Consumers age 45 and older are now the major consumer group in America (their

market share is now at 52% and is growing every year). But to market goods and services

to meet the needs of these middle aged and older individuals, the Private Sector and those

in education need to understand the influences that made the development of  these

various age cohorts unique.  For an example, this author spoke on this issue to First

Security Bank Trust Officers in Ogden a few years ago. Although they were doing

reasonably well in handling the affairs of their clients, they kept having difficulty in

communicating with the clients. They were taught that it is necessary to understand a

patron in order to be able to fulfill the patrons' needs satisfactorily.

            In order to understand any older client, I created a cohort study which allows a

glimpse of the past and of the influences that made an impression on a client's viewpoints

of life. In my own retirement planning practice this information has been critical in

forming lasting and trusting relationships. The information is important, but lengthy so it

is not presented in the part of this report, but is found in Appendix 1.

Goods and services needed for older Americans:

            Atchley, (2000, page 496), suggests areas that older adults require and further

suggests that government should consider making policies to cover these elder needs:

                        "Rehabilitation,

                        furniture and equipment design,

                        housing,

                        inflation protection,

                        transportation,

                        homemaker services,

                        taxes,

                        recreation,

                        protective services,

                        mental health,

                        alcohol abuse,

                        consumer protection,

                        visual impairment,

                        referral services,

                        hearing impairment,

                        independence,

                        poverty,

                        education,

                        activity,

                        dental care,

                        long-term care,

                        employment,

                        nutrition,

                        research and development,

                        building design,

                        clothing design,

                        and protection from age discrimination."

            Some items on this list are currently covered under the Older Americans Act

(OAA) or Social Security through Medicare and Medicaid. But there have been

significant cut backs on the funding the OAA and Social Security has looming problems

of its own. Besides, not all of the needs for goods and services are being met by the

Public Sector. There are some items on this list that should be picked up by the Private

Sector as areas with great growth potential. Since the World War II Baby Boomers will

be aggressively seeking services and goods until about 2050, these areas could be very

profitable for the corporations that supply their needs and wants.

            A new industry has grown to meet some of these needs. The American

Association of Daily Money Managers represents some of these new professionals. They

have their Code of Ethics on their web site found at http://www.aadmm.com. As their

web site discloses, they work with the client’s existing accountant, lawyer, or social

worker rather than replace these other professionals. The definition they give of their

service: “Daily money managers (DMMs) provide personal business assistance to clients

who have difficulty in managing their personal monetary affairs. The services meet a

continuum of needs, from organizing and keeping track of financial and medical

insurance papers, to assisting with check writing and maintaining bank accounts.”

            While it is true that OAA provides a similar service, the funding of the OAA

keeps these types of services in rare availability, so the Private Sector has begun to offer

this service. Some of these new professionals go beyond the score of DDMs and, with

more education,  have created case management services. Locally Margy M. Campbell,

LCSW, CCM, CFP, for an example, calls her services Age Connections out of Bountiful,

Utah. Her business card lists the following: “Licensed Clinical Social Worker, Financial

Counselor, and Private Geriatric Case Manager, Guardian, Conservator, and Directed

Payee.” I know about her work since she took some of her classes from me at the

University of Utah in her preparation to create this case management service.