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Senior financial planners are professionals who specialize in helping individuals and families plan for their financial futures, particularly as they approach retirement age. They can be especially useful to families planning senior care because they can help them navigate the complex financial decisions that come with aging, such as long-term care planning, estate planning, and retirement income planning.

The cost of hiring senior financial planners can vary widely depending on the level of expertise and services required. However, on average, the cost is generally higher than that of a typical financial planner due to the specialized knowledge and experience required.

According to a 2020 survey by the Financial Planning Association, the average cost of financial planning services in Texas is slightly higher than the national average. However, this cost can vary widely depending on the specific services required and the level of expertise of the planner.

The average income in Houston is generally higher than the national average. According to the Bureau of Labor Statistics, the average annual salary for personal financial advisors in the Houston metropolitan area is $119,880, which is significantly higher than the national average of $89,160.

Houston is one of the largest cities in Texas and ranks among the top cities in the state in terms of population and economic activity. It is home to many top senior financial planners, including:

Senior financial planners are professionals who specialize in helping individuals and families plan for their financial futures, particularly as they approach retirement...

Are you looking for a senior financial planner for your elder loved one in the Houston, TX area? Check out the best nursing homes in Houston.  If you are not sure where to start, talk to one of our senior care experts.

Best Senior Financial Planners in Houston, TX - Olera

Texas

San Antonio

Senior Care Financial Planners specialize in helping senior citizens and their families plan and manage their finances. They provide advice and guidance on issues such as retirement planning, investment management, estate planning, and long-term care planning. They can help families looking for care by providing a comprehensive financial plan that takes into account the costs of various senior care options, such as assisted living or in-home care. The general costs of Senior Care Financial Planners can vary depending on the complexity of the financial plan and the specific services provided. In San Antonio, the general costs of their services are generally in line with the average within Texas.

Senior Care Financial Planners specialize in helping senior citizens and their families plan and manage their...

Are you looking for eldercare financial planners in the San Antonio, TX area? Check out these senior care services in Antonio. If you are not sure where to start, talk to one of our senior care experts.

Best Eldercare Financial Planners in San Antonio, TX - Olera

This article provides an overview of the essential points for family caregivers to consider when managing finances for aging loved ones.

Start with a durable power of attorney to give you legal authority to make decisions and act on behalf of your loved one in legal and financial matters.

Document all financial transactions to ensure clear records.

Consider the pros and cons of a joint bank account.

Article Summary

 of family caregivers have some responsibility for managing their parents’ finances, and over time the need grows.

This overview will cover several essential points for family caregivers as they start managing finances for aging loved ones. We’ll also give you a to-do list, a number of helpful resources, and plenty of direction about where you can learn more about this vast and important topic.

1. Start with a Durable Power of Attorney

3. Consider the Pros and Cons of a Joint Bank Account

Introduction

A durable power of attorney gives you the legal authority to make decisions and act on behalf of your loved one in legal and financial matters. Unless you have guardianship or conservatorship over your loved one, it’s essential they complete a power of attorney right away.

Understanding the Limitations of a Power of Attorney What You Can – and Can’t – Do with a POA

If you have guardianship over your loved one you’re required to document all financial transactions, but even if you aren’t legally obligated to do so it’s always a good idea.

Clear records are especially important if:

You pay yourself or others from your loved one’s estate

There’s any conflict of interest (or even potential appearance of one)

There might be a need to examine financial transactions (for example, if there’s any chance your loved one might need Medicaid for long-term care coverage in the next five years)

A notebook or digital file detailing every penny spent and received along with the date, person or company’s name, and reason/note.

All receipts are organized and accessible.

Opting for checks, credit cards, or digital transactions over cash.

Caregiver's Guide to Organizing a Loved One’s Financial Records

2. Document Everything

Asking your loved one to add your name to their bank account can make it much easier to step in to pay bills in a pinch. It can also be a good way to keep an eye open for red-flag transactions. However, a variety of problems can also arise from shared accounts. It’s important to understand the risks to determine whether this is the right move in your situation.

Some states support special “convenience accounts” which provide most of the pros of shared accounts with few of the cons.

Pros and Cons of Sharing a Bank Account with Elderly Parents

Older adults are at risk to be targeted by scams and fraudsters because of their age. If they’re duped once there’s a good chance they’ll be targeted even more heavily again.

Keep an eye open for red flags, which could include suspicious mail, phone calls, or emails. Popular scams include criminals posing as representatives from Social Security, Medicare, or other government agencies, lotteries, sweepstakes, free or discount medications, or other special offers.

Steps you can take to reduce the chance they become a victim of fraud:

Call the AARP Fraud Fighter Call Center at 800-646-2283 for assistance.

4. Watch Out for Fraud and Scammers

The majority of older adults in the U.S.will need some sort of 

 in their lives. Long-term care can be provided in different kinds of facilities, like nursing homes or assisted living communities. It can also be 

. Regardless of where it occurs, it’s expensive, and paying for long-term care often requires some sort of strategic planning process.

Long-term care planning can involve various types of insurance, government benefit programs, tapping home equity, and other strategies. It might require consultations with elder law attorneys, certified financial planners, insurance agents, or other professionals.

Medicaid can pay for long-term care for individuals with very few assets or income. Many people who eventually apply first go through a process of Medicaid planning to keep their spouse out of poverty or protect their home to pass on to an heir.

The chances that your loved one might end up needing Medicaid – even if you don’t currently expect to – is significant enough that it’s worthwhile to learn the basics about this program.

The very least every family caregiver should know about Medicaid:

Long-term care is very costly, and many people rely on Medicaid to cover it.

The application process for Medicaid includes a look at all financial transactions in the previous five years (2.5 years in California).

To be eligible for Medicaid, you must have almost no countable assets or income. There are ways to convert “countable” assets or income into “exempt” ones, but this usually requires a planning process and the assistance of a professional.

Anything deemed a gift – including transfers of cash or assets sold for less than market value – can affect eligibility.

As a family caregiver managing finances, it’s important to keep one eye on the future so that your loved one will be able to access whatever care they may need.

What Types of Insurance Cover Dementia-Related Expenses?

5. Plan for Future Care Needs

There are countless financial assistance programs available across the nation. Some are limited to local areas and others to individuals in certain circumstances. However, if you don’t know about a benefit program can’t do you much good. Luckily there are several ways to locate potential financial assistance for whatever your situation.

 to quickly and easily search thousands of benefit programs that may be available to your loved one.

 for information on resources, benefits counselors, or benefit programs in your area.

 to determine the best way to approach Medicaid planning in your situation.

6. Find Financial Assistance

It’s best to start by talking to your loved one as early as possible – before they even need help if you can. It can be a lot easier to find out this information by asking them directly than it is to dig it up and discover it on your own.

Take an inventory of your loved one’s financial and legal bill information

Wills, trusts, or other estate planning documents

Power of attorney and other legal documents

Bank, investment, and credit card accounts

Retirement, pension, and annuity accounts

Login information for online bill payment accounts

Birth certificate, marriage/divorce documents, citizenship papers, etc

Social security statements and benefits letter

Information about Medicaid, veterans benefits, or other programs

Determine whether any payments are behind and create a schedule for bill payments. 

Automate payments to make things more manageable.

, including credit cards, lines of credit, PayPal, Venmo, etc.

. Check your Olera dashboard for recommendations for professionals in your area.

Create plans for funding long-term care or reaching other financial goals

can help with insurance questions and needs about whichever types of insurance they specialize in, such as:

7. Tackle the To-Do List

Consumer Financial Protection Bureau’s Guide to Managing Someone Else’s Money:

Help for Agents Under a Power of Attorney

Help for Court-Appointed Guardians of Property and Conservators

Getting Organized: Bill Paying and Record-Keeping

Caregiver Resources & Long-Term Care | HHS.gov

How to Help Your Parent Manage Their Finances After a Dementia Diagnosis

8. Explore Your Resources

What Every Caregiver Needs to Know About Money

Sources

Master the art of managing finances for aging parents with our comprehensive guide on elderly financial management. Gain insights, tips, and resources to ensure your loved one's needs are met, while providing a steady foundation for their future.

Elderly Financial Management: Managing Finances for Aging Parents with Confidence - Olera

Managing Finances for Aging Parents: A Comprehensive Guide to Elderly Financial Management

This article provides an overview of Certified Financial Planners (CFPs) and explains why they are the most valuable financial advisors for family caregivers of aging loved ones.

CFPs are held to the highest standards of education and experience and are legally bound to act in their client’s best interest at all times.

CFPs can offer advice in a wide range of areas, including paying for long term care, creating a budget, investment planning, estate planning, tax planning, insurance planning, and debt management.

CFPs typically charge a percentage of assets under management, a commission, a fixed fee by service, an hourly rate, or a retainer/subscription fee.

With all the different types of financial planners out there, it can seem confusing, but the bottom line is pretty simple. As a family caregiver looking for a financial advisor, you should opt for a Certified Financial Planner (CFP).

The main exception to this rule of thumb is that if you only need tax-related advice a Certifed Public Accountant (CPA) – the go-to for tax preparation and advice – is a fine alternative.

Why a CFP? They are extremely capable and trustworthy. In order to earn their CFP certification, they are held to the highest standards of education and experience. They’re also bound by a strict code of ethical behavior and have a fiduciary duty, meaning they’re legally bound to act in their client’s best interest at all times.

There are other types of certified financial advisors who may be similarly capable and trustworthy but they tend to cater toward businesses rather than individuals.

CFPs help older adults and their family caregivers plan for financial security in an uncertain future. They’ll look at your entire financial life, help you set short and long-term goals, and offer valuable guidance on how to meet them.

CFPs can offer advice in a wide range of areas.

where to invest and how to structure dividend payments wisely

 – develop strategies for transferring property, gifting, or leaving legacies behind for loved ones

 – how much and what kinds of insurance do you really need?

What Kind of Financial Planner is Most Valuable to a Family Caregiver to an Aging Loved One?

There are several common ways Certified Financial Planners structure their fees. Each individual CFP may offer one or more of these methods.

Your fee is determined by a percentage of the assets the CFP manages. For example, 1% of assets under management for $400,000 would total $4,000 per year. Ask what percentage is charged and whether there’s a minimum.

: Some CFPs earn commissions when they sell stocks or other financial products. Even though they technically can do this as long as it doesn’t conflict with your best interest, it just opens the door to a messier experience, so it’s often recommended to avoid any commission-based advisor. Instead, opt for “fee-only” – not “fee-based” –  advisors when possible.

A flat fee for a specific service, such as a one-time comprehensive financial plan. The cost of a comprehensive financial plan with a Certified Financial Planner averages around $1800-$2500.

: The average hourly rate for CFPs is around $250. An hourly rate can work well for one-time services.


: Pay a monthly or quarterly fee to retain the CFP’s services on an ongoing basis. The average annual cost for retainer services is around $4,000.

Can I Afford a Certified Financial Planner?

While CFPs have comprehensive training across 72 relevant financial areas, they do specialize within them, so look for one right for your needs.

Review Olera’s suggested CFP profiles in your area (available on your Olera dashboard)

, social security, eldercare, health care, etc.)

(retirees, intergenerational families, widows/widowers, special needs individuals, veterans, LGBTQ couples, etc)

Contact several potential CFPs and ask a few questions to gain an understanding of their services. Note how comfortable you feel talking with each potential CFP. Do you feel respected and trusting or rushed, awkward or confused?

Are you fee-only or do you earn any commissions? Do you have any potential conflicts of interest?

What do you charge? How do you structure your fees?

What’s your approach to financial planning? How and when will we meet or communicate? Will I be able to ask questions via phone or email? Will I be working with you directly or with a larger team?

Check the certification status of any potential CFP at the 

Check for any records of public discipline at any of the following sources:

Investment Adviser Public Disclosure (IAPD)

How Do I Find a Certified Financial Planner?

Certified Financial Planner (CFP): What You Need to Know - NerdWallet

10 Questions to Ask Your Financial Advisor | CFP

Discover the critical factors to consider when choosing a certified financial planner to secure your financial future. Our concise guide helps you confidently navigate your options, ensuring a trustworthy professional to meet your unique needs.

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