Advisors might want to keep an eye on family dynamics as they advise senior clients (or their grown offspring) on the issue of choosing a retirement community.
According to marketing firm Zion & Zion, parents and children don’t always agree on the essential elements that make one retirement community better than another, and whether the clients you’re advising are the seniors or their kids — termed Adult Child Influencers by Zion & Zion — you could find yourself in the middle of a meltdown.
Factors important to the seniors, who were 75 and older, weren’t always high on the priority list for their kids, and vice versa. Cost was a primary factor, with 61% citing it; then came security/safety (51%) and access to health care (46%). But cost was more important to seniors, at 64%, than to their children, at 58%; security and safety was less important, at 44%, compared with the kids at 57%; and the kids were far more concerned about access to health care, at 56%, than their parents, at 35%.
In addition, having businesses nearby was much more important to seniors (46%) than to their kids (38%), and seniors also wanted a good location and climate while their offspring were more concerned with onsite dining, online reviews, and wellness programs and amenities.