Client Scenario: Managing Wealth as a Senior with Changing Needs

Client Scenario - Senior with Changing Needs

Client Scenario: Managing Wealth as a Senior with Changing Needs

Personal Service & Continuous Aging Life Care Resources


Art and Sharon are both 81 years old and are planning to move out of their home and into a continuing care community. While they are both relatively healthy, Sharon’s cognitive ability has been declining. Art has handled the family finances by himself for many years, however the complexity surrounding their choices for a new living situation has led them to seek the assistance of a wealth advisor. At such a critical transition point, Art and Sharon want to make sure they make the right decisions about how to best manage their wealth throughout the remainder of their lives.


A wealth advisor and financial planner from Strategic Wealth Partners (SWP) met with Art and Sharon at their home. While there was not an immediate need to move into a continuing care community, the couple was ready to take that next step towards a new long-term living solution. After gathering detailed information on their personal and financial situation, the SWP team determined this was the financial planning area that they would tackle first.

Art and Sharon had already chosen a retirement facility that they like, but they were faced with a dizzying array of 15 different living options to choose from. The decision points included options relating to room types, refund options, entrance fees and monthly fees. SWP prepared an analysis that illustrated how the different choices would impact their financial situation, including their estate plan. Together, SWP and the client talked through all of their options and determined the scenario that was best aligned with their goals.

Two years after moving into their new home, Art had to transfer into a different facility within the community after suffering a serious physical injury. Art’s health began to rapidly decline, which left Sharon to handle their daily finances, although she had no previous experience doing so.

The couple’s SWP financial planner met Sharon at her living facility to help her get organized. SWP had noticed a stack of documents in the corner of her kitchen, which they then sorted through together. SWP told Sharon about a household and management resource that works closely with other SWP clients. Art’s daughter, Jane, was able to reinforce the idea as she also noticed her mom having difficulty with everyday tasks. SWP explained the tremendous value the service could provide.

Putting Additional Resources in Place

Sharon had an initial meeting with Susan, the client advocate from the household and management resource. They set up weekly visits. Sharon now receives help with a number of household tasks like monitoring and paying bills, organizing records and important papers, and gathering tax documents for their accountant. As Sharon’s cognitive ability continues to decline, Susan is available to provide support.

Putting Additional Resources in Place - image

During a discussion with Art & Sharon’s insurance company about one of their policies, SWP discovered an old annuity with a cash value of $59,000 that Sharon was unaware she had. Along with other annuities, certificates of deposit and bank accounts, SWP consolidated the client’s accounts to help simplify their affairs. SWP also discovered a long-term care policy that Sharon did not know about, that was available to help pay for some of Art’s care.  After talking with Sharon and the insurance agent, SWP helped to claim a monthly payment of $2,500.

Art had done some basic estate planning with their attorney in the past, including establishing revocable living trusts. Considering Art and Sharon’s current health, SWP suggested adding Jane as a co-trustee so she could make decisions on their behalf if they were to become incapacitated. SWP worked with the attorney to amend the trusts to allow Sharon’s daughter to make decisions on their behalf.


Art and Sharon initially came to SWP for help with choosing a new long-term living solution. But soon after moving, the client’s needs changed dramatically as Art was no longer able to handle their daily finances. SWP’s goal was to provide support and line up the necessary resources to help Sharon take control and manage their affairs.

Sadly, Art recently passed away. Sharon and Jane were able to leverage the various layers of support in place beforehand to help make for a smooth transition. SWP communicates with Susan, the client advocate, often, who visits Sharon weekly, in order to share important information with a goal that Sharon’s needs are addressed.


Strategic Wealth Partners (“SWP”) is an SEC registered investment advisor with its principal place of business in the State of Illinois. The case study described herein is included for illustrative purposes only and no portion of this writing is to be interpreted as specific investment advice, a testimonial or endorsement of SWP’s advisory services as it is not known whether the client referenced approves of SWP’s services. Investing involves risk, including the potential loss of principal, and investors should be guided accordingly.

Past performance of investments is not indicative of their potential future performance. Reading or utilizing information in this presentation, or contacting or responding to our offices or Registered Investment Advisers does not create an advisory relationship of any kind. An advisory relationship can be established only after the following two events have been completed: (1) our thorough review with you of all the relevant facts pertaining to a potential engagement; and (2) the execution of a Client Advisory Agreement.

Date Published: 3/22/2017

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