Financial Technology for Advisors | Longevity Calculator

There’s no question about it: people are living longer than ever before. Longer lives are a wonder of modern medicine and a true testament to the advancement of society. As we’ve mentioned before, however, this longevity doesn’t come free.

Many industry leaders now see outlining longevity as a critical component to retirement planning. For decades, longevity planning has simply been pulling some data together from disparate sources and largely guessing how long any given client would live. Because this strategy is often off the mark and generic, many advisors are simply avoiding it. 

Why tech matters for advisors


It’s not just how long you’ll live either. It’s the type of life that you’re clients will be living in those last years where planning is crucial. Certain ailments might make their golden years a financial nightmare if unplanned for. Imagine expecting a relaxing retirement and instead finding themselves wondering how they will pay their medical bills. The problem many firms face is that attempting to calculate medical expenses into the future takes a lot of data and research, something most client advisors don’t have time or resources for. 

Longevity planning with HALO


Genivity’s HALO assessment is looking to change all of this. Easy-to-use interfaces with powerful behind the scenes technology makes planning for your clients’ future a breeze. This tech is disrupting billions of dollars worth of financial planning and investors are taking note.

Investment News outlined Genivity as one of the companies that is working to change the financial planning world as we know it. We’re happy to be highlighted as a company changing the game by looking at how heredity and lifestyle factors will affect retirement and subsequently, how much money your clients may need to do it. 

Make no mistake, the future of the financial planning industry is going to be centered around longevity planning. In the past, we could make guesses based on certain criteria that would help retirees get a ballpark of how long their retirement funds would last. This still left plenty of retirees high, dry, and potentially bankrupt because certain factors weren’t taken into account in planning for their retirement. Today, we can do better and Genivity is doing better. No system is perfect, but utilizing modern data and algorithmic computing, we are the closest we’ve ever been to projecting retirement costs and the medical expenses associated with it for individual clients. 

We’re proud to be part of this new frontier and know that millions of retirees lives will be enhanced by the work of those innovating in this space at this moment.