More money doesn't always lead to more planning, especially when it comes to unpopular subjects like end-of-life care.
Less than a quarter of high net worth clients currently have plans for long-term care in place, according to a poll of financial advisors by Key Private Bank, the wealth management arm of KeyCorp.
The poll surveyed nearly 150 advisors about their experiences with high net worth clients, those with assets over $1 million.
Advisors said persuading clients to devise plans for long-term care is a challenge. They also said it is difficult to balance saving for long-term care with other financial goals such as saving for college or buying a house.
"Part of it has to be the typical head-in-the-sand approach," said Chad Stevens, senior financial planner at Key Private Bank. "'If I ignore it, it'll go away.'"
Having tough conversations is part of the job of an advisor, and it's important to talk about the financial risks of aging, said Stevens.