A registered investment advisory firm, GYL Financial Synergies, has taken a novel approach to better serve its aging clients and their families. The firm recently appointed an experienced social worker and former private elder care practice owner, as its first Director of Senior Living Planning. Financial Planning reports that the position underscores the growing trend among advisory practices to incorporate health care and aging services, which often involve complex family dynamics and navigating Medicare plans and benefits.

Financial Planning reports that the demographic shift in the United States, with the population aged 65 or older increasing significantly, presents a critical business incentive for RIAs to enhance their services for aging clients. By 2045, baby boomers and the preceding generation will transfer an estimated $72.6 trillion to their descendants.

In addition to the business benefits, RIAs also face compliance obligations related to serving aging clients. Firms must monitor access to clients' information and watch for unusual account activity.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.