Retirement planning isn’t typically portrayed as a form of sorcery, full of mystical symbols and a backroom filled with abandoned caldrons and the stench of sulfur. However, just as people in the middle ages were captivated by the idea of turning lead into gold, many advisors today are intent on finding ways to create the ideal life in retirement for their clients.

The efforts of financial professionals mirror the attempts of alchemists in many ways, and with the right combination of elements, they may be able to achieve something pseudoscientists in the Middle Ages were unable to do.

Much of alchemy was based on relentless experimentation and a solid dosage of luck, hope and prayer. The goal was to discover a mythical substance referred to as the philosopher’s stone. It wasn’t an actual stone, but instead a sort of liquid, wax or powder that contained the power to heal, prolong life and to change base metals into gold. 

Unfortunately, it was doomed to fail because it was based on a misunderstanding of basic science. They believed that all matter was in a process of slow but constant change and composed of four basic elements: air, earth, fire and water. In other words, metals were believed to be alive and growing inside the earth. They were just at an undeveloped or immature stage on the way to becoming gold, which was perceived to have the perfect balance of all four elements. As a result, alchemists believed they could nudge the process along by changing the various properties of base metals and other matter. 

That’s an important history lesson for advisors experimenting with retirement alchemy.

First, just as the science behind alchemy was flawed, so is the thought process many new, existing and soon-to-be retirees take with their transition from work life to home life. They assume the golden years of retirement can be manipulated and nudged into something better simply because they have what they feel are essential elements to a perfect life.

Combining more freedom and less stress with fewer distractions and personal commitments are helpful elements to a successful transition. However, just as alchemists were unaware of the full periodic table and inherent properties of other metals and minerals, many clients don’t have written plans for the nonfinancial aspects of retirement and are left trying to adjust and mix the wrong things to help replace their work identity, stay socially connected, as well as keep mentally and physically sharp.

This brings us to our second lesson from alchemy. You can’t turn lead into gold! In the case of clients, lead represents their life leading up to retirement. If they focus exclusively on their careers and don’t cultivate hobbies and passions, strengthen relationships and start exercising their body and minds before they retire, their golden years may not end up so shiny and bright.

Furthermore, a key point our entire industry is missing is that planning for these nonfinancial things shouldn’t be a one-time interaction with clients. Just as advisors meet with clients to review investment performance, they also need to provide tools, resources and information to keep them engaged, educated and inspired

A simple approach to help accomplish this is to add a brain teaser to your newsletter or regular form of communication. Here is one I recently used in my Retirement Wellness Report. 

Three advisors order some lunch. Their total bill comes to $25. They split it by each paying $10. The waiter takes the $30 and returns with a $5 bill. But they can’t split $5 between them, so they each take $1 and leave $2 as a tip. 

Since each advisor has been given back $1, they only paid $9 for their meal, making the total $27, plus the waiter’s tip of $2. If the advisors initially paid $30, why is there only $29 accounted for? What happened to the missing dollar? 

Answer:  The advisors did pay a total of $27, including $2 of tip. The $2 tip should be taken off $27 not added to it.  In other words, the bill was $25 plus $2 tip, allowing each advisor to pocket that dollar.

Additionally, I included a short, personal story to help client’s connect with me and not only reflect on the nonfinancial aspects of retirement but also have something they can relate to and share with others. 

Recently, I joined my wife and niece on the couch to watch Disney’s The Little Mermaid. While I had seen the movie several times before, this time was different because I was struck by a powerful message about retirement. 

As you may recall, Ariel, the Little Mermaid, falls in love with a handsome captain and decides to give up her beautiful voice for a pair of legs. It’s a seemingly innocent fable that appears touching and sweet as she is willing to give up a piece of herself for the love of another and a desire to belong. 

The problem is that when we are asked to give up our voice or other gifts, we silence what makes us unique and special. We barter who we truly are for what others want or expect us to be. 

Another harsh reality is found in Ariel’s desire to be loved. Truth be told, no matter how badly we want to love or be loved, if we alter our basic nature to try and accomplish it, a void is created and makes it difficult to survive inside, where it counts the most. For we are born with only one obligation: to be ourselves, not what others want.

Along the way to retirement, we’re taught that it’s important to move on and move up… that our success depends on following along with what others think and believe is the best route to retirement. But then, many get there and find that beautiful voice or that special gift they gave up long ago is what they desire to have the most.

So let me ask you, what have you traded off during your journey towards retirement? How has your love for people, places and things impacted your road to retirement?

Fortunately, fairy tale movies come with a happy ending… and so too can be the case for you and your retirement. Reconnecting with that beautiful inner voice and other things that you may have lost or traded off along the way starts with our belief that the most important part to any retirement plan is YOU!

The whole idea is to help clients examine the elements of retirement and begin to move towards a more ideal, golden mixture by understanding the trade-offs they make each and every day.

What I find most appealing about the concept of alchemy is the fact that it wasn’t rooted in greed. It wasn’t just about financial gain by turning one less valuable thing into something more valuable. Alchemists maintained a belief system that elements were alive and growing towards something. That’s a powerful way to look at client-advisor relationships and can serve as a solid foundation for advisors to use as they experiment with the right tools and communication to help clients create that ideal next stage of life.    

While alchemy is long gone, advisors can help clients turn their work life into a successful next phase of life by focusing on all of the elements instead of a select few…and by recognizing the lead in one’s current life can’t be turned into gold simply through the act of retiring. Instead it takes time, effort and continued vigilance to keep things alive and growing in retirement. 

Robert Laura is the president of SYNERGOS Financial Group, the founder of RetirementProject.org and the creator of the Retirement Wellness Report and DividendPaycheck.org. He can be reached at [email protected].