Ask Your Financial Advisor to Do More

For decades, financial advisors have been judged primarily by one thing: investment performance. But the business of financial advice is changing, and that's a good thing.

In an increasingly complex world, good advisors should be able and willing to help clients with a broader range of issues. With technology, low-cost index funds, and now AI, putting together an investment portfolio is not nearly as difficult as it once was. That doesn't make advisors less valuable. It simply changes where their value comes from.

Clients should expect more.

To justify their fees and become truly indispensable, advisors need to do more than manage money. They need to help people make better decisions. Increasingly, the most valuable advice is not about markets. It's about life.

Does Your Advisor Help You with Life?

The best advisors know many of the answers to many questions. But perhaps more importantly, they know which questions to ask.

And when they don't have the answers, they know where to find them.

This is one of the reasons top advisors cultivate networks of experts. Estate planning is a perfect example. Most financial advisors are not attorneys, nor should they be. Yet the best advisors recognize when estate planning issues matter and have trusted relationships with attorneys who can help clients navigate wills, trusts, gifting strategies, and other complex issues.

The value isn't necessarily in providing every service directly. The value lies in helping clients solve problems.

Advisors Can and Should Help with Place

Place is another area where advisors can play an important role.

At a minimum, advisors can help clients understand the financial implications of where they live and where they might live next. They can model housing costs and explain how differences in cost of living may affect long-term financial well-being. They can project healthcare expenses and long-term care costs. They can help evaluate whether downsizing makes sense, how much home equity might realistically contribute to retirement, or what taxes might look like in a different state.

They can also help clients think through questions such as:

• How much house can we comfortably afford?

• How would relocating affect our spending and withdrawal rates?

• Should we rent or buy?

• How much should we budget for healthcare and long-term care?

• What are the tax implications of moving?

• How might aging in place compare financially with moving to a community designed for older adults?

• How much flexibility do we have if our circumstances change?

These are important questions. But they are not sufficient.

Place Planning is About More than Money

Financial considerations matter, but they are only one dimension of the decision. Environmental factors matter. Is the home safe and adaptable? Is it resilient to climate risks? Health and healthcare matter. Will you have access to the care you need, both now and in the future? Community matters. Will you be close to family? Do you have friends nearby? Is there a sense of belonging and purpose? Can you maintain the routines and relationships that support well-being?

These are not strictly financial questions. Yet they have enormous financial consequences.

Loneliness affects health. Poor access to healthcare affects health. Environmental risks affect insurance costs and housing values. Isolation can increase the need for paid support. A place that looks affordable on paper may prove expensive if it undermines health, independence, or quality of life.

Good advisors understand that place-based decisions involve far more than spreadsheets. They recognize that financial capital is only one form of capital. Social capital, health capital, and environmental capital matter too.

Leading financial advisors are increasingly embracing this broader perspective. Some are incorporating longevity planning into their practices. Others are developing expertise in housing and aging. A growing number are even offering Place Planning as part of their services. (This is one example.)

That's encouraging.

Because clients should ask more of their advisors.

Ask Your Financial Advisor for Help with Life

If you already have a financial advisor, ask for help. Ask them to help you think through where you live and where you may want to live in the future. Ask them to help you understand not just the financial tradeoffs, but the broader implications as well.

And if they don't have all the answers, that's okay. They don't need to.

But they should know how to help you find them.

Because the future of financial advice isn't simply about managing assets.

It's about helping people make better decisions about how they want to live.

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