Effective post-retirement planning significantly reduces the stress of aging. It helps survivors become financially and emotionally resilient, improves family harmony and minimizes the risk of disputes over final wishes. Thoughtful planning creates more meaningful legacies and often enhances social capital through tax-efficient giving. It also eases the burden on the judicial system by reducing unorganized estates, and cumulatively, this contributes to broader economic stability.
Despite these clear benefits, statistics consistently reveal an ongoing and substantial intention gap.
As a seasoned certified financial planner, licensed funeral director and former supervisor at one of Canada’s largest mortuaries, I believe this gap exists for several reasons: perceived lack of urgency, uncertainty about where to start or whom to consult, superstition, fear of mistakes, complex family dynamics and a sense of being overwhelmed.
Having witnessed hundreds of deaths, I am confident that many of the deceased I encountered thought there was no urgency to put their affairs in order. Even those with complex affairs — business owners are a prime example — fail to put them in order. Anyone with frontline experience in death care will attest: mortality surrounds us, yet most people tune it out.
Halloween offers a striking reminder of this. The Celts, who lived roughly 2,000 years ago in what are now Ireland, the U.K. and northern France, celebrated their new year on Nov. 1. That day marked the transition from harvest and summer to the dark, cold winter — a season closely associated with human mortality. On the evening of Oct. 31, they celebrated Samhain, believing the boundary between the living and the dead blurred, allowing spirits to return to the earth.
It is ironic that while we hand out candy to children on Halloween, most people avoid discussing their own final wishes with loved ones.
Talk to your clients
There’s a role for advisors in all of this. I recognize that death and incapacity are difficult topics. But having meaningful conversations about your clients’ wishes while their minds are clear is crucial. During the Covid pandemic, many patients could not communicate due to lack of oxygen. Without a properly nominated decision-maker, this created additional stress, delays and frustration for families and medical professionals alike.
A paradigm shift in end-of-life planning is urgently needed. Financial literacy is improving, but estate literacy lags.
Discussions about life purpose and legacy strengthen relationships. Advisors who embrace these conversations gain a distinct advantage. Surveys reveal clients want guidance, yet many are not receiving it. These discussions often involve next-generation decision-makers, helping ensure that investment assets are maintained and grown after death.
One resource I recommend to the public is the Personal Fiduciary Certificate course. It provides a beginner-friendly introduction to these topics in just two hours. Covering the course for a committed client can be a memorable and practical motivator. (I have no financial ties to the course.)
When I left the funeral industry in the 1990s to become a financial advisor, my mentor emphasized the importance of “walking the talk.” I acted on his advice by strengthening my critical illness, disability and life insurance coverage.
Ironically, two months after publishing my book on preparedness, I was diagnosed with a large, non-cancerous brain tumor. On the very day of my surgery, my critical illness policy paid $90,000 tax-free. Experiences like this underscore that insurance benefits are real and substantial.
Advisors who have organized their own affairs are far better positioned to guide clients confidently and effectively. By modelling preparedness and encouraging proactive planning, we can help others secure their legacies, protect their loved ones and leave a meaningful impact.
Greg Barnsdale is the author of Do Not Ignore Your Mortality — Practical Advice From a Funeral & Financial Insider. He can be reached at greg@donotignoreyourmortality.com.