In a similar vein, clients need access to quick support. Whether the problems are due to family, health or other issues, retirement comes with a variety of ups and downs. So it’s important during a retirement transition to know where and who clients can call for that immediate help. Additionally, their local branch of family or friends may not always be available or capable of helping. Therefore, you must help clients understand that it may cost a little bit in terms of time, effort and money to get access to others outside of their networks, and may even include a professional retirement coach or therapist.

3. You Need A Deposit Slip
When clients put money in the bank, they use a deposit slip to tell the bank which account to put the funds in and how much they want to contribute. In the same way, each person has the ability to deposit things into other people’s lives leading up to and throughout retirement.

Therefore, you can help clients avoid going “bankrupt” by working with them to develop a specific plan to invest in others that goes beyond financial contributions. Many of the things that matter most to people have nothing to do with money. Quality time, encouragement, listening, education, new experiences, wisdom, sympathy and empathy, for example, offer much more than money can ever buy.

That means it’s time for financial professionals to make sure our clients aren’t using mental accounting or maintaining a low balance in any area of their personal lives. We must commit the time to helping them assess where things are at, finding the support that they need, and encouraging them to make regular contributions to things that are important to them.      

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 pioneer in “The New Era Of Retirement,” which focuses on the non-financial aspects of life after work. He can be reached at [email protected].


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