Our mission at BWFA is to provide our clients with comprehensive wealth management by offering asset management, financial planning, and tax services at one firm.
In the past this most often took the form of providing expert advice to those in all stages of preparing for retirement. However, as the population of the country has aged, so has the makeup of much of our clientele. In fact, according to the Social Security Administration, one out of every three people retiring today will live into their 90s. Therefore, we have a greater responsibility to our clients to identify, address and assist with all the complex issues that come with an aging clientele.
To better serve our clients, Thad Ismart, Tyler Kluge, and I completed a months-long course in longevity planning. Following coursework and instruction, including from attorneys with the National Academy of Elder Law Attorneys, the President of Aging with Dignity, and a former President of the Society of Actuaries, we are all pleased to have attained certification as Elder Planning Specialists.
Some of the topics and issues covered were the current family caregiver crisis, how to identify memory impaired clients, and effectively facilitating end of life planning discussion. While these issues are often sensitive and uncomfortable, we hope to assist our clients (and their families) with these complex issues by assisting in client family meetings as well as helping to build a network of trusted professionals that can be relied upon. In this way, we hope to continue to best serve our clients and the ever changing needs of retirees.
BWFA partners with our clients, their children and loved ones by creating a customized Aging Plan. The goal of the plan is to guide needed care going forward by creating appropriate infrastructure before any crisis occurs.
In our discussions, important questions we ask are:
- Where will you or your loved one live, who will provide care, and how will care be paid for?
- Are you or your loved one hoping to age in place at home or are you looking for that well-suited continuum of care community where you can remain long term?
- Is a family member going to be the primary caregiver or will outside services be needed?
- Is there a current primary caregiver and are they burned out or overwhelmed?
- Have the family relationships & dynamics suffered because of this?
- Are all appropriate financial and legal documents in place?
- How are your family relationships?
BWFA partners with our clients, their children and loved ones by creating a customized Aging Plan. The goal of the plan is to guide needed care going forward by creating appropriate infrastructure before any crisis occurs.
Once we have this initial discussion, it is appropriate to then schedule a Family Meeting. This meeting can be very helpful for families with an aging loved one given that despite them wanting to plan ahead and be prepared, they often “don’t know what they don’t know.” By facilitating discussions, we will be able to better understand the family dynamics and make sure all parties get on the same page.
Our role at BWFA is to be that neutral third party to ease stress on sensitive topics that come with high emotions, such as caregiving, where the loved one will live, and end of life requests, while also being there to provide our expert and professional advice related to financial and management issues.
If you would like to discuss more about this service for you or your loved ones, please contact BWFA.
Meghan Manas
CEPS
Director, Client Services & Executive Manager
mmanas@bwfa.com