With the population of seniors growing exponentially, there is a growing need for qualified professionals to help develop long-term financial and health-care plans.
“The plethora of options that exist in terms of insurance, Medicare and Medicaid, housing opportunities, etc., can be overwhelming and most of these are extremely complex,” Mr. Cordell wrote. “Financial advisors who take it upon themselves to learn the inner workings of these programs would open themselves to an underserved niche business practice.”
In past generations, seniors typically moved back in with your children once they reached a certain age. Today, the majority of seniors are more interested in “aging-in-place” rather than move in with their kids or into a retirement home. This presents some unique challenges.
“Professionals who work with seniors are becoming increasingly sensitive to this objective that is almost universal; however, it requires extensive financial planning, insurance planning, utilization of government benefits and more.”