In a research study conducted in August 2009, LIMRA found that education and communication are two key elements when it comes to client satisfaction with financial advisors. A lack of communication was cited by 35% as a key reason for client dissatisfaction, while only 12% cited loss of money as a reason for dissatisfaction. Almost 40% of respondents cited the advisor’s willingness to educate as a [...]
NEW!! Custom Care Planning Service In response to an increasing number of advisors who are asking about resources for clients with aging parents, we launched our Custom Care Planning Service at the recent LTC Conference in Toronto. How it Works If a client asks for support or information for aging parents, advisors now have a solution. Simply refer clients to our Custom Care Planning Service where they will receive: [...]
It's no secret that I advocate the inclusion of long term care planning into every financial/retirement plan. Below is an article I wrote for Advisor.ca to help advisors use a personal experience to increase their comfort with the long term care planning process. Creating Your Own LTC Plan to Support Clients Before you attempt to sell long-term-care (LTC) insurance, consider examining your own life and plan [...]
Canada Faces Crisis in Caring for Elderly: Researcher May 31, 2009 "Canada will soon face a serious crisis in caring for the elderly unless policy-makers act now to head it off, says a Carleton University researcher. Lifestyle changes combined with an aging population are about to create a serious eldercare crunch in Canada." Since beginning this e-newsletter in 2005, I have written very little about caregiving, [...]
Illogical care decisions are made because we don’t provide the right services at the right time. The unequal rate of the aging of the population across the country creates challenges for provinces to provide a comparable range of services. Some seniors live in isolation or in inappropriate homes because of inadequate housing and transportation. Current income security measures for our poorest seniors are not meeting their [...]
Because I am presently heavily involved in the financial services sector, many of you may not be aware of my former experience in the family caregiving arena. I know what caregivers do on a daily basis: from meal preparation, house maintenance, shopping, to personal care - assistance with bathing, toileting, and dressing. They help with transferring, transportation, banking and every other task you can think of [...]
Huge, according to a new US organization called PREP - The Partnership for Retirement Education and Planning (PREP)(www.preppartnership.com). To help Boomers better understand and address the unique financial challenges they'll face in retirement, 11 non-profit financial associations, representing more than 200,000 financial services professionals around the world, have formed this unprecedented collaboration. "Unfortunately, the Boomer generation as a whole has not planned well for what is [...]
If you are wondering why Karen continues to speak about the special care risks that women face, here’s why: More than 75% of long-term care home beds are occupied by women, many of whom suffer from a moderately severe dementing illness According to 2006 Census data, currently 4.3 million Canadians are seniors; one million are over 80, with two-thirds of them being women 4,635 people are [...]
And finally, another reason Karen continues to talk about cognitive impairment or dementia: A June, 2008 survey of 1,390 adults, commissioned by the Alzheimer's Foundation for Caregiving in Canada, and conducted by the pollster IPSOS found 6 in 10 Canadian baby boomers have experienced a mild form of memory decline in the past year symptoms of a disorder called Age Associated Memory Impairment (AAMI). AAMI, a [...]
Online Resource Centre Designed to Equip Canadians and Their Advisors Seeking Care Solutions The general public is becoming increasingly aware of the pervasive need for long term care planning and education in Canada. Between 2006 and 2026, the number of seniors is projected to increase from 4.3 million to 8.0 million. Likewise, the number of individuals aged 65 to 74 will almost double, from 2.3 million [...]
The percentage of Canada’s gross domestic product (GDP) spent on health services has been constant at about 10% for over 20 years, with about $148 billion - public and private funds combined - spent on health care in 2006. If it were spent equally throughout the year, national health expenditure would be approximately $17 million per hour. Karen's View: Yikes! Why then can't we get a glass of juice or [...]
I was privileged to be able to attend this the Million Dollar Round Table invitation-only event. The purpose of the interactive program: to explore the development of financial solutions to one of the most critical issues facing the financial services profession - the looming retirement crisis for baby boomers worldwide. Baby boomers were born between 1946 and 1964 and the first of them reached 60 last [...]
