Raymond James is adding new longevity planning resources for its 7,500 financial advisors in a bid to grapple with the unique needs of retirees, who are growing in number and living longer.

Of course, the St. Petersburg, Florida-based firm isn't alone in confronting the changing demographics of clients. In 2016, 15% of the U.S. population was over 65, and this number is expected to increase to 24% in the next 40 years, according to a report from the Population Reference Bureau, a nonprofit research organization. This, coupled with the fact that people are living longer than ever, has made retirement planning more important and more complex.

Raymond James' offerings were developed based on insights and feedback from a group of 40 advisors at the firm called the Retirement Solutions Advisory Board. The resources include new and existing applications as well as select business relationships to support advisors as they help clients with financial planning and other needs such as housing, healthcare, fraud protection, and end-of-life wishes.

Among the resources are the firm's existing Goal Planning & Monitoring software program, which is meant to present a holistic view of a client's finances, PinnacleCare, a health advisory service, and EverSafe, which protects clients from fraud and identity theft.

“With so many factors affecting clients’ financial well-being in retirement, financial advisors are uniquely positioned to be a center point advisor by providing guidance, resources and referrals to help clients address new challenges,” said Frank McAleer, senior vice president of Wealth, Retirement and Portfolio Solutions at Raymond James. He added that the improvements would also help advisors concentrate on client relationships and grow their businesses.

Advisors say that the new tools are invaluable in helping them effectively address client needs. In addition, the added resources give them more time to spend developing client relationships.

“Clients seem more connected, and we’re now able to truly provide a 360 degree financial planning experience,” said Laura Steckler.

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