Then, have them think about their life before work and ask:
• Were you an athlete, thespian, band member or choir singer?
• Did you love to work on cars, camp outdoors, or write poetry or short stories?
• Which people have been a major part of your adult life?
• Who did you call when you wanted to have fun or needed support?
• Who could you count on to be there?
• When it came to living life on your terms, did you dream of moving to a specific location, aspire to be in a certain career or want to start your own business?
This is just a small sample of things you can engage clients with, and it’s worth noting that this process isn’t necessarily about reliving those old days, but rather using them to resculpt how they want to spend their time and energy in retirement. It’s a simplified process that adds energy and direction to the planning process and positions them to thrive rather than just survive.
I want to give you some added context for the points I have made so far. First, I would encourage you to go through this thought process and questions. Doing it yourself a few times and maybe with some staff or family members will position you to feel more comfortable engaging clients with it.
Second, I want you to take a minute to think about a successful retiree. Someone you personally know and have a relationship with. What makes them a successful retiree? Why did they transition better than others? I’ll tell you why. They either had a plan or found a way to quickly replace their work identity, fill their time with meaningful tasks, stay connected and relevant, keep mentally fit and physically active, express spiritual beliefs, and feel financially secure. The more items on that list that you check off for a person, the more successful they will be in retirement. Therefore, every retirement plan should have a process in place to help clients develop and execute it.
One more thing! After my son told me that joke, he went on to say where he heard it first. Earlier in the day, one of his friends at school got a teacher to fall for the same knock, knock joke. And so, he wanted to try and get me.
Fact is, I don’t want anyone to feel tricked by retirement. Both advisors and clients need to truly understand all of what’s involved with truly comprehensive retirement planning. Therefore, I want to encourage you to send this link along to some colleagues, and if you’re part of a group consider having me come in for some training and resource development for your firm because letting clients fail at retirement is not a joke!
Robert Laura is the president of Wealth & Wellness Group, the founder of RetirementProject.org and a pioneer in Certified Retirement Coach training. He can be reached at [email protected].