Kerry Morris discusses the National Aging Crisis: Understanding the Challenges and Solutions
Listen to the interview on the Business Innovators Radio Network:
The aging crisis is a prevalent issue that will likely affect someone in each family. According to statistics mentioned in the episode, an estimated 6.7 million Americans over the age of 65 will be living with Alzheimer’s dementia in 2023. Of these, two-thirds will be women. Deaths due to Alzheimer’s disease between 2000 and 2019 have more than doubled, increasing by 145%. Shockingly, one in three seniors dies with Alzheimer’s disease or another form of dementia. These statistics highlight the growing prevalence and impact of the aging crisis on individuals and families. The episode also emphasizes the need for a new type of financial expertise to address the challenges posed by the aging crisis.
In the episode, it is emphasized that financial advisors need to be aware of these statistics and options related to the aging crisis to provide the best solutions for their clients. Mike Saunders mentions that understanding these statistics can make financial advisors more aware of these risks that, if ignored, can potentially wipe out a majority in many cases of their previous work. It is important to note that no one will push clients into something, but if the clients understand the risks and are given a chance to explore the available options, it can enhance their retirement planning and help mitigate any potential financial challenges.
The episode also highlights the importance of financial advisors recognizing their limitations and seeking the expertise of qualified specialists in areas such as pre-planning for potential care costs and crisis planning for those in care now. Very few investment advisors have the licensure to use certain solutions that offer the best benefits, and many would argue, necessary for addressing the aging crisis. Therefore, financial advisors can work alongside Care Funding Specialists to provide a Longevity Care Allocation Plan that matches the client with the most cost-efficient pathway to either prepare for potential care one day or pay for the current care that is already happening.
Additionally, the episode discusses the need for a whole new type of financial expertise due to the national aging crisis. Kerry Morris mentions that only a small percentage of those who call themselves financial advisors are qualified. This highlights the importance of financial advisors staying informed about the aging crisis and realizing that they cannot best serve their clients in this area. They can either bring a specialist in-house or work with an outside specialist to assist their clients in navigating the challenges associated with aging.
Kerry explained: “In the United Kingdom, it’s strict licensure over there because this is such a big issue as we’ve kind of noted so far. And so that’s why, I’ve become a very passionate advocate for the financial industry, we need to get our act together on this national aging crisis. We hope that financial advisors will say, -Hey, I do fall short in this area. I must bring in a qualified person for a strategic partnership or hire one. – I mean, 95% of investment advisors don’t even have licensure to even use some of the solutions that are out there.”
In summary, the episode emphasizes the need for the financial industry and its advisors to be aware of the growing threat that the high cost of aging poses to the future of their clients’ nest eggs and therefore the industry’s livelihood. By understanding these factors and partnering with specialists, financial advisors can offer truly comprehensive and tailored advice that addresses the unique needs and challenges faced by individuals and families as they age.
About Kerry Morris
Kerry Morris, Author of When Retirement Goes Bad, Life Sucks, Certified Financial Educator, and CERTIFIED FINANCIAL PLANNER™ professional.
Kerry Morris has been serving families for the past twenty-five years as a financial planner and advisor. He has recently launched HonorShield, LLC., as a way to challenge the current thinking and behavior of consumers and financial advisors preparing for the potentially high cost of aging.
He has spent several of his twenty-five-year career advising hundreds of families experiencing the nightmare of paying for care. The question, always, was “How to make the money last”?
Morris has watched too many families, too many men and women not be fully prepared for retirement. The financial industry has put this cost-of-care issue on total “ignore” mode, often shoving it onto a small-but valiant band of “insurance specialists” around the country. Only about 1 in 100 Americans embrace this model. That is a problem for American families and our country.
Morris found a better way, a win-win solution that more Americans could feel good about embracing. It’s a whole new way to approach and solve this problem: the LCAP—the Longevity Care Allocation Plan. Every person, every family deserves to know how an LCAP works. Kerry Morris has made it his life’s goal to ensure that those he helps can hold their head high and know that no matter what curve balls retirement throws at them, they will be prepared.
“One of the most important things I’ve learned in my 25 years in the business is that a great life is supported by three areas, Health, Relationships, and Money. My job is to make sure that a family’s money is working effectively to accomplish that job.”
Learn More: http://www.honorshield.com/
Recent News and Interviews:
Kerry Morris Interviewed on The Influential Entrepreneurs Podcast:
Kerry Morris Discussing Care for Spouses & Aging Parents: https://authoritypresswire.com/kerry-morris-cfp-founder-of-honorshield-interviewed-on-the-influential-entrepreneurs-podcast-discussing-care-for-spouses-aging-parents/