Financial Advisers Respond to Caregiving’s Growing Financial Strain

With more than 53 million Americans providing unpaid care, the financial and emotional pressures of caregiving are intensifying.

As millions of Americans take on caregiving roles, the financial burden is growing and many are unprepared, according to a nationwide study conducted by Edward Jones, in partnership with Morning Consult. The study reveals that 85% of financial advisers work with clients who have caregiving responsibilities, many of whom face unexpected costs and difficult financial trade-offs.

Almost nine in ten advisers (88%) agree that caregiving is more financially challenging than their clients expected, with many unaware and underprepared for the full impact that caregiving will have on their own finances. With more clients stepping into this role, financial advisers need to be prepared to help, Edward Jones says.

With an aging population and the rise of multigenerational caregiving, the number of U.S. caregivers, already over 53 million, is expected to grow significantly. In response, the Edward Jones report says financial advisers are stepping up to guide, support, and advocate for this expanding group.

According to the report, 74% say they believe employers should offer benefits such as financial support or flexible work arrangements for employees with caregiving responsibilities, reflecting a growing demand for supportive workplace policies. This is particularly relevant for caregivers of children younger than 5, with 87% in favor of such benefits.

According to a 2025 trend report from NFP there is a growing focus by employers on supporting workers in the sandwich generation who care for both children and aging parents. Employers are offering comprehensive support, including financial counseling, elder care resources, and concierge tools for managing caregiving. These systems reduce caregivers’ mental and emotional burden while maintaining workplace engagement and  productivity, with digital platforms enabling collaborative care management through secure, centralized storage of caregiving notes and appointments.

Shane Jacksteit, a financial adviser at Edward Jones, emphasized the importance of planning. “It’s our responsibility as financial advisers to help clients support their loved ones—without losing sight of their own financial goals,” said Jacksteit. “Our financial advisers are ready to handle complex financial situations—caregiving included. When clients plan ahead and seek out advice, they can support their loved ones with more confidence and control.”

According to the Edward Jones report, half of financial advisers agree that the following tools are effective when advising caregiving clients: Health Savings Accounts; Long-term care insurance policies; Roth or traditional IRA strategies; Government Assistance Programs.

Advocating Caregiver Financial Relief


Edward Jones noted its support for two pieces of bipartisan legislation aimed at strengthening financial security for caregivers: the Improving Retirement Security for Family Caregivers Act and the Catching Up Family Caregivers Act, sponsored by Sens. Susan Collins (R-Maine) and Mark Warner (D-Virginia), and Reps. Brittany Pettersen (D-Colorado) and Maria Elvira Salazar (R-Florida).

These bills build on the SECURE 2.0 Act, offering additional retirement savings opportunities for the millions of Americans providing unpaid care to family and friends. Key provisions include allowing caregivers who provide over 500 hours of care annually and are unable to work at least 500 hours to qualify for higher catch-up retirement contribution limits for up to five years. They also permit caregivers with little or no earned income to make full contributions to a Roth IRA. These proposed changes recognize the economic value of caregiving and aim to ensure caregivers can better prepare for their own financial futures.

The survey found 87% of financial advisers say current government policies for caregivers are inadequate and more than 90% support legislation that would allow caregivers who’ve reduced or left paid work to make additional catch-up contributions to retirement accounts.

Other caregiving legislation proposals include The Lowering Costs for Caregivers Act, introduced May 1 by U.S. Senators Jacky Rosen (D-Nevada) and Bill Cassidy (R-Louisiana). This bill would allow caregivers to use tax-free flexible spending accounts (FSAs) or health savings accounts (HSAs) to pay for qualified medical expenses of a parent or parent-in-law.

Also in consideration is the Credit for Caregiving Act, reintroduced in March by Representative Mike Carey (R-Ohio), which proposes a federal tax credit of up to $5,000 per year to help eligible working family caregivers offset the costs of caring for a spouse or other loved one with long-term needs.

Retirement Industry People Moves – 6/6/2025

Partners Group hires chief investment strategist for private wealth and retirement; Chris LeClair Returns to Securian Financial; Shari Hensrud will lead investment strategies at MissionSquare; and more.

Partners Group Appoints Amoroso as Chief Investment Strategist

Anastasia Amoroso

The Partners Group has named Anastasia Amoroso as managing director and chief investment strategist for private wealth and retirement. Amoroso will assume the role at the end of June and be based in New York.

Amoroso will provide macroeconomic, private markets and portfolio strategy insights to wealth advisers and individual investors. She joins Partners Group from iCapital, where she served as chief investment strategist for four years. Her prior experience includes senior roles at J.P. Morgan and Merrill Lynch in investment strategy and portfolio management.

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Chris LeClair Returns to Securian Financial

Chris LeClair

The Securian Financial Group Inc. announced that Chris LeClair has rejoined the company as an external wholesaler for its institutional retirement solutions business. LeClair will focus on distributing Securian’s longevity and stable value solutions for DC plans. He will report to Kent Peterson, vice president of institutional retirement solutions.

“We’re thrilled to welcome Chris back to Securian,” said Peterson in a statement. “His deep industry experience, combined with his knowledge of our values and culture, makes him the ideal person to help expand our reach in the defined contribution market with fiduciary-friendly retirement solutions.”

LeClair began his career at Securian in 2005 as an internal wholesaler and has since held positions at leading firms, including RBC Wealth Management, Merrill Lynch, Russell Investments and, most recently, at Bremer Bank. He also contributed to his family’s insurance business, the LeClair Group.

MissionSquare Appoints Shari Hensrud as Head of Investment Strategies

Shari Hensrud

MissionSquare Retirement announced the appointment of Shari Hensrud as head of investment strategies, effective May 29. In the newly created role, Hensrud will report directly to Chief Investment Officer Doug Coté and oversee the firm’s investment strategy and equities team.

As an adviser to the CIO, Hensrud will lead the development and enhancement of MissionSquare’s investment platform, with a focus on expanding its capabilities in traditional and alternative asset classes, including private equity.

Hensrud’s experience includes, most recently, serving as head of risk and analytics at Nitrogen Wealth, where she led risk modeling, product management and compliance efforts. Her appointment follows the promotion of Oliver Meng to head of stable value.

IRIC Elects Greg Ungerman to Board of Directors

Greg Ungerman

The Institutional Retirement Income Council Inc. announced the election of Greg Ungerman to its board of directors.

Ungerman currently serves as senior vice president and defined contribution practice leader at Callan, where he oversees the firm’s DC strategy, leads research into DC trends and provides strategic counsel to a wide range of plan sponsors. 

“Greg’s deep expertise in defined contribution plans and his commitment to advancing retirement income solutions align perfectly with IRIC’s mission,” said Kevin Crain, IRIC’s executive director. “We are thrilled to have him join our board and contribute to our ongoing efforts to enhance retirement security.”

Caprock Group Appoints Vivek Jindal as CIO

Caprock Group LLC named Vivek Jindal chief investment officer, succeeding Richard Rock, a founding member of the firm who served in the role for nearly two decades.

Jindal most recently served as head of growth and private markets at Corient, following its acquisition of Kore Private Wealth, where he was CIO. His previous roles include principal of investments at the Charles and Lynn Schusterman Family Philanthropies and manager due diligence at Blackstone.

“As we embark on Caprock’s next chapter of growth, Vivek’s proven leadership and expertise will elevate our investment platform,” said Gregory Brown, co-CEO of Caprock. “He will help ensure we continue delivering exceptional opportunities and value to our clients.”

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