forbes.com
Longevity Planning: A Growing Opportunity for Wealth Managers
Since 1980, global life expectancy has risen by nearly a decade, but a Fidelity study reveals that most people underestimate how long they'll live and the associated costs, creating a significant opportunity for wealth managers to offer comprehensive longevity planning services.
- What is the primary financial implication of the widening gap between increasing life expectancy and insufficient retirement planning?
- Global life expectancy has increased by almost a decade since 1980, yet most people significantly underestimate their lifespan and retirement needs, creating a financial preparedness gap.
- How can wealth managers expand their services to address the multifaceted needs of clients aiming for a financially sustainable and fulfilling longer life?
- This gap presents a substantial business opportunity for wealth managers to offer comprehensive longevity planning services, encompassing various life stages and goals beyond traditional retirement planning.
- What are the key considerations for adapting risk assessment and legacy planning strategies to align with the evolving values and priorities of younger generations in the context of extended lifespans?
- Wealth managers must adapt by offering holistic services, including building networks of experts in eldercare, healthcare, and other relevant fields to support clients' evolving needs throughout their longer lifespans.
Cognitive Concepts
Framing Bias
The article frames longevity primarily as a business opportunity for wealth managers, emphasizing the potential for growth and profit. While acknowledging the benefits for clients, this framing prioritizes the financial interests of the wealth management industry over a balanced discussion of the broader societal implications of increased life expectancy.
Language Bias
The language used is largely positive and persuasive, promoting the services of wealth managers. Terms like "dangerously underestimating," "powerful opportunity," and "evolve with them" are used to encourage engagement and present longevity planning as a lucrative business prospect. While not explicitly biased, the overall tone subtly favors the wealth management perspective.
Bias by Omission
The article focuses heavily on the financial aspects of longevity and the opportunities for wealth managers. It omits discussion of the challenges faced by those without significant wealth in planning for a longer lifespan. This omission could mislead readers into believing that longevity planning is primarily relevant to high-net-worth individuals, neglecting the broader societal implications and the disparities in access to resources for effective longevity planning.
False Dichotomy
The article presents a false dichotomy by framing longevity planning as solely a business opportunity for wealth managers while simultaneously acknowledging its importance for individuals. It doesn't sufficiently explore alternative approaches or solutions accessible to individuals without access to wealth management services.
Sustainable Development Goals
The article emphasizes the importance of planning for a longer lifespan, which directly relates to improving the health and well-being of individuals in their later years. By addressing financial preparedness for extended lifespans, including healthcare costs and long-term care, the article promotes better health outcomes for individuals and families.