Financial Planning Giant Launches Senior-Specific Advisor Training

Raymond James Financial (NYSE:RJF) has announced the launch of a new retirement planning initiative that will help its advisors apply key concepts drawn from the Massachusetts Institute of Technology’s AgeLab, the company says.

With longer lifespans than any previous generation, baby boomers will require different retirement planning techniques. For this reason, Raymond James hopes to arm its advisors with tools to help them respond effectively to older clients when they need help, writes Financial Planning magazine.

In 2050, the number of Americans age 65 and older is projected to be 88.5 million, more than double its population of 40.2 million in 2010, Census Bureau data shows.

This 65+ cohort is also living longer. In 2010, 65-year-old men were expected to live another 17.7 years, compared with 14.1 years for those age 65 in 1980. Women age 65 were expected to live another 20.3 years, compared with 18.3 in 1980, according to the Census Bureau.

“Planning for our clients’ longer lifespans cannot end with a basic financial plan and a portfolio strategy,” said Patrick O’Connor, senior vice president of Wealth, Retirement & Portfolio Solutions at Raymond James and one of the leaders of this new initiative. “Advisors are increasingly looking to collaborate with their clients in navigating their unique life priorities and resulting financial implications, both planned and unexpected.”

Raymond James’ new initiative will roll out in six stages over the next nine to 12 months, and will include strategies to enhance advisors’ ability to educate clients through their digital presence, multimedia campaigns and client events.

The initiative will also include tips on leveraging social media to engage clients on topics about longevity, Financial Planning writes. The effort will focus on training advisors on how to make events more interactive and extending that onto social media, spreading brand awareness in the process.

“Raymond James shares [AgeLab Founder] Dr. Joe Coughlin’s vision that aging today requires new thinking and that the financial services industry must evolve to better understand the implications of living longer,” said Tash Elwyn, president of Raymond James & Associates Private Client Group, and the initiator of the firm’s collaboration with the AgeLab.

Read the Financial Planning article here.

Written by Emily Study

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