As the baby boom population ages and average life expectancies climb, advisors must address elder care in their client conversations. Wealth management firms like Morgan Stanley, U.S. Trust and Wells Fargo Private Bank are tackling this issue with services aimed at helping to ease their clients' elder care challenges.
In a May survey from Bank of America Merrill Lynch and demographic research firm Age Wave, 52% of respondents with between $250,000 to $3 million in investable assets cited health care costs as a top concern. Three-quarters of all respondents wanted help with health and long-term care choices, while 40% asked for more direction on caring for aging relatives and parents.
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