In a Nutshell: The interaction of two big trends–the accelerating pace of technological change and increasing longevity–is creating massive new opportunities for financial advisors who are prepared to move beyond traditional planning.
Guest: Andrew Scott, Professor of Economics at London Business School, and co-author of the new book, The New Long Life: A Framework for Flourishing in a Changing World.
My Key Takeaways:
- “Technology and demography are not destiny.” Prof. Scott believes we can use technology, exercise, education, and other advances to reshape the second half of our lives. And I believe that financial advisors can help support this process of continual reinvention with Life-Centered Planning.
- Invest in your future self. As we live longer, keeping more options open by investing today in our “future selves” will be a key to adapting to technological change.
- Be more human. Technology will never be able to displace your empathy, experience, and creativity — in fact, better tech will only make folks who have mastered those skills and the services they provide more valuable.
- How increased longevity could lead to a “multi-stage life” in which people continually refresh their professional skills.
- Why financial advisors might need to adjust their focus on retirement planning to account for continual life transitions even after their clients have reached their 60s and 70s.
- What are the “four dials” that Prof. Scott believes people need to adjust and readjust as they progress through a multi-stage life.
- How “intergenerational connectivity” can help us appreciate new perspectives and gain new insights as we age.
Complementary Episode: In 2016 I talked to Prof. Scott about his previous book, The 100-Year-Life. You can Listen/read about it here.
Resources Featured In This Episode
The New Long Life: A Framework for Flourishing in a Changing World by Prof. Andrew Scott
Values Clarification Toolkit Click here to download this FREE tool and start living your values.