Mind-set Shift, Financing for Longevity

Heading to Halifax, Nova Scotia to present at the Canadian Institute of Financial Planners – 16th Annual Conference, June 10-13, 2018.

This will also be an opportunity to hear from a number of professionals, who work specifically in the financial planning industry, to get the buzz on what the general trends are, as well as some specific niche topics. My presentation falls under a stream generally aimed at helping financial planners with their approach and experiences in “client conversations”.

With the title Changing Client Conversations Mind-set Shift, Financing for Longevity, the general tone I will be taking is that for financial planners – assuming that they will be fortunate enough to have conversations with clients over a longer life course – the future that is already here will require a change in the language in the narrative.

Fast on the road to 2030, the shifts in the economy, the interruptive nature of the future of work, and the demographic and cultural changes that affect our traditional societal constructs are making current conversations, (interlaced within in a financial context), often sounding out of step and awkward.

Market and gerontology researchers and specialists in later life career development have well noted that while we are generally living longer, healthier lives than previous generations, we are also living cyclical, rather than linear lives. In addition, when you consider modern twists in life course experiences, as Jon Hendricks, Ph.D, thought leader in the sociology of aging says, in his 2012 Journals of Gerontology paperConsidering Life Course Concepts:

“It is possible . . . that individuals may be ‘off time’ meaning certain transitions or experiences occur outside the normative parameters and may not be synchronized with other events”

As with other professional fields, for financial planners this also means a recognition of changing patterns in client conversations, related to money and financial management, that reflect generational experiential differences and thus the need to help clients re-frame their attitudes and expectations. You are now “financing for longevity” not a retirement as we have known it.

In this Halifax session, participants will learn and discuss how the future of financial planning is no longer exclusively a Boomer-centric market. As a result, I will discuss how this will shape client conversations in financial planning, in consideration of situational flux through several phases of a longer later life, planning for more interruptive and episodic lives, including the increasing trend to working longer but differently – making us all more like “next decade enterprisers”.

Borrowing from financial planning and investment language, in this session I will walk participants through an outline of a model I’ve designed for creating a fluid “portfolio life” that plugs in to the concept of later-life portfolio income streams, but with a new vocabulary they can apply in their client conversations.


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