Advisors: When is the right time to speak with senior investors about financial security?

September 5, 2017

It may be sooner than you think, according to a new paper from BNY Mellon’s Pershing

Jersey City, NJ – According to a new white paper by BNY Mellon’s Pershing, “Serving the Needs of Senior Clients,” the best time to address potential future health issues and plan for financial security in advanced years is when investors still have full mental and physical capability—as early as the mid-fifties and early sixties.

The first of the Baby Boomers turned 70 this year, with another 1.5 million reaching that milestone each year for the next 15 years. Today, majority of seniors are living longer and healthier lives. By concentrating on this growing market early, advisors can provide financial planning services for decades longer than previous generations.

“Creating a practice focusing on the unique needs of this growing group can be a differentiator and business driver,” says Janet Kelly, Head of Practice Management, Pershing. “Further, working with senior clients can be truly rewarding as advisors become a trusted resource for these investors, as well as their families, and play an active role in their legacy planning.”

Tips for Creating a Practice Serving the Needs of Senior Clients:

  • Understand “The New Old”
    Understand and differentiate between the needs and health concerns of young-seniors (60-75 years old), mid-seniors (75-85 years old), and old-seniors (86 and older) to help guide the conversations based on each group’s unique needs.
  • Start the Conversation Early
    Start planning for advanced age in mid-fifties to early-sixties to ensure that proper documentation is completed while the client can make reasoned and thoughtful decisions.
  • Update Your Office Space
    Review your office lay out to ensure ease of access, as well as an environment that is welcoming and comfortable to demonstrate your awareness of the needs of senior clients.
  • Adopt Effective Meeting Techniques
    Speak in clear terms, keep detailed notes of meetings and provide clients with written summaries to help promote ease of communication.
  • Help Facilitate the Client-Family Conversations
    Encourage clients to discuss their estate plans and other important decisions with their children to uncover sibling interaction challenges and their effect on clients’ estate and legacy planning.

“With the growing population of senior investors, there is opportunity for advisors to establish processes and obtain knowledge about this critical client category,” says Kathleen Johnson, VP of Practice Management at Pershing. “At Pershing, we help advisors build a business that addresses the unique needs of senior clients so they can establish valuable relationships not only with aging clients, but also with their adult children to facilitate effective wealth transfer planning discussions.”

For more information, and to download “Serving the Needs of Senior Clients,” please visit

About BNY Mellon's Pershing

BNY Mellon’s Pershing is a leading provider of clearing and custody services. We are uniquely positioned to help complex financial services firms transform their businesses, drive growth, maximize efficiency, and manage risk and regulation.

Wealth management and institutional firms outsource to us for trading and settlement services, investment solutions, bank and brokerage custody, middle and back office support, data insights, and business consulting.

Pershing brings together high-touch service, an open digital platform and the BNY Mellon enterprise to deliver a differentiated experience for every client.

Pershing LLC (member FINRA, NYSE, SIPC) is a BNY Mellon company. With offices around the world, Pershing has over $2 trillion in assets and millions of investor accounts. Pershing affiliates include Albridge Solutions, Inc. and Lockwood Advisors, Inc., an investment adviser registered in the United States under the Investment Advisers Act of 1940. Additional information is available on, or follow us on LinkedIn or Twitter @Pershing.

About BNY Mellon

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of June 30, 2021, BNY Mellon had $45.0 trillion in assets under custody and/or administration, and $2.3 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).Additional information is available on Follow us on Twitter @BNYMellon or visit our newsroom at for the latest company news.