Fewer than a quarter of high-net-worth individuals have a firm
plan for long-term care, but nearly all of them suggested a preference to age
in place independently, a poll from Key Private Bank revealed last month.
Key Private Bank, the
wealth management arm of bank-based financial services company KeyCorp,
surveyed more than 150 of its advisors about their experiences meeting directly
with wealthier clients. Advisors were asked about clients’ long-term care
planning, clients’ preferences for long-term care, whether clients are
expressing these desires to family members, and what strategies they are using
are using “to coach individuals through the complexities of long-term care
Of the advisors, 58% said
that less than a quarter of clients had a plan in place, but 96% said that
remaining “completely independent” was their preference, with relocating to an
assisted living facility being a close second. “Receiving help from family
members or personal aids” was dramatically less appealing to clients.
nine out of 10 advisors concluded it was “somewhat” or “very” likely that
clients who wish to stay in their homes would be able to, advisors said it is
crucial that these preferences are shared with children and family members.
Unfortunately, according to the poll, many of these wishes are left
unexpressed. Survey results revealed that 55% of advisors said “some” clients
are discussing long-term plans with children and other family members, whereas
22% said “hardly any” clients had these discussions with relatives.
clients to take a proactive approach to care planning, Chad Stevens, vice
president and senior financial planner at Key Private Bank, said in a statement
that it is never to early to “start having these conversations.”
forecasting caregiving needs and addressing coordination of care named a
top-three challenge by advisors, talking through long-term care desires
early-on with family members will be crucial to setting expectations,
delegating responsibilities and avoiding misunderstandings or surprises,”