Updated September 5, 2023, at 4:18 PM

Let’s discuss some high-level points surrounding advanced-aged customers that you should be aware of. Industry regulators have focused on this topic quite a bit over the past several years and given the aging population, that focus will become more robust in the future.

We’ve all heard the reports and may have seen the studies that show our population in the US aging at a rapid rate. The Baby Boomer generation represents a large percentage of our population and they now fall between the ages of 53 and 71. These individuals are near or at retirement and many are looking for assistance with their retirement assets. Once an individual reaches an advanced age (typically ages 65 or 70, depending on the regulatory agency) and is sold an annuity, there are certain things you need to keep in mind.

Many sales practice issues that involve seniors are raised via customer complaints. Most of the grievances I’ve seen over the years concerning seniors tend to involve a few common issues: