Why Longevity Planning is the New Financial Planning, with Keena Pettijohn of Lifelogixs Strategic Consultancy Group

“On the Circuit” is a podcast where conversation sparks innovation, hosted by Johnny Sandquist from Three Crowns Marketing. This season, his guests include industry conference attendees from across the country.

Financial planning is out, longevity planning is in. 

More than just a word swap, longevity planning takes into consideration a client’s health and ensures there’s a plan in place for what Kenna Pettijohn calls the “God forbids” worst-case scenarios. 

Keena, CEO and founder of Lifelogixs Strategic Consultancy Group, said advisors historically zero in on AUM and managing portfolio risk — making sure the client doesn’t outlive their wealth.

But Keena challenges advisors to look beyond the AUM and the hard numbers. And that’s exactly what her company Lifelogixs does, with a special focus on health, behavioral finance and longevity planning.

“When you talk to clients, you don’t just ask, ‘what is your emergency fund amount?’” Keena said. “You ask the, ‘God forbids,’ and ‘what is your plan then?’ And I think advisors stay more in terms of the portfolio, the risk of the portfolio, which I think is important. But who is going to make those financial decisions for you? Do you have a health proxy? Is all that put in order? And for the most part, it’s not.” 

It’s the conversations both parties avoid. They’re uncomfortable, but entirely necessary.

Advisors need to ask clients about their children and spouses to find out who they prefer to make decisions in their absence. It’s not so much family planning as it is holistic life planning for your individual client.

Keena joins us for episode 44 of “On the Circuit” to discuss Lifelogixs and its quest to help advisors look at the health and happiness of clients in addition to their wealth. She talks with host Johnny Sandquist in a conversation recorded live from the Fearless Investing Summit in October 2023 in Miami.

Click “play” above to listen to the full episode. To hear from more industry friends and experts, subscribe to “On the Circuit” wherever you listen to podcasts. 

Key Takeaways

1. Don’t put off talking to the “next gen” — instead incorporate them into conversations now. Learn from your clients what their preferences are and who they want to take care of their wealth when they cannot.
2. Advisors need to prompt clients to discuss health scenarios to ensure their wealth has longevity.
3. There’s a gap in wealth management that requires advisors to look beyond AUM and portfolios. Understanding behavioral finance and the relationship between health and wealth is imperative as lifespans increase.

Key Timestamps and Topics

• 00:00:43 – Why did Keena Pettijohn start the strategic consultancy group LifeLogixs?
• 00:01:56 – How LifeLogixs seized on an opportunity to fill a gap in wealth management that called for financial literacy and behavioral finance
• 00:04:07 – How can advisors adjust conversations with clients to include all generations and connect with potential NextGen clients?
• 00:07:20 – Advisors should step outside the portfolio to ensure clients are set up for success, especially if something would happen to them health-wise
• 00:11:52 – The number one thing advisors need to do to keep their clients fearless

Relevant Links

• Download our free ebook, The Advisor’s Guide to Starting a Podcast
• Connect with a member of our team

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