Helping Advisors Cope with Aging, (Their Clients)
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Reps now have another designation to pin to their names, and it couldn't come at a better time. As the U.S. population continues to age, the American College of Bryn Mawr, Pa., has unveiled its newest specialization: Chartered Advisor for Senior Living (CASL). The program was developed with the guidance of several financial service providers.
Eric Gordon, director of public relations for the college, says the designation, while aimed at educating advisors about the unique needs of seniors, is “for anyone who wants to plan effectively for later in life.” Gordon says the designation will be helpful to baby boomers seeking advice for their parents' long-term care.
“Besides learning effective financial counseling, advisors walk away understanding how the other pieces of senior's lives — Medicare, effects of aging, family relationships — fit into and affect the planning equation,” says Gordon.
To be considered for the designation an advisor must have at least two years of experience as an advisor and possess an undergraduate degree, or three years of industry experience. Reps must then pass five college-level courses — investments, fundamentals of estate planning, understanding the older client, health and long-term-care financing and financial decisions for retirement.
These courses represent the specialization of the program. Advisors learn to deal with specific needs of the elderly — assisted-living requirements and mental disabilities like Alzheimer's disease and dementia.
Among other topics, the courses cover medical coverage and long-term-care insurance, as well as determining financial needs for retirement. Advisors who attain a CASL must complete 15 hours of continuing education each year, 10 hours of which must directly relate to the designation.
