Help your older clients stay on top of their fi­nances with easy-to-use dig­i­tal tools.

Investment Executive - - FRONT PAGE - l BY DANNY BRAD­BURY

tech­nol­ogy can help older clients man­age both long-term assets and daily fi­nances. But you can ex­pect many of th­ese clients won’t be up to speed with their op­tions, which can seem daunt­ing.

Mak­ing things eas­ier is key be­cause sim­pli­fy­ing fi­nances is a top pri­or­ity for re­tirees. An in­come that pre­vi­ously was from a sin­gle source may sud­denly come from a va­ri­ety of places, such as an­nu­ities, pen­sions and other in­vest­ments. This can make bud­get­ing for the fu­ture more dif­fi­cult. In ad­di­tion, as­set-al­lo­ca­tion strate­gies may mean that pre­vi­ously static in­vest­ments will change and be­come dif­fi­cult to keep track of.


l apps. Th­ese apps can help to pull all the in­for­ma­tion to­gether in an eas­ily di­gestible, graph­i­cal for­mat. Tablet-based apps of­ten are bet­ter for se­niors, many of whom be­gan to use tech later in life and may not be con­fi­dent in us­ing com­plex prod­ucts.

For ex­am­ple, Mint ( www.mint. com) is a bench­mark in mon­ey­man­age­ment soft­ware. Avail­able as a web app on An­droid or iOS, Mint pulls in ac­counts from all ma­jor Cana­dian banks, in­clud­ing in­vest­ment port­fo­lios.

An­other way to sim­plify fi­nances is to use bucket ac­counts to al­lo­cate money for dif­fer­ent pur­poses. Along­side daily liv­ing ex­penses, se­niors may have an ac­count for emer­gen­cies, while an­other ac­count could be used for short-term goals. On­line bank­ing apps of­ten let cus­tomers set up and name sav­ings ac­counts on­line with no ex­tra fees. In­tro­duc­ing your older clients to this fea­ture can help them im­mensely.

mem­ory tips. Im­pend­ing

l re­tire­ment is the per­fect time to help senior clients fight an­other po­ten­tial down­side of old age: for­get­ful­ness. Man­ag­ing reg­u­lar money trans­fers and bill pay­ments can be dif­fi­cult if mem­ory is less re­li­able. Ex­plain to th­ese clients how au­to­mated pay­ments use pre-au­tho­rized trans­ac­tions, which can be set up di­rectly from most on­line bank­ing in­ter­faces.

For those clients who like to re­tain man­ual con­trol, con­sider re­minder apps. Mint al­lows users to set up au­to­mated bill re­minders and of­fers short­cuts for on­line pay­ments. Al­ter­na­tively, Canada Post’s ePost ser­vice ( www.epost. ca) al­lows peo­ple to have bills de­liv­ered elec­tron­i­cally and auto- mat­i­cally to an on­line, en­crypted in­box that can be set up to date no­ti­fi­ca­tions and short­cuts for on­line bill pay­ments.

fight­ing fraud. Hav­ing

l bills de­liv­ered elec­tron­i­cally to a se­cure in­box is one way to safe­guard se­niors against an­other com­mon prob­lem: fi­nan­cial abuse and fraud. The greater the fi­nan­cial ‘ex­haust’ that th­ese clients leave around, the more they’re likely to suf­fer fi­nan­cial abuse.

Iden­tity theft threat­ens ev­ery­one, but se­niors are more at risk than many. Along with steal­ing mail, scam­mers also can tar­get se­niors with tele­mar­ket­ing calls, fraud­u­lent junk-mail of­fers and on­line phish­ing. Ad­vise your clients about iden­tity theft pro­tec­tion op­tions. One Canadaspe­cific so­lu­tion is Iden­tity Guard ( www.iden­ti­ty­guard.ca), which reg­is­ters users and charges $18 a month to mon­i­tor credit scores and de­liver alerts on po­ten­tial iden­tity theft events.

In ad­di­tion, make sure your senior clients are aware of on­line se­cu­rity op­tions, in­clud­ing pass­word man­agers, such as LastPass ( www.lastpass.com), that can gen­er­ate and store strong pass­words. No writ­ing down pass­words in a book or us­ing weak, eas­ily guessed al­ter­na­tives.

Bet­ter still, point clients to­ward mod­ern tablet or smart­phones that in­clude bio­met­ric au­then­ti­ca­tion. Finger­print read­ers are the most com­mon to­day, al­though the iPhone X fea­tures fa­cial recog­ni­tion as well. On some Win­dows 10 de­vices, Win­dows Hello fea­tures finger­print scan­ning or fa­cial recog­ni­tion.

de­clut­ter­ing. One way to

l re­duce po­ten­tial fraud is to get rid of doc­u­ments a scam­mer can ex­ploit. Scan­ning, then shred­ding doc­u­ments helps to gather ev­ery­thing safely in one place. Rec­om­mend a re­ceipt-man­age­ment app to help clients achieve this. A good one is Neat from Neat Co. ( www.neat.com) be­cause it scans doc­u­ments us­ing a mo­bile app or the firm’s desk­top scan­ner.

Neat can store doc­u­ments lo­cally or in the cloud, giv­ing se­niors con­fi­dence that their doc­u­ments will be safe even if a lo­cal de­vice fails. You also can show your clients how their on­line mo­bile bank­ing app can dig­i­tize and de­posit che­ques.

Also show se­niors vir­tual wal­let apps that al­low users to con­sol­i­date loy­alty and other cards di­rectly on a smart­phone, so clients need only one de­vice when they leave the house. Ap­ple’s iOS Wal­let app down­loads an app from a par­tic­i­pat­ing re­tailer for ev­ery loy­alty card a client wants to add and then sign in us­ing the phone. Al­ter­na­tives in­clude Sto­card ( www.sto­car­dapp.com), which fea­tures sup­port for An­droid, iPhone and the Ap­ple Watch.

sav­ing tools. Many older

l clients will find them­selves on a more re­stricted bud­get and will be l ook­ing for sav­ings op­por­tu­ni­ties. Mint of­fers bud­get­ing tools that link di­rectly to bank ac­counts to help keep track of spend­ing. Mint also of­fers sug­ges­tions about how to con­sol­i­date and save money based on the client’s fi­nan­cial trans­ac­tions.

An al­ter­na­tive app with a bud­get-only fo­cus is Wally ( www. wally.me), which fea­tures an in­te­grated re­ceipt scan­ner and uses lo­ca­tion ser­vices to ad­vise where clients are spend­ing and cat­e­go­rize those ex­pen­di­tures.

For more pri­vacy-minded clients who don’t want a cloud­based ser­vice, Fud­get ( www. fud­get.com) en­ables them to set and track bud­gets au­to­mat­i­cally on their de­vices. An ad­van­tage of this app, which works on iOS and An­droid, is that it is far sim­pler than other apps such as Mint. IE

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