An article in Financial Advisor IQ discusses significant changes that may lie ahead financial advice profession. One such change that the article identifies is "a focus on longevity planning and solutions," which demands for a more holistic and personalistic approach. The article continues:
"Raymond James is already working in this area with the Massachusetts Institute of Technology’s AgeLab, said [Raymond James President and CEO Tash] Elwyn, in answer to questions pertaining to longevity issues and quality of life.
“They go far beyond the focus that I think far too many [in] wealth management have had on simply a Monte Carlo simulation," Elwyn said, referring to the classic algorithmic modeling method of determining possible outcomes. "This really makes it real, and it makes it human, and it helps our clients be able to age in place, and to better quantify and qualify what retirement looks like.”"
Read the full article here.