Advisors Adapt Financial Plans for Child-Free Clients

Advisors across the U.S. are changing how they work with clients who do not have children after a survey by Allianz Life found 62% of child-free Americans lack a written financial plan, compared with 42% of those who have children.

The finding points to gaps in written goals and instructions, and planners say that opens space for advice focused on how clients will spend savings, who will provide care as they age and how they want to distribute assets or support causes.

Aaron Glosser, a financial advisor at Edward Jones in Colchester, Vermont, wrote that goals for child-free clients often become “anchored in relationships, not children.” He helps clients identify which friendships and family ties matter most and encourages directing time or money to those connections. Examples include funding an annual friends’ meetup and paying for a younger relative’s education.

Juan G. Hernandez-Ariano of WealthCreate in Houston noted he has seen child-free clients retire and return to work sooner than planned or treat retirement as a temporary break. He and other advisers say an explicit sense of purpose can affect whether retirement follows a client’s intended timeline.

Luciano Oliveira, managing partner at Oliveira Lawyers, said, “Childless clients have a freedom most people don’t. There are no grandkids to live near and no family house to keep for anyone, so the money only has to pay for their own retirement.” He added that such freedom still requires decisions about who will handle health and legal matters later in life.

Planners recommend common steps: put a financial plan in writing, name decision-makers in powers of attorney, consider long-term care arrangements and document legacy wishes. Advisors also help clients turn nonfamily priorities into budgets, whether those priorities are close friendships, travel, philanthropy or support for nieces and nephews.

Advisors say documenting goals and contingencies can reduce uncertainty about care and spending in later years and help ensure clients’ resources align with their intentions.