bQuest introduces framework for longevity planning in financial services

bQuest has launched its Longevity Planning Framework, a structured process aimed at helping financial advisors and wealth management firms address the complexities of aging. The initiative is designed to integrate care coordination and health planning into traditional financial advice, addressing the gap between lifespan and healthspan.

According to research from the Mayo Clinic, Americans spend an average of 12.4 years living with illness or disability. Current financial plans often fail to account for the housing, caregiving, and support costs associated with this period, which can lead to instability in a client's overall financial strategy. The new framework provides advisors with a toolset to uncover these gaps early through an assessment covering health, community, legal, and financial pillars.

The framework follows a four-step workflow: introduction, assessment, integration, and activation. Advisors utilize a digital dashboard to review findings with clients, while the platform connects families with vetted aging-care professionals and resources such as care navigators and cost calculators. CEO Lauren Clough noted that the process allows advisors to shift from focusing solely on how long a client will live to how a client wants to live during years of changing health.

The initiative is supported by a new education program developed in partnership with the Financial Planning Association. This program provides advisors with training on the strategic business and management aspects of longevity planning as the aging population continues to grow.