Banks & Financial Advisors
Are you doing all that you can to serve your senior consumers?
When it comes to elder care and banking, Elderlife has developed a unique understanding of both the senior consumers’ lifestyle needs and the corresponding financial needs that must be addressed in order to pay for senior living or senior care. The default answer tends to be “Oh, are they a senior? Just give them a reverse mortgage.” However, a reverse mortgage is helpful only for some seniors some of the time. If a senior is moving out of their home, a reverse mortgage may likely not do. What then is a financial services firm or a financial advisor to do?
Financial firms and banks rely and subscribe to Elderlife's suite of elder care, senior resource, and senior support services; for advice on understanding and serving the needs of the senior market; for access to Elderlife's network of 3,000+ communities and elder care providers ready to assist their older clients and families supporting them; for care and senior community placement assistance of senior clients; for moving and home sale solutions for their seniors; and for connections to senior housing and care professionals at a moment's notice.
From home health care, to adult day centers, to independent living, to assisted living, to memory care, to Continuing Care Retirement Communities with a Type A, Type B, or Type C designation, to skilled nursing care, each of these senior living arrangements carry with them a corresponding need for financial arrangements. Costs vary depending on the type of senior lifestyle or support chosen; geographic location; and length of stay in the setting. Where does one plan and what can one expect for a client that starts at home health care but may eventually need to walk through the spectrum of senior housing options? Is the best decision for the client to stay at home? Or move to a community? Tough call.
In addition to senior living arrangements, support professionals may be needed. Professionals such as geriatric care managers; senior real estate specialists; senior move managers; handy men; elder law attorneys or CPAs. If you have a client in a crisis, who do you call? What do you do? What does the spouse want? What do the kids want? How do you help them and facilitate? Who do you rely on?
These are all issues banks and financial advisory firms serving seniors encounter every day. To help them, they subscribe to Elderlife's suite of financial and senior care support services in order to ensure their seniors and their families are served. To learn how we can help your bank or financial firm tackle elder care issues your clients are facing and enhance your service to your senior consumers, simply contact us and you will be routed to the correct Elderlife executive.