Advisors also need to determine if the client is just going to want a plan developed and then the client takes it from there, or if the person wants regular check-ins with the advisor, he said.
Murguia brought up the sticky problem of an advisor working with a couple when the two people have different retirement styles.
“Retirement style awareness can help determine the structure for the strategy, so the couple and advisor can look for compromises,” Murguia said. “There are no lines of demarcation between the strategies; it is a continuum.”
Then the key to success becomes getting the couple or individual to implement the plan, he said. This area presents the advisors with the opportunity to add value to their work and find compromises. “That puts the advisor center stage and makes him the curator for the plan,” he said.
Advisors also should be aware of how much the client wants to know about what goes into the plan. He used the analogy of a person asking for the time. Does he just want to know the time or does he want to know how the clock was made. That is an important factor for the advisor to know to connect with clients, he said.