Financial advisors and their clients tend to skew older for several good reasons. Advisors seek out the assets that senior clients have spent a lifetime accumulating, while many clients value the relevant experience that mature advisors bring to the table when investing their valuable nest eggs.
And a trend toward aging isn’t just taking place in the advising industry. The global population is getting older. Research from the World Economic Forum shows that the global aging population will rise from 7% to almost 20% over the next few decades. Fortunately, this unprecedented growth represents significant opportunities in all facets of the global community, particularly for financial advisors.
So while some advisors may see warning signs when handling clients who are on the cusp of withdrawing from their nest eggs, astute advisors will recognize opportunities in this maturing market.
Here’s what to know about the ramifications of aging on clients and advisors.