David Treece, a veteran financial advisor from Miami, Florida, has identified a growing demographic that demands specialized attention: “Solo Agers.” With more than 30 years of experience in the industry, David has been developing comprehensive strategies to address the unique financial and personal challenges faced by this group.
Quick Overview
Guest: David Treece
Miami, Florida
Years in business: 30+
Firm: Treece Financial Group, Inc.
What’s working now: Helping clients who live alone by providing them access to specialized services to meet their unique needs.
The growing need for ‘Solo Aging’ services
As baby boomers enter their retirement years, the number of Solo Agers is steadily increasing. This demographic shift is driven by various factors, including increased longevity, changing family structures, and evolving societal norms.
David: “I define Solo Agers as people who are aging alone or at risk of aging alone. And this refers to people who could be a couple with no children, and so when one passes away, the other one will be left alone or somebody who’s already alone—they are widowed or that never had kids, or their kids are far away or maybe predeceased them even.”
He said he used to focus primarily on traditional retirement planning, but now he’s adapting his services to meet the specific needs of Solo Agers.
Solo Agers face distinct challenges—especially high unexpected costs—that traditional retirement planning may not adequately address.
David: “Nothing will destroy a retirement portfolio faster than these monumental expenses. And then of course the issue is planning for all of this and getting insurance of some sort.”
These challenges include a lack of family support for long-term care, difficulty in managing finances and health care decisions as cognitive abilities decline, and the potential for social isolation. Recognizing the urgency of this situation, David has positioned himself at the forefront of creating solutions for this underserved market.
David’s approach to serving Solo Agers
David’s approach to serving Solo Agers is multifaceted, combining comprehensive financial planning with a curated network of services that he provides to clients. He emphasizes the importance of proactive planning to address the unique challenges this demographic faces.
David: “What we’ve done is we’ve discovered services, and we’ve curated them, if you will. They’re all separate companies. They have nothing to do with us, but we have an enormous number of services that we can recommend. And we don’t want people to necessarily just be searching or Googling who’s going to help with this or that. It’s like who do you call when you don’t know who to call? Well, call us.”
This approach allows David to provide a holistic service that goes beyond traditional financial advising, addressing the broader needs of Solo Agers.
Key areas of focus for Solo Agers
David has identified several key areas that require special attention when working with Solo Agers. These include estate planning and document accessibility, long-term care planning, social and emotional support and fraud prevention and financial protection.
David: “I have countless stories. One person, the documents were in a safe deposit box, so I have a great relationship with an estate planning attorney. She was able to get a court order. Nobody had access to those documents. So again, we try to train people. We’ve got a service where we can upload them so that they’re stored electronically, and they can be made available.”
By focusing on these critical areas, David aims to create a comprehensive safety net for his Solo Ager clients, ensuring they’re protected and supported as they age.
Innovative services for Solo Agers
David has introduced several innovative services to address the unique needs of Solo Agers. These include a “Rent a Grandkid” program, bill-paying services and senior move managers.
David: “We’ve got a service. I call it ‘Rent a Grandkid’ and insurance will pay for it. I’ve got somebody who has cognitive impairment, and they don’t want a nurse’s aide just sitting there and looking at them. It’s like, are you going to wander off? So, there is a company now that will be, it’s like $25 an hour, they will be there. So, they will engage that person and they can take them out to lunch, they can take them out to the movies, and of course they’re watching that.”
These services aim to provide practical support and companionship, addressing both the logistical and emotional needs of Solo Agers.
Building a business around Solo Aging services
Recognizing Solo Agers as a niche market has allowed David to develop targeted marketing strategies and service offerings. He’s found that this focus not only serves a critical need but also presents a significant business opportunity.
David: “I think the issue is to focus on it, to develop those referral partners and to market around it. And I think people just have never thought about this as a market, as a niche market, as a demographic and a growing one. And any advisor who gets out there and can put this together, and again, I think a lot of advisors have not done this because they don’t see it as directly investment related or financial planning related and may feel that they’re not compensated for it.”
David emphasizes the importance of balancing service and profitability, noting that while some services may not directly generate revenue, they contribute to client satisfaction and retention, ultimately benefiting the business.
Challenges and considerations
While serving Solo Agers presents significant opportunities, David acknowledges that it comes with its own set of challenges. These include setting appropriate boundaries, navigating regulatory considerations and dealing with difficult situations.
David emphasizes the importance of maintaining professional boundaries while still providing comprehensive support to Solo Ager clients.
David: “I think you’re hitting on an issue why advisors don’t want to do this a lot. And partly is it’s too close. It’s too personal. They want to set boundaries. They want to be more professional, keep a distance and you can have a happy medium and put those boundaries there. One of the things I think that we’re realizing is we can’t help everybody. We’re not social workers.”
The future of Solo Aging services
Looking ahead, David sees tremendous potential for growth in Solo Aging services. He believes that as the demographic continues to expand, more advisors will need to educate themselves and prepare to meet the unique needs of this group.
David predicts that advisors who position themselves to serve Solo Agers effectively will have a significant competitive advantage in the coming years.
For David, the value proposition for advisors in serving Solo Agers is clear. It not only presents a growing business opportunity but also allows advisors to make a meaningful impact on their clients’ lives.
David: “I don’t want people who are aging alone or at risk of aging alone to just put their head in the sand or to take it as it comes or just to live with fear and uncertainty, to be proactive.”