More Americans expected to live to 100 or more; how can advisors serve them better?

investmentnews.com:

Living to 100 was once a rare occurrence but it’s becoming more common and requiring understanding and preparation from financial advisors focusing on retirement planning.

Despite CDC stats showing average life expectancy in the US was 77.5 years (based on 2022, the latest data available), data from the Pew Research Center estimates that the number of centenarians will more than quadruple over the next three decades to 422,000 by 2054, from 101,000 this year.

InvestmentNews asked Matthew Myre, who has been an advisor with Edward Jones for 45 years, and currently manages $575 million in client assets under care, to share his insights into the unique approach required when dealing with this elite cohort of Americans.

Myre is a former general partner and regional leader and service 12 years on the Edward Jones Investment Policy Advisory Committee.

“Clients of the 100+ cohort are looking for entirely different services from financial advisors than clients a generation ago,” he said. “One of the biggest challenges when advising these clients is navigating the new road to help them achieve financial health. Financial advisors must be prepared to deliver more holistic advice on overall financial well-being, rather than just financial advice.”

The US population is aging dramatically and the 65+ cohort is the fastest growing with retirees experiencing greater longevity than past generations and with more Americans living past 100, financial advisors can in some cases be advising multiple generations of a family at one time.

“At Edward Jones, some of our financial advisors are working with up to five generations within one client family. It’s important for financial advisors to understand the specific needs of their clients in