Has a client ever said to you, “That’s exactly what I was thinking?”  Or, “I never thought about it like that.”  Nailing a client’s thought process and giving them something new to think about are measures advisors should employ to help gauge how well they’re serving their target market, adding value and addressing the client’s personal situation.

Unfortunately, not every client exposes their full hand to their financial advisor. They often hold something back, be it aspirations, concerns or even assets.  Thanks in part to the bad apples in our industry, some prospects and new clients adopt a wait-and-see attitude. They may want to see if you’re on the same pages as them, if you’re different than other advisors, or even whether or not they actually need your advice.

That makes it crucial to uncover what’s going on in the hearts and minds of your clients, and more so, bring those ideas and concerns out into the open, and then integrate them into their retirement plans. 

The following is a short list of recommendations designed to spark conversations, uncover business opportunities and develop client loyalty like never before. Discussions that elicit comments such as, “I’m glad to hear you say that,” “We feel the same way,” and “That’s exactly what I was thinking.”  These are simple steps advisors can take to move client relationships outside the confines of asset allocation and withdrawal rates and influence them like never before. 

Get A Pet
Dogs and cats aren’t traditional retirement planning topics, but owning a pet can be one of the best moves a retiree makes. One couple I know said adopting a dog is the best retirement investment they’ve made. In addition to providing unconditional love, their dog keeps them active with walks every day and has improved their social life by making it easier for them to meet new neighbors. 

Research further suggests pets give their owners a sense of purpose, which can be crucial for those feeling down in the dumps. Companionship combats feelings of loneliness, boosting a client’s overall mood and even increases their joy and happiness. Studies by the CDC and National Institute of Health (NIH) also point to health benefits, noting that pet owners exhibit decreased blood pressure and lower cholesterol and triglyceride levels -- all of which can minimize the risk of a heart attack.

Advisors can even turn this topic into an educational session by suggesting clients consider adopting a pet from a local shelter as a meaningful way to personalize the concept of socially responsible investing. 

Start A Business 
This is one of the most powerful trends to hit retirement since its original inception. A Metlife study found that approximately 25 million people (one in four Americans ages 44 to 70) are interested in starting a business or not-for-profit venture in the next five to 10 years. AARP’s research isolates the trend among boomers, suggesting that over half of the 76 million U.S. baby boomers have an interest in entrepreneurship.

Those are seismic numbers that advisors can’t ignore. The interest within my own client base has led me to develop a guide and workshop titled, Starting A Business For Retirement Income.  Nearly every time I bring the concept up, clients and prospects respond with something along the lines of, “We’ve talked about that, but weren’t really not sure what to do or how to get started.” Most advisors not only run their own business but also have clients who own small businesses, so their knowledge can really help guide others interested in entrepreneurship. 

It’s a major paradigm shift from full-time retirement or even working part time, yet supports some of the deepest desires of retiring baby boomers, including the need to stay relevant, connected, mentally sharp and to have an impact on others. That doesn’t mean advisors have to become experts on business funding or corporate tax structure; it simply means finding useful tools to help clients better understand what starting a business entails and the role it can play in their retirement. 

Read My Book
“Read my book” are three words every advisor needs to be able to recommend to clients, prospects and centers of influence. Not only because it boosts one’s level of professional credibility but also because it extends an advisor’s reach, philosophy and expertise beyond four walls and a desk to more places and larger groups.  

Authoring a book can also make you more referable and increase invitations to speak at functions or targeted groups. Think of it as a marketing tool clients and others can use to introduce you philosophy, style or insight to others. It can also give clients an added layer of security, knowing their advisor is a published authority on a topic or topics that are important to them can make one sleep much better at night. It doesn’t matter if it’s self-published or even in pdf format. Advisor books are powerful business-building tools, effective in differentiating yourself, and can serve as a trust-building factor for clients, prospects, and centers of influence.

Call A Therapist
This topic can be a little more sensitive but one that, when handled appropriately, can be extremely helpful, particularly for couples.  Of course, you can’t just blurt out “Call a therapist!” to a couple arguing in your office, or an individual client singing the blues. Instead, consider it an “as needed” type of conversation.

Retirement can be an amazing time of life, but can also come with complications. Issues that are hard for many retired clients to sort out on their own including changing roles, interacting with fewer people, an unexpected medical diagnosis, changes in mood, addiction and others. For example, a woman recently asked what she could do about the resentments she has with her older husband retiring before her. She went on to explain that she is frustrated with the fact that she is only 58 and has to go to work every day, while her husband, who is 63 goes to the beach every day. I encouraged her to seek out a therapist for both herself and the two of them as a couple.  Fact is, no matter how or when people enter retirement, couples and individuals may face any number of situations that aren’t going to just go away or resolve themselves.  A trained third party can provide relief by suggesting steps that minimize or reduce such feelings and foster a much more positive retirement. 

Check Yourself Into The Hospital
I don’t recommend dialing 9-1-1 for a client in your office, but instead take the time and effort to position health as part of a retiree’s ultimate wealth. We all know about the costs of health care in retirement and the impact it can have on hard-earned savings, but expense charts, dollar signs and percentages don’t always lead to action. It seems as though many health issues are left to run their course and are only addressed once the problem hits an alarming level.

Advisors can begin to alter this trend by simply asking clients to write down the three most likely health factors that could result in a hospital stay in their future.  Whether the factors are related to diet, weight, exercise, genetics or a bad habit, it’s expensive, time-consuming and often painful to have a doctor tell them what they already know. A family member recently went to the hospital with chest pain and narrowly escaped a major heart attack. The ramifications were a change in diet, more exercise and adjusting other habits. These were all things he had regularly been encouraged to curb or eliminate but it didn’t take until he heard it from a doctor after his cardiac episode.

Therefore, encourage clients to mentally check themselves into a hospital, to picture themselves tethered to an IV drip and medical staff constantly invading their personal space and comfort level.  It’s a simple recommendation that can position yourself as a retirement wellness advocate.   

Overall, each of these recommendations takes your client relationships to a new and different level; one where there’s an open door to all factors impacting retirement and where clients will eventually expose their entire hand to you -- simply because you understand where they’re coming from, and they see you as a person they trust to get them where they want to go.

Robert Laura is the creator of the Retirement Wellness Report, co-founder of RetirementProject.org, and author of Naked Retirement. He can be reached at [email protected].  Please connect with him on LinkedIn and follow him on Twitter @robertlaura.