I have to admit, my writing, speaking and other activities offer me the opportunity to meet and work with a number of other professionals. In the case of the couple’s quiz, I worked with Dr. Dorian Mintzer and Dr. Gillian Leithman to develop an assessment where a couple can independently go through 28 different retirement-based factors and answer each question to see if they are on the same page as they enter retirement.
The results have been fascinating because of how the system works. Essentially, each partner can answer the questions as “Thought about it,” “Talked about it,” or “Agree on it.” The software then analyzes their discrepancies.
It’s not uncommon for a couple to think they are on the same page, only to realize that their partner may have a completely different perspective on the topic or situation.
Additionally, the concept of writing an ethical will or legacy letter is gaining popularity. For those that don’t know, an ethical will is basically a way to pass on things other than money. For example, family beliefs, values, traditions, etc.
It can be a powerful tool to build sweat equity because it’s a way to help clients link their past to their future in retirement. To reflect on life lessons, people who were influential in their life, and provides perspective on the way they made decisions and how they did things.
This step is more important than developing a will, trust, or durable powers of attorney for one simple reason. Wealth doesn’t create wisdom, but wisdom can create one’s ability to maintain or grow wealth. In other words, passing on money alone, won’t ensure your legacy, but passing on your values and beliefs can.
As a result, I created a workshop and online program called Legacy Notebook to allow clients to go through the process, on their own time and effort, and easily convert it to a PDF. We are still in beta testing mode, but once again, the results have been extremely impactful because developing an estate plan is easy when a client is in touch with their beliefs and values.
I realize most advisors aren’t going to run out and invest the time and money to develop tools like these, but more so wanted to encourage advisors to roll up their sleeves to add some sweat equity and collateral to their retirement planning process.
Robert Laura is the president of SYNERGOS Financial Group, the founder of RetirementProject.org and pioneer in Certified Retirement Coach training. He can be reached at [email protected].