Monday, May 15, 2006

Grady Cash's Boomer megatrends at the FPA of Massachusetts annual conference

Ten Baby Boomer megatrends were the focus of a presentation by Grady Cash at the Financial Planning Association of Massachusetts annual conference on May 12, 2006.

Some of his trends -- for example, "seniors will live longer" -- are already familiar to the financial community. I perked up when he said that the #1 financial asset of most Baby Boomers upon retirement will be their human capital. In other words, their ability to earn income after "retirement" is more valuable than their more traditional financial assets. That's something I haven't heard everywhere.

Next, Cash asked, "Who will manage the risks of human capital?" For example, the risk that an individual's health might prevent her or him from working. In his opinion, no one's doing a good job of managing these risks.

As more folks recognize the importance of their human capital, Cash foresees the growth of:
  • Post-retirement career coaching
  • Health care management
  • Anti-aging or healthy aging coaching
This will impact financial planners. Cash predicts that, as the life planning movement progresses, financial planners will move into managing health and career issues.

If you're looking for a list of Cash's 10 megatrends, you'll find them in a book that Cash aims to publish this fall.



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