's, you know, vision.
00:24:06
Speaker
There's things that help with arthritis and balance.
00:24:09
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Because we know that falls, we know one in four people over 65 will fall at home and falls are very extreme for older adults.
00:24:16
Speaker
Three million older adults wind up in the ER from falling at home.
00:24:20
Speaker
Let me give you a really great story, though.
00:24:22
Speaker
And I just covered this actually on my podcast that I do.
00:24:26
Speaker
So there was a gentleman, 80 years old, living in Detroit with Alzheimer's and his wife wakes up one morning and he's gone.
00:24:34
Speaker
and 60% of Alzheimer's adults wander.
00:24:36
Speaker
So what had happened is he had just wandered off, he thought he was going to work, he crossed over a seven-lane highway, he wound up in a very wooded area that was actually behind a security gate because it was part of this large complex for this company, and there were a lot of bushes and woods that they weren't using on the property.
00:24:57
Speaker
How he got in there, nobody knows.
00:24:59
Speaker
Anyway, the reality is he had on a smartwatch, a smart wearable that has the most advanced technology, not just in GPS, but also in AI and neural networking and ultra wideband, which they actually use in soccer games.
00:25:13
Speaker
But his wife was able because she had the app on her phone.
00:25:16
Speaker
She knew exactly where he was.
00:25:18
Speaker
So she took her car and she drove as close as she could get to the fence, but then she couldn't get behind it.
00:25:23
Speaker
Called the police, canine unit shows up, they could get in there.
00:25:26
Speaker
They found him in less than an hour.
00:25:29
Speaker
That story would have never happened 20 or 30 years ago because we just didn't have the technology.
00:25:35
Speaker
It would have end probably very tragically.
00:25:38
Speaker
Nobody would have known where he was.
00:25:40
Speaker
He would have maybe not been found for days.
00:25:43
Speaker
And when, you know, you have different weather and all that.
00:25:45
Speaker
So, the role of technology can be extremely beneficial.
00:25:50
Speaker
And knowing all the things that are out there.
00:25:53
Speaker
So, whether it's, you know, remote monitoring, whether it's wearables, whether it's, you know, things like virtual travel, people who loved to travel, travel becomes very stressful and actually can be very hard on you physically.
00:26:07
Speaker
Well, what if you had wanderlust?
00:26:09
Speaker
Well, you can do something called virtual travel now.
00:26:12
Speaker
There's companies out there that will have a live person who's in the city you want to go to.
00:26:16
Speaker
You set up the tour or you join other tour groups and you're all talking to each other virtually and asking questions of the tour guide.
00:26:24
Speaker
So you still are able to experience that kind of high of traveling and have that enjoyment in life.
00:26:30
Speaker
These are all the wonderful things that technology can deliver to our families and help family caregivers because we also become a little bit more distraught, maybe even depressed or stressed and anxious over our loved ones staying at home alone.
00:26:45
Speaker
Okay, so how do I make sure they're safe?
00:26:48
Speaker
You know, if you have a level with dementia and they leave the stove on, we see so many fires, tragic fires.
00:26:53
Speaker
Well, there's now automatic devices you can attach to the stove that will automatically turn the stove off when there hasn't been activity around the stove before the fire even starts.
00:27:03
Speaker
And so there's just, I could go on and on with this, but I think your comment about technology is, again, a whole new frontier of things that are happening and being able to keep our clients as financial advisors and keep family caregivers abreast of what's out there.
00:27:20
Speaker
Again, it's that...
00:27:21
Speaker
It's that moment I can breathe.
00:27:24
Speaker
I don't have to worry about this.
00:27:25
Speaker
This is so great.
00:27:27
Speaker
I heard about this from my financial advisor, and it was just the perfect solution for me.
00:27:31
Speaker
Think about that in terms of your relationship, right?
00:27:35
Speaker
How bonding that is for clients to know that you're thinking about them as a person and their situation and not just their financial picture.
00:27:44
Speaker
It changes the whole dynamic, Sherry.
00:27:45
Speaker
It redefines value.
00:27:47
Speaker
And now, to your point, an advisor can really become a wonderful counsel to a family who's struggling with this.
00:27:55
Speaker
Yeah.
00:27:56
Speaker
Yeah, I love that.
00:27:57
Speaker
One of my past lives, one of my many past lives, I worked as a personal assistant for a woman who was blind and also hard of hearing.
00:28:05
Speaker
And I visited her recently.
00:28:06
Speaker
And the way she's utilizing her iPhone features that I did not know exist to vastly improve how she can get around day to day without a college kid like me working for her was really, really cool to see.
00:28:21
Speaker
It was awesome.
00:28:22
Speaker
But
00:28:23
Speaker
So as we wrap up our conversation, Sherry, other than Me Time Monday, which I'm going to look into and sounds like something I should put on my calendar with my boss here, some Me Time Monday, what we like to do is have three practical steps for advisors to better equip them to...
00:28:40
Speaker
work with clients on their caregiving journeys.
00:28:42
Speaker
Can you give us three things that they can take home to wrap this, sum
Advisors' Role in Integrating Caregiving
00:28:46
Speaker
up this conversation?
00:28:46
Speaker
Sure.
00:28:47
Speaker
So I think, I think it's probably what I would call maybe the three C's.
00:28:50
Speaker
I think the first one is just to connect and by connect, I mean, get out there, learn a little bit more about this whole caregiving journey across the lifespan.
00:29:02
Speaker
There's great ways to do it.
00:29:03
Speaker
I do workshops for HR departments, for financial advisors, for others who want to learn the basics, the caregiving 101, learn about this generation C, generation caregiver.
00:29:14
Speaker
But there's also, you can take online courses now where you can get a degree or a certification in financial gerontology.
00:29:22
Speaker
That's kind of upping your game, if you will.
00:29:24
Speaker
It's kind of giving you a leg up on maybe other advisors.
00:29:28
Speaker
Yeah.
00:29:29
Speaker
So I think just getting that education and then starting the plan within your own family is really kind of maybe the first step.
00:29:36
Speaker
And then the second step, I would say, is to communicate.
00:29:40
Speaker
So don't wait for your clients to ask the questions.
00:29:43
Speaker
You need to almost prompt and be proactive about everything.
00:29:47
Speaker
helping them understand this caregiving continuum.
00:29:52
Speaker
And what's the latter half of life look like for both them, but also their older loved ones.
00:29:57
Speaker
And what is the role that they might play?
00:29:59
Speaker
And how do we start thinking about that?
00:30:01
Speaker
And then the third C I would say would be collaborate, you know,
00:30:05
Speaker
Get involved in your communities, not only as great referral business, so whether you're involved with the local, let's say, Alzheimer's Association chapter in your city or American Heart Association or MS Society or whatever it happens to be, elder law attorneys.
00:30:21
Speaker
are another great kind of partner in this.
00:30:24
Speaker
They're handling the legal side of the paperwork.
00:30:26
Speaker
You're helping with the financial picture and other things.
00:30:30
Speaker
And also tap into gerontologists like myself, you know, maybe have someone that, again, maybe can deliver some content that you can share with your clients so that you have that expertise and you're able to help guide them or get them involved in the conversation.
00:30:45
Speaker
I think all of those types of collaboration are really important as well.
00:30:49
Speaker
Well, that's great, Sherry.
00:30:50
Speaker
Thank you again for joining us.
00:30:51
Speaker
We really appreciate having you on.
00:30:52
Speaker
It was great being here.
00:30:53
Speaker
Thank you.
00:30:54
Speaker
It's great to see you both, Ryan and Bill.
00:30:57
Speaker
So for a brief recap for our listeners, Sherry shared with us her three C's for how advisors can bring caregiving into conversations with their clients.
00:31:05
Speaker
That was a bunch of C's right there.
00:31:07
Speaker
But the first was connect.
00:31:08
Speaker
Learn more about this, about caregiving and what it means.
00:31:13
Speaker
Two, communicate, be proactive.
00:31:15
Speaker
Don't wait for your clients to ask about it.
00:31:17
Speaker
Reach out to them.
00:31:18
Speaker
And three, collaborate.
00:31:19
Speaker
Get involved with others in your community that could be resources for you.
00:31:23
Speaker
So we hope you enjoyed today's conversation.
00:31:26
Speaker
If you like what you heard, please just take a moment to subscribe wherever you've got this podcast.
00:31:31
Speaker
Follow us on social media, like or click the heart button, whatever it may be.
00:31:36
Speaker
And thank you again.
00:31:37
Speaker
We'll catch you on the next one.
00:31:38
Speaker
And I also want to add my thanks, Sherry.
00:31:40
Speaker
Great to have you on the show.
00:31:42
Speaker
We hope we're going to get you back at some point to give us an update.
00:31:46
Speaker
And to our listeners, I want to say thank you as well.
00:31:49
Speaker
And to watch out for our next episode, where we'll bring you even more insights and actionable ideas to help you grow your business.
00:31:55
Speaker
And remember, the challenge is yours to capitalize on what the future offers.
00:32:02
Speaker
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00:32:11
Speaker
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Speaker
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Speaker
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Speaker
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00:32:35
Speaker
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Speaker
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00:32:43
Speaker
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00:32:44
Speaker
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Speaker
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Speaker
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00:33:09
Speaker
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00:33:13
Speaker
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