The aging population represents both an opportunity and a challenge for financial advisors. Seniors control a growing proportion of the investible assets in Canada, which makes this age group an attractive demographic. But retaining these clients means making efforts to meet their particular needs.
A number of age-related changes can affect a client\u2019s experience with the professionals who serve them, says Rhonda Latreille, founder of Age-Friendly Business<\/b> in Burnaby, B.C., which offers the certified professional consultant on aging (CPCA) designation. \u201c[As we age], we can experience reduced functionality in our sensory systems \u2014 sight, hearing, taste, smell and touch,\u201d she says. \u201cAnd arthritis, osteoporosis and a potential reduction in muscle tone and fitness can interfere with mobility and independence.\u201d
Some cognitive changes are also age-related, Latreille adds, although older people do not automatically experience cognitive decline: \u201cVerbal skills and IQ can actually increase with age \u2014 and this is coupled with the rich experience bank that older clients can rely on. However, the ability to multi-task, draw inferences and hold a lot of information in our active memories at one time can decline with age.\u201d
Creating an environment that addresses the special needs of older people starts with respect, says Mara Osis, president of ElderWise Inc., <\/b> a Calgary-based company that assists those who work with older people. \u201cThink about your parents or grandparents,\u201d she says. \u201cWhat would they want and need in order to feel comfortable?\u201d
Clay Gillespie, vice president of Rogers Group Financial Ltd. <\/b>in Vancouver, often visits his older clients in their homes to accommodate their mobility needs and other issues. For those elderly clients who visit the office, Gillespie says, it\u2019s important to ensure accessibility: \u201cOffer easy parking near the entrance for clients who drive. If they use a wheelchair or a walker, make sure there\u2019s room to get through the doorway. And keep walkways clear of snow, ice and other impediments.\u201d
Make sure reception-area chairs have arms so your clients can support themselves when getting up, adds Latreille. Avoid deep, fluffy couches \u2014 they\u2019re too hard to get out of. And keep area rugs, low coffee tables and plants out of the way to reduce the risk of falls.
Good lighting is important, so make sure your lobby, reception area and offices are well lit and shadow-free. The type size on all documents should be large enough to be easily legible: use at least 14-point fonts for those with visual impairments.
Your older clients may experience hearing impairment. According to the American Association of Retired Persons, about 60% of those over 65 have some hearing loss. Among 80-year-olds, the figure is 90%. Your client may not acknowledge having a hearing problem; behaviour associated with hearing loss is sometimes mistaken for mental confusion or dementia. Signs that may tip you off to a client\u2019s hearing impairment include inattentiveness, head bending to favour one ear, lack of expression when listening to you or inappropriate responses to your comments.@page_break@To accommodate hearing-impaired clients, screen out background noise from sources such as air conditioners, printers and extraneous phone conversations.
Accommodate hearing problems when using the telephone. Says Latreille: \u201cWhen leaving a voice message, say your telephone number slowly and let your client know that you will repeat it at the end of the message. And always follow up in writing if the message is important.\u201d
Here are some other ways to improve communication with senior clients:
> if you\u2019re meeting in your client\u2019s home, politely ask if the TV or radio can be turned off so you can hear him or her correctly;
> speak and enunciate clearly;
> make eye contact and talk only when facing your client, in case he or she is reading your lips;
> speak in a low pitch (but don\u2019t shout). As people age, they progressively lose their ability to hear higher tones;
> speak at a moderate pace and pause briefly between sentences;
> repeat or paraphrase important points as you make them to ensure your client has understood you;
> provide a written summary or followup information from your discussion.
Declining mental ability is not a normal part of aging. Confusion and short-term memory loss in seniors can result from problems with medication, inadequate diet, insufficient sleep or emotional stress, as well as Alzheimer\u2019s disease or other brain impairments.
\u201cNever assume that your client is cognitively challenged,\u201d says Latreille. \u201cResearch shows that older people are better at detecting those who are lying or insincere. If you are patronizing, condescending or lack respect for them, they will know it.\u201d
It is important that you ensure that your elderly clients have sufficient information to make decisions, says Linda Cartier, president of Sudbury-based Financial Decisions Inc. <\/b>: \u201cYou need to be sure that they\u2019re in a position to understand what they\u2019re doing. Be a good listener. If you\u2019re unsure whether a client understands something, ask him or her open-ended questions to find out.\u201d
Some more suggestions for putting elderly clients at ease:
> schedule meetings for early in the day, when many older people are more alert;
> avoid jargon \u2014 use simple words and short sentences;
> offer just one concrete idea at a time, and ask only one question at a time;
> allow sufficient time to process and make decisions;
> provide written information to take home for review after the meeting. \tIE<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"
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