How to Create an Advisory Board for Seniors

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Creating a special advisory board will foster a better understanding of the questions facing seniors as they plan for retirement.

Many people have not thought through their lives in retirement. Some seniors are being underserved and have questions that wealth managers can answer. Seniors are dealing with stressors they had not previously considered.

As an advisor, you have an opportunity to address the questions your older clients have about their next 20 to 30 years of life or more. Some in the advisory profession don’t fully know, appreciate, empathize, or even understand what those issues might be for their clients.

This was evident from the BCG Global Wealth Report 2021, which stated, “In the hurly-burly of working life, few individuals map their vision of retirement or think through the financial and nonfinancial concerns that attend its various stages. As a result, the changes that accompany a person’s golden years can make it a time of great opportunity and stress.”

The article went on to state, “That’s particularly true for individuals in the affluent and lower-end HNWI bands ($250,000 to $5 million in wealth). Individuals in these segments who are at least 65 years old hold $10.3 trillion in financial assets accessible to WMs, (35% of the total retirement asset pool), and they generate $13.7 billion in annual WM revenues. These individuals are especially impacted by the advisory gap in the decumulation phase. Their wealth gives them options, but it also introduces lots of questions, from tax and estate planning to broader life planning. Often, they have few reliable outlets to consult in trying to gather answers. And those that are available often require them to chase down specialists in particular domains, such as accountancy and estate lawyers – a time-consuming and often frustrating exercise.”