This plays out in so many ways with our clients, which is why it’s so important to pay attention and ask more backdrop questions so we can enhance their retirement transition. In another case, I had a woman who sold her big beautiful house a couple years ago after her husband passed away. She was unsure what she wanted to do or where she wanted to live, so she opted to rent a nice condo in a new development. A recent change in her landlord has prompted her to consider other options.
She had already started looking for homes, which caused some sticker shock and in her initial search, she couldn’t find anything that fit her taste. She was quick to jump into the numbers asking me about different situations ands possible scenarios. After a few minutes, I stopped her and asked, “What if we put you first, and then figured out the money stuff later?”
I technically didn’t wait for her to answer me, I just jumped right into is saying, “For example, what’s most important to you about where you live right now?” She said she liked her neighbors, appreciated the fact that she didn’t have to worry about the furnace or hot water tank going on and needing to find someone to fix it, and that her friends were close by.
Next we talked about what she didn’t like, which was that she didn’t feel like she could put her stamp on the home. Which prompted me to ask, what would that look like. She was quick to say she wanted the kitchen painted, new hardware on her kitchen cabinets and a more stylish bathroom in terms of light fixture and vanity.
I asked her if she knew someone like a handyman who did painting and that kind of bathroom and cabinet work. She did, because there was a guy the condo association recommended for residents that she had used for something else previously. So, I suggested that she ask him to come over and give her a quote for the work.
I’m sure you can see where this is going. She got the quote, shared it with the new landlord, and they agreed to split the cost of the work. She didn’t have to trudge through a new home purchase, pack up and move, add any worries and move further away from her supporting cast. The tone and direction of the meeting and her life could have been very different right now, but it’s not because I asked about her backdrop.
There are a myriad of other examples, but the main thing I want to get across to advisors is the need to be transported by the personal life and situations of their clients. Get swept away by the backdrop of their life and understand that the scenes, lighting and music will change. Sometimes it may be bright and cheery while others time dark and somber. But in any case, treat your clients like their own little theatre production by helping them not only set the stage, but also turn in an award-winning performance.
The final act for clients’ lives haven’t been written yet, and you have a front-row seat to not only watch it unfold but to also help direct it. But in order to do that, you have to adjust your seat and be willing to look at more than whose center stage in the typical retirement show. That’s how you and your clients will get that standing ovation we all want and deserve.
Robert Laura is a best-selling author, nationally syndicated columnist, and president of Wealth & Wellness Group. He is a seasoned conference speaker, corporate trainer, and founder of The Certified Professional Retirement Coach Designation which focuses on the non-financial aspects of life after work. He can be reached at [email protected].