Warnings about lengthening lifespans and skyrocketing health care costs have been repeated ad nauseam. Advisors know this, but may be unaware of just how much these worries resonate with even wealthy clients.
When high-net-worth clients were asked in a recent survey about their greatest fear in old age, the most common response was becoming a burden on their families.
Health care costs and longer lifespans were among the top reasons clients say caregiving has become a much heavier burden on family members, according to UBS Investor Watch, a quarterly study the wirehouse does on wealthy clients.
UBS' latest study surveyed 1,849 high-net-worth individuals who had at least $1 million in investable assets. Just over 450 of those polled had at least $5 million in client assets.
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--Andrew Welsch and Maddy Perkins