Working with elderly clients can be challenging, but by networking with the right contacts and involving clients' heirs, some advisers are developing a lucrative and self-feeding business-and fund companies that can provide them with retirement income products that rely on capital preservation rather than aggressive investments will come out the winners.

Jo Crumpacker, an Invest Financial Corp. representative at Boone County National Bank in Columbia, Mo., said that elderly people's needs typically include long-term care, income management and estate planning. While everyone has such needs, for the elderly, it's often different.

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