People are living longer than ever and many retirees aren't prepared for the increased challenges and expenses they will face during all those extra years. Financial advisers often feel ill-equipped to help them, but there are tools that can help them aid clients.
This article was originally posted on Investment News on Feb 7, 2018 by Ryan W. Neal.
The longevity issue also is attracting independent technology vendors. Michael Roth, the president of RetireUp, called longevity risk the "single retirement risk that magnifies all other risks in retirement," but said the tools to help advisers with this is one of the industry's biggest shortcomings.
He believes this deficit will drive a lot of developments in adviser technology throughout 2018.
"We need more tools and educational resources that help paint the long-term retirement income risks for clients, especially those with decades ahead of them, to show them how quickly a plan can be deterred," Mr. Roth said. "This opens the door for conversations around health insurance, annuities, and other protective products that can save a person's life."