Merrill Lynch is paying closer attention to the ever-important issue of increasing longevity, helping its advisors prepare for handling the complex wealth needs of older clients.

At a time of heightened industry focus on how to engage next-generation investors, Merrill Lynch has put increasing longevity in the limelight with the launch of a training program for financial advisors and retirement specialists focused on just that.

Merrill has teamed up with the University of Southern California Leonard Davis School of Gerontology in creating the program to help advisors better understand, and thus be able to address, the evolving needs of the US' aging population and their families.

The Merrill Lynch Longevity Training Program considers the latest advances and research in the field of gerontology, which includes the sociological, psychological and physiological aspects of aging.

According to estimates, some 10,000 Baby Boomers are turning 65 years old every day at the same time as entitlements are shrinking, family inter-dependencies are multiplying and economic uncertainty is widespread.

The move by Merrill to launch the training program reinforces the notion that wealth management nowadays goes far beyond money management, as advisors recognize the value of being able to generate a holistic picture of all the factors that may impact a client's wealth management needs.

“Greater knowledge of and appreciation for various aspects of aging helps us better connect with our clients, address concerns, and achieve their desired outcomes leading up to and through retirement,” said David Tyrie, head of retirement and personal wealth solutions for Bank of America Merrill Lynch.

Participants in the program will learn about the importance of, and issues associated with, longevity by exploring seven life priorities defined through Merrill Lynch Clear: health, home, family, giving, leisure, work and finances.

Merrill Lynch Clear was launched in May last year to “modernize” the process of preparing for retirement (see more details here.)

“Increasing longevity can bring longer retirements, changing health care choices, more housing transitions, and many other challenges to financial security and independence,” said Pinchas Cohen, dean of the USC Leonard Davis School of Gerontology.

The idea is that by incorporating gerontology knowledge into financial advice, individuals are in a stronger position to accomplish more of their goals, said Cohen.

An initial group of 50 Merrill Lynch financial advisors and specialists began participating in the training program last month. As of April, it will be available firm-wide and then expanded in May to include HR and benefit plan professionals at companies.

"Traditional retirement is rapidly becoming a thing of the past as Baby Boomers recognize that, because of increased longevity, they may be looking at 30 years (or more) that they have to plan for in retirement, not just financially but also from the perspective of personal fulfillment," Cyndi Hutchins, director of financial gerontology for Bank of America Merrill Lynch, told Family Wealth Report.

"Our hope is that by developing this program, we can provide them with the education and insight to have deeper, more meaningful conversations," Hutchins said. "Part of the challenge here is that while clients are aware that retirement has many moving parts, in many cases they don't know all of the things that they should be thinking about as they try to plan for this next stage of life. Our hope is that by providing this education, our advisors and specialists of all ages will be able to engage in a deeper conversation, enhance the client experience, and help our clients to have a greater peace of mind that they have considered all of the factors that they need to as they move to and through retirement."