BMO Financial Group today announced it has partnered with BEST in CARE, an impartial advisory service offering extensive eldercare information and caregiver support.

Available through select BMO investment professionals, BEST in CARE provides access to the most comprehensive online database of eldercare and caregiver services in Canada as well as unlimited phone and email consultations with industry experts.

BEST in CARE enables caregivers to search for eldercare information in their community, including qualified elder care professionals, in-home services, long term care facilities and geriatric services that match specific needs, anywhere in Canada.

This resource will help BMO advisors and clients quickly narrow their search for the services required for aging relatives and BEST in CARE will also provide clients with the emotional support often necessary for the caregivers themselves.

“One of the greatest challenges of caregiving for boomers is that it adds to an already full life of competing concerns and priorities,” stated Dr. Amy D’Aprix, gerontologist and CEO of BEST in CARE. “We partnered with BMO and its advisors to help their clients give the best possible care to aging family members, while also taking best care of themselves.”

According to a BMO Financial Group/Ipsos Reid survey, of the one-third of boomers who are currently assisting aging relatives, 66% say it has had some negative impact on their lives; 31% say they have less time for themselves; 20% have had to take time off work and 19% say that they have been impacted financially. Adding to the pressure, 44% of these boomers also financially support their children.

“In addition to offering clients access to these information and support services, we’re also encouraging those boomers who are currently providing care or expect to do so in the future, to start planning for the impact this can have on their finances and lifestyle,” says Kris Vikmanis, head of retirement market, BMO Financial Group.

“Our research has found that despite the increasing family pressures of caring for aging relatives, only 26% of boomers have a plan for their own care in the event they personally need assistance when they get older. One of the advantages of planning in advance for the caregiving of others is that it encourages clients to consider the care they would prefer for themselves down the road, so they can start planning for it now,” added Vikmanis.